22 May

Get Pre-Approved

General

Posted by: Jennifer Koop

Know what you qualify for before you buy

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka

Planning For A Mortgage…

Get Pre-Approved

To have the best success with your mortgage, it is recommended that you get pre-approved! This can be done through your us your Mortgage Professionals to ensure that you get the best mortgage product FOR YOU, from the best rate to the best term agreement.

While getting pre-approved might sound boring (and you might be asking ‘why can’t I just get approved instead!?’) there are actually a host of benefits which will make searching for your perfect home that much easier.

  • Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range. Quick Tip: Don’t forget about the closing costs! These range from 1 to 4% of the purchase price and should be factored into your budget.
  • Pre-approval guarantees the rate offered and locks it in for up to 120 days. This protects you from any increases in interest rates while you are shopping (phew!). Make sure to ask exactly how long your pre-approval is good for!
  • Pre-approval lets the seller know that securing financing should not be an issue, which is beneficial in competitive markets!

Protecting Your Pre-Approval

While nothing is fully approved until the property is presented to the lender and signed off, there are ways to help protect your pre-approval and ensure the rates and terms are guaranteed upon final financing. In order to do this, we suggest you:

  • Refrain from having additional credit reports pulled once you have been pre-approved
  • Refrain from applying for new credit, closing off credit accounts or making large purchases until after the sale is complete
  • Be prepared to show a paper trail – any unusual deposits in your bank account may require an explanation.

Published by DLC Marketing

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

Up Next: Have Your Paperwork in Order

5 May

Have Your Paperwork in Order

General

Posted by: Jennifer Koop

Questions about the mortgage process, paperwork

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka

Planning For A Mortgage…

Have Your Paperwork in Order

When you apply for a mortgage you will typically need to provide a standard package of documents, which almost always includes:

  • Your government-issued personal identification
  • One month of recent pay stubs from any applicants who will be listed on the loan
  • Letter of employment
  • Your most recent two years’ worth of personal CRA tax filings and financials (if incorporated)
  • Three months of bank account statements
  • Your down payment (minimum 5%)
  • Documentation to explain any unusual (generally non-payroll) large deposits or withdrawals

Published by DLC Marketing

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

Up Next:  Understanding Your Mortgage Options

28 Apr

Understanding Your Mortgage Options

General

Posted by: Jennifer Koop

Understanding Your Mortgage Options, Mortgage Expert

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka

Planning For A Mortgage…

Understand Your Mortgage Options

When it comes to mortgages, there can be a lot to know! Do you go with a fixed-rate mortgage or a variable-rate? What are the terms? What are the penalties? Which is the best payment frequency? With so many questions and so many lender options, it can be hard to find the best solution for you. That is where we come in, your DLC Mortgage Professionals and we can help.

Rate is only ONE of the many features in selecting the best mortgage product that meets your financial goals. With access to hundreds of lending institutions, we are familiar with a variety of mortgage products allowing us to help find the best mortgage for YOU! Plus, unlike banks, mortgage agents are a third-party service focused on YOUR needs. This means that you can get the best rates and unbiased advice all for FREE from someone whose only goal is helping you achieve your dream of home ownership.  Talk to us today 705-349-0502.

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

Up Next: Secure Your Down Payment 

24 Apr

Secure Your Down Payment

General

Posted by: Jennifer Koop

Secure Your Down Payment

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka

Planning For A Mortgage…

Secure Your Down Payment

For those of you who don’t know, your down payment is the amount of money you need to put down on your new home. Once you have determined your budget, you will have an accurate idea of the final cost of the home you can afford and what you will be intending to spend. This will allow you to estimate your down payment and start saving!

The ideal down payment for purchasing a home is 20%. However, we understand in today’s market that is not always possible. Therefore, it is important to note that any potential home buyer with less than a 20% down payment MUST purchase default insurance on the mortgage, and they must have a minimum down payment of 5%. For example: If your budget for purchasing a home is $500,000 then you would be looking to produce a down payment of $100,000 ideally or $25,000 minimum with insurance.

If your budget is over $500,000, keep in mind the minimum down payment will be 5% for the first $500,000 and 10% for the remaining portion. If you end up purchasing a home that is over $1 million, you will be required to put 20% down.

Sources of Down Payment

The down payment on your home could come from your own savings such as a savings account or RRSPs. Thanks to the federal government’s Home Buyers’ Plan, potential first-time home owners are able to leverage up to $35,000 of your RRSP savings ($70,000 for a couple) to help finance the down payment. A gift of a down payment from an immediate relative is also acceptable.

Quick Tip: If your down payment comes from TFSA or RRSP, the bank will want 90 days of statements to ensure the funds are accounted for. Gifted funds rarely require 90 days of proof.

It is always a good idea to check with a Mortgage Professional for qualifying criteria and availability to ensure your source of down payment is eligible.

Closing Costs

After you have secured your down payment, it is also important to mention that you will need to have the closing costs available upon finalizing the purchase of your new home. These costs can range between 1 – 4% of the purchase price.

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

Up Next:  Determine Your Budget

9 Apr

Determine Your Budget

General

Posted by: Jennifer Koop

Determine Your Budget

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka

Planning For A Mortgage…

Determine Your Budget

Now that we have talked credit, it is time to consider budget! We know, we know… but we promise, you’re almost there!

When talking budget, it is important to consider the purchase price budget, as well as your cash flow budget. Being house rich and cash poor makes for a no-fun home! The home price based on your cash flow budget may be dramatically different than the budget home price you qualify for.

The benefit of a budget is two-fold. Not only does it help you to understand your purchase price range and help you to find an affordable home, but it can also help you to see any gaps in your budget or opportunities for future savings. This will be instrumental when you become responsible for mortgage payments.

To help determine your budget, we suggest checking out the My Mortgage Toolbox app on Google Play and the Apple iStore. This handy, consumer-friendly tool will help you determine your mortgage payments, affordability, income required to qualify and even the closing costs!

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

Up Next: Understanding Your Credit Score  

8 Apr

Understanding Your Credit Score

General

Posted by: Jennifer Koop

Understanding Your Credit Score

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka

Planning For A Mortgage…

Understanding Your Credit Score

One of the important factors in home ownership is understanding things like your credit score.  Some people don’t pay much attention to this metric until they begin the mortgage discussion! However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power.

Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.

If you are not sure what your current credit score is, you can find out through Canada’s two credit-reporting agencies: Equifax Canada and TransUnion Canada. Once you have your credit score, always double check that there are no mistakes and ensure you dispute any problems if applicable.

What If I Don’t Meet the Minimum Credit Score?

If your credit score is accurate, but does not meet the minimum requirements, you will want to look at your current debt. Home ownership is an incredible investment, but it is also costly. Fortunately, there are a number of things you can do to improve your credit score as well as your future financial success, including:

  • Paying your bills in full and on time. If you cannot afford the full amount, try paying at least the minimum required as shown on your monthly statement.
  • Pay off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible. Work on paying the ones with the smallest amount owing first and work your way towards the larger amounts.
  • Stay within the limit on your credit cards and try to keep your balances as low as possible.
  • Reduce the number of credit card or loan applications you submit.

There is also the option of going with an Alternative Lender (or B Lender) if you are struggling with credit issues. We can help review your credit score and provide you with options for your mortgage needs.

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

Up Next:  How To Afford that Home Renovation

27 Nov

First-Time Homebuyer Benefits

General

Posted by: Jennifer Koop

First Time Home Buyer Benefits

Jennifer Koop & Susan Bloom, Mortgage Agents Huntsville, Muskoka

First-Time Homebuyer Benefits.

Buying your first home is a significant milestone! While you’re thinking about your affordability and what type of home you want to own, we have some exciting updates around first-time homebuyer benefits:

New or Pre-Construction Homes: Did you know? First-time buyers looking to purchase a new build or pre-construction home are eligible for 30-year amortization. This mortgage commitment can allow you to have smaller monthly payments, versus a standard 25-year amortization.

Mortgage Default Insurance: The CMHC has recently made it so mortgage default insurance will cover up to $1.5 million homes (increased from $1 million), helping more Canadians qualify for insured mortgages.

The Home Buyers’ Plan (HBP): The Canadian government has a program known as the Home Buyers’ Plan (HBP), which is designed to allow first-time homeowners to withdraw up to $60,000 from RRSP to buy a home!

Purchasing with your spouse? You can access a total of $120,000 from your RRSP’s.

First Home Savings Account (FHSA): The First Home Savings Account (FHSA) is specifically designed to help first-time homebuyers save for their down payment without paying taxes on the interest earned on their savings. The maximum is $8,000 annually that you can add into this account to save, with a maximum of $40,000 lifetime contributions.

First-Time Buyer Exemption: First-time home buyers are eligible for an exemption, reducing the property transfer tax you pay. If the fair market value of the property is:

  • $500,000 or less, you can claim an exemption amount equal to the full amount of property transfer tax.
  • Over $500,000 but no more than $835,000, the exemption amount is $8,000.
  • Over $835,000 and under $860,000 then the exemption amount is proportionally reduced up to $15,200.

Land Transfer Tax Rebates: First-time buyers in Ontario, British Columbia, Prince Edward Island, and the City of Toronto are able to claim land transfer tax rebates.

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

Up Next: Tis the Season of Staying Motivated

5 Nov

What the Bank of Canada Rate Drops Mean for YOU!

General

Posted by: Jennifer Koop

What the Bank of Canada Rate Drop Mean for You!

Jennifer Koop & Susan Bloom – Mortgage Agents in Huntsville, Muskoka

What the Bank of Canada Rate Drops Mean for YOU!

With the Bank of Canada rate decreases throughout the summer and into September, I thought this would be a great opportunity to update you on what this means for your mortgage.

If you’re on a variable-rate mortgage, this will result in a slight decrease in your mortgage payments to match the current rates giving you more cash flow each month!

For example, if your mortgage balance is $750,000 at the previous 5.95% interest rate your approx. compounded monthly payment was likely $4,809. With the new rate of 5.45% your approx. compounded monthly payment on an adjustable-rate mortgage will be $4,583*. This is an estimated $226/m decrease ($30/m per 100k balance) on your payment.

*Rates based on example of Prime minus .50% (old prime 6.45 and new prime 5.95)

For those of you who are on fixed-rate mortgages* or have renewals coming up, this reduction in interest rates could make it easier on you at renewal time. The decrease in interest rates gives you more borrowing power in the market – this means your money can go further!

*Remember, the drop in the Bank of Canada fixed rates may not result in the same drop for fixed mortgages as with variable rates. The decrease in interest rates will however open up new variable options and, depending on your lender may still provide allow you to take advantage of lowered rates.

This is the same for first-time buyers! Lower interest rates mean you now have more borrowing power in the marketplace, which could help you find that perfect home by allowing you to allocate monthly funds to your mortgage more comfortably.

In more good news, The Bank of Canada has two more decision dates this year in October and December. Experts anticipate the Bank of Canada will continue these quarter-point rate cuts, taking the overnight rate down to 4.0% at year-end and potentially down to 2.75% next year.

Whether you’re a current homeowner, looking to renew, or wanting to purchase, this is exciting news for Canadians across the country!

However, keep in mind rate is not the be-all-end-all of mortgages. It is important to keep in mind that factors such as type of mortgage, down payment amount, payment schedule, amortization, and more will also affect your mortgage and affordability.

If you want more information about your specific mortgage and how this affects your situation, please don’t hesitate to reach out 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

Up Next:  Best Home Features for Pets

23 Oct

Best Home Features for Pets

General

Posted by: Jennifer Koop

Best Home Features for Pets

Recommended Mortgage Agents Huntsville

Best Home Features for Pets.

Creating a pet-friendly home involves considering the comfort, safety, and well-being of your furry friends. Here are some features to consider:

  • Durable Flooring: Choose scratch-resistant and easy-to-clean flooring like hardwood, laminate, or more durable tile options. Avoid carpets if possible, or choose pet-friendly carpeting that’s stain-resistant.
  • Pet-Friendly Fabrics: Choose furniture and upholstery made from pet-friendly fabrics like leather or microfiber that are durable and easy to clean. This helps in case of accidents or shedding.
  • Pet-Safe Plants: Select indoor plants that are non-toxic to pets, such as spider plants, Boston ferns, or palms. Keep toxic plants out of reach or opt for artificial plants.
  • Designated Pet Areas: Create designated spaces for your pets, such as a cozy corner with a bed or a built-in nook under the stairs. This gives them a sense of security and their own space.
  • Easy Access to Outdoors: Install a pet door or create a pet-friendly exit to the yard, allowing your pets to go outside and play freely.
  • Secure Fencing: Ensure your yard has a secure fence to prevent your pets from wandering off and to keep them safe from potential dangers.
  • Built-in Feeding Stations: Incorporate built-in feeding stations or cabinets to store pet food and supplies, keeping them organized and out of reach from curious pets.
  • Wash Station or Mudroom: Include a designated area near the entrance for cleaning muddy paws or bathing your pets, with easy-to-clean surfaces and storage for grooming supplies.
  • Integrated Pet Technology: Consider installing smart pet feeders, water fountains, or cameras to monitor your pets remotely and ensure they are comfortable and well-fed when you’re away.

By incorporating these features into your home design, you can create a safe, comfortable, and enjoyable environment for both you and your pets.

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

Up Next:  Smart Ways to Cut Your Energy Costs

15 Oct

10 Steps to Home Sweet Home

General

Posted by: Jennifer Koop

Home Sweet Home

Recommended Mortgage Agents, Muskoka

10 Steps to Home Sweet Home.

Congratulations! There is nothing more exciting than moving into a new home. Whether a new building or re-sale property, there are a few things you can do as soon as you take possession in order to make it your own. Invest a weekend or two into warming up a featureless space or refreshing someone else’s old homestead.

Here are 10 things you can do to really own your new space and turn it into home sweet home:

  1. Change The Locks: Secure your home by changing the locks as soon as you take possession. Even DIY beginners can change a deadbolt lock. A replacement deadbolt set can be installed in place of the current lock with just a screwdriver— no drilling required. Another option is to rekey the lock. Purchase a rekeying set from the same manufacturer as the existing door lock, and reset it for a new key
  1. Consider a Professional Deep Cleaning: Hiring a professional cleaner to deep-clean and detail your home before you move your possessions in can make your new home feel that much more YOU! It will be easier without any furniture to work around, allowing them to access to every nook and cranny. Yes, you’ll have to clean again after moving day, but the heavy lifting will have already been done!
  1. Clean Out Your Pipes: Years of dust, pet dander and detritus collect in the hidden workings of any home. One of the most effective ways to refresh a new home is to get right into the guts of it! Have your ducts, furnace and air conditioning unit professionally cleaned and be sure to change the filters as required to maintain that clean, fresh air.
  1. Apply a Coat of Paint: Painting provides the most bang for your home-improvement buck! Whether the walls of your home are dingy or you’re simply not feeling the magic of beige, it only takes a few hours to repaint your space with a colour that makes you feel at home.
  1. Freshen Up Your Floors: Much like worn-out walls, old floors can really put a damper on that new-home buzz. If your hardwood has seen better days, you can consider hiring professionals to re-do it or tackle the project yourself by renting a floor sander and varnishing over a weekend. For carpet, a deep steam clean can do wonders! For laminate, you can get that extra shine with a special laminate floor cleaner. Although if any of your floor coverings are lifting or have holes in them, you may want to replace it. You can further personalize your new space by adding floor runners or area rugs!
  1. Neutralize Odors: Any re-sale home can benefit from a deep-clean refresh to eliminate any lingering odors from previous tenants. While some of the above steps will dramatically reduce any lingering smells, stubborn aromas require spot treatments such as:
  • Putting dishes of activated charcoal (also known as activated carbon) in a musty, damp basement. These can be found at aquarium stores.
  • Running a dehumidifier during the spring and summer.
  • Placing a sock filled with dry coffee grounds or baking soda in closets, refrigerators or freezers to absorb stale odors.
  • Pouring white vinegar down a stinky drain.
  1. Enjoy the View! Dirty windows and screens can make rooms feel dark and dingy. A thorough cleaning will have your windows shining, and your indoors will feel brighter and fresher too. If your home came with the previous owner’s window coverings, be sure to clean or launder them; it’ll remove allergens as well as reduce any lingering odours. Or consider replacements with colors and patterns more suited to your style!
  1. Lighten Up! A well-lit home is immediately warmer and more inviting than its darker counterparts. If your rooms feel dim, replace the existing bulbs with bright, energy-saving LED or CFL bulbs for more light and cost-savings! Dated lighting fixtures can also foil your redecorating efforts, so consider replacing them with something more your style.
  1. Time for a Switch: Replacing your switch plates only requires a screwdriver but you would be surprised how much swapping out old lighting switch plates can refresh your space. With a little DIY expertise, screwdrivers, pliers and a voltage tester, you can install energy saving dimmer switches instead.
  1. Display Your Art: Once you have deep-cleaned your new home and organized it to your heart’s content, it is time to dress up your walls with your favourite artwork and family photos! Get your kids’ kindergarten masterpieces onto the fridge and deck out your mantel with family photos.

Moving into a new home is one of the best times to make your space perfect for you! With a clean slate and empty floor space, now is the time to include all the things that make your house a home – to you! Unpack your knick-knacks and personal items and add a splash of color with throw pillows or rugs to brighten things up.

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

Up Next: Creating a Living Legacy with CHIP Reverse Mortgage