Getting Your Home Winter Ready

General Michelle Foster 17 Nov

Winter is coming… With the changing of the seasons, it can be a good time to take stock of your home and ensure you are ready for the winter and it’s colder weather. To help you feel more comfortable, save on bills and prevent future repair costs, there are some simple things you can do to prepare for the coming season.

Tending to minor problems yourself, or booking a professional now, will save you time and aggravation later. Once the poor weather hit, it makes it harder to tackle home maintenance jobs!

MIND THE GAPS

Search exterior window frames, doors and siding for cracks and gaps where water could get in. Doors and windows commonly have gaps that let cold in and heat out. Some will be easy to fill or fix yourself but could save you money and damage down the line!

CHECK YOUR PIPES

Checking your pipe joints for leaks that could cause rot and damage will save you trouble in the future. Repair any cracks you find, especially those around electrical outlets and alarm system lines. Another tip is covering your pipes around your hot water tank. This will help them hold the heat in and keep the water warmer longer without fuel. Many inexpensive options are available for all tank and pipe sizes. Make use of blankets if you are on a budget!

INSULATION IS KEY!

On a snowy day go outside and look at your roof; you should see snow on the roof. If you can see your roof that means the attic is not insulated well, therefore heat is escaping and melting the snow. Almost any home can benefit from added insulation; invest in a good solution now to save you in the future. Foam pipe insulation is easy to install and can prevent energy loss and potential water damage from frozen pipes. Plus, if you find you are really having a hard time keeping the heat in, you can consider  insulated flooring! Massive heat loss occurs through your floors. Even an added area rug can improve insulation, and make sure to fill any gaps in your flooring with silicone.

SERVICE YOUR HEAT SOURCE

Before Winter starts, be sure to have a professional check and clean your heat sources. You should have your chimney cleaned regularly if heated by wood, or make sure to update your oil heater’s filters and service gas furnaces regularly. A technician can check for both efficiency and hazards.

MANAGE YOUR THERMOSTAT

As tempting as it is to turn your heat all the way up in the winter, proper thermostat management will help you save in the long run. Have your heat sources inspected for efficiency. Also be sure to check for gaps and drafts in your home to help it retain heat much better! By using a thermostat with a timer, you can save even more! Turn it on early so the room heats up in time for use versus cranking the heat when you need to get warm quickly. Have the heat turn off 30 minutes before bed or before leaving the home. If you find you are chilly at night, a safely positioned space heater and closed door will be much cheaper!

CLOSE THAT DOOR!

To keep your heating system from working too hard, close doors when rooms are not in use. This prevents heat transfer out of vacant rooms, and will ensure your active space remains warm and cozy.

CREATE A STORM KIT

A storm kit is a handy source of essential items in the event of losing power. Consider what you and your family might need. Some basics include a flashlight with new batteries, candles, matches, a portable radio, water and snacks. Keep your kit somewhere easy to access.

Credit-Free Christmas in 5 Steps

General Michelle Foster 6 Nov

The holidays are a beautiful time of year, filled with sparkling lights and delicious meals and overplayed tunes.

As much as these celebrations bring us joy and harmony, they can also bring us stress. This is particularly true when it comes to your finances! This year, aim for a credit-free Christmas! With a little planning, there are a few ways you can make sure your holidays are stress and credit-free.

MANAGE YOUR EXPECTATIONS

Do you remember how last year made you feel? Were your holidays refreshing? Or did you find them draining and you are still trying to figure out how to pay off your bills? In fact, most of us want holidays to be energizing and provide a feeling of togetherness, which comes down to more than just spending money. Deciding your expectations for the holidays, makes it easier to work towards things that create that result – and avoid things that don’t!

WHAT ARE YOUR GOALS?

What is your goal for the holiday? Are you looking to plan an extravagant black-tie party or more of a low-key celebration? Maybe you just want to hang out with lots of family and friends (and food!)? Or perhaps you would like to get away for the holidays? Share your thoughts with your family and make a decision that works for everyone. Talking about the holidays ahead of time puts everyone on the same page with no surprises.

CREDIT-FREE CHRISTMAS WITH A BUDGET

Once you have decided what your expectations and goals for the holiday, create a budget that works for you. Take a look at your monthly budget and determine what you have available. Whether you put money aside each month to tackle your list, or pick up a few items per paycheck, a little planning can go a long way to creating a credit-free Christmas! After you create your budget, you will want a list of everything you need. Not just individual gifts! Also make sure to take stock of any decorations, baking or food items, clothing or event tickets that you may need to invest in.

YOUR CREDIT-FREE CHRISTMAS STARTS NOW!

As someone who grew up with a mom who started holiday shopping in June, I know a good budget and early planning makes a difference. Instead of lumping your entire holiday budget into a couple paychecks, try shopping for gifts and cute decor all year long. Not only will this help you feel more organized, but it can help you manage your budget as well. Planning ahead and giving yourself more time allows you to scoop up incredible deals throughout the year (cue seasonal clearance sales) which means you can spread your budget even farther – without going over!

DON’T FEAR HELP

credit-free Christmas

The holidays are a time where we are supposed to share experiences and support each other. If you are hosting a big holiday dinner this year, don’t be afraid to ask your family to bring appies or drinks. If you are buying gifts for friends, set a limit or challenge everyone to make something by hand! Homemade gifts can often feel more special and it creates a fun exchange for you and your friends. There are many incredible ways to reduce stress and help get others involved so that the holiday is perfect for everyone.

BEYOND THE SPENDING

It is easy to get caught up in the consumerism and expectations of the holidays. Is dinner perfect? Did you buy enough gifts? Did you invite everyone? Is everyone happy? But don’t forget yourself in your efforts to please others.

Even though the holidays can feel hectic, it is important to celebrate YOU and be grateful for what you have – even if you weren’t able to check off all the boxes. Life happens, but the most important thing is that we live it while we can. This is also helpful for children as I am sure most of us would prefer our kids grew up grateful and happy, instead of in-debt and stressed due to preconceived notions of what holidays should be.

Your holiday is just that – YOURS. Spend it whichever way brings you the most joy and the least amount of stress on your pocketbook.

Getting a Mortgage When You’re New to Canada

General Michelle Foster 5 Nov

Canada has seen a surge of international migration over the last few years. In 2019, we welcomed a total of 313,580 immigrants to the country! This is an increase of 40,000 individuals when compared to 2017 numbers.

New to Canada Mortgages

According to planned immigration levels, it is estimated that Canada will receive 341,000 permanent residents in 2020. In 2021, we are expecting 351,000 and 361,000 in 2022. Federal Immigration Minister, Marco Mendicino, stated that by 2022, “the year’s new permanent residents in Canada will account for one per cent of the population”.

With all these new faces wanting to plant roots in this great country, we wanted to touch base on how new immigrants can qualify to be homeowners!

PERMANENT RESIDENTS

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.

NOT YET PERMANENT RESIDENTS OR HAVE 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. These are offered by CMHC, Sagen and Canada Guaranty Mortgage Insurance, and cater to this group of homebuyers.

NEW TO CANADA PROGRAMS

To qualify for 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 looking for 90% credit, a letter of reference from a recognized financial institution. Or, you will be required to provide six (6) months of bank statements from a primary account.

If you are seeking credit of 90.01% to 95%, you will need to produce an international credit report (Equifax or Transunion) demonstrating a strong credit profile. Or you will need to provide two alternative sources of credit, which demonstrate timely payments for the past 12 months. The alternative sources must include rental payment history and another alternative. This could be hydro/utilities, telephone, cable, cell phone or auto insurance.

ALTERNATIVE LENDERS

Another option for New to Canada residents, depending on your residency status and credit history, are alternative lenders such as B-Lenders and MIC’s (Mortgage Investment Operation). If you do not qualify for the New to Canada programs, or a standard mortgage, reach out to a DLC Mortgage Broker and they can help you navigate the alternative options!

New to Canada? What to do before submitting your mortgage application

Utilizing a mortgage professional will ensure you understand your options. They can also help determine the best program and mortgage choice for you. Before you talk with a mortgage professional, 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:

SUPPORTING DOCUMENTS!

If you’re new to the country but have weak credit, supporting documents will be needed. 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 recognized financial institution. These documents all paint the picture of whether you are a safe investment for a lender.

BUILD YOUR CREDIT RATING!

This is one of the most important aspects to getting a mortgage! Your credit rating determines your reliability as a borrower. In turn, this will determine your down payment rate. A great way to build your credit is by getting a credit card to 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.

START SAVING! 

One of the most expensive aspects of home ownership is the down payment, which is an upfront cost but is vital to securing your future. As mentioned, the down payment can either be 5% or 10% depending on your status. However, if the purchase price exceeds $500,000, 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.

CHOOSE A MORTGAGE PROVIDER! 

Once you are ready to get your mortgage, you need get in touch with a local mortgage professional. They can help you review your options and find the best mortgage product to suit your needs.

Buying a house is an exciting step for anyone, but especially 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. If you are new to Canada and looking to get a mortgage, connect with a DLC Mortgage Professional today for expert advice and options that best suit you!