How Employment History Affects Your Mortgage

You might be thinking I've got a job I can make my mortgage payments who cares beyond that?

That's not true, there are things about employment you should be looking out for that could affect your mortgage application.

Here are a couple of things you should be looking at:

1. Employment History

The longer you're working at one place of employment the better it looks on your mortgage application.

This means NO:

• Job hopping
• Career changes every year

Why?

You really want to show the lender that you are going to be able to continue that job for the next 4-5 years and pay back that mortgage regularly.

2. Employment Status:

You might not know, but there is a huge difference between:

• Full-time
• Part-time
• Contractor

You might be getting full-time hours, but not full-time status. This status just refers to how consistent and how guaranteed your income is.

In life there are no guarantees, but the lender wants to be absolutely sure because they are signing on with you for the next 4-5 years.

If you don't know what your employment status is give your employer a call and talk with the HR department to get that clarified.

Once you have cleared that up, give your mortgage broker a call they'll be able to tell you what the differences in employment statuses are and if what you have will qualify for those really great discounted mortgage rates. If not they'll be able to provide some good tips of what to look for in the future and if you're just building up your employment history, it's a great place to start.

The Buyer Representation Agreement

Guaranteeing You the Very Best in Real Estate Service When it comes to just about every kind of contract, signing on the dotted line makes us all a little bit nervous.

When selling a home, most people are aware they sign a Listing Agreement with a REALTOR®. There is, however, an agreement that REALTORS® ask their home-buying clients to sign. It's an agreement that works in favour of buyers, guaranteeing the very best in real estate service.

The Real Estate Council of Ontario (RECO), a public agency formed to protect consumers and regulate the industry, introduced guiding principles mandating that REALTORS® ask their clients to sign a Written Representation Agreement at the earliest possible time.

When choosing representation, homebuyers have the option to sign either a Buyer Representation Agreement or a Buyer Customer Service Agreement.

The Buyer Representation Agreement signifies that for a designated period of time, the buyer has engaged a specific REALTOR® firm to work exclusively on his or her behalf at finding a property. The agreement confirms the REALTOR®'s commitment to make his or her best efforts for the buyer.

By signing the Buyer Customer Service Agreement the buyer acknowledges the Broker has provided him/her with written information explaining agency relationships including Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service.

For more information on this important subject, call your local REALTOR®. The term REALTOR® is designated to those who have chosen to belong to local, provincial and national real estate associations, agreeing to adhere to a strict code of professional standards that ensures the highest levels of service and integrity. In Toronto, local REALTORS® belong to the Toronto Real Estate Board, Canada's largest real estate board, serving more than 30,000 Members.

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The Multiple Listing Service and your REALTOR

The Multiple Listing Service and your REALTOR Like other professionals, a REALTOR is as good as the information at his or her disposal. The Multiple Listing Service is a co-operative system used by REALTOR Members of Canada's real estate boards. It is different than the consumer website www.REALTOR.ca, which offers a brief description of most properties listed on MLS systems. The Toronto Real Estate Board's Multiple Listing Service provides an ongoing inventory of available properties and other related information. With training, experience and access to this database, a REALTOR can provide invaluable assistance in buying or selling your next resale home. For sellers, a REALTOR can use the system to determine a fair listing price by performing a comparative market analysis. This analysis focuses on the geographical location of your property and describes it as accurately as possible. The database can then be searched to reveal comparable sold, active and expired properties, retrieving information such as sold price, list price and average time on the market to help determine a range of fair listing prices. For buyers, a REALTOR can match your very specific needs to all properties listed. Your REALTOR can create a profile outlining your desired price range, location and specific details like the number of bathrooms, bedrooms and fireplaces. For buyers who are geographically focused, your REALTOR can even search all active listings on a particular street and retrieve all relevant information including property description, a photograph, and assessed value. The system updates nightly, listing all potential properties that meet your particular needs and automatically emailing them to you. In helping you to determine an offer, your REALTOR can also search specific properties' historical data such as previous selling prices. As well, the MLS allows REALTORS to monitor monthly sold statistics to ensure property prices reflect current market conditions. Whether you are a buyer or a seller, the MLS system supports your REALTOR in helping you make informed decisions that lead to successful transactions. Serving Greater Toronto REALTORS®