Trusted Tips and Resources

Trusted Tips & Resources

Your Mortgage Now Trusted Saskatoon Mortgage Brokers tip on Mortgage Renewals

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on Mortgage Renewals: 
 

 

Your Mortgage is Up for Renewal

If your mortgage is up for renewal within the next 6 months you may want to start thinking about what you’re going to do when your mortgage term ends. While you could renew with your current lender, you may be missing out on potential mortgage interest savings. It’s most often in your best interest to see what else is available for you before you sign on the dotted line of any mortgage commitment. This week, we want to highlight the mortgage options you have at renewal time so you can make an educated decision on how to proceed into the next term of your mortgage.

Renew your mortgage with same lender

If you don’t want to make any changes to your current mortgage amount or amortization, a simple mortgage renewal could be the solution for you. Your existing mortgage lender will usually send you an offer to renew near the end of your mortgage term or maybe sooner, depending on your lender. This document will contain the different mortgage term rate offerings for you to choose from. The benefit of renewing with your existing lender is, minimal paperwork is required as most often you are not required to re-qualify for the mortgage and there’s usually no costs involved unless your lender is charging you a renewal fee. This is ideal if you just want to sign on the dotted line, though the downside is you may not have initially been offered the best rate available. Often the rates are negotiable and you need to be aware you don’t get what you don’t ask for, however, before having the rate talk with your lender do some research first to determine what exactly the “best rates” are for your current financial position.

 

Renegotiate your mortgage with a different lender

If you’re okay with your existing mortgage amount though looking at making changes to the interest rate, or other terms your contract does not offer, you may want to look at the possibility of renegotiating your mortgage with a different lender. If you’re going to look at this option, be prepared to provide updated mortgage application details as well as supporting documentation to your new mortgage lender. As you don’t have a mortgage repayment history with this new lender they will want to re-qualify you for the mortgage which will also involve ordering your credit report. Usually a mortgage “switch” doesn’t involve any costs charged by the new lender as they will cover them, though there may be some small administration costs of $200-$300 charged by the lender you are leaving.

 

Refinance your mortgage

A refinance is perfect for you if you want to access your home equity at renewal time. Refinancing your mortgage allows you to restructure your mortgage amount, term, interest rate and amortization. If you have sufficient equity available this can allow you to pay off debt, invest, renovate, and more. There are some costs related to refinancing your mortgage which may include appraisal and legal fees, though they usually aren’t as high as what you paid when you originally purchased the home. Some lenders will also offer to pick up some of the costs to their refinance customers or offer some small cash back amounts to help reduce any out of pocket costs that need to be paid. You can also discuss other options including paying some of those costs from your refinance funds at closing time.

The next step is deciding on which of the 3 ways you want to access your equity at renewal time;

  1. Restructure your first mortgage to accommodate the extra funds you want out of your home.
  2. A second mortgage will allow you to leave your first mortgage details the same, but access equity by obtaining a 2nd mortgage behind your 1st one. Be careful though, as 2nd mortgages may come with higher rates and possibly fees.
  3. Or, if you qualify, a home equity line of credit could be the solution you’re looking for. It can be registered behind your first mortgage and offers a variable interest rate, an open term and interest only payments.

A lot can change during the term of your mortgage including income, assets, debts, and financial profile, among other things. It’s never a bad idea to give your mortgage a check-up at renewal time to ensure it aligns with the financial goals you are trying to achieve. Don’t be afraid to explore how you can make your mortgage work to your benefit by partnering with experienced mortgage professionals at YourMortgageNow.ca. Devin and Wes are Trusted Saskatoon‘s Mortgage Associates who specialize on the perfect financing solution for your unique financial situation.

 

 

 Find them on Facebook here!

 

Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on selling your home faster

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on selling your home faster: 

Sell Your Home Faster -- And For More!

Selling a house is a major undertaking. Where do you begin? First you’ll need to establish a big-picture view of how to prepare it. This ideabook will help you do that, so you can get your home in shape to sell quickly at the best possible price (without breaking your budget).

The project: Get a home ready to sell.

Why: Taking the time to prepare your home before putting it on the market can help it fetch a higher price and increase buyer interest, making for a quicker sale. Taking a big-picture look at what to do to get your home ready to sell will help ensure that you make the best decisions and stay under budget.

Things to consider: It makes sense to start with the outside of your home, since that is what potential buyers will notice first. Shoot for nice landscaping, a freshly cleaned exterior, a driveway and walking path in good repair, a well-lit porch and an eye-catching front door.

Make a list early on of all of the repairs your home needs, from the tiny (change a lightbulb) to the major (new roof) before deciding what to get done. The fact is that the cost of most repairs and upgrades will not be recouped in the sale price, so focus on taking care of the minor repairs and tackle bigger projects only if you feel you must.

 

 

Remove clutter and organize what’s left. Any real estate agent or home stager will tell you that getting rid of clutter and excess personal items is essential to making your home look its best to potential buyers. Less stuff will make your space look larger, which is almost always a positive thing. Overstuffed closets and drawers signal to buyers that there is not enough storage space in the home, while neat and orderly closets help buyers envision living an organized life in your house.

If you need to get a lot of furniture and accessories out of your home while it’s on the market, think about renting a storage unit. The cost could be worth it if it means your house shows better and sells faster (and hopefully for more money). 

 

 

Who to hire: The pros you’ll hire to help prep your home for sale will depend on how much work your home needs and on how much work you plan to do yourself. Consider these:

  • Real estate agent: This is the first pro you will want to hire. Your Realtor should be able to give you an honest assessment of what your house needs to position it well on the market.
  • Handyperson: Hiring a handyperson for a single day is often enough to take care of a whole list of small repairs.
  • Electrician: Get that broken doorbell and porch light fixed, and update interior lighting.
  • Cleaning service: Getting your house sparkling clean is a low-cost way to make your home look its best. A professional house cleaning team can make your house shine in a single day.
  • Painter: A fresh coat of paint indoors and out is a surefire way to make your home stand out.
  • Stager: A professional home stager can help declutter your home, arrange furniture (sometimes bringing in loaner furniture) and accessories, and make paint and landscaping recommendations to get your home in top shape for a quick and profitable sale.
  • Landscape designer or gardener: Landscaping consistently makes the list of things that can influence a home sale. If you do not have a green thumb, it could be worth it to invest in pro services from someone who does.

Cost breakdown: Sage advice is to spend as little as possible on your home to prepare it for sale. Small changes and upgrades will give it a boost in perceived value without your having to dip too far into your savings.

  • Expect to pay $50 to $85 per hour for a handyman and $60 to $100 per hour and up for an electrician.
  • Home staging consultations (you implement most of the changes) run $150 to $500, but it can cost $2,000 and (way) up for full-service staging and furniture rentals.
  • Should you decide to rent a storage unit, expect to pay about $100 per month for a 10- by 15-foot unit.
  • House painting generally costs about $2 to $4 per square foot.

Best time to do this project: The boom time of year for home sales is summer, so it’s a good idea to set late spring or early summer as a goal date to have your home ready to sell. You can start preparing your home to sell anytime, but sooner is always better than later.

  • If you can, begin preparations the year before you plan to sell to give landscaping time to fill in, and to give yourself ample time to get work done. For instance, you could plant spring bulbs in the fall, take care of interior house repairs in winter and finish up the rest of your projects in spring to ready your home for its first open house in early summer.

 

 

First steps:

  1. Interview and choose a real estate agent.
  2. Assess your property — not just the value but also what could be done to the interior or exterior to appeal to more buyers.
  3. Decide what work you are going to do yourself and what you would like a pro to do.
  4. Hire a home stager. Your stager will have important input on what repairs and changes will be most worth your time and money, and which ones to skip.
  5. Hire additional pros as needed, starting with a landscaper. Remember, the landscape needs time to fill in.

 

Find them on Facebook here! 

 

Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on The Pros and Cons of Buying an Old House

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on The Pros and Cons of Buying an Old House:

 

Warm and lived-in, with a majestic fireplace, wood craftsmanship from another era, and a crooked old apple tree in a beautiful garden—only an older house comes with its own personality.

But that personality could come with a steep price in upkeep and renovations to meet the needs of your family and your modern tastes. How do you decide if an older home is worth it? Consider our list of pros and cons:

Con: Outdated building code compliance and other maintenance

Homes with old heating systems or inefficient plumbing can be in such bad shape that they do not comply with modern building codes. It is a good idea to take a careful look at each system in an older home (heating, wiring, plumbing, air conditioning, etc.) to make sure they are modern, efficient and safe. Replacing these systems can be expensive. Chimneys may need realignment or need to be fitted with draft excluders. Older windows may need to be replaced.

Pro: Location, location, location

Older homes are often built closer to the center of town, making it easy to walk to local shops, schools and other amenities. If you happen to find an old house out of town, it could still have local shops, schools and other amenities within walking distance.

Con: Lack of storage

People tend to buy and own more items now than ever before, so storage in old houses may present an issue. An older home may lack modern closet measurements. They often have sloped floors and imperfect edges, so installing cupboards and shelves may require a professional, which could be expensive. You can do things, however, to make the house more appealing to a younger buyer who likely has more storage needs.

Pro: Cost

You will probably pay less for an older home. This depends on condition and location, but generally, a modern house of the same size and in the same area costs more than an older one.

Pro: Availability and furnishings

There’s no waiting for a developer’s finishing touches (or delayed schedule). You can move in immediately, barring any immediate renovation plans. When you buy a new build, you may have to wait a year or more to move into an empty home. Some buyers love the style of the previous owner and they can often strike a deal to keep furniture or accessories that they like. Buying a home with furnishings you like can be a real money saver.

Pro and Con: Eclectic neighborhoods

Moving into an old house in an old neighborhood can mean that you get an eclectic mix of neighbors. With a newly built block, every neighbor will have bought around the same time; but in an established neighborhood you could have neighbors who have lived in their homes for generations. Some parts of an old neighborhood may have undergone gentrification, while other parts may attract unsavory characters. Get to know a neighborhood before you buy.

Pro: A long-term investment (if upkeep isn’t too pricey)

Old houses are in limited supply. As some decay or are torn down, supply decreases even more. Yet, demand remains. When looking at an old house, take time to talk to people in the area with similar properties to see how much their homes have increased in value over the past decade.

Con: Roots, and we don’t mean metaphorically

Old houses often come with old trees—and root problems. Older, taller trees often have long, strong roots that grow in toward the foundations and plumbing systems beneath the home. Pipe replacement or foundation work can be expensive.

In sum, an older house can offer benefits—and character—that a modern home doesn’t have. But it’s worth taking extra time to educate yourself on the potential pitfalls and fully vet and inspect any older property you are considering.

Find them on Facebook here! 

 

Your Mortgage Now Trusted Saskatoon Mortgage Experts clients testimonial on video

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here is a video testimonial from some happy clients and 1st time buyers!! 

 

 

 

 

 

 

If you have any questions regarding these topics, please give us a all today at (306) 244-7755 or email us devinandwes@yourmortgagenow.ca

 

Find them on Facebook here! 

 

Your Mortgage Now your Trusted Saskatoon Mortgage Experts answer your mortgage questions

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

TrustedSaskatoon.com Talk to the ExpertsTrusted Finance Show - Questions for Your Mortgage Now:

Q:  Teresa Gagne:  My mortgage is will be up for renewal in December. I don't have a very high income and am concerned about being able to get another mortgage. What steps can I take now that will make things easier for me when I'm looking for a new mortgage? I haven't had my house evaluated but it is probably worth at least $40,000 more than when I bought it almost 5 years ago due the the market and improvements.

A: Great questions Teresa! Planning ahead is very important when it comes to your mortgage renewal.  Meeting with a mortgage broker/associate as fare out as 4 month prior to your renewal date, will ensure that your specific situation and needs are be reviewed and a plan can be put in place to ensure that your renewal/ refinance process can be seamless and still ensure you can get the best interest rate on the market which will minimize your interest costs.  For your specific situation setting up an appointment as soon as you are available will help to easy some of your concern and allow time to have that plan in place.

 

Q: M Liz Beisel: Overall what is the best option - fixed or variable mortgage? What is the optimum length of time to take out a mortgage?

A: Mortgages are very custom Liz and need to be tailored to fit.  Each person will have a different budget, life style and financial goals. Overall we finds that client that are new to the market tend to work well with a fixed rate product as it they are just locking down their budget, newer to their carrier and are unsure about other faucets of their lives so the fixed rate gives that stability.

Saying that the variable will normal be a lower rate than the fixed rate so that provides a reduction in payment and some initial interest saving as a result.  With the variable rate mortgage product a person just needs to be aware that the variable product is calculated and set at the bank of Canada prime interest + or – so if prime rate increases or decreases your mortgage interest rate will follow which and recalculated which will change your payment and the allocation for the principle and interest.

With reference to optimum length of time for your mortgage.  The maximum amortization for an insured mortgage (over 80% loan to value) is currently 25year and for mortgage that is conventional (less than 80% loan to value) it is currently 30 year.

As per the optimum mortgage term it something that is specific to a client’s individual future goal and plans.  You don’t want to have mortgages that will incurrent extra cost to break the contract if you plan to sell for move prior to the term ending. At the same time you want to ensure that you maximize the lowest rate for as long as possible to ensure interest saving. The most popular mortgage products are the 5 year terms whether fixed or variable. 

Q: Sari Nunweiler: I don't really understand the role of a Mortgage Broker vs. a bank; what's the difference?

A: That is a great question Sari and one that is asked all the time.  A mortgage broker/ associate works for you the client not for any specific bank or lender so our interest in is helping our client to get their mortgage approved with the best terms and rates on the market.  We specialize in mortgage financing which makes us very knowledgeable in all aspects of mortgage products and are experts in the mortgage process.  Our main objectives are to ensure you have the best mortgage product on the market that fits your needs. That your experience is fun, exciting and very educational.  We leave no stone unturned and no question unanswered which will ensure your mortgage fits your like glove and ensures you maximize your savings.

We help negotiate with the mortgage lender and banks on your behalf, advice and gather the required paper work from you the client and package the file to the lender to ensure a positive and timely approval.

Most banks focus on such a wide variety of projects and cross selling opportunities that their staff training is diluted and not focused. At Your Mortgage Link /yourmortgagenow.ca, we provide excellent mortgage services for purchases, refinances, renewals and the list goes on. We know mortgages inside and out, and best of all we do all of the legwork! Your Mortgage Link /your mortgage now.ca is a free service and has access to over 20 lenders and banks.

Q: Mike Maille: What is better a fixed rate mortgage or a flex one and why? 

A: Great question Mike:

A Fixed Mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term.

The Variable Mortgage allows you to take advantage of today's low prime rate. The interest rate will fluctuate as the Bank Prime changes.

Picking a mortgage product is based on individual client needs, goals, lifestyles, financial goals and risk tolerance.

There is no “better” product just a product that fits better for clients individually.

Saying that, traditionally if you have a variable product over the entire amortization of the mortgage you will pay less in interest then a fixed rate over the same amortized period all other things being consistent.

Q: Rachelle Nieman: What is the "best" thing to do for the average SK citizen in today's marketplace: sell your home if you have approx $50K in equity and use towards down payment of new home; or; rent out current home and buy new home, knowing that rental income will exceed current mortgage payments? 

A: Owning property in the current market I believe is a great idea.  As long as the rent received off sets total expenses mortgage payment, property taxes, utilities and allows for a couple month vacancy then it would be a good rental property.

On the equity part of your question you commented on having a possible $50,000.  Do to the government guidelines you are only able to access up to a maximum of 80% the value of your property.  Ex: on a property that is worth $300,000 you are only able to have a mortgage up to $240,000.00 total.  If the current mortgage balance is $200,000 then the available equity is $40,000.00 if the plan is to refinance and pull funds to be used for the down payment.

For the purchase of a new property will be owner occupied you are required in most cases to have 5% down payment.  If you don’t have the equity on the refinance and want to have both properties you will need access to funds outside of the equity in your current property to use that that would be ideal.

This all being said if it will work that it is a great idea 2 properties will increase in value more than just one if done correctly.

 

If you have any questions regarding these topics, please give us a all today at (306) 244-7755 or email us devinandwes@yourmortgagenow.ca

 

Find them on Facebook here! 

 

Categories

Previous Posts

ADDRESS

S & E Trusted Online Directories Inc
TrustedSaskatoon.com
129 21st St E #500
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

GET THE APP

App Store Google Play
Follow us on Facebook Linked In Twitter YouTube RSS Feed
Abex
Abex
Stevies
Sabex
NEYA
Website hosting by Insight Hosting