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What is a Reverse Mortgage?

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Time for a Mortgage Check-Up!

There has never been a better time for your annual mortgage health check-up! By organizing a quick mortgage review each year, it may yield you some fruitful financial savings.

Your home loan review this year will examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Reviewing your options annually could result in having more money left over at the end of each month.

With interest rates at historic lows, now is the time to investigate all your options and perhaps save yourself thousands of dollars per year!

Imagine what you could do with the savings! Anything from renovating or investing to going on a much-needed vacation. Or possibly putting money towards your children's education. 

Borrowing costs are also lower than any time in modern history. If your current rate is above 3%, now may be a good time for a free mortgage check-up.

Completing a straightforward annual review will keep your home financing as lean and trim as possible. In other words, you will have a clean bill of mortgage health, which is just what the doctor ordered! Contact me today to schedule your mortgage check-up!

What is a Reverse Mortgage?

Did you know? Reverse mortgages are continuing to gain popularity for 55+ homeowners in Canada! For many Canadians who are looking to retire but currently facing a high debt load and ongoing expenses, as well as reduced income, it can be a challenge. This is where the reverse mortgage can help!

This product is also a great option for anyone wanting to assist their elderly parents. Instead of selling the home and moving them to a care home or assisted living, a reverse mortgage is a terrific way to access the equity in the home, month by month, to pay for in-home and ongoing care costs.

The goal of the reverse mortgage is to allow Canadians over 55 years to tap into the equity of their home, which assists in comfortable financial living. With a reverse mortgage, however, borrowers are not required to make regular payments. This allows them a considerable inflow of cash, without having to pay off what they owe! The only time payment will be required is when you sell or move out of your home.

Reverse mortgages are designed to allow you to access up to 55% of your home's equity. Thereby allowing you to convert your home equity into cash. This can be done as either a one-time lump sum payment. Or you can choose to structure it to receive monthly payouts.

Beyond being able to cash in on your home’s equity, a reverse mortgage has additional benefits including:

  • No monthly mortgage payments.
  • No income or credit qualifications.
  • Very low/little paperwork required.
  • Title and ownership of property remain in the homeowner’s name.
  • Flexible options to break term early if needed
  • Penalty waived in the event of death or care home placement to preserve the estate.

If you are struggling financially or want to have a little extra equity on hand to pay off existing debts. Maybe provide gift money to family member. Or even expand your quality of life or simply increase your investment portfolio, contact me today!

I would be happy to discuss the possibility of a reverse mortgage in further detail with you and ensure it is the best product to suit your needs.

Getting Your Yard Spring Ready

Spring is just around the corner and I have a few great tips to help you get your yard ready for the coming season!

Clean Up Your Yard

Remove any branches or other debris that has piled up over the winter months and then rake out dead grass and old leaves to help your lawn start fresh. If you have an air blower, that will make the task even easier! 

Apply Fertilizer, Pre-Emergent and Weed Killer

To help your lawn shine this spring, now is a good time to start tending to your yard. Using a combination of fertilizer to feed your grass, in addition to herbicide now and again in 6-8 weeks, will help your lawn sprout up!

Mow Early and Often

If you want to avoid stunting your lawn growth, you will want to mow your lawn every five days for the first 6 weeks of spring to ensure a thicker, fuller yard!

Trim the Trees

Trees that are left unattended can cause damage and potential injury from falling, dead branches. Consider hiring a professional to do a prune every three years to prevent decay and damage. 

Avoid Seeding Until Fall

If you have brown patches in your yard, it might be tempting to fill them with grass seed. However, if you’re following these suggestions and applying pre-emergent or weed killer, the seeds won’t germinate. But don’t fret! If you simply fertilize the lawn, shoots will grow and fill in the brown spots within a few weeks.

6 Smart Ways to Cut Your Energy Costs

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Preparing for the Spring Market and 6 Smart Ways to Cut Your Energy Costs!Smart Ways to Cut Your Energy Costs

In the last decade, climate change and energy efficiency have become top of mind for many Canadians. From wanting to do our part by recycling to making our home as energy efficient as possible, there are so many benefits to being environmentally and energy conscious.

If you are looking to cut costs or simply want to reduce your eco-footprint, here are 6 Smart Ways to Cut Your Energy Costs! But first, spring is almost here! To help you get prepared for the Spring market, I have put together some details on what you need to know whether you’re buying or selling!

Selling this Spring? Here are some great tips for those of you looking to sell your home this Spring!

Hire an Experienced Realtor

Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, helping you get your home ready for listing, showing potential buyers and finalizing the eventual sale. This is even more important given the changing landscape in relation to additional safety protocols with viewings and even virtual viewing options. Now, more than ever, the expertise of a realtor will help you navigate the sales process.

Prioritize Repairs and Improvements

Before listing your home, it is important to go through room-by-room and address any issues such as chipped paint, small holes in the wall, broken fixtures, old appliances, etc. Correcting these minor issues will help your home truly shine when buyers walkthrough.

Clean and Stage Your Home: Now that you have made the necessary minor repairs, you can start staging your home! Start with the exterior of your home and ensure you tidy up the yard, remove any junk and wash your windows! When it comes to the interior of your home, you will want to declutter and do a deep clean (a professional cleaning service can come in handy for this!). Once your home is decluttered and clean, your real estate agent can help you stage it so that it appears spacious and inviting.

Consider a Pre-Listing Inspection

Once you are ready to list your home, it can be a good idea to consider a pre-listing inspection. The inspector would conduct a complete visual inspection of all interior and exterior elements (including HVAC systems, wiring, ceiling, chimneys, gutters, etc.), which would help put prospective buyers at ease.

Organize The Paperwork

There is a lot of paperwork when it comes to selling your home. Having all of these documents organized and together for potential buyers will help to speed up the process and allow them to address any questions before the deal is finalized. Permits, renovation or repair receipts, warranties, rental agreements and copies of your utility bills are all good records for potential buyers.

Looking to Buy This Spring? If you want to enter the real estate market this Spring, there are some things you should consider – especially if you are a first-time home buyer!

Get Pre-Approved

One of the best things you can do prior to starting your home search is to get pre-approved for a mortgage! A mortgage pre-approval is NOT an approval and does not commit you to a single lender, but it can give you a leg up on your homeownership journey. Pre-approval helps to determine your price range and budget, as well as guaranteeing the interest rate for 90-120 days while you search for that perfect home. Having a pre-approval also lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in!

Manage Your Expectations

When it comes to house hunting, it is important to understand and manage your expectations right from the start. All potential buyers should have put together a budget, which will assist in understanding what is affordable – and you must stick with it. You also need to be realistic about what you require in a home, versus what you want in a home.

Prepare Your Down Payment

If you have been thinking about purchasing a home, odds are you already have a down payment ready or have at least started saving. Once you have determined your budget, you will be more equipped to calculate the down payment amount. Keep in mind, a down payment can come from funds gifted by an immediate family member and first-time homebuyers can also utilize their RRSPs up to $35,000!

Hire an Experienced Realtor

A realtor is your best tool when it comes to the housing market. They often have access to listings that are not available publicly yet, in addition to understanding the processes around purchasing a home. 

Don’t Forget the Inspection

Once you find a home you think you are ready to buy, make sure not to skimp on the inspection! A proper inspection is important for buyer security as they can uncover potential issues that may cost you money down the line.

Whether you are looking to buy or sell, it is important to work with a trusted real estate and mortgage professional to ensure the best outcome for you and your family! If you’re not sure where to start a mortgage professional, such as me. I have contacts in the industry and can recommend a few options for real estate agents to you – and vice versa!

 

6 Smart Ways to Cut Your Energy Costs

6 Smart Ways to Cut Your Energy Costs


In the last decade, climate change and energy efficiency have become top of mind for many Canadians. From wanting to do our part by recycling to making our home as energy efficient as possible, there are so many benefits to being environmentally and energy conscious.

If you are looking to cut costs or simply want to reduce your eco-footprint, here are 6 Smart Ways to Cut Your Energy Costs!

Get a Smart Thermostat

A pretty easy installation, a smart thermostat can help you better manage your in-home temperature. Whether you opt to install a basic programmable thermostat or try Google’s Nest, which learns from you and works to predict which temperatures you prefer and when getting a read on your in-home temperature can help you better manage your energy usage.

Look for Drafty Spots

When it comes to heating your home, it can quickly become a wasted effort and results in extra costs if you have drafts in your home. In addition to windows and doors, you should also seal any folding attic stairs, add a fireplace plug to seal the damper and install a dryer vent seal to reduce drafts in your laundry room.

Swap to LEDs

Most of us are already using LED bulbs throughout our home. If you aren’t yet, now is the time to make the switch! LED bulbs use 15% less energy than an equivalent incandescent, which can save you a ton of money each month especially in larger homes.

Turn Down Your Water Heater

While sometimes nothing beats a good scalding shower, you don’t want to be burned with a high energy bill. Did you know if you knock down that temperature gauge by just 10 degrees, you can save 3% to 5% on your bills each month!?

Examine Your Appliances

Since 1992, ENERGY STAR® has been backing energy-efficient appliances and products, helping consumers make the right choices.

Some of the least green appliances in your home are your dishwasher, washing machine, dryer and refrigerator and, if you don’t currently have Energy Star certified versions of these machines, swapping to them is a sure-fire way to reduce your monthly expenses. 

Can’t afford new appliances? Here are some other tips and tricks to help make them more efficient in the meantime:

Dishwasher

Use a citric acid-based cleaner in an empty cycle to rid your dishwasher of excess soap and calcium buildup that may be causing your machine to work harder.

Washing Machine

Maximize energy by stuffing your machine to the brim whenever possible as washing machines typically use the same amount of energy regardless of load size.

Dryer: For starters, ensure you are always cleaning out your lint filter to increase air circulation. In addition, keep an eye on the outside exhaust and clean when needed to reduce drying time and save energy.

Refrigerator

While most of us are more concerned with the food inside our fridges than the parts, it is important to check your condenser coils. Over time, dirt, food particles and dust can collect and reduce the efficiency. Another tip is to set your refrigerator to 36- and 38-degrees Fahrenheit.

Close The Blinds

When the temperature starts heating up, it is important to close the blinds and drapes to prevent the sun from beating in and warming up your home. The excessive heat makes your air conditioner work overtime causing your energy bills to skyrocket.

In addition to 6 Smart Ways to Cut Your Energy Costs the environmental benefits of improving your energy efficiency, CMHC also has a rebate available! This rebate can provide a 15-25% insurance premium rebate on buying new or performing renovations that meet energy efficiency standards!

Spring Cleaning Tips!Spring Cleaning Tips

As the sun starts coming back around, it is a great time to scrub those windows and deep clean your home! Here are some tips for a successful Spring cleaning adventure:

Create a Playlist

Everything is more fun with a great playlist! Not only is music great therapy but it can make the cleaning process go by quicker and make it more enjoyable.

Clean One Room at a Time

While we all like seeing our homes sparkly and fresh, it can sometimes be an overwhelming process to get to that point. To help minimize the stress of your Spring cleaning project, work one room at a time! Start with the smaller rooms, or those that need the least amount of cleaning, and work your way up to the larger, project rooms. Another option is to tackle one or two rooms each weekend for the month and by the time April comes, you’ll be ready!

Declutter as You Go

Spring cleaning isn’t just about shining up the brass on the door and dusting. It is just as important to declutter your space! Before you start cleaning the room, it is a good idea to pinpoint items that can be discarded, such as old magazines and papers, as well as to go through closets and cupboards for anything that you can donate (like that sweater you bought and never wore). This will clear up space for new clothing and items and will make you feel that much more accomplished!

Think Green

Spring cleaning allows us to start the season off on a fresh, clean note. Don’t muddy that up with harsh chemical cleaners. In today’s eco-friendly environment, there are many safe alternatives to regular cleaners. Vinegar is a great substitute in the bathroom or kitchen as well as combining vinegar, baking soda and water as a deep clean alternative. You can also opt for a steam cleaner to manage tile, hardwood floors, appliances and even outdoor areas as they only use hot water and vapour.

Work From Top to Bottom

Starting from the ceiling and working your way down just makes sense! This will force debris downward and save you from having to re-clean your space. Dusting first will prevent a headache later too! 

Don’t Forget The Fridge & Freezer

The best time to clean out your fridge and freezer is right before you do your grocery shop, so they will be at their most empty. Take everything out and dispose of anything that is past its expiration date and any almost-empty items you won’t use. Before you restock be sure to wipe down the interior of the fridge with disinfectant and a damp cloth. The same can be done for the freezer but you’ll have to defrost it first! 

Clean Air Reduces Allergies

Replacing furnace and HVAC filters is one of the most overlooked parts of Spring cleaning. Going as far as replacing your standard filter with a more robust one with a higher rating will help keep you even healthier this year as they catch smaller particles to ensure your home is void of allergen triggers, chemicals and even odours.

What are the mortgage broker benefits

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Benefits of a Mortgage Broker

In a world with an abundance of options, it can be hard to know which way to turn to ensure that you make the best decision for your future. Fortunately, that’s where we come in. As your dedicated mortgage professional, We have access to 90+ lending institutions and a vast array of available mortgage products.

Whether you are a first-time homebuyer, up for renewal, looking to refinance or want to discuss reverse mortgages or other options, we can help. As a one-stop-shop for your mortgage needs, we can not only save you time by shopping the market for you but often we can save you money too. When it comes to mortgages, not all products are created equal. Fortunately, our access allows us to review all of your options and find you the best mortgage product terms and rates.

Unlike a bank specialist, we are not tied to any single lender. This allows us to focus on helping YOU achieve your dream and provide you with unbiased advice and work with you to make the best decisions for your family, and your future.

Whether you are looking for mortgage assistance now, or in the future, we would be happy to help answer any questions you have and shop the market to find you the best solution. Please don’t hesitate to reach out to our brokerage anytime, or pass my information along to any friends or family you think would benefit from professional advice.

 

Time to Check-In with your Mortgage!

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As we ease into 2021, we have some great tips to help get you started and refresh your space. From the Pantone of the Year for 2021 to annual mortgage check-up tips and home maintenance strategies, we have you covered!

Thank you for your continued support and introductions!

I hope you have a wonderful year.

 

 

Pantone of the Year 2021Time to Check-In with your Mortgage

The Pantone Color Institute has published their 2021 Pantone trends, which features 10 standout colors as well as 5 core classics to help bring some extra spark to fashion and home this New Year.

This year’s Pantone offers a range of shades that combine a “level of comfort and relaxation with sparks of energy that encourage and uplift our moods” according to Leatrice Eiseman, Executive Director of the Pantone Color Institute. This year’s choices are not only bold and illustrative, but also combine our desire for flexibility and color choice that lasts year-round.

 

What’s the Inspiring Pallette this year?

On the 2021 Pantone we have an inspiring palette composed of marigold, cerulean, rust, illuminating yellow, French blue, mint, amethyst, burnt coral and vivid raspberry! Paired with these are the core hues of inkwell, gray, buttercream, desert mist and willow beige.

To utilize this year’s incredible colors, without wasting your time or money, try sprinkling them throughout your home as accents to brighten and uplift your space. Consider throw-pillows and rugs or other accent pieces such as swapping out your curtains, lampshades or even a quick reupholster on worn chairs to help liven up your space in time for the new year!

From comforting oranges and friendly yellows, to calming and restoring greens and blues, the 2021 Pantone palette is sure to infuse your year with reawakened senses and a fresh perspective!

Looking for more inspiration? Check out the Dominion Lending Centres Pinterest page.

 

 

Time to Check-In with your MortgageTime to Check-In with your Mortgage!

There has never been a better time for your annual mortgage health check-up! By organizing a quick mortgage review each year, it may yield you some fruitful financial savings.

Your home loan review this year will examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Reviewing your mortgage terms and options annually could result in having more money left over at the end of each month – and who doesn’t want that?!

For instance, are you exercising your penalty-free extra payment privileges? Do you have any? Prepayment privileges allow you the opportunity to pay up to 20% extra per month and a total of up to 20% lump sum per year – without penalty! This means that for a $300,000 mortgage on a 25-year amortization, a 20% monthly payment increase can generate $18,000 worth of savings AND help you to pay off your mortgage 5 years earlier! When you add-on the annual lump sum of $2,500, the savings are increased to just over $25,000 for the year and bumps you up to being mortgage-free 8 years earlier! You can also use the My Mortgage Toolbox app to calculate the potential savings from extra payment.

 

Increasing your Monthly Payments

When it comes to mortgage payments, another great question for your annual check-up is whether or not you are on the best payment frequency for your cash flow and to best optimize savings! Most lenders offer various payment frequencies and an annual mortgage review can help identify the best frequency based on changing needs and cash flow situations. A monthly payment is simply a single large payment, paid once per month; this is the default that sets your amortization.

A 25-year mortgage paid monthly will take 25 years to pay off but includes the added burden of one larger payment coming from one employment pay period. Alternatively, an accelerated bi-weekly payment pays your mortgage every two weeks. This frequency allows the mortgage payment to be split up into smaller payments vs a single, larger payment per month. This is especially ideal for households who get paid every two weeks as the reduction in cash flow is more on track with incoming income. 

These accelerated bi-weekly payments also offer interest savings, as you are actually making an extra payment each calendar year. For instance, a $300,000 mortgage on an accelerated bi-weekly payment schedule will pay off your mortgage two and a half years faster and generate approx. $8,000 in savings!

That’s like getting a $10,000 a year raise just by changing your payment frequency! You can use the My Mortgage Toolbox app to also calculate these payment differences. 

 

Breaking your Mortgage Early


Another area to look at during your mortgage check-up are your penalties. Breaking your mortgage term early, and before the scheduled contract maturity date, will almost always incur a penalty. The amount depends on various factors such as how far you are into the existing term, your current interest and rate type, your existing lender, etc. However, with today’s rates sitting at such a historical low, there can still be savings! Now, if you break your mortgage early and incur a penalty, you can still come out ahead. For instance, it is possible to save $20,000 with a new low rate and incur a $15,000 penalty, which still puts you $5,000 ahead! Having an annual mortgage review can look at these options and determine if it is a benefit for you to chase these historically low rates.

Beyond your current payments and interest rate, consumer debt outside of the mortgage is another important area for review. Did you know? The average Canadian has $30,000 of credit card debt, at approximately 20% interest?! Reviewing your home equity situation could yield $10,000 savings, per year, by rolling debts into your home equity loan. Contact me today to discuss this further and see if it is an option for you!

 

Debt Consolidation



Pay more to save more, pursue lower rates even with a penalty, and debt consolidation are just three examples of the financial savings an annual mortgage check-up with your mortgage professional can do! With interest rates at historic lows, now is the time to investigate all your options and perhaps save yourself thousands of dollars per year, especially if your current interest rate is over 3%! Imagine what you could do with the savings – anything from renovating or investing to going on a much-needed vacation or putting money towards your children’s education.  

Completing a straightforward annual review will keep your home financing as lean and trim as possible. In other words, you will have a clean bill of mortgage health, which is just what the doctor ordered! Contact me to set up a mortgage check-up today!

 

 

New Year Home Maintenance PlanTime to Check-In with your Mortgage

Keep your home in comfy, cozy and working order all year long with this easy maintenance schedule highlighting important areas to check – and when!

 

January
Safety check! Start your year off on the right foot by ensuring your home is in proper working order. Test your smoke and carbon monoxide detectors and replace batteries as necessary. 

February
The colder months are a great time to tackle indoor maintenance. Take the time to inspect your shower, tub and toilet for any leaks and recalk as needed to save you on costly repairs later in the year.

March
Inspect your windows and doors for cracks as any gaps will cause heat (and air conditioning!) to escape from your home. Add weather stripping as needed to ensure they are sealed.

April
As we get closer to spring, this is a great time to focus on the exterior of your home. A power-wash and deep clean of your siding and windows will help your home look its best.

May
With summer just around the corner, this is a good time to check your A/C unit and ensure it is up to the challenge. Contact a professional HVAC company to service your unit and ensure it is up to optimal efficiency and output.

June
As we move outside in the warmer months, this is the perfect opportunity to spruce up your deck and outdoor space. Pressure washing and resealing your deck will help keep it functional and gorgeous, all year long!

July
Insects run wild in the warmer weather. To prevent damage, it is a good idea to consider a pest control plan especially if you live in a highly active area.

August
As the end of the summer approaches and we get closer to the rainy season, you will want to ensure your roof is in good working order. Check the areas around your eaves and gutters for any water damage and ensure there are no leaks or loose shingles that could cause issues down the road. 

September
To create that warm and cozy fall atmosphere, you will want to ensure your fireplace is doing its job. This is the perfect time for a thorough inspection of your fireplace – whether wood or gas – to ensure everything is working well.

October
With the gorgeous colors of fall in full swing, October is a great month to touch up the exterior of your home’s paint and boost your curb appeal. While you’re at it, make sure to check your foundations for any damage that could worsen in the colder months.

November
As the leaves start to fall, it could spell a mess for your home. In November, focus on leaf and gutter cleanup. Regularly rake your yard to keep your grass green and collect any debris that may have collected in your gutters or your roof from high winds.

December
You made it! Another year of home maintenance is almost done as we move into December. Get yourself snow ready by prepping your pipes and considering added insulation to keep them from freezing.