Mortgage Broker

Still condo-less here.

I actually don’t even know my price range yet, because the “mobile mortgage specialist” who I decided to work with hasn’t gotten back to me about my pre-approval. It’s not my job to chase her, so she’s lost my business.

But, that turned out to be a blessing in disguise – I think – because I met an independent mortgage broker yesterday and decided to work with him instead.

He also happens to be volleyball buddies with my realtor!

Out of all the brokers I’ve interviewed, he is my favourite. He sat with me for an hour to answer all my questions and really sold me on his after care service too. I learned a lot and started the pre-approval process with him. I’ll find out on Monday and I’m SO excited!

I’ve decided to change my whole perspective on this home search. Instead of getting so worked up and stressed, I’m going to enjoy it. I mean, I’m looking for my first place! I’ve worked hard to be here and have only been dreaming about it since I was a kid. So, it’s a pretty exciting time.

It just hit me the other day that I have a job and that I am actually *real estate shopping*! Craziness!!

Skinny Bitch

I have a colleague who thinks I have an eating disorder.

She’s my bff at work, and we eat lunch together every day. She sees how little I eat or how I don’t eat at all, and offers me her food which I always decline. She quizzes me on what I’ve eaten for breakfast and expresses concern that I’m not eating. Although she is subtle in her words, I know what she is thinking.

Before you worry, I don’t have an eating disorder. If anything I can eat. But she just doesn’t see me eat.

For breakfast I usually have tea and whole grain toast with peanut butter. This is very important to me, as I’m vegetarian and need to get in my protein. I also like that it’s easily digestible, because I have an office job which means lots of sitting in front of a computer. Who wants heavy food sitting in them all day? Not me.

Because my breakfast digests so quick, I’m super hungry by around 11am. That’s when I eat my lunch at my desk. I scarf it down while I’m working.

My friend doesn’t believe me because she knows I’m super busy at work, plus she visits me a few times a day and never sees me eating.

But I do eat. I can’t not-eat because I’ll be too hungry to work otherwise.

I’ve tried to change my habits to eat at lunch time instead of 11am. Sometimes it works, sometimes it doesn’t.

The other day my department was throwing a going away party for another colleague, and we had cake together in the office. It was after lunch and I was super full, so I was only eating bits of the cake. Also, the cake wasn’t that good. I noticed people looking at how I wasn’t eating, and some asked me why. Parts of the conversation also steered to how I must be a size 0.

You know, if I were fat and eating the way I do, no one would say anything! But because I’m the skinniest person in the office, people automatically think I have an eating disorder.

Which just isn’t true. There are so many factors to different body types, it’s not just based on lifestyle choices. What about genetics (a big one), health status, environment, and even socioeconomic factors?

I’ll get off my high horse now, because I’m not gonna be one of those skinny people who cry about how it’s so hard to be thin. It’s not hard at all. I would rather be my size than my size x 2, because the latter isn’t easily accepted and that makes life harder.

Plus, I must be really self disciplined or something if I can deny myself food!

Back to twisting my tongue

I had my first Intermediate German class today and it was wunderbar!

It felt really nice to dust off my German skillz, and I love that the class is very conversational and interactive.

My grammar and vocab are poor, but I noticed that I speak German more fluidly than the others. That’s because Martin and I speak a lot of ‘Denglish’ together, so it’s more natural for me to have a conversation and my accent is crisper too. Who would’ve thought!

I thought taking German classes in Toronto would feel kind of lame, since I took German classes in Germany. But turns out, I love being in class with my fellow Torontonians, who are not known to be shy. Everyone is so open to speaking and practicing. It’s great!

I think I’m gonna have a lot of fun with this!

Suburban Life

This is a new decade with new changes in thought. So I was thinking that instead of buying a small condo in downtown Toronto, why wouldn’t I buy a whole *house* in the suburbs?

(I know, craziness!)

I could live in a less than 500 sq ft space (that needs work!) or be in a nicely done 3 bedroom, 3 bathroom house with parking.

Now I understand why people like the suburbs.

Sort of.

While I prefer to live in a house, mostly I believe that I’m able to sacrifice space for the amenities in a downtown location. Especially while I’m still in my 20’s.

But I have to admit, it’s enticing to be able to afford *space*. Especially land space, not just air space.

I like that I can just walk into and out of my house, without going through security and elevators. I like that there’s a deck and a backyard. I like that there’s space to live, and everything looks pretty, and I could get a real dog vs a lap dog!! I could grow veggies in the backyard!

The downside of living the suburban life is that my transportation costs would go up. Right now it only costs me the $121 for a metropass, and I occassionally drive my parents’ car. But in the suburbs, for sure I would need to get my own car. If I drove that car to work, I would need to pay $126-$160 per month for parking. Or I could take the GO bus which costs $185 per month (which I would probably do).

I’m really considering this!!

I think it’s because I also work in North York, which used to be considered a suburb but is now part of Toronto. If I worked downtown, I wouldn’t even consider living in the ‘burbs. I’d prefer to live in a smaller place and walk to work – that’s my ideal lifestyle.

But since I’m already kinda-sorta experiencing suburban life, why not take it a step further? I’d be commuting from suburb-to-suburb, and have space galore.

It’s something to think about.

Mortgage & New Years

Let me tell you what’s making me nervous before I wish you a Happy New Years.

I haven’t actually been approved for a mortgage yet. I’ve been interviewing mortgage specialists from big banks, and have looked into independent mortgage brokers too. I wanted to do this just to see what was out there and what my options were.

They all gave me a preliminary screening, and I have a ballpark number of how much I can borrow. But, I didn’t choose anyone until last week, and only submitted my application 2 days ago.

I chose to work directly with a big bank. The customer service was more important to me than all other factors, because I want to be hand held through the process.

But now I’m worried about not qualifying for a mortgage at all! As far as I know, my credit should be good, but I never bothered to find out. So I have no idea what is on my record.

I’m thinking about how my gf thought her credit was great too, until she applied for a mortgage and found out her dormant childhood bank account was marring her credit. The account wasn’t even in arrears, it was just dormant for 20+ and she had forgotten about it!

When I got my first credit card, it was pretty quickly maxed out because someone had stolen my number and went on a shopping spree all around North America. I got legally and financially cleared of the charges, but who knows whether that made its way onto my credit history.

And finally, the last point is the biggest one. I’ve only been working full time for a month and a half! While banks have told me they only need 2 recent pay stubs, I know one month is not a lot of history.

So there, maybe all this stress of finding my dream place was all for nothing, since I may not even qualify for a mortgage.

HAPPY NEW YEAR to you all!

Trying to stay car-less

Looks like I’ll pass on my ‘dream apartment’, *sigh*.

My lawyer’s office is still closed, but I’ve been doing research on these properties and there are just too many things that jump out to me as a con.

It’s okay. There will be more listings in the new year. This past quarter has been a really sleepy season in Toronto’s real estate market. At least in my price range!

And then I keep reading and hearing about the interest rate freeze being lifted in the summer, how that will drive prices down, and how prices in Toronto are so over inflated given the backdrop of the recession.

Real estate shopping in Toronto is SOOOO depressing.

My goal is to live without a car for as long as I can hold off. Which is harder than it seems! All the really nice places in my price range are outside of the core/not as TTC accessible.

But now I’m thinking I’ll just buy myself a car, and then live in it!!!

It’s genius!!

Then I’ll get the mobility that I want AND will have my own space/independence. It’s such a good idea, but Stephanie and Maggie said No and gave me an ‘Are you a moron?’ look. *sulk*

Love at first sight

My realtor took me to see a bunch of places the other day. It was a lot of fun! I like my realtor a lot. We work well together and it makes condo hunting really pleasant.

I met him while he was hosting an open house for a more senior agent, and I had no idea how much experience he had or if he was any good at negotiating. But, he was HOT.

Hey, it doesn’t hurt to have some eye candy while you’re making one of the biggest decisions of your life ^_^!

I’m not totally shallow though. I also chose him because I liked the way he narrowed in on me. He was confident, easy to talk to, and seemed honest. Which is exactly the kind of person I could see myself working with. It was also important for me to find someone in my age group, who knows the downtown core, and who understands what I’m looking for.

I’m pretty happy with him so far.

He encourages me to talk about what I like/don’t like, studies my face while I’m speaking, and provides a good sounding board. He’s very keen to learn more about what I want, and gives me good advice. He’s not in a rush to make a sale either, and wants to find me a place I love rather than just closing the deal. At least that’s how he makes me feel!

When we first go into a place, he likes to take a back seat and let me soak it in first. He doesn’t want to bias me with his opinion. But one place he took a quick walk through, turned around, and said: “Jessica, I can’t let you buy this place.” And then we left!

Another place made our jaws drop because it was gorgeous! We were both floating around for a few moments, glowing with excitement. He told me he needed to hold his tongue to let me speak first.

Usually he waits until I look around a bit before he asks me what my thoughts are. But this time he asked me immediately while I was still taking off my shoes. I was actually too nervous to look, because from my initial scan, it was perfect – and perfect requires action.

So I told him I was thinking about how I wore white socks!

Cuz I was wearing black pants and white socks underneath my boots. For some reason, I did this even though I knew I was going to check out a place where the owners requested we remove our shoes. Eeek!

But, fashion faux pas aside, I’m in love with the place. <3

The problem is, my lawyer’s office is closed for the holidays so I need to wait to ask legal questions. There is a slight catch with this place, and I want to make sure I know exactly what I’m doing before I sign anything. I don’t want any surprises.

I have no idea what will happen, but I do know that I can’t rush, even if it means losing it. If I lose it, it means it just wasn’t meant to be. But, we’ll see.

Feliz Navidad

Merry Christmas my dear friends!

Hope y’all get a chance to enjoy today the way you want to.

Personally, I’m going to RELAX. I worked up until yesterday, and have been wound up by the nitty gritty of life. I’m looking forward to making my favourite Mediterranean soup from scratch, and spending all day in my pj’s + bathrobe. LUXURY!

XOXO

Dabbling with Pre-Construction

I don’t actually like condo/apartment living. I much prefer a house, where I can walk into and out of without having to fuss with hallways, security guards, and elevators.

So, I fell in love with a suite last week. It’s on the first floor of a low rise with an outdoor entrance. It’s also pre-construction, with occupancy slated for this Spring, and built by a reputable developer.

The pre-construction thing is good and bad. Good because everything is brand spanking new, with great finishes and in my price range. I would be the first to live in it! But it’s also bad because I don’t understand it.

I didn’t think I would ever consider pre-construction, but this area of Toronto is of interest to me. It’s in Corktown, a sleepy historic district in the east end, near the St Lawrence Market and Distillery district, right on the Queen and King street car lines, near the DVP, and it’s easy for me to access the Yonge line to get to work. The area is developing to accommodate the 2015 Pan-Am games.

When I asked my realtor to find me something in that development in my price range, I didn’t think he would actually find it. But, he did! So then I was seriously considering it.

The next day, I decided to visit the sales centre on my own to talk to someone directly. But before I went, I called my lawyer. I know a little bit about pre-construction, but have never focussed on it and just wanted some direction.

My lawyer was great! She chatted with me about it for free, and basically advised me not to buy it. She knew I was on my way and gave me some great questions to ask. I would need to show her the Agreement of Purchase and Sale with a Schedule of Additional Closing costs. She says if they are willing to give that to me, I can get her to look over it first before signing anything.

So I went in to try to negotiate on my own, whether it was price, incentive packages, whatever. I just wanted to go in there to get my toes wet and to learn something new. I also asked for the documents that my lawyer wanted, but they wouldn’t give me anything except for their shiny marketing materials. The only thing I negotiated down was the initial deposit, and they may also give me a discount on green space – none of which helps me.

In the end, I decided to pass on it. There are other development projects in the area, but this building will be the first. Which means not only am I living in a construction zone for the next bunch of years, but also it hinders my re-sale value if I get tired of it and decide to sell. Like who wants my lived-in suite when there are a bunch of new things being built just a few steps away?

I also calculated how much it would be if I paid a years worth of occupancy fee (the rent you pay to the developer before the building is registered – and I used a year as a worse case scenario), which adds an extra chunk to the price. In which case, I ccould just buy something on the resale market in an already established neighbourhood, and start building equity immediately.

I would’ve risked all of these variables if I loved the suite itself. But, it’s basically a 461 sq ft shoe box. I love that it’s on the 1st floor with a direct front entrance, but I’m not sure that’s good for re-sale since other buyers usually prefer higher floors.

If it were a little bigger, or cheaper, or included parking, then it would be worth it to me. But otherwise, nahhh.

It was a good experience though. I had a nice chat with the sales rep, and my lawyer, and my realtor. I’m interested to see how this development unfolds, and whether I’ll later regret my decision to opt out.

That’s kind of exciting on it’s own!

But I really hope the development goes well and am rooting for it. This neighbourhood deserves to be on the radar, and we could all use a fun new district to hang out in the east end.

Pie in the Sky

The semi-big news here is that I am looking for a place to live. I think it will help me to write about what I like and what I don’t like about condos.

I’m trying to find something I *love*, because in case the market tanks or something happens where I can’t sell it, I’ll need to be able to live in it. My time frame is 5 years. Will I like living in the condo for the next 5 years of my life?!?

I dunno, that’s a hard one to answer. I think it’s the location that will make or break this.

When I think about the next 5 years, immediately all the nicer, bigger, further away from the core condos are struck out. I don’t want to sacrifice location, because my lifestyle is largely defined by where I’m located.

I’m one of those people who like to touch and go. When I lived downtown as a student, I *loved* it. I would go grocery shopping at 2am, I would stay out with my friends at all hours without caring about the time, I never had to worry about the TTC (public trans) closing down on me.

I want a nice place, but I don’t want to spend a lot of time at home. I like to GO OUT. I like being close enough to places that I can walk to, or at least take a streetcar to get to within 20 minutes. So, downtown it is, or at least very close to the core.

I have a new list:

1. Downtown, central location
2. window in my bedroom
3. in suite laundry
4. dishwasher
5. safe area
6. near 24 hour streetcar line
7. balcony

That is tall order given my budget. But my Mom says there’s nothing wrong with wanting what I want, and that there’s no harm in waiting until I find it ^_^.

I think after seeing places with no dishwasher or washer-dryer, it makes me feel like what’s the point. Any condo that I buy needs to be better than living at my parents’ house, otherwise there is no urge for me to move.

And the balcony… I really love outdoor space. One place I was thrilled to see because it had a large balcony, until I noticed the chicken wire all up, to keep the pigeons out. I looked to the other suites and saw the same thing. That is one problem I don’t want. My friends once rented a place that had this problem, and they had pigeons laying eggs on their balcony too, eek! I would literally cry if I had to deal with pigeons nesting on my balcony. Aiyiyi.

The window in the bedroom thing is normal, except there are SOOO many condos (in my price range) in Toronto where the bedroom is this box tucked away somewhere with a sliding door at the entrance. The sliding door doesn’t bother me, but that’s how it gets away with being called a ‘bedroom’ that bothers me. A true bedroom needs to have a window, but when there is a sliding door, the room is allowed to be called a bedroom because it ‘borrows’ the window from the main living space.

Umm, what is that?!? That doesn’t change the fact that I’m sleeping in a box with no ventilation!!

So, that’s my list and it’s a hard one to stick to. My agent just sent me a listing that looks okay and fills everything on my list except for the sliding door bedroom. Also, it is on a street where there is a homeless shelter not too far away (which doesn’t bother me too much, although I should hang around there at night to see how it is). I might just go see it anyway, for market research and because my agent is SO good looking I can’t help it. keke.