It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
Why that Title Insurance that is being requested is a good idea!
The first year in their home there were no surprises. However, after a particularly cold spell last winter, their pipes froze solid and their home was anything but cozy. The contractor called in to thaw the pipes promptly instructed them to contact the City of Winnipeg. While dealing with the pipe issue, the City provided them with a copy of a building permit dated in 2012 that outlined approval for an 84.5 square foot addition to the front of the existing dwelling. But the addition was never built, despite the permit. Why?
After further investigation, the Gietzes learned that the City had issued a bylaw violation, which required the previous homeowners to repair plumbing and electrical work, as well as an improper stair guard leading to the basement before the addition could be constructed. The floor joists and foundation also required major structural repairs. The City now demanded the Gietzes comply with the bylaw violation within 14 days otherwise face potential legal action.
The bylaw violation notice from the City triggered coverage from FCT because the homeowners were being forced by a governmental authority to remedy an existing structure because it was built without a required building permit.
FCT hired an engineer to complete the report on structural repairs to the floor joists and foundation. In the summer of 2014, work began on the home to fix the foundation, plumbing, electrical and structural issues. This work was paid for by FCT. During this major renovation, Tim and Brittany had to move out of their home for over three months while the work was being completed Thankfully, all temporary housing costs were also covered under their FCT policy.
Let go of the hassle and stress with help from FCT
Before the end of 2014, the Gietzes got word from the City of Winnipeg that the final inspection was completed and the bylaw violation was closed. They moved back in to celebrate Christmas 2014 in their safe and newly renovated home.
For a couple of hundred dollars, paid once when we bought the home and no annual premium, we realized a significant benefit. Without the team at Castle Mortgage Group to inform us about the great insurance program that FCT has, we would have ended up with debt that we could not pay off for years. I cannot even imagine having to come up with the money to complete such a major renovation only months after purchasing the home. FCT fixed our home and provided us with a housing allowance while we were displaced. Since this has happened, I have now joined the team at Castle Mortgage Group and make sure toalwaysrecommend that our clients purchase this insurance. states Mrs. Gietz.
*FCT refers to the FCT group of companies. Insurance by FCT Insurance Company Ltd. Services by First Canadian Title Company Limited. The services company does not provide insurance products.
From Original blog by WendyRinella
Vice-President, Corporate Affairs, FCThttp://winnipeg.ctvnews.ca/winnipeg-couple-ordered-to-pay-more-than-100-000-in-repairs-to-get-their-home-up-to-code-1.2250027
OSFI tightens mortgage rules Edit
The Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions.
The changes to Guideline B-20 reinforce OSFIs expectation that federally regulated mortgage lenders remain vigilant in their mortgage underwriting practices. The final Guideline focuses on the minimum qualifying rate for uninsured mortgages, expectations around loan-to-value (LTV) frameworks and limits, and restrictions to transactions designed to circumvent those LTV limits.
OSFI is setting a new minimum qualifying rate, or stress test, for uninsured mortgages.
Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.
OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.
Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.
OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.
A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institutions maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.
To find out how this will affect you, please contact me at anytime.
Easy ways to keep more money in your pocket
It goes without saying that most of us would appreciate a little more money in our pockets. Believe it or not, its actually an achievable goal. In fact, a few simple tips can help you uncover meaningful savings each and every month. Need some ideas? Heres a little inspiration to get you started:
1. Pack food from home for lunches and snacks. Skip sandwich bags and opt for reusable containers, cutlery and drink bottle.
2. Switch light bulbs to CFLs. On average, it costs $250 a year in energy costs to light your home with incandescents. Save $150 by going with CFLs. Theyre more expensive initially, but will last 10 times longer.
3. Review and negotiate your service plansphone, internet, cable and television content.
4. Invest in topping up your insulation. Attic insulation can settle and compact over time, diminishing its original R-value and increasing heating/cooling costs. Topping it up with a quality batt insulation, like Roxul Comfortbatt, will immediately help improve the comfort of your home and reduce your monthly energy bills.
5. Pay off credit card debt and swap cards for lower interest rate options.
6. Install low-flow water fixtures to cut down on excess water consumption.
7. Lower your thermostat by two degrees in cold weather and increase it by two degrees in warmer weather.
8. Launder your clothes in cold water and at off-peak times.
9. Avoid impulse shopping. Stick to your list and avoid window shopping, which tends to draw buyers in.
10. Save money on entertainment by looking for free activities. For options in your area, try a simple internet search. You might be pleasantly surprised at the wide variety of activities and entertainment available for no or low cost.
Collectively employing the tips above could potentially add up to thousands in annual savings, proving that sometimes change can be a good thing.