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Finance

Tips for a stress-free summer move

by Contributed - Story: 91851
May 18, 2013 / 5:00 am


The majority of Canadians prefer to make their big move during the summer season. There are a variety of reasons for choosing this time of year:  it is easier to transport boxes in non-icy conditions, no need to worry about your belongings freezing during transport, and children's lives are not disrupted by the transition since they are on summer holidays. Minimize potential moving chaos by asking yourself the following questions:
  • Do you need to keep everything? Moving offers a good opportunity to reorganize your life by giving away, donating or recycling items that you no longer need. You'll thank yourself later when there is less to pack and transport.
  • How well do you know your moving company? The Office of Consumer Affairs drafted a Consumer Checklist for choosing a moving company and it reminds Canadians to request their moving estimate in advance and be mindful of seasonal rates (a summer move can be pricier). Will your items be held in the transport vehicle overnight or a secure facility? Consider purchasing Replacement Value Protection, which will ensure the company is liable if your possessions are damaged.
  • Do you have enough boxes and packing materials? Start collecting boxes and newspapers in advance; ideally you should begin packing non-essential items a month in advance. Pack and clearly label a couple boxes with important first day arrival items, such as toothbrushes, remote controls, medication, and pet food, which could otherwise become lost in the shuffle.
  • Once you step in the door, what are your top priorities? After the bed is set up, most people are eager to get connected by hooking up their TV, internet and home phone. Rogers introduced a free concierge service which makes this process easier by setting you up with a personal concierge agent. The agent proactively connects with customers throughout the transition, reviews order details, answers billing questions, and can assist with any changes to your order if your moving date needs to shift. Entering the next chapter of your life can be a thrilling time, but like any significant life change, the process can be quite overwhelming. Control potential moving chaos by jotting down questions and tracking their completion on your personal checklist.
     

Remember we are always just a phone call away (250) 862-1806.  We have names of moving companies & insurance agents to help you.





Selecting the right mortgage planner

by Contributed - Story: 90952
May 4, 2013 / 5:00 am

 
If you were investing the same amount of money you are considering borrowing right now, or have already borrowed, how would you choose your financial advisor?
 
For me, and an increasingly greater number of Canadians, making a decision to choose a Financial Advisor is not about the price of the investment product or stock that day.  If I was considering the prospects of investing my own money into the financial markets I would choose my financial advisor based on his/her ability to build a customized investment strategy to grow my assets over time, that suits my personal financial beliefs, and finally on my confidence that he/she could pull off the recommended plan for me.  In the mortgage business today, what I notice is people are blindly making a decision of who gets the privilege of managing their mortgage based solely on the mortgage rate on that day, for a product that may not even be the best fit for them.  I encourage you to ask yourself this question through out your mortgage shopping journey...

"Other than Mortgage Rate, what factors will I be considering when choosing who gets the privilege of managing my Mortgage?"

I think the "Shopping Around" for a mortgage is a good thing to do.  If you do shop around I would like to HELP YOU do so more intelligently by giving you a process to help screen your next potential bank or mortgage company.  I think simply asking around for the "best interest rate" isn't good enough anymore.

  • Be Smart...
  • Ask Questions....
  • Get  the Answers!
Make sure you are working with an experienced Mortgage Professional.  Those who have their Accredited Mortgage Professional (AMP) designation have to regularly complete 12 hours of professional development every year.  The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way.  But how can you tell?
By asking the four simple questions I can provide to you, you will be able to determine the experience and capability of the mortgage professional you are talking to.  I believe that every mortgage professional, whether they work at a bank or independently, absolutely must be able to answer them correctly.
 
If they don't know the answers...RUN...DON'T WALK..to a lender that does!
 

If you would like to have a list of the questions to ask then please email me at mtggal@okanaganmortgages.com or call 250-862-1806.



Establishing credit history

by Contributed - Story: 90249
Apr 20, 2013 / 5:00 am

 
In order to purchase a home, you must have an established credit history.  Each time you pay a bill (for your credit card or for a monthly service such as your telephone or electricity); you are establishing a credit rating for yourself. A credit rating is a number or score that banks, mortgage companies, and other lending businesses use to assess your level of financial responsibility.

Paying your bills on time every month contributes to having a good credit rating. If you miss payments, or are often late making your payments, your credit rating is probably not as good, and money lending institutions will consider this when you apply for a loan. Numerous factors contribute to your overall credit score, such as outstanding debt, payment history, severity and frequency of derogatory credit information, and the amount of credit you use compared to what you have available.

Also important is the length of your credit history. For many immigrants, this only begins after entering Canada.

To begin to establish a credit history:
  • Open an individual savings or chequing account in your name. From this account, your deposits, withdrawals, and transfers will demonstrate that you can handle more efficiently and responsibly.
 
  • Applying for a smaller loan demonstrates responsibility, and will positively affect your credit rating over a longer term, once you demonstrate that you can make timely and consistent payments.
 
  • Other forms of credit include department store and gasoline credit cards. These are generally easier to obtain than major credit cards and, if used responsibly, can also serve to enhance your credit rating.
 
  • In short, there is no quick way to establish credit. It is much better to go slowly and develop a strong credit record than to apply for too many credit cards or a loan that is larger than you can handle. Mortgages are long-term commitments, so appreciate that lenders will need proof of longevity and consistency.

Your Credit Rating

Once you’ve begun establishing your credit history, it is a good idea, and your right as a consumer, to know exactly what your credit rating score is, even if you always pay your bills on time. In Canada, Equifax Canada and TransUnion are the two major credit rating companies and will give you a copy of your credit history and overall credit rating score, usually for a fee. 
 

If you need any assistance with establishing or improving your credit score or have any questions, please call us at 250 862 1806 or email mtggal@okanaganmortgages.com



Is home ownership right for you?

by Contributed - Story: 89951
Apr 6, 2013 / 5:00 am

 
Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a
knowledgeable decision.

Although buying a home almost always seems like a great idea, it is important to understand what home ownership involves. Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

Here are some things to consider:

Financial Security - If housing prices rise, your home can provide you with some financial security due to capital
appreciation.

Stability - Having a place of your own.

Financial Stress - Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.

Maintenance -  Keeping your home in good shape requires time and money.

Responsibility - You alone are responsible for payments, repairs and maintenance.

Flexibility - You can decorate or renovate your home to meet your own family’s personal tastes and needs.

Now that you have an idea of what to expect, take out a notepad and list the advantages and disadvantages of renting or
buying a home. This list will help you weigh in the pros and cons of renting and buying and help you determine if home ownership is right for you. 
 
As always we are always here to help and can  be reached at (250) 862 1806 or by email mtggal@okanaganmortgages.com


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About the author...

Laurie Baird is a Mortgage Broker with Verico Complete Mortgage Services. She has been in the mortgage business for 17 years starting as a lender with Royal Trust. She later worked at the Royal Bank as a Mortgage Consultant and 11 years ago became a Mortgage Broker. As a Mortgage Broker she is able to match her clients' needs with a lender who will provide them with competitive rates and products. Laurie has a Bachelor of Education degree from UBC.

Contact her at 250-862-1806 or by fax 712-0209 or visit:
http://www.okanaganmortgages.com/

Visit Laurie's blog at: http://www.okanaganmortgages.com/blog.html




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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.


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