Lance Phillips

Blog entry for Lance Phillips of Macdonald Realty, North Shore and Vancouver Real Estate Specialist, 604-926-6718 or 604-861-6767

More real estate/mortgage terms in simple language:

Conventional Mortgage: This is a mortgage amount that does not exceed 75 per cent of the appraised value or purchase price of the property, whichever is less. When applying for a conventional mortgage, mortgage loan insurance is not required through CMHC (Canada Mortgage & Housing Corp.) Further details about conventional vs. high ratio mortgages is outlined in my blog of May 3rd.

Firm offer: Generally when you write an offer through your agent, it is referred

Blog entry for Lance Phillips of Macdonald Realty, North Shore and Vancouver Real Estate Specialist, 604-926-6718 or 604-861-6767

Multi-family - Duplex224 - 226 East 20th Street, North Vancouver$838,00.006 bedrooms, 2 full/2 half baths

Investors Alert. Original owner, custom built duplex in central Lonsdale. Over 4,000 sq. ft. in total, 6 bedrooms, 2 full and 2 half baths, hardwood floors and unfinished basements situated on a 66 x 140 ft. lot. Open by appointment.

Year Built: 1972Living Area: 4,306Lot Size: 9570Lot Frontage: 65Lot Depth: 147Basement: Full/unfinishedLong term tenantsCurrent income $28,248/annumCentral location

To view

Blog entry for Lance Phillips of Macdonald Realty, North Shore and Vancouver Real Estate Specialist, 604-926-6718 or 604-861-6767

#12 - 4055 Indian River Drive, North Vancouver, B.C.$619,000.003 bedroom2 1/2 bath2,539 sq. ft.

Immaculate one owner townhome in the prestigious Winchester development. Best location in the complex with private city and mountain outlooks. Huge principal rooms - living room with baby grand piano porportions and vaulted ceilings. Bright, open kitchen with sub-zero appliances and heated tile floors opening onto family room and eating area. Over-sized master suite with 5 piece ensuite. Lower level boasts two beautifully presented

Blog entry for Lance Phillips of Macdonald Realty , North Shore and Vancouver Real Estate Specialist, 604-926-6718 or 604-861-6767

829 West 21st, North Vancouver, B.C.$595,000.005 bedroom, 2 baths50 x 140 ft. lot

Great value in Hamilton Heights. Large level 50 x 140 ft. lot with sunny, south exposure plus a fully fenced yard with lane access. Five bedroom home with large, updated contemporary kitchen outfitted with loads of counter and cupboard space and new tile floor. Gracious living and dining room. New upstairs windows plus an 8′ x 10′ custom built storage shed in backyard. Close to shopping, parks and trails. Very central location

Blog entry for Lance Phillips of Macdonald Realty, North Shore and Vancouver Real Estate Specialist, 604-926-6718 or 604-861-6767

3031 Duchess, North Vancouver, B.C.12 years old3,681 sq. ft.33 x 164.5 sq. ft. lotBasement: UnfinishedDouble garage, alarm system, built-in vacuum.

Princess Park - 12 year old, custom built home on gorgeous level 33′ x 164.5′ lot. Large living and dining rooms. Huge entertaining kitchen with open plan family room opening onto patio through lovely french doors. Four bedrooms up; master ensuite with separate shower and tub. Fully unfinished, 1,311 sq. ft. basement with rough in for bathroom. Absolute move-in

  Blog entry for Lance Phillips of Macdonald Realty, North Shore and Vancouver Real Estate Specialist, 604-926-6718 or 604-861-6767

Its been a while, however I think its time for another Layman’s Language excerpt. Today I will outline the terms Closed Mortgage, Closing Date and Conditional Offer.

Closed Mortgage: This refers to a mortgage agreement between a client and their financial institution that cannot be prepaid, renegotiated or refinanced before maturity, except with compensation or breakage costs (to the bank, of course). These were more popular way back when and generally you won’t find mortgages to be as confining