Brampton Real Estate Blog

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Wednesday, October 1, 2008

If It Has to be a Facelift Instead of a Makeover

Increasingly, kitchens will become the gathering place for informal dinners, cooking shared with family and guests, and dining areas integrated with work areas. Elaine Cecconi, interior designer and partner in the award winning firm, Cecconi Simone Inc. suggests some strategic changes that will freshen up your kitchen without breaking the bank.

  • Reface the cabinets and drawers. A lot less expensive than all-new cabinetry.

  • Install a new low flow, multi-functional faucet. The right look will make a statement, and you will use less water.

  • New countertops are a good idea, granite will add value beyond its cost.

  • With new countertops you'll most likely need a new sink and faucet. Undermount sinks are increasing in popularity. More information on freshening up your kitchen is available at


Five Things You Should Know About the New Government Mortgage Rules

If you are planning to buy a home soon, here are a few things you should know about the federal government's new mortgage rules, which come into effect on October 15, 2008.

1. The maximum time allowed to pay off a mortgage (the amortization period) is now 35 years. Prior to October 15, it was 40 years.

2. Homebuyers now must make a minimum down payment of at least 5% of the purchase price of the home. Previously, it was possible to borrow 100% of the purchase price.

3. The new rules only apply to high-ratio mortgages, i.e. where the homebuyer makes a down payment of less than 20% of the purchase price. In Canada, these mortgages require the homebuyer to obtain mortgage default insurance.

4. Individuals who already hold mortgages with 40-year amortizations and/or down payments of less than 5% are not affected by these changes.

5. Historically, the majority of homebuyers who chose a 40-year mortgage also qualified for shorter amortization periods such as 20, 30 or 35 years.

Talk to your mortgage professional about the mortgage option that is right for you. For more information about the government's new mortgage rules and for additional tips, tools and information on the homebuying process, visit today.