Home Maintenance Schedule

Regular Maintenance is the Key

Inspecting your home on a regular basis and following good maintenance practices are the best way to protect your investment in your home. Whether you take care of a few tasks at a time or several all at once, it is important to get into the habit of doing them. Establish a routine for yourself, and you will find the work is easy to accomplish and not very time-consuming. A regular schedule of seasonal maintenance can put a stop to the most common — and costly — problems, before they occur. If necessary, use a camera to take pictures of anything you might want to share with an expert for advice or to monitor or remind you of a situation later.

By following the information noted here, you will learn about protecting your investment and how to help keep your home a safe and healthy place to live.

If you do not feel comfortable performing some of the home maintenance tasks listed below, or do not have the necessary equipment, for example a ladder, you may want to consider hiring a qualified handyperson to help you.

Seasonal Home Maintenance

Most home maintenance activities are seasonal. Fall is the time to get your home ready for the coming winter, which can be the most gruelling season for your home. During winter months, it is important to follow routine maintenance procedures, by checking your home carefully for any problems that may arise and taking corrective action as soon as possible. Spring is the time to assess winter damage, start repairs and prepare for warmer months. Over the summer, there are a number of indoor and outdoor maintenance tasks to look after, such as repairing walkways and steps, painting and checking your chimney and roof.

While most maintenance is seasonal, there are some things you should do on a frequent basis year-round:

Make sure air vents indoors and outdoors (intake, exhaust and forced air) are not blocked by snow or debris.
Check and clean range hood filters on a monthly basis.
Test ground fault circuit interrupter(s) on electrical outlets monthly by pushing the test button, which should then cause the reset button to pop up.
If there are young children in the house, make sure electrical outlets are equipped with safety plugs.
Regularly check the house for safety hazards, such as a loose handrail, lifting or buckling flooring, inoperative smoke detectors, and so on.

Timing of the seasons varies not only from one area of Canada to another but also from year to year in a given area. For this reason, we have not identified the months for each season. The maintenance schedule presented here is, instead, a general guide for you to follow. The actual timing is left for you to decide, and you may want to further divide the list of items for each season into months.

Fall

Have furnace or heating system serviced by a qualified service company every two years for a gas furnace, and every year for an oil furnace, or as recommended by the manufacturer.
If you have central air conditioning, make sure the drain pan under the cooling coil mounted in the furnace plenum is draining properly and is clean.
Lubricate circulating pump on hot water heating system.
Bleed air from hot water radiators.
Disconnect the power to the furnace and examine the forced-air furnace fan belt, if installed, for wear, looseness or noise; clean fan blades of any dirt buildup.
Check chimneys for obstructions such as nests.
Vacuum electric baseboard heaters to remove dust.
Remove the grilles on forced-air systems and vacuum inside the ducts.
Turn ON gas furnace pilot light (if your furnace has one), set the thermostat to “heat” and test the furnace for proper operation by raising the thermostat setting until the furnace starts to operate. Once you have confirmed proper operation, return the thermostat to the desired setting.
Check and clean or replace furnace air filters each month during the heating season. Ventilation system, such as heat recovery ventilator, filters should be checked every two months.
Check to see that the ductwork leading to and from the heat recovery ventilator is in good shape, the joints are tightly sealed (aluminum tape or mastic) and any duct insulation and plastic duct wrap is free of tears and holes.
If the heat recovery ventilator has been shut off for the summer, clean the filters and the core, and pour water down the condensate drain to test it.
Check to see that bathroom exhaust fans and range hoods are operating properly. If possible, confirm that you are getting good airflow by observing the outside vent hood (the exterior damper should be held open by the airflow). See the About Your House fact sheet CMHC Garbage Bag Airflow Test for a simple way to estimate the airflow.
Check smoke, carbon monoxide and security alarms, and replace batteries.
Clean portable humidifier, if one is used.
Check sump pump and line to ensure proper operation, and to ascertain that there are no line obstructions or visible leaks.
Replace window screens with storm windows.
Remove interior insect screens from windows to allow air from the heating system to keep condensation off window glass and to allow more free solar energy into your home.
Ensure windows and skylights close tightly; repair or replace weatherstripping, as needed.
Ensure all doors to the outside shut tightly, and check other doors for ease of use. Replace door weatherstripping if required.
If there is a door between your house and the garage, check the adjustment of the self-closing device to ensure it closes the door completely.
Cover outside of air-conditioning units and shut off power.
Ensure that the ground around your home slopes away from the foundation wall, so that water does not drain into your basement.
Clean leaves from eavestroughs and roof, and test downspouts to ensure proper drainage from the roof.
Drain and store outdoor hoses. Close interior valve to outdoor hose connection and drain the hose bib (exterior faucet), unless your house has frost-proof hose bibs.
Have well water tested for quality. It is recommended that you test for bacteria every six months.
If you have a septic tank, measure the sludge and scum to determine if the tank needs to be emptied before the spring. Tanks should be pumped out at least once every three years.
Winterize landscaping, for example, store outdoor furniture, prepare gardens and, if necessary, protect young trees or bushes for winter.

Winter

Check and clean or replace furnace air filters each month during the heating season. Ventilation system, such as heat recovery ventilator, filters should be checked every two months.
After consulting your hot water tank owner’s manual, drain off a dishpan full of water from the clean-out valve at the bottom of your hot water tank to control sediment and maintain efficiency.
Clean humidifier two or three times during the winter season.
Vacuum bathroom fan grille.
Vacuum fire and smoke detectors, as dust or spider webs can prevent them from functioning.
Vacuum radiator grilles on back of refrigerators and freezers, and empty and clean drip trays.
Check pressure gauge on all fire extinguishers; recharge or replace if necessary.
Check fire escape routes, door and window locks and hardware, and lighting around outside of house; ensure family has good security habits.
Check the basement floor drain to ensure the trap contains water; refill with water if necessary.
Monitor your home for excessive moisture levels — for example, condensation on your windows, which can cause significant damage over time and pose serious health problems — and take corrective action if necessary. Refer to the About Your House fact sheet Measuring Humidity in Your Home.
Check all faucets for signs of dripping and change washers as needed. Faucets requiring frequent replacement of washers may be in need of repair.
If you have a plumbing fixture that is not used frequently, such as a laundry tub or spare bathroom sink, tub or shower stall, run some water briefly to keep water in the trap.
Clean drains in dishwasher, sinks, bathtubs and shower stalls.
Test plumbing shut-off valves to ensure they are working and to prevent them from seizing.
Examine windows and doors for ice accumulation or cold air leaks. If found, make a note to repair or replace in the spring.
Examine attic for frost accumulation. Check roof for ice dams or icicles. If there is excessive frost or staining of the underside of the roof, or ice dams on the roof surface, consult the About Your House fact sheet Attic Venting, Attic Moisture and Ice Dams for advice.
Keep snow clear of gas meters, gas appliance vents, exhaust vents and basement windows.
Monitor outdoor vents, gas meters and chimneys for ice and snow buildup. Consult with an appropriate contractor or your gas utility for information on how to safely deal with any ice problems you may discover.
Check electrical cords, plugs and outlets for all indoor and outdoor seasonal lights to ensure fire safety; if worn, or if plugs or cords feel warm to the touch, replace immediately.

Spring

After consulting your hot water tank owner’s manual, carefully test the temperature and pressure relief valve to ensure it is not stuck. Caution: This test may release hot water that can cause burns.
Check and clean or replace furnace air filters each month during the heating season. Ventilation system, such as heat recovery ventilator, filters should be checked every two months.
Have fireplace or wood stove and chimney cleaned and serviced as needed.
Shut down, drain and clean furnace humidifier, and close the furnace humidifier damper on units with central air conditioning.
Switch on power to air conditioning and check system. Have it serviced every two or three years.
Clean or replace air-conditioning filter, if applicable.
Check dehumidifier and drain — clean if necessary.
Turn OFF gas furnace and fireplace pilot lights where possible.
Have well water tested for quality. It is recommended that you test for bacteria every six months.
Check smoke, carbon monoxide and security alarms, and replace batteries.
Clean windows, screens and hardware, and replace storm windows with screens. Check screens first and repair or replace if needed.
Open valve to outside hose connection after all danger of frost has passed.
Examine the foundation walls for cracks, leaks or signs of moisture, and repair as required.
Ensure sump pump is operating properly before the spring thaw sets in. Ensure discharge pipe is connected and allows water to drain away from the foundation.
Re-level any exterior steps or decks that moved as a result of frost or settling.
Check for and seal off any holes in exterior cladding that could be an entry point for small pests, such as bats and squirrels.
Check eavestroughs and downspouts for loose joints and secure attachment to your home, clear any obstructions, and ensure water flows away from your foundation.
Clear all drainage ditches and culverts of debris.
Repair and paint fences as necessary — allow wood fences to dry adequately before tackling this task.
Undertake spring landscape maintenance and, if necessary, fertilize young trees.

Summer

Monitor basement humidity and avoid relative humidity levels above 60 per cent. Use a dehumidifier to maintain relative humidity below 60 per cent.
Clean or replace air-conditioning filter, and clean or replace ventilation system filters if necessary.
Check basement pipes for condensation or dripping and, if necessary, take corrective action; for example, reduce humidity and/or insulate cold water pipes.
Check the basement floor drain to ensure the trap contains water; refill with water if necessary.
If you have a plumbing fixture that is not used frequently, for example, a laundry tub or spare bathroom sink, tub or shower stall, run some water briefly to keep water in the trap.
Deep clean carpets and rugs.
Vacuum bathroom fan grille.
Disconnect the duct connected to your clothes dryer, and vacuum lint from duct, the areas surrounding your dryer and your dryer’s vent hood outside.
Check security of all guardrails and handrails.
Check smooth functioning of all windows, and lubricate as required.
Inspect window putty on outside of glass panes of older houses, and replace if needed.
Sand and touch up paint on windows and doors.
Lubricate door hinges, and tighten screws as needed.
Check for and replace damaged caulking and weatherstripping around mechanical and electrical services, windows and doorways, including the doorway between the garage and the house. See the About Your House fact sheet Attached Garages and Indoor Air Quality for more information on preventing garage-to-house air transfer.
Lubricate garage door hardware, and ensure it is operating properly.
Lubricate automatic garage door opener motor, chain and other moving parts, and ensure that the auto-reverse mechanism is properly adjusted.
Inspect electrical service lines for secure attachment where they enter your house, and make sure there is no water leakage into the house along the electrical conduit. Check for overhanging tree branches that may need to be removed.
Check exterior wood siding and trim for signs of deterioration; clean, replace or refinish as needed.
Remove any plants that contact — and roots that penetrate — the siding or brick.
From the ground, check the general condition of the roof and note any sagging that could indicate structural problems requiring further investigation from inside the attic. Note the condition of shingles for possible repair or replacement, and examine roof flashings, such as at chimney and roof joints, for any signs of cracking or leakage.
Check the chimney cap and the caulking between the cap and the chimney.
Repair driveway and walkways as needed.
Repair any damaged steps.

 

Source: http://cmhc.ca/en/co/maho/gemare/gemare_003.cfm

 

 

Is Paying a Penalty Worth It?

I asked myself this very question last spring when rates first dropped as low as 2.99%. It made me think, “What’s my rate? Am I paying too much for my mortgage?”. Most people lock in for their term and never think about it again until it’s time to renew because they are afraid of the penalty they would pay for breaking the mortgage. I was one of those people. If you didn’t know you had options, why would you look into it? As a newer Broker to the Mortgage Industry, I want to make sure other people are not making the same mistakes I did before I became educated!

Education is the key to saving money, so I did my research. All it took was looking on my online banking to see what my mortgage balance and my rate were and I was shocked: 4.5%? Really?! Often, when it’s your first home purchase, you may just take what they offer as you don’t know any better.

Next step was a quick email to my Financial Institution by clicking the “contact us” tab right in my online banking. One easy question, “If I were to pay off my mortgage tomorrow, what would my penalty be?”

The answer I received was $3000. That seemed like a lot of money so I left it alone and just kept thinking about that 2.99%. Rates this low aren’t going to be around forever and what will I end up with in 2 years when I do have to renew? Most people think it’s just easier to leave it alone and not bother, again, that used to be me.

I crunched some numbers and it turned out that I would save far more money if I just paid the penalty and switched my mortgage to the 2.99%. My current mortgage was $160,000 @ 4.5%, 22 years left. I’ve compared it to $160,000 @ 2.99%, 22 years left. Here’s what I discovered:

Mortgage 1

Mortgage 2

 

Mortgage amount $160,000 $160,000
Interest rate 4.500% 2.990%
Mortgage amortization 22 years 22 years
Monthly Payment $952.15 $826.32

 

Monthly payment alone was going to save me $125/month! There are a lot of other things  I could be doing with $125/month. Then I checked into the interest. With a mortgage of $160,000, here’s what I found:

 

Interest paid                   @ 4.5%                        @ 2.99%

Year 1                           $7,044.61                      $4,683.58

Year 2                           $6,845.21                      $4,525.98

Total                             $13,889.82                    $9,209.56

 

That’s a difference of $4680.26! The amount I’d save in interest would more than cover my penalty and that’s just in the first 2 years. What about the other 3 years of my term if I refinance? Rates will not be as low as they are now when renewal time comes so I will continue to save in interest for 3 years longer.

If you bought your house 3 or 4 years ago, it’s a great idea to look into it. If you find out your rate, mortgage balance and penalty on your current mortgage, I can run the numbers and see if it makes more sense to pay a penalty to break your current mortgage and lock in to these great rates now.  It will cost your nothing to check. Wouldn’t you feel better knowing that you are not paying your financial institution more money than you should be?


Naomi 1 Naomi Hamm, Mortgage Broker

 Office: (204) 727-2177

 Cell: (204) 724-7290

 Email: naomi_hamm@centum.ca

Pay down your mortgage or contribute to your RRSP?

How to identify your best long-term alternative

Have you ever wondered whether it makes more sense to pay off your
mortgage or to contribute to a Registered Retirement Savings Plan?
Perhaps you’re expecting to receive some extra money from an inheritance
or an employment bonus, and you’re not sure which route to take.
The truth is, there is no easy answer. There are many variables that must
be taken into account. Concentrating on paying down a mortgage may be
the best route for one person, while focusing on an RRSP may benefit
another. Here are some factors to consider:

Your age. When you’re young, it is wise to make your RRSP a priority. The sooner you get money into a sheltered retirement plan, the longer it will grow on a tax-deferred basis. But don’t overlook the need to build home equity. It can give you a head start on the expenses of moving to a larger home as your family grows.

Your income. The more you earn, the higher the rate of tax you’ll pay. That means you must earn more in before-tax dollars to make mortgage payments. If you’re a high income earner you may want to quickly reduce this expensive debt.

Investment returns. Pay attention to the rate of investment returns you could reasonably expect to earn when you contribute to your RRSP. Astute investors could be further ahead by investing their money than paying down the mortgage. The benefits of investing are magnified by an RRSP, with tax-deferred growth within the plan and tax deductions on contributions.

Your mortgage rate. If your mortgage rate is higher than your expected investment return on your RRSP, then paying down your mortgage may be prudent – especially if you expect borrowing costs to rise in the future. But if your mortgage rate is low, it may make more sense to contribute to an RRSP.

Are you behind on your RRSP? If you have made less than your maximum annual RRSP contribution in the past, a lump sum could allow you to catch up. You are allowed to make up for unused contribution room that you’ve accumulated from past years – which can also generate a significant tax refund.

Your pension plan. Those with generous workplace pension plans that
provide for a secure retirement may be able to concentrate on a mortgage
without giving up financial security in retirement.

Of course, you can focus on both your RRSP and mortgage. For example, contribute to your RRSP and then apply the tax refund it generates towards a prepayment on your mortgage.

Talk to your Investors Group Consultant to determine what’s right for you.

 

Justin Rabe, Consultant 

(204) 729-2000  ext. 253

justin.rabe@investorsgroup.com

 

 

Written and published by Investors Group as a general source of information only. It is not intended as a solicitation to buy or sell specificinvestments, nor is it intended to provide tax, legal or investment advice. Readers should seek advice on their specific circumstances froman Investors Group Consultant. Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectusbefore investing. Mutual funds are not guaranteed, values change frequently and past performance may not be repeated.™Trademark owned by IGM Financial Inc. and licensed to its subsidiary corporations.“Crossroads: Pay down your mortgage orcontribute to your RRSP?” ©2012 Investors Group Inc. (11/2012) MP1030

 

 

5 Steps to Home Ownership

Buying a home is the most important purchase you will make and should not be entered into lightly. Whether you are a first time buyer or have purchased homes in the past, these steps are beneficial in the home buying process.

Step 1: Contact a Mortgage Broker

A mortgage broker will guide you through the steps below and help get you ready for home ownership. A good mortgage broker, as well as a good Realtor, will guide through the process. Get yourself Pre-Qualified.

Step 2: Analyze & Correct your Credit

Your credit score is the determining factor for obtaining financing. Your credit score says a lot about you as it is your financial history. It contains all loan and credit card accounts, with account information such as date opened, credit limit or loan amount, balance and monthly payments. It will also include late payment, bankruptcies, liens and collections. Do you have established and positive credit? Your mortgage broker can help you determine where you are with you credit.

Step 3: Income

You must have a stable income with guaranteed hours per week. Your income has to be consistent. If you have just started a new job with a new company, chances are you are on probation with the employer. If that is the case, income for this job cannot be used to qualify you for a mortgage until the probation period has ended. Have you been pre-qualified a mortgage? Your mortgage broker can meet with you to determine purchasing needs.

Step 4: Down Payment/Closing Costs

Have you saved enough for your down payment as well as closing costs? Minimum down payment is 5% of the purchase price and closing costs (costs incurred by the lawyer to register the property in your name) are based on a percentage of the purchase price and are calculated 1.5% or higher. For example, on a purchase price of $200,000.00, your 5% down payment and 1.5% closing costs would require a minimum of $13,000.00 in order to move forward with that purchase.

Step 5: Create a budget for yourself

Just because you qualify for a mortgage of a certain amount, does not mean you need to max yourself out. Meet with your mortgage broker to run the numbers. Decide on a down payment amount and a monthly payment you are comfortable with and stay within that comfort zone. Remember there may be additional costs such as appraisals and home inspections.

Meet with you Mortgage Broker to determine if you are ready to move forward with the purchase of your new home. When ready, you will need a good Realtor to find you your dream home.

You, your Mortgage Broker and your Realtor are the 3 key elements in the process the will determine the outcome of your home ownership journey. Let us help you with this journey.

If you have any questions on how one of these items may affect you, please call me. It is important to get it right!

 

Sell Before I Buy or Buy Before I Sell?

 

What should you do? This is a huge decision that could cost you thousands of dollars if not lose you the house you really want. Having a house to sell in order to buy your new house is a dangerous dilemma to leave yourself in. This is a question that I get often, this is a question I need to give advice on in order to save my client thousands of dollars.

Selling your house before you find a house you would like to buy has some huge advantages, especially in a good buyers market, but you are definitely taking some risk when it comes to arranging possession dates.
The main advantage to selling your house before buying your next home is that when you make your offer it is alot cleaner, there will not be a condition of selling your house and this will make the seller to be more receptive to your offer price.

What do I do if I sell my house but cannot find another house before I have to give possession on my house? The simplest answer is, plan to stay with parents, in-laws or friends, this is a worst case scenario but it is possible to happen. As your agent I will do everything in my power to ensure this doesn’t happen but you do need to know there is always this chance.

Buying your new house before you sell your house also has some good advantages to it as well. If you are in a Sellers market and the inventory of homes to choose from is not that strong this may be your best bet to get the house you want.

There are a couple major negatives to putting an offer in on a house before you have sold your house. The first and most significant consideration is that you will have to include a condition that your house sells before you offer is finalized, this is usually followed by the inclusion of a 48hr clause from the seller. A 48 hr clause will allow the seller to continue to market their home to potential buyers and if they receive another acceptable offer can give you 48hours to remove all your conditions or you will have to release your offer on the house. This can be very stressful if you have found the house you love but cannot sell your house in time to finalize the purchase.

The second negative to putting an offer in on a house before your house is sold is that you will usually pay more for the house in the end. What do I mean? Well the seller will probably ask for more money on the counter offer because they are limiting the ability to market their house while you have a conditional offer on it, than when you go to sell your house you are more willing to accept less money just to get the deal done so that you can move into your new house. I have seen a scenario where a buyer has payed an extra $2000 on their offer and when it came time to sell their house they accepted an offer $3000 lower than they had intended to when they first listed their home. In the end these buyers moved into the house they wanted but it cost them an extra $5000 to do so.

There is no right or wrong answer to this question, every situation is different and every buyers motivation is individual to them.

If you have any questions about the current market or if you should look at selling your house before you start shopping for you new house. Please feel free to give me a call and we can sit down to talk about your situation.

 

Ryan Shields, Realtor

Royal LePage – Martin Liberty Realty

Cell: (204) 573-1060

Email: ryanshields@royallepage.ca

Paying Down the Mortgage

Reducing consumer debt has been the name of game – from the Bank of Canada warnings of increasing household debt to the Government of Canada tightening mortgage rules. A recent survey by the Bank of Montreal said that 51% of Canadian homeowners are expecting to carry their mortgage into their retirement years. Wow!

The good news is that you don’t have to be a part of the majority. There are plenty of ways to help pay off your mortgage faster, leaving you time to enjoy the things you love most.

Paying a Bit More Each Time

Increasing your regular payments really helps to pay down your principal and reduce the amount of interest you have to pay in the long run. Paying a little extra means you don’t have to worry about saving for a large lump sum payment each year.

Consider the example in the chart below. If have a $300,000 mortgage with a 25 year amortization, you would be paying $1433.63 a month (based on today’s 5 year fixed mortgage rate of 3.09%). If you increased your monthly payments by $100, you would save you over $13,000 in interest.

Monthly payments  $1434 Monthly payments  $1534
Principal $300,000 $300,000
Total Interest Paid $130,087 $116,603
Total Amount Paid $430,087 $416,603
Interest Savings $0 $13,484
Years to Pay Off Mortgage 25 22.7

Accelerated Payments

Paying a little more with a little more frequency is another way to you can save big. Paying a little more twice a month instead of one monthly payment can shorten your amortization period and save on interest.

Again, taking the same conditions as the example above: $300,000 mortgage with 25 year amortization and a 5 year fixed at 3.09%. If you pay an extra $119 a month and make 2 payments a month, you can end up saving over $16,000 in interest over the lifetime of your mortgage.

Monthly Accelerated Bi-Weekly Accelerated Weekly
Cost Per Payment $1434 $717 $358
Monthly Payment Increase $119 $119
Total Interest Paid $130,087 $113,895 $113,720
Total Interest Savings $16,192 $16,367
Years to Pay Off Mortgage 25 22.2 22.2

Yearly Lump Sum

A lump sum payment that you make in addition to your regular mortgage payments is called a “Prepayment”. This option is great to consider if you receive some extra money from a bonus or income tax return for example.

If you contribute a lump sum to your mortgage on a yearly basis, the benefits can be significant. Again, taking the same scenario as above, this chart will show you how much savings you could have with this payment option.

Yearly Lump Sum Payment $500 $1500 $10,000
Total Interest Paid $123,846 $113,002 $63,399
Total Interest Savings $6,241 $17,085 $65,688

Make More Payments

When you get a mortgage, you’re able to choose how often you want to pay for your mortgage: monthly, semi-monthly, bi-weekly, weekly, etc. There’s no difference in how much you pay in a year, but the frequency in which you pay helps to save.

Just increasing your payments doesn’t equal a lot of savings in the long run, but every little bit can help.

Monthly Bi-Weekly Weekly
Cost Per Payment $1434 $661 $331
Total Interest Paid $130,087 $129,792 $129,667
Total Interest Savings $296 $421

Not all mortgages give you the flexibility to pay off your mortgage faster. Make sure you review your mortgage agreement to understand the limitations on your mortgage. There may be minimum and maximum payments with any of these options, so know your mortgage product before decide on a mortgage.

Contact us at Centum Mortgage Choice and we can help you figure out a strategy to get you debt-free faster.

Chris Turcotte, Owner/Broker

Office: (204) 727-2177

Cell: (204) 720-4002

Email: chris@christurcotte.ca

10 Commandments of Mortgage Lending

10 Steps to Help Avoid Disaster During the Mortgage Process

Thou Shall Not     Change Jobs or Become Self Employed

Thou Shall Not     Buy a Car, Truck or Van unless you plan to live in it

Thou Shall Not     Use your Credit Cards or let you Payments fall behind

Thou Shall Not     Spend Money you have saved for your Down Payment, get a gift for                                closing costs or take a retirement loan without first consulting your                                   Mortgage Broker

Thou Shall Not     Buy Furniture before you buy your House

Thou Shall Not     Originate any new inquiries on your credit report

Thou Shall Not     Make any large Deposits into your bank account unless you plan on                                 documenting that deposit and origin of the money (basically                                              anything that is not payroll related)

Thou Shall Not     Change Bank Accounts

Thou Shall Not     Co-Sign for Anyone

Thou Shall Not     Purchase ANYTHING until after closing

If you have any questions on how one of these items may affect you, please call me. It is important to get it right!

 

Tapping into Home Equity

Sometimes the House of Your Dreams is the one You’re Already Living in

There are plenty of new homes being built in Brandon each year.  Newer, more modern, different floor plans…..BUT, does it have your yard, your trees, in your quiet neighborhood, with the neighbors you’ve known for years?  Is your house aged though?  Time for a facelift?  Maybe it just needs some new landscaping, an extra wing for your growing family, an expanded kitchen, or a swimming pool in the backyard. A record number of Manitobans have taken advantage of the historic low mortgage rates and rising real estate values and have tapped into their home equity. There’s never been a better time to access the extra funds that can help bring your home to that next level of comfort. Consider accessing the cash you need for the improvements you’ve been dreaming about.

Finding the Best Mortgage at the Best Rate

With the wide assortment of options and features available today for mortgage refinancing or debt consolidation shopping around takes a lot of time and effort. The mortgage process can be intimidating to many home buyers so it’s wise to get advice from a Centum Mortgage Choice Broker that will represent you and ensure the mortgage you get is the one best suited to your needs.

Finding the right mortgage refinancing or debt consolidation for you is our business. We know which lenders have the best rates and we negotiate with multiple lenders at one time. What’s more, we know the system and have the industry knowledge required to present a proposal for financing to lenders to successfully obtain mortgage financing, and we do all the paperwork.

Plus, Centum Mortgage Choice brokers are compensated by lenders, and in most cases we offer our services free of charge to our clients.

100’s of Satisfied Clients

Centum Mortgage Choice in Brandon, MB has been delivering the best rate for hundreds of satisfied clients for nearly a decade. At Centum Mortgage Choice, we have no commitment to any one lender or product; we recommend what is in the best interest of our clients. We rely on referrals and your repeat business so we have a vested interest in satisfying your needs.

Centum Mortgage Choice Professionals have access to the latest information from over 40 mortgage lending institutions and the negotiating power of Brandon’s most influential mortgage brokerage. Whether you’re a first-time home buyer or an experienced home buyer, finding a great mortgage is often stressful and time-consuming. At Centum, we’ll do the work for you to find the best mortgage at the best rate.

Using a Broker: Step by Step

We’re all familiar with going to the bank for a mortgage.  Taking time off work, using our lunch hour or having to take much needed days off only to spend it waiting for our appointment with our bank.  There’s got to be an easier way.

When we say we work for you, we mean it. We do all the work of mortgage shopping for you, so you can concentrate on making your move go smoothly.  We’ll meet to discuss your needs when and where you like or handle everything over the phone or even via email if you prefer. We’ll take the time to explain all the steps and terms in plain English to make sure you’re completely comfortable. Then we’ll negotiate your mortgage to Canada’s leading lenders who compete for the opportunity of funding your mortgage.   If they want your business they’re going to give us their best rate or there’s another bank that will.

Here’s how we work for you:

1. We sit down with you, evaluate your needs and complete an electronic application.  To do that it always helps if you can bring:

-Letter of Employment stating your hourly wage or salary, guaranteed hours and start date

-2 recent paystubs

-2 year Notice of Assessments if you’re self employed or have 2 years worth of commission sales in your income

-3 months bank statements showing your down payment for your new purchase

2. Based on your application, we then go over the lenders’ best rates and product features for your particular situation so we know our options

3. Together we decide which lender offers the most attractive package of rate and features for your specific needs.

4. We then electronically forward your application to that lender and we work with them to get you approved

5. Once approval is received, usually within a matter of days, you simply sign the required forms and you’ve got your mortgage! Then over the next few days and weeks, we follow up with all supporting documents.

This can all be done with you having to do as little as possible.  We can work for you by phone and we can fax or email documents to one another.  We can meet all your mortgage needs without you having to leave your home or work.  We not only offer the best rates and features but service that’s second to none!

We save you Time, Stress and Money.  At Centum Mortgage Choice we know mortgages.