23 Apr

What You Need to Know About Smart Homes

General

Posted by: Jennifer Koop

What You Need to Know About Smart Homes!

Technology is constantly evolving and adapting to our needs as a society and individuals. One of these exciting developments has been the creation and evolution of smart homes.

WHAT IS A SMART HOME?

A smart home is any home where the homeowners are able to control thermostats, lighting, appliances and other devices remotely over the internet through a smartphone or tablet. These can be set up through wired or wireless systems, allowing you full control wherever you are.

BENEFITS OF SMART HOMES

  • Easy Home Management: One of the biggest and most appealing aspects of a smart home is the easy home management it provides. The integrated systems not only give you full control over every smart aspect of your home, but also allows you to view insights and data, which can help you analyze daily habits and energy use.
  • Energy Savings: Smart homes provide opportunity for extensive energy efficiency and cost savings, depending on how you use the technology. Precise control over heating and cooling systems allows the system to learn your schedule and set preferences for the highest energy efficiency outcome. In addition, you can manage lighting to turn on and off at specified times to prevent energy waste. In addition, these homes are often stocked with top of the line appliances and electronics, with improved energy efficiency leading to further cost savings.
  • Increase Appliance Functionality: Using smart appliances and electronics allows you to get even more out of these household tools. For instance, a smart oven can help you cook your chicken to perfection and a built-in audio system can provide the perfect atmosphere to any party. Plus, connecting your appliances and other systems will improve automation and give you even more to love about your home.
  • Flexibility: With the ever-changing smart home technology, this affords you greater flexibility when it comes to your home and your changing needs.Smart homes are typically highly flexible, allowing you to easily swap out old models for updated versions, or to install new technology seamlessly.
  • Improved Home Security: Incorporating security and surveilliance features, such as cameras, into your smart home network will help you maximize your home security. There are various options for home automation systems containing motion detectors, automated locks and surveillance cameras so that you always know what is going on. You can even set it to receive security alerts in real time!
  • Growing Industry: Another advantage to smart homes is that this is a growing industry with technology that is constantly being worked on and improved. This means bigger and smarter tech will be available in the coming years, allowing for even greater cost savings, automation and control.

CONSIDERATIONS FOR SMART HOMES

I bet you are probably pretty excited now that you know what smart homes can do! However, before you jump in there are a couple considerations to keep in mind.

  1. How much automation do you want/need?
  2. What systems are most important to you (lighting, audio, climate, security, etc)?
  3. What is your budget?
  4. What are your future plans?

With the right preparation, a smart home can be a dream come true. It is important to understand how much technology you are comfortable with, and what systems are most important to you, so that you can create a plan and a budget to upgrade your current home – or so you know what to look for when you begin shopping.

Smart technology has come a long way! Smart homes are already incredibly intuitive and automated, with more technology and advancements to come. While some of us will always remain the “labor of love” type, many of us have less time and energy than we used to. Smart homes not only help save you money, but time and energy too so you can focus on more important things.

Published by DLC Marketing Team

For all your mortgage needs contact us today 705-349-0502

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka
Dominion Lending Centres, Mortgage Brokers Huntsville, Muskoka

16 Apr

Making Your Home Workspace More Productive

General

Posted by: Jennifer Koop

Making Your Home Workspace More Productive.

Fall in love with your home and your workspace again with these tips to help you make your home office space more productive!

  1. Establish Boundaries: A key component of being more productive at home is to establish proper boundaries between work and personal life. While not all of us at home have space for a dedicated home office, it helps to create a dedicated area in your house such as your kitchen table. In addition to having a dedicated physical space to create boundaries, establishing when it is time to focus on work versus switching off for the day is key. Establishing norms such as time and location can make a big difference in ensuring productivity, but ensure you have discussed with your manager and/or team about when communication is expected.
  2. Create a Routine: This is especially important for individuals who are used to an office setting and whose mornings would consist of showering, breakfast and commuting. When the commute is off the table, it is just as important to maintain a good morning routine – even if you have the option of more flexible hours. Determine what works best for you to keep you focused and engaged and maintain that routine throughout the week.
  1. Declutter: When working at home, you no longer have to account for just your immediate space but the general environment as well. It can be distracting to try and work at the kitchen table when your sink is a mess or the carpet needs vacuuming. Be sure to keep your house as decluttered and tidy as possible to prevent mid-day distractions and to clear your mind to better focus on work-related tasks.
  1. Take Breaks: When working in an office, you’ll often be reminded to take your lunch break when the rest of your colleagues are headed out for theirs. At home, it can be a little more difficult to maintain your lunch hour – or take breaks at all! And when we do, often these breaks are little more than scrolling through social media. While taking breaks is vital, a productive break is even more so. Consider reading relevant articles to give you some inspiration, making a home cooked meal or even taking a walk around your block for a more restful break.
  2. Upgrade Your Equipment: Whether you’re currently working in an old wooden kitchen chair or lack proper wrist support, a big step towards being more productive at home is upgrading your equipment. If you’re going to be sitting all day, investing in a comfortable, supportive desk chair that won’t leave you feeling achy will make a huge difference! Also, make sure you have enough desk space to be able to work comfortably and include ergonomic support where applicable for an even more comfortable (and productive!) work-at-home experience

Published by DLC Marketing Team

For all your mortgage needs contact us today 705-349-0502

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka
Dominion Lending Centres, Mortgage Brokers Huntsville, Muskoka

3 Apr

Amortization Options

General

Posted by: Jennifer Koop

Amortization Options.

Your mortgage amortization period is the number of years it will take you to pay off your mortgage. Depending on your choice of amortization period, it will affect how quickly you become mortgage-free as well as how much interest you pay over the lifetime of your mortgage (a longer lifetime equals more interest, whereas a shorter lifetime equals less interest but also bigger payments).

Amortization Benchmarks
Let’s start by looking at the mortgage industry benchmark amortization period. This is typically a 25-year period and is the standard that is used by the majority of lenders when it comes to discussing mortgage products. It is also typically the basis for standard mortgage calculators. While this is the standard, it is not the only option when it comes to your mortgage amortization. Mortgage amortizations can be as short as 5 years and as long as 35 years!

Benefits of a Shorter Amortization
Opting for a shorter amortization period will result in paying less interest overall during the life of your mortgage. Choosing this amortization schedule means you will also become mortgage-free faster and have access to your home equity sooner! However, if you choose to pay off your mortgage over a shorter time frame, you will have higher payments per month. If your income is irregular, you are at the maximum end of your monthly budget or this is your first home, you may not benefit from a shorter amortization and having more cash flow tied up in your monthly mortgage payments.

Benefits of a Longer Amortization
When it comes to choosing a longer amortization period, there are still advantages. The first is that you have smaller monthly mortgage payments, which can make home ownership less daunting for first-time buyers as well as free up additional monthly cash flow for other bills or endeavors. A longer amortization also has its advantages when it comes to buying a home as choosing a longer amortization period can often get you into your dream home sooner, due to utilizing standard mortgage payments versus accelerated. In some cases, with your payments happening over a larger period, you may also qualify for a slightly higher value mortgage than a shorter amortization depending on your situation.

Let’s Chat!
We would be happy to help with the decision for the amortization that best suits your unique requirements and ensures you have adequate cash flow. However, it is important to mention that you are not stuck with the amortization schedule you choose at the time you get your mortgage. You can shorten or lengthen your amortization, as well as consider making extra payments on your mortgage (if you set up pre-payment options), at a later date.

Ideally, you are re-evaluating your mortgage at renewal time (every 3, 5, or 10 years depending on your mortgage product). During renewal is a great time to review your amortization and payment schedules or make changes if they are no longer working for you.

If you have any questions or are looking to get started on purchasing a home, don’t hesitate to reach out to us, your DLC mortgage experts, today!

Published by DLC Marketing Team

For all your mortgage needs contact us today 705-349-0502

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka
Dominion Lending Centres, Mortgage Brokers Huntsville, Muskoka

2 Apr

Escrow and What You Need to Know

General

Posted by: Jennifer Koop

Escrow and What You Need to Know.

Let’s talk about escrow! While this arrangement may not necessarily impact your mortgage, it can be helpful to understand should anything come up throughout your term.

What is Escrow

Starting with the basics, what IS escrow exactly?

Escrow refers to a financial agreement where assets or finances are held by a third party on behalf of two other parties (such as a homeowner and bank). The escrow party is a neutral entity that holds funds during the transaction process.

Homebuyer’s Escrow

Most of you will likely be familiar with this from a real estate and notary perspective, which is known as a homebuyer escrow. This is when you sell or purchase a home, your money is transferred to the notary for processing property transfer taxes, existing overdue payments, real estate fees, etc. Once they have processed it and the transaction is completed, the remaining funds then get deposited to you and your mortgage begins.

Escrow is also the instance where you put a deposit down on a property and the cheque or deposit is held until the transaction is completed.

Homeowner’s Escrow

There is also another escrow known as homeowner escrow. This is slightly different from your homebuyer’s escrow whereby the agreement ends when the sale is closed. For homeowner escrow, the account is designed as a holding area for funds to pay off various property-related costs, such as:

  • Homeowners insurance premiums
  • Private mortgage insurance (PMI) premiums
  • Flood or wildfire insurance premiums
  • Property taxes

Homeowners may choose to have their funds in escrow for these expenses to avoid missing any payments. Lenders would generally collect these expenses as part of the borrower’s monthly mortgage payment.

Benefits of Escrow

There are a variety of different benefits for using an escrow depending on whether you are a buyer, seller or lender including:

  • Buyers:
    • Buyer may get their earnest money back if a sale falls through.
    • Earnest money is often applied to down payment or closing costs.
    • Mortgage escrows break insurance premiums and property taxes into monthly payments.
    • A lender manages the mortgage escrow account on the homeowner’s behalf.
  • Sellers:
    • Escrow ensures that a property doesn’t change hands before the sale is complete.
    • If the buyer doesn’t uphold the purchase agreement, the seller could keep the earnest money.
  • Lenders:
    • Can ensure payments are made on time and reduce lending risks.
    • Managing the account can help avoid late fees or liens against the property.

Drawbacks of Escrow

As with any potential agreement, there can be drawbacks to escrow that are important to consider and understand before you jump in. These disadvantages include:

  • Setting up your escrow account may require an upfront deposit.
  • You may be charged additional fees for escrow services.
  • Insurance premiums or property tax increases could affect monthly mortgage payments.
  • Moving your money into escrow can limit the amount of cash flow on hand.

If you are looking at buying or selling in the future, don’t hesitate to reach out to a DLC mortgage expert to determine how escrow could affect the process and your mortgage agreement! They would be happy to review your situation and recommend the best course of action before you move ahead.

Published by the DLC Marketing Team

For all your mortgage needs contact us today 705-349-0502

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka
Dominion Lending Centres, Mortgage Brokers Huntsville, Muskoka