8 Things to Consider Before you sign your Mortgage Renewal

Mortgage Renewal

8 Things to Consider Before you sign your Mortgage Renewal Approximately 47% of mortgages renew this year. There are several things to consider before you sign your next mortgage renewal! Have you explored all your options? Once you receive your mortgage renewal statement, there’s nothing easier than simply signing on for another term. But while this may make sense in many cases, your family or financial situation may have changed over time.  We can look for opportunities that could better meet your needs. Are you comfortable with your payments? If you’ve been feeling financially strapped each month making your mortgage…

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What Are Your Real Closing Costs?

What are closing costs?

What are Closing Costs? Congrats! You saved for a downpayment and now you are ready to buy. The mortgage and downpayment cover the purchase price of the home. There are other costs involved with purchasing a home, referred to closing costs. Consider these when you are budgeting for the full cost of your purchase Appraisal: If you are purchasing a private sale, you will require an appraisal. If you are purchasing a home with 20% down, chances are you may need an appraisal as well. Approx. cost $250-$350. Home Inspection: Whether you are buying a brand new home or an…

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Downpayment Options

Downpayment options

What Are My Downpayment Options? One of the biggest challenges of home ownership is saving the required downpayment. Your lender will be looking for a minimum 5% down payment on your property. There are generally 5 options available. Your down payment can come from more than one source. Using Your Own Savings or Investments One of the most straight forward down payment options is your own savings or investments.  You will need to provide recent 3 month bank statements to show the history of the savings.  It is required that the full amount of  savings for your down payment must be in…

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10 Things to Consider in Choosing a Mortgage


10 Things to Consider in Choosing a Mortgage Choosing a mortgage for your specific needs at the best possible rate can be difficult. Below are a few questions to ask before deciding which product is right for you. 1.What is the rate drop policy with respect to pre-approvals? A good lender will pre-approve you at a certain rate for 120 days.  If rates drop during that timeframe, you can qualify for that lower rate.  If rate increases, you still have the benefit of the lower rate. 2.  What factors can affect my approval? While a lender may pre-approve you at a certain rate up to…

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Why I check my Credit Rating every 6 months

Credit rating

When is the last time you checked your own credit rating? I’ve made it a habit to check my credit bureau every 6 months or when I close a loan or credit card and here’s why. I purchased a new computer in the fall.  I had the money to buy it out right but decided to use the 0% financing & no payments for 3 months.  The balance was paid on the very last day and received a stamped confirmation of payment. Two months later, I receive a call from CitiFinancial that I owe $106 in late interest.  I corrected…

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4 Tips to Manage a Layoff

4 Tips to Manage Your Finances When Faced with a Layoff The Canadian economy is in a recession and there are uncertain times for many. Low oil prices and the change of both Provincial and Federal government leadership has had a tremendous impact on the economy, resulting in many layoffs in 2015. More layoffs are predicted in the upcoming months. What happens if you have lost your job or are faced with a huge income cut? Losing a job or facing an income reduction is an emotional time when many are already living pay check to pay check. Step out…

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Be Life Rich, Not House Poor

be life rich not house poor

BE LIFE RICH, NOT HOUSE POOR! Buying at the top end of your pre-approval price could be setting you up for many dull years to follow. WHY? Because, your home cost is more than just a mortgage payment. There are property taxes, maintenance, utilities and more due every month. If those add up to 35% of your total income, you’re on the right track. If not you might have to sacrifice in other categories such as vacation, debt repayment or savings. Budgeting is really a piece of cake, or a pie in this circumstance. The pie chart here illustrates a…

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Annual Mortgage Reality Check

A Mortgage Reality Check Most of us tend to think of our mortgage as the ultimate “buy and hold” purchase. After all, who wants to spend any more time in the “borrower” chair than is absolutely necessary? You get a 5- year term, and then go on automatic pilot until it comes due again. You might wring your hands over your other finances, but your mortgage is set in stone, right? Well, not exactly. In fact, it’s a great idea to have an annual mortgage review to see if it’s really working for you – especially in the context of…

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