November 12th - 2010

New financial tools available to help REALTORS® help clients

REALTORS® have the opportunity to help first time home buyers make their dream of home ownership come true.

REALTORS® have the opportunity to help first time home buyers make their dream of home ownership come true. But potential home buyers look to REALTORS® for more than just finding their dream home. Often, they also need advice on the financial end of home buying such as saving a downpayment, affording a home or obtaining a mortgage.

Now REALTORS® can access free mortgage and homebuying information in a “Mortgage Toolkit,” developed by The Financial Consumer Agency of Canada (FCAC) specifically for OREA members to share with potential homebuyers. FCAC’s free publications and tip sheets are packed with information on mortgages to help homebuyers make the best financial decisions to meet their specific needs.

Unlike other similar tools offered by financial institutions, the practical, useful information from the FCAC is independent and unbiased. FCAC also has online tools available at www.moneytools.ca including a mortgage qualifier and mortgage calculator. While the mortgage qualifier lets consumers see if they can afford a mortgage, the calculator shows what type of mortgage is right for them and what kinds of payments they can manage.

Testimonials from users of the Mortgage Toolkit include Toronto REALTOR® Laurin Jeffrey. He says basic financial literacy is important because people need to establish a credit rating before they try to get a mortgage or other major loan. “If you don’t have a basic understanding of how credit works, you will find yourself sorely disappointed when you go to the bank and ask them to give you a couple hundred thousand dollars. If you can’t manage a thousand dollar credit card, they are not going to let you mismanage a loan on a house.”

To help his clients make the best financial decisions for their specific needs, Laurin often recommends the interactive tools and various publications offered by the FCAC. “I really like the FCAC’s toolkit because it’s a good independent source to give to people. Being able to point people to these tools allows me to offer a level of service that is a little bit more. It also shows people that you care and that you are not just chasing the commission.”

FCAC publications include titles such as Buying Your First Home: Three Steps to Successful Mortgage Shopping; Paying Off Your Mortgage Faster and Understanding Your Credit Report and Credit Score. Tip sheets cover topics such as budgeting, shopping for a mortgage, choosing an amortization period and protecting yourself from real estate fraud. REALTORS® can view the complete list of publications online at www.fcac.gc.ca or www.moneytools.ca.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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