Posts Tagged ‘Toronto Real Estate’
I’m in my final week of travels down under, yet still finding it incredibly hard to find time to blog vs. getting an even tan throughout my pasty white body! Thankfully I’ve got great guest bloggers like Chris Molder to help me out on the blogging side, and beautiful beaches to help me with the tan!
This week Chris compares shopping for mortgages with purchasing toaster ovens:
What’s the difference between a mortgage and a toaster oven?
Seems like a pretty silly question but there is one major difference that you need to understand before you take the real estate plunge.
When you shop for a toaster-oven or any consumer good for that matter, the price is set and firm. You can shop it around to get a better price from one store to the next but once you pay, the amount you paid for that toaster oven won’t change. Your cost is fixed and nothing you do later will ever cause the price to change.
Mortgages are different from almost every other item you’ve ever bought.
Why? Because the price you pay, also known as interest, is impacted by the choices you make throughout the life of your mortgage.
Let me explain.
Borrowers are mostly concerned with the lowest interest rate. The thinking is that the lower the rate the more I save. This is only half true. The lowest mortgage rate will save you money compared to a higher rate but if you want to minimize the total cost of your mortgage you have to look beyond just the rate.
You have the opportunity to affect how much interest you pay. For example the simple choice of setting up bi-weekly accelerated payments can save you tens of thousands of dollars in interest not paid to the lender. Every dollar not paid to the lender is a dollar in your pocket.
Consider the example bellow; column #1 shows regular monthly payments and column #2 shows bi weekly accelerated payments. The last two lines show the amount of interest saved simply by making payments more frequently. That’s $13,493 of interest saved.
As a borrower you have choices throughout the life of your mortgage that will effect the total cost of your mortgage. If you stay focused on just the interest rate as your mortgage reduction strategy you’ll end up paying more to the lender than you should. But with a some simple strategies and cashflow management you can save yourself thousands of dollars and be mortgage-free years sooner.
Imagine what you’ll do when you are mortgage free? Think of all the toaster ovens you can buy!
Christopher Molder is a Toronto Mortgage broker with Tridac Corporation Ltd – The Mortgage Centre. He writes on his blog sonofabroker.com with a primary focus on showing Canadian mortgage borrowers how to reduce their mortgage debt. He’s my buddy and a true professional, you can sign up on his blog for more great mortgage reduction tips.
As promised a few posts back, I finally got around to checking out the newly opened Underpass Park. Located under and around the Eastern Avenue, Richmond and Adelaide overpasses, it is the most extensive park ever built under an overpass in Canada, and the first ever in Toronto.
The park is being constructed in two phases. The first opened on August 2nd, with the second expected in spring 2013. Earlier in the week I visited the area to see what the first half looks like!
With construction fences still up along St. Lawrence St, it was a bit hard to find a way into to the park. The easiest way is to come in along King St. East and turn onto Lower River St, the park runs on either side of it.
Underpass park is divided into three main areas. The first is West of Lower River St. This part was geared more towards smaller children.
There’s a teeter-totter, hopscotch, 4-square, swings and few “kid friendly” structures for children to play on! The floor around these attractions is made of a soft, almost spongy material… pretty cool to walk on!
It’s that time of year again… The birds are chirping, the Leafs aren’t in the playoffs and HotDocs Film-Fest-Fever is taking over my life!
The Festival is in it’s 19th year and is looking like the biggest one yet… at least for me! In 2009 I some how found my way into the festival while searching for a track by Thelonious Monk. My Google search took me to a link promoting the screening of doc about him and his Jazz Baroness - Pannonica Rothschild. Being the self-proclaimed ”Doc freak” that I am, I naturally had to buy a ticket for the show. It was love at first sight… the nostalgia of watching films in some of Toronto’s oldest theatres, to the energy of others partaking in the low key film fest had me hooked!
Since that faithful night, I’ve been coming back year after year and for 2012 it’s no different! Except this time around I’m seeing even more films! The festival runs from April 26 – May 6, 2012 and features both Canadian and International content. Below is a summary of the 5 films I’m watching:
Theo Fleury: Playing With Fire
Theo Fleury achieved every boy’s fantasy of becoming a hockey superstar, raking in the millions, being cheered by countless fans and living the high life with a beautiful woman. Then he blew it all on booze, drugs, gambling and strippers, betraying his game, his colleagues and his family in a flame-out he couldn’t control. In 2009, he published a book that revealed his difficult childhood and years of sexual abuse by his coach, Graham James. Inspired by the book, the film takes the story further through hockey highlights and interviews with coaches, family, ex-friends, Olympic figure skater Jamie Salé and, most of all, with Theo as he hits the road to promote his book and faces the ghosts of his past. A compelling portrait of a great hockey player, a man who won it all, lost it all, faced his demons and is bringing his game up to a whole new level. Lynne Fernie
Fists Of Pride
“Thai children have more money. Burmese children have no money. They are rich. We are poor. That’s all.” This is how 13-year-old Pho Kyaw ‘Panda’ sees the world while training to challenge a Thai boxer at the annual Water Festival along the Burmese-Thai border. If he wins, his family receives prize money from bets placed by his coaches. Losing isn’t an option. For sons of migrant workers, the Thai boxing camp is their best hope to escape the dangerous and impoverished life that otherwise awaits them. The boys’ militaristic training regime and their daily routines reveal their courage and fear as they face the ring. The coaches provide another fascinating layer, as their gambling success determines the boys’ well-being. The film is a powerful allegory for a cultural and political battle that continues to be waged, through the eyes of children who inherited a bruised and battered history. Alex Rogalski
The Queen Of Versailles
Meet Jackie, former Mrs. Florida 1993 and current wife of David Siegel, the self-styled king of a vast timeshare empire. She loves her husband, eight children and shopping. A leggy blond teetering on high heels, Jackie is thrilled to show us her work in progress, the largest single-family home in America. Modeled on the palace of Versailles but arguably more lavish, it features 30 bathrooms and a skating rink. At the same time, David is building the largest timeshare property in Las Vegas, selling average citizens a small piece of the good life for just a little money down. Then the financial crisis of 2008 hits. As the threat of losing it all looms, David’s personality undergoes a marked shift from boastful billionaire to tired old man, but Jackie soldiers on with a bright smile. One wonders what it will take to wake this queen from her American dream.
We Are Legion: The Story Of The Hacktivists
We Are Legion is a guide into the world of Anonymous, the “hacktivist” collective with no defined leadership or structure that’s responsible for numerous acts of a new internet-based civil disobedience. Through interviews with current members and those awaiting trial, as well as with other major online figures, writers and academics, we gain an understanding of motives and what it means to be involved with a group redefining online activism. We hear from a group that began as a forum to share jokes, learning about the development of their ideology and their ability to mobilize thousands worldwide. A history of the internet’s evolution, the film traces the birth of a powerful democratic activism that’s making corporations and governments very nervous. Charlotte Cook
Charles Bradley: Soul Of America
For decades he’s been Black Velvet, a soul singer scraping by in Brooklyn’s projects with small club gigs in the evenings and odd jobs by day. But 62-year-old Charles Bradley has an impossible dream: he wants to make it in the music industry as…himself. As if that weren’t challenge enough, he’s also supporting the mother who abandoned him as a child, struggling to pay his own bills, and, in his spare time, learning to read. When Bradley’s noticed by the soul maestros at Daptone Records, it seems as though he just might have a chance. With lyrics that draw directly from the anguish and hardship of his life, his electrifying performances transform pain and sorrow into an experience of sublime transcendence. When he says to the audience, “I love you, each and every one of you,” he truly means it. It’s a visceral rush to your soul. Gisèle Gordon
For a full list of movies and to purchase tickets, check out http://www.hotdocs.ca/