Welcome to the June issue of my monthly newsletter!

Summer is just around the corner and I have some great articles for you this month! I have compiled some helpful tips on what you need to know BEFORE you start house-hunting, as well as why getting pre-approved matters. Plus, I have included some fun tips on staying cool and saving money during the summer months! Have fun out there and don’t forget your sunscreen!

Thanks again for your continued support and introductions! Have a great month.

What to Know BEFORE You Start House-Hunting

As exciting as it is to start your journey towards home ownership (or even up- and down-sizing), there are a few things you should consider first.

Most importantly, you need to determine your purchase range. Having the proper budget for your future home is the best way to ensure future financial success! To create a proper budget, you need to look at your monthly income and expenses to determine how much you can afford in monthly mortgage payments. Download my Mortgage Toolbox app directly above this article and create a profile today to access all of the amazing features, including mortgage estimates and budgeting tools. From there, you can determine your purchase price! Ideally, it is best to try and find a home that fits your needs that is below your maximum budget, which will give you a lower mortgage payment and a little more financial freedom and security for the future.

What Can I afford?

Beyond determining what you can afford, you need to identify your housing needs. It is important to know that, unless you build it yourself, no home will have everything you are looking for. However, you can find a home with most of the things you want and all of what you need if you are able to be a little bit flexible and realistic about your deal breakers. You should have a list of your must-have items that you cannot do without, such as needing a second bathroom or a third bedroom for a growing family. Your list of must-have items, or needs, should be things you cannot change; flooring and paint color should never be on this list. 

Once you have your list of needs and your budget, you can connect with me and begin the pre-approval process (more information on that below). I can also help to connect you with a real estate agent to begin your search.

Remember, whether it is your first or fourth house, home-hunting can be a process. Be prepared to revisit your list and homes several times to find the right fit. It is out there! As long as you stay within your budget, you will not only build equity in your new home but you will have a solid financial foundation to continue growing from.

Advantages of a Pre-Approval

Getting pre-approved can be a vital step to the home-buying process! But don’t confuse this with pre-qualification; you can get a pre-qualification through the My Mortgage Toolbox app to determine what you might qualify for. Pre-approval, on the other hand, means that a lender has stated (in writing) that you do qualify for a mortgage and what amount, based on your current income and credit history. A pre-approval usually specifies a term, interest rate and mortgage amount and is typically valid for a brief period of time, assuming various conditions are met.

In order to get pre-approved, you must submit and verify your financial history. I can walk you through this process and assist in finding you the best mortgage to suit your needs. Not only will getting pre-approved help speed up the process when you do find that perfect home, but it also helps determine the most accurate budget to fit your needs and the actual home price you can afford.

Pre-approval can help you to determine three very important things

1. The maximum amount you can afford to spend
2. The monthly mortgage payment associated with your purchase price range
3. The mortgage rate for your first term

Not only does getting pre-approved make the search easier for you, but helps your real estate agent find the best home in your price range. Temptation will always be to start looking at the very top of your budget, but it is important to remember that there will be fees, such as mandatory closing costs, which can range from 1 to 4% of the purchase price. Factoring these into your maximum budget can help you narrow down a home that is entirely affordable and ensure future financial stability and security. 

While getting pre-approved doesn’t commit you to a single lender, it does guarantee the rate offered to you will be locked in from 90 to 120 days which helps if interest rates rise while you are still shopping. If interest rates actually decrease, you would still be offered the lower rate.

Another benefit to pre-approval is that, when it comes time to purchase, pre-approval lets the seller know that securing financing should not be an issue. This is extremely important for competitive markets where lots of offers may be coming in.

Protecting Your Pre-Approval

Once you have gone to the trouble of getting pre-approved and determining the boundaries of your budget and mortgage payments, you will want to make sure that you take actions to protect the rate you have been offered.

To protect your pre-approval, there are a few things to keep in mind:

1. Refrain from having additional credit reports pulled once you have been pre-approved
2. Refrain from applying for new credit, closing off credit accounts or making large purchases until after the sale is complete
3. Be prepared to show a paper-trail - any unusual deposits in your bank account may require explanation. Also, if your down payment comes from savings, the bank will want 90 days of statements to ensure the funds are accounted for.

5 Tips to Stay Cool & Save This Summer

Summer is just around the corner and doesn’t stick around for long, so make sure you enjoy it! We have some great tips for staying cool AND saving money while you do.

1. Use Portable And Ceiling Fans

Instead of cranking the A/C (and your electricity bill) consider cooling down with portable and ceiling fans. not only are these great options if your A/C unit is on the brink, but they can help ease the stress on your unit when used together or help eliminate the need for it all together. Portable fans work by creating a breeze, helping to circulate the air and causing a wind-chill effect that hits your skin and helps keep you cool. For an extra blast of coolness, place a bowl of ice in front of the fan to create a refreshing mist of air!

2. Avoid Cooking On The Stove

While cooking indoors can be a great way to warm up the house in the winter, it will create unnecessary heat in the summertime. Instead, consider cold meals such as salads or breaking out the BBQ for grilled chicken or steaks.

3. Keep The Curtains Drawn

As nice as it is to let the sun in, this can increase the heat in your house and cause extra stress on your A/C unit and fans. Instead, keep the curtains drawn (at least on very hot days) to help your home stay cool.

4. Maintain the Air Filters

As always, the change of the season is a good time to check the air filters in your home. Dirty filters slow airflow and make the system work harder, which can lead to expensive repairs down the road. Replacing your air filters every three months is ideal to keep dirt and dust out of your system.

5. Swap to Energy Efficient Lighting

You have probably heard some of the reasons why LED lights have become so popular, but did you know that they also produce 75 percent less heat than incandescent bulbs, and can help keep room temperature down? This can help reduce monthly bills and keep your home more comfortable during the summer season!

Welcome to the May issue of my monthly newsletter!

With Spring at our doorstep, now is a great time to do some Spring cleaning in the form of tidying up your monthly budget! Renovations are another popular activity this time of year, so I have included some tips for you on that below! Lastly, if you are new to the country or know someone who is and seeking their first mortgage in Canada, check out my article on what you need to know.

Thanks again for your continued support and introductions! Have a great month!

Determine Your Monthly Budget

It's easy to get overwhelmed when thinking about your finances, especially if you are saddled with debt. The best way to determine your monthly budget is to start by recording your total monthly income for the family and your total monthly expenses. To make these easier to review, it is ideal to break out your expenses into two categories: fixed and flexible.

Fixed Expenses: Fixed expenses are bills that stay relatively the same each month and will typically even come out on the same date. Some examples of fixed expenses, which are generally non-negotiable, include mortgage or rent payments, car/household insurance, car loans, other loan payments, credit card payments, cell phone bill, household utilities, child support (if applicable) and any medical bills such as medication, orthodontic payments, etc.

Flexible Expenses: Once you calculate your fixed expenses, you will want to take a look at your flexible expenses or payments. Flexible expenses may change from month to-month and are typically the things households look at when trying to reduce spending or free up monthly funds. These types of expenses include groceries, cable/streaming services, internet, gas, entertainment and dining out, etc.

The goal of determining your monthly budget is to see how much of your monthly income goes to bills, and what is leftover for spending and entertainment. It is important to check up on your expenses and spending habits on a regular basis to ensure that you are continuing to live within your means, and are not stretching your budget to the point of extra debt. It can be easy to run up a credit card thinking “I’ll pay it off later”, but unless it is an emergency situation (vet bill, car repairs, etc.) it is best to avoid that mentality and only spend what you have on-hand.

If you do happen to find yourself struggling to make your bills each month, it might be time to look around for some places to save some extra money.

Some great options for saving money include:

• Reducing or eliminating your cable package
• Lowering your energy usage (turn down that thermostat and bundle up in colder months!)
• Reducing water usage (taking shorter showers, doing less loads of laundry)
• Going out to eat less frequently or entirely. It is amazing how much you can save by skipping the drive thru and making your own coffee at home!
• Learn to say NO (to gift exchanges at work, nights out with friends, special events whenever possible, etc.)
• Attempt to negotiate lower bills with any company you deal with
• Reduce grocery spending (or get cash back when you do shop)
• Use coupons! Shop on sale, collect customer loyalty points to buy bigger ticket items
• Buy used when you can! There are great resources for buying used such as Facebook Marketplace, Craigslist or Kijiji. This is also a great place to make some money! Purge your house and sell anything you don't love or need anymore.

Things to Know Before you Renovate

Renovating your space can be a big project! Before you get started, we have put together a list of the 5 most important things you need to know before you renovate:

1. Know Your End Goal

Before starting your renovation, it is important to know what your end goal will be for the project. How extensively are you renovating? Are you doing so to improve the resale value of your home, or are you doing it to improve your own daily environment? Knowing the reason for the renovation can help you determine a plan for how to proceed and how in-depth you want to go.

2. Set a Budget - and Stick to it!

Once you determine the scope of your renovation project, you need to determine your budget. Determining your budget - and sticking to it - is one of the most important parts of any renovation. Renovations can easily spiral out of control or become much bigger than anticipated if proper budgets and goals are not in place. However, even with the strictest budget, there could be unexpected costs, so be sure to add in a contingency fund. While it is easy to want a top of the line renovation, it is important to look at alternative products or substitutes that may be just as sturdy but save you some money upfront.consider

3. Obtain Permits

Many homeowners forget about this one, but it is extremely vital to your renovation project - especially those that are on a larger scale. While you may consider obtaining a building permit to be an unnecessary headache, it is necessary and will ensure the changes you make today won’t come back to haunt you tomorrow. These permits are necessary to ensure your house remodel meets structural and fire safety requirements. If you ever do put your house up for sale, code inspectors in most jurisdictions can enforce the removal of any non-conforming work if not up to snuff - creating a further (and more expensive headache) down the road.

4. Ask for References

It is important to be sure that the work you are having done to your house will be done in a manner that ensures it remains safe and structurally sound. This is what makes asking for references so important! Don’t rely solely on client testimonials, seek out customers that can give you a firsthand account and answer any questions you may have. It is also important to see before and after images of a contractor’s prior work. Take the time to gather the information and determine which questions to ask!

5. Consider Your Routine

My mom was always a DIYer when it came to home renovations. She painted herself, re-tiled entire rooms and had my dad help her put up drywall to split up big spaces! So, when it came to considering our routine this was a non-issue. However, for those of you like me (absolutely not a DIYer) who are planning on hiring a contractor, be clear about your daily routine! Work with the contractor to come up with start and end times that cause the least disruption to your daily schedule and help everyone remain comfortable.

What to Know if You’re New to Canada

Canada has seen a surge of international migration over the last few years. With all these new faces in town wanting to plant roots in this great country, we wanted to touch base on some of the details surrounding mortgages and how new immigrants can qualify to be homeowners.

If you are already a Permanent Resident or have received confirmation of Permanent Resident Status, you are eligible for a typical mortgage with a 5% down payment - assuming you have good credit.

Permanent Resident with limited credit?

For Permanent Residents with limited credit, or individuals who have not yet qualified for Permanent Residency, there are still options! In fact, there are several ‘New to Canada’ mortgage programs through CMHC, Genworth Financial and Canada Guaranty Mortgage Insurance, which cater to this group of homebuyers.

How to qualify?

To qualify for these New to Canada programs, you must have immigrated or relocated to Canada within the last 60 months and have had three months minimum full-time employment in Canada. Individuals seeking credit of 90.01-95% need to produce an international credit report (Equifax or Transunion) demonstrating a strong credit profile OR two alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The alternative sources must include rental payment history and another altnernative, such as hydro/utilities, telephone, cable, cell phone or auto insurance. For individuals looking for 90% credit, a letter of reference from a recognized financial institution OR six (6) months of bank statements from a primary account will be required.

Utilizing a mortgage broker will help to ensure you understand your options and they can help determine the best program and mortgage choice for you. Before you talk with a mortgage broker, there are a few things you need to know when it comes to submitting an application - and getting approved - for your first mortgage in Canada:

1.    Supporting Documents: If you’re new to the country but have weak credit, supporting documents will come in handy. These may include proof of income, 12 months worth of rental payments or letter from landlord, documented savings, bank statements and/or letter of reference from a recognized financial institution. These documents all paint the picture of whether you are a safe investment for a lender.

2.    Build your Credit Rating: This is one of the most important aspects to getting a mortgage as credit rating determines your reliability as a borrower and will determine your down payment rate. One of the best ways to build your credit is by getting a credit card that you use and pay off each month. Paying other bills such as utilities, cell phones and rent can also contribute to your credit score and reliability.

3.    Start Saving: One of the most expensive aspects of home ownership is the down payment; an upfront cost vital to securing your future. The down payment can either be 5% or 10% depending on your status. It is important to note that if you're paying $500,000 or more for your home, the minimum down payment will be 5% for the first $500,000 and 10% of any amount over $500,000 - regardless of your residency status.

4.    Choose a Mortgage Provider: Once you are ready to get your mortgage, you need to decide where you want to borrow from. There are three key lenders: Bank, Credit Unions and Monolines, as well as the option to purchase direct or go through a mortgage broker which may be able to offer you some extra savings.

Buying a house is an exciting step for anyone, but it is especially so for individuals who are new to the country. As daunting as it may seem, purchasing a home is completely possible with a little knowledge and preparation!

Welcome to the April issue of my monthly newsletter!

As your dedicated Dominion Lending Centres mortgage broker, I am happy to help guide you through the current climate amidst the COVID-19 pandemic. I understand that things can be stressful but I am here to help!

In order to mitigate the financial strain on your family, the Canadian government is offering a variety of options to individuals affected by COVID-19. Some of these options include additional GST credit support, a $2,000 monthly Canada Emergency Response Benefit, student loan deferral and mortgage deferral for up to six months. Visit the Dominion Lending Centres dedicated website for more information about COVID-19: https://aitest-v3.sitedudes.com/

As your mortgage professional, I want to provide you with detailed information regarding mortgage deferral and your options during this time. Please find some helpful insights below! 

Thanks again for your continued support and referrals!

To Defer or Not to Defer

With Canada's major Mortgage Finance Companies (MFC's) and all six big banks offering mortgage deferrals of up to 6 months, as well as case-by-case options from credit unions, one of the major questions currently facing Canadians amid COVID-19 is do you defer your mortgage? To help you with this decision, we have gathered some important information on what it means to defer and the benefits (or side-effects) from doing so.

For anyone who is unsure, a mortgage payment deferral means that customers are not required to make regular payments (principal, interest and property tax, if applicable) on their mortgage. In the case of COVID-19, this deferral period can be up to six months.

As much as you may be keen on taking advantage of deferring your mortgage, it is essential to remember that this is not “free money”. During the time mortgage payments are deferred, it is important to understand that interest will continue to accrue and will be added to the mortgage account balance at the end of the deferral period. That said, depending on your financial situation, this may be a great option for those individuals who are facing lower monthly income due to COVID-19.

Deferring payments is as much an emotional and mental decision as it is a financial one

When deciding whether to defer, I recommend you have an honest conversation with yourself about your financial situation.

1. Have you lost monthly income due to COVID-19?
2. Are you struggling to pay your monthly bills as a direct result of COVID-19?
3. Are you finding yourself extra stressed about your finances?

Remember, deferring payments is as much an emotional and mental decision as it is a financial one. In most cases, if you are really stressed and struggling then deferral is the way to go as it will help free up some income right away for families with reduced or no monthly income due to COVID-19.

To give you a rough idea of the true cost of deferral, RBC Bank has put out a great ‘ Skip a Payment ’ tool to help you understand how deferring your payment will work. This calculator will show you the amount owing after any deferred payment(s) to give you an idea of how affordable it may be for you. For example, if you have a mortgage rate of 2.80% and 20 years remaining, a single skipped payment of $2,000 will cost you an extra $1,403 over the long-term. Depending on your financial situation and regular monthly income, deferring your mortgage for six months might be a no-brainer for you - especially if it opens up your current finances for other bills.

If you are leaning towards deferring, please book your virtual appointment so we can go over your unique situation and I can help explain the costs to you and determine if it is the right option! If deferring is right for you, contacting your lender to apply and take advantage of this offer will be the next step. Ensuring you have approval for deferral will prevent any impact on your future credit rating.

Lock-In or Stay Variable?

Whether you already have a mortgage or are looking to get your first mortgage amid COVID-19, there are some things you should know regarding fixed and variable rate mortgages during this time.

If you currently have a mortgage, you may have heard on the news about interest rates rising and you may be unsure of where you stand. It may seem confusing, but when it comes to mortgage rates and interest we are seeing things moving in both directions - rates are going up and going down simultaneously. Depending on the mortgage you currently have (fixed or variable) you may be experiencing different effects with regard to COVID-19 and may be unsure where you stand. Here are some things to know:

Variable Mortgages

Variable rate mortgages, which represent 1 in 4 mortgages in Canada, are driven by the Bank of Canada’s overnight lending rate. Having a low variable rate may lead you to have some concerns surrounding the increasing mortgage rates in the country and where that leaves you.

The Bank of Canada has already made several cuts to the bps rate for a full 1% drop. It is important to understand that these cuts to the overnight lending rate actually get passed down to variable mortgage rate holders - unlike for fixed rate mortgages.

If you currently have a variable rate mortgage you most likely already have a discount from prime. As a result, you may have already seen your rates decrease and you may now be sitting around 1.85% to 2.2% variable interest currently. You may be concerned about these rates rising again but the good news is that it is unlikely that you will see significant rate volatility or increases in interest rates on a variable mortgage.

Contact US!

A mortgage professional can help assess your particular financial situation and mortgage, but most variable-rate mortgage holders will benefit the most by not doing anything with their mortgages at this time as the rates are expected to remain low and possibly even decrease. 

Fixed Rate Mortgage

Many Canadians are currently locked into a five-year fixed rate mortgage and these individuals are currently seeing a different trend with their mortgage. To help you understand this further, it is vital to recognize that fixed rates are typically linked to the bond market in Canada, as opposed to the Bank of Canada which is the driver for variable-rate mortgages. Therefore, you can have the bond market and Bank of Canada doing two separate things resulting in both an increase and a drop in interest rates, depending on which rate type of interest you hold.

If you are one of the many Canadians with a five-year fixed-rate mortgage, you are likely seeing your interest rates increasing due to the resulting turmoil in the stock and bond markets. The changing market is resulting in a pull-back from investors who don’t want to lend out funds at such low rates. In addition, with the COVID-19 mortgage relief options, banks are seeing a very large increase in demand for mortgage products and inquiries. This is continuing to drive demand with no increase in supply, which also results in rate increases.

Understanding your options

If you are currently in a fixed-rate mortgage, it is important to understand your options and how long they expect rates to be increased. If you are considering converting your fixed-mortgage to a variable-rate mortgage, you will likely have a 3 month payment penalty. Depending on your mortgage amount, this may be a small price to pay for a lower interest rate for the foreseeable future. I would be happy to discuss this with you to guide you to the best decision for your financial situation and capacity.

New Mortgages

If you do not have an existing variable or fixed mortgage and are in the process of getting a new mortgage, refinancing or renewing you may be wondering what to do. While mortgages will vary on a case-by-case basis, the current consensus from mortgage professionals is that a variable-rate mortgage will be the way to go, especially if you can get a discount on prime that puts you around 2%. While there is talk of mortgage rates increasing, the impact to a variable-rate mortgage is likely to be minimal (if at all).

Tips for Social Distancing & Staying Safe From Home

Stay Safe. Stay Home. Save Lives.

This is currently the motto for Canadians who are working hard across the country to combat COVID-19 by staying home - including your mortgage brokers! While social distancing of this magnitude has never occurred previously, it is important to understand that we are all in the same boat. To help you get through this period, 

I have put together some tips for social distancing and staying safe (and proactive!) at home:

Follow Best Practices:

Ideally, to make social distancing most effective, individuals are only interacting with their household during this time and until the pandemic is under control. Some other best practices include:

• If you have to go out and restock your pantry or get supplies, try to only go out once per week.
• Be mindful of other consumers; do not overstock.
• If you are out in public, be sure to stay at least 6ft away from other individuals.
• On walks, do not let your dogs say ‘hi’. They will forgive you, we promise.

Maintain Your Routine:

When the world feels like it is going crazy, one of the best things you can do to keep your sanity is to maintain your routine. Whether you’re out of work or working from home, making sure that you continue to get up at your normally scheduled time and go through your morning process is a great way to maintain stability. Taking your regularly scheduled breaks, such as lunch hour, while working from home are also important to maintain your schedule (and keep sane). Be sure to continue to maintain social distancing procedures during this time.

Get Up and Move:

It can be hard to feel motivated, but it is important to make sure to get up and get moving when you are able. From a home workout to a walk, everything works towards keeping your body and brain healthy; especially during times of extra stress. Carve out 15-60 minutes per day for some light physical activity and you will be amazed at how much better you feel!

Connect With Others:

In today’s world, we have a plethora of technology at our disposal. Even if you feel alone, there are ways to reach out to friends and family through Skype, Houseparty, Zoom Meetings, e-mail, text and an old fashioned phone call. While it is vital to maintain physical distance, we as humans require connection so be sure to utilize the tools around you and don’t be afraid to share your feelings - your friends are all in the same boat and will understand.

Stay Informed:

Information is power and the more information you have at your disposal as this situation develops, the better prepared you will be to manage your household and finances. Dominion Lending Centres dedicated COVID-19 website is a great resource for staying up to date: https://aitest-v3.sitedudes.com/

Welcome to the March issue of my monthly newsletter!

What you need to know before you buy your next home, refinancing our mortgage and 10 spring cleaning tips!

I would love to hear back from you if you have any questions or feedback regarding anything outlined below.

Thanks again for your continued support and referrals!

What You Need to Know Before you Buy

Spring is one of the busiest seasons for retail activity as the good weather gives people lots of time for decluttering, showing the home, garage sales, packing and moving into your new space! Buying a home is an extremely exciting and fulfilling adventure, but before you get started let’s go through some of the most important things you need to know before you buy a home.

First things first, are you ready to own a home? This is likely the largest financial decision you will ever make and there are a few questions you can ask yourself to ensure you are ready:

• Are you financially stable?
• Do you have the financial management skills and discipline to handle this large of a purchase?
• Are you ready to devote the time to regular home maintenance?
• Are you aware of all the costs and responsibilities that come with being a homeowner?

If you answered ‘yes’ to the above questions, congrats! You’re on the right track. Let’s look at some of the most important things to know:

Securing Your Down Payment

A down payment is the largest, upfront cost that comes with purchasing a home. The minimum on any mortgage in Canada is 5 percent but putting down more whenever possible will lower the amount being borrowed. Note: If you are putting down less than 20 percent, default insurance will be mandatory to protect the investment.

If you have a nest egg of savings that you can apply towards the down payment, then you are ready to move on! If not, RRSPs can be a great resource towards a down payment for a first-time homebuyer (up to $35,000). Another option is a gift from a family member, which requires a Gift Letter stating that the money does not have to be repaid and a snapshot showing that the gifted funds have been transferred.

If these are not options for you, then you can still work on ensuring you have a good credit score and determining your budget while saving for a down payment in the meantime.  

Getting Your Credit in Order

Ensuring your finances and credit is in order will make it easier to qualify for a mortgage and can be done while you’re saving for your down payment. Ensuring good credit simply involves paying your bills on time (rent, utilities, car payments) and ensuring your credit cards are paid monthly as well as keeping the balance below 75 percent of the available limit. If you’re new to the world of credit, consider the 2-2-2 rule. Lenders want to see two forms of revolving credit (ie: credit cards) with limits no less than $2,000 and clean payment history for two years. Another important note is to avoid making any credit mistakes or other major purchases (such as a new car) until after you have mortgage approval and have closed the deal on your new home.

Don’t Use Your Maximum Budget

The temptation will always be to start looking at the very top of your budget, but it is important to remember that there will be fees, such as mandatory closing costs, which can range from 1 to 4% of the purchase price. Factoring these into your maximum budget can help you narrow down a home that is entirely affordable and ensure future financial stability and security.

Get Pre-Approved

A mortgage pre-approval determines the actual home price you can afford and is different from the pre-qualification in that it requires submission and verification of your financial history. A pre-approval can determine the maximum you can afford to spend, the monthly mortgage payment associated with your purchase price range and the mortgage rate for your first term. Getting pre-approved also guarantees the rate offered to you will be locked in from 90 to 120 days which helps if interest rates rise while you are still shopping. Contact us to get your application started.

Refinancing Your Mortgage

Spring is a great time for cleaning out your home and your finances. A part of this for many people includes refinancing your mortgage. There are a variety of reasons to refinance, which can range from wanting to leverage large increases in property value or get equity out of the home for renovations. In some cases it could be due to life events such as divorce, a new relationship, kids going off to college or simply consolidating debt.

This ahead!

Before you refinance, it is important to understand that if you do this during your term you will be breaking your mortgage agreement and there are penalties that come with that. If at all possible, it is best to wait until the end of the mortgage term before refinancing.

There are a few points to consider before refinancing:

• You can tap into 80 percent of the value of your home
• You cannot qualify for default insurance which can limit your lender choice
• You would have to re-qualify under the current rates and rules

Talking to a mortgage broker about refinancing can provide you access to even greater rates and mortgage products to best suit your needs and what you are trying to accomplish through your refinancing strategy.

Regardless of why you are looking to refinance, it can come with a host of great benefits when done properly!

1.   Getting a lower interest rate:

Depending on where you are in your mortgage term, you could refinance to get a better rate – especially when done through a mortgage broker. A mortgage broker has access to hundreds of lenders and is able to find you the best rate versus traditional banks which only have access to their own rate.

2.   Consolidating your debt:

When it comes to debt, there are many different types from credit cards to lines of credit to school loans to mortgages. However, many types of consumer debt have much higher interest rates than those you would pay on a mortgage. Refinancing can free up cash to help you pay out these debts. While it may increase your mortgage, your overall payments could be far lower and would be a single payment versus multiple sources. Keep in mind, you need at least 20 percent equity in your home to qualify.

3.   Change your term or get a different mortgage:

The beauty of life is that it is ever-changing and sometimes you need to pay off your mortgage faster or change your mortgage type. Maybe you came into some extra money and want to put it towards your mortgage or maybe you are wary of the market and want to lock in at a fixed-rate for security.

4.   Tap into your home equity:

One of the biggest reasons to buy in the first place is to build up equity in your home. Consider your home equity as the difference between your property's market value and the balance of your mortgage. If you need funds, you can refinance your mortgage to access up to 80% of your home's appraised value in cash!

Always remember - it is best to refinance when your mortgage term is up to avoid penalties. Talking to a mortgage broker can help clear up any concerns and they can walk you through the process depending on your needs.

Homeowner Tips

10 Spring Cleaning Tips

1.   Create a Playlist

Everything – including Spring cleaning – 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.

2.   Clean One Room at a Time

Most people dread Spring cleaning. Everyone likes the aftermath and seeing their home all sparkly and fresh but sometimes it can be an overwhelming process to get to that point. It is best to clean one room at a time, starting with the smaller ones or those that need the least amount of cleaning and work your way up to the larger, project rooms. Another great way to reduce stress over spring cleaning is to tackle one or two rooms each weekend for the month and by the time April comes, you’ll be ready!

3.   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 as you go! 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!

4.   Think Green!

The idea of Spring cleaning is starting 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 eco-friendly and 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. While not everything can be cleaned this way, it is best to minimize chemical cleaners as much as possible.

5.   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!

6.   Save Windows for a Cloudy Day

Washing your windows after the build-up of winter grime is one of the biggest parts of Spring cleaning as you’ll want to wash them on the inside and outside. However, washing windows in direct sunlight (or using paper towels) can cause streaks. To minimize this and maximize your cleaning efforts, use a microfiber cloth and save this task for a cloudy day!

7.   Plump Up Those Pillows

Fresh linens is one of the most rewarding things about cleaning, period. There is nothing quite like your face hitting a fresh, plumped up pillow and settling into a freshly flipped mattress. Washing your pillows with ½ cup of baking soda added to the detergent cycle will really get them extra clean! You can fluff them up even more by putting them in the air cycle of your dryer with two tennis balls in socks.

8.   Master Your Closet

Most of us are guilty of hanging onto old clothes that we haven’t worn in three years or a pair of jeans that we know we will never fit again, but just can’t let go of. Now is the time to say goodbye to those worn out, ill-fitting or stained clothes! There are many opportunities to donate old clothes that are still in good shape too. Not only does that lend a helping hand to individuals who may greatly benefit from them, but it frees up space in your closet for new items that you absolutely LOVE!

9.   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!

10.   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 (and allergy-free!) this year as they catch smaller particles to ensure your home is void of allergens, chemicals and even odours.