Brad Plummer | Referral Mortgages - Blog #real estate

A Checklist for Moving

Wed, 29 Apr 2020 11:03:49 -0400

MOVING! The very thought of it can send chills down our spine and can cause us to break out into a cold sweat. Experts say that any kind of "change" creates "stress". Moving, (and especially if we are relocating to a new city or state), represents a huge change and naturally brings a great amount of stress along with it. This can be a double whammy, because stress can lead to a lack of energy and motivation. Many of us tend to procrastinate during stressful periods of our lives. This is one time, though, when we must rise above that.

When preparing for a move we need to put the pedal to the metal and get a lot of things done. This checklist contains many suggestions that may seem like "no-brainers". However, the very act of printing out these simple suggestions and reminders can become a significant security blanket as the dreaded time approaches. Moving and relocating calls for being proactive, grabbing the bull by the horns and actually completing certain chores well in advance of their deadlines. Hopefully this little paper will help you to accomplish that. In this particular article we are leaving out the "big things" such as finding the best moving company, researching your new neighborhood's transportation, parking, employment, etc. Those are for other articles on another day. Today we are concentrating on the basics of planning and preparation.

Get rid of what you don't need.

Many of us are "pack rats". One thing that we can accomplish immediately is going through all of our "stuff" and getting rid of what we don't need anymore. Moving unwanted clothing and bric-a-bracs from one place of residence to another is a great waste of time and effort. It is surprising how much more in control we feel once we start narrowing down our "inventory" to what we actually need to keep. Getting rid of the unwanted items can be done by having a garage sale long before moving time and then donating the leftovers to the Salvation Army or other charitable groups.

Get all important papers and documents together and secure them.

Since moving is hectic, to say the least, we need to be aware of the exact location of all of our important items. Things that we absolutely must not lose or misplace should certainly be hand carried, not put in a box for the movers:

Address Books, Birth Certificates, Bank Statements, Checks, Credit Cards and Statements, Home Movies, Irreplaceable Memorabilia, Insurance Policies, Marriage Records, Medical and Dental Records, Military Records, Passports, Photos and Photo Albums, Resumes, School Records, Stock Certificates, Tax Returns, Telephone Numbers, Valuables, Vehicle Documents, Wills.

Prepare well in advance for living at your new location.

There are many things that we can do at our new location well in advance of our move that will help smooth out the bumps and grinds of our relocation process when the actual event occurs: Open up new bank accounts. Open up a new Safe Deposit Box. Contact the new area utility companies and arrange for your new services. These can include Cable TV, gas, electric, oil, telephone, water and Internet access. Arrange for new medical providers. If you are moving to a new state, contact the DMV and get forms necessary to re-register your vehicles. Contact your insurance companies and find out if your car insurance, homeowner's insurance, etc. can be transferred. If not, find an Insurance Broker in your new area and discuss your needs and requirements for new policies. Go to the post office and get a moving kit. Prepare change of address forms for all of your correspondents; credit card companies, other credit accounts, banks, insurance companies, current utility companies for final statements, magazines and other subscriptions, family, friends, and any other persons or businesses that you correspond with on a regular basis.

As the time approaches, get a nice new legal pad.

As moving day approaches and when the moving process actually begins, you don't want to be hunting for phone numbers in wallets, purses, or address books. Have a nice new legal pad ready with all important phone numbers written clearly and legibly for both your old and new contacts: Banks, Doctors, Emergency contacts, Family members, Friends, Landlords or Real Estate Brokers, Movers, Pharmacies Schools, Storage Facilities, Utilities.

With proper planning and preparation the moving process, though never fun, can at least be sane. With proper planning and preparation the utilities at your present address can be disconnected the day after you move and the utilities at your new address can be connected the day prior to your arrival. With proper planning and preparation you will not be frantically searching for a new doctor or pharmacy, if that unfortunate need arises. With proper planning and preparation you will have all of your important documents at the tip of your fingers at all times. With proper planning and preparation your mail will start arriving the day after you move in to your new abode and your life will endure a minimum of chaos and clutter.

Good luck with your move and good luck in your new home or apartment.

5 Important Things to Remember to Get the Best Mortgage

Mon, 27 Apr 2020 10:00:00 -0400

There are many things to consider when securing the best mortgage but these are the top 5 things you should know to get you the best mortgage.

If there are instances that you are not eligible because of some credit concerns, you should not worry. You can still plan for it in the future. It is probable that in just a few months, you can buy a home if you consider the following tips:

1.Do not make any purchases for the next couple of months other than necessities.

Especially a vehicle or anything with a monthly obligation. This is by far the biggest mistake we see home buyers make. Mortgage lenders look at your monthly obligation not necessarily the amount of debt you hold. For instance you could owe $5,000 on your truck still but if the payments are still $700 a month that is what we need to use to qualify. Holding balances on credit cards and lines of credit is also not a great idea. Your minimum payment might be $25 a month on a $5,000 balance however, lenders will use 3% of the balance as your payment. That would mean a $5,000 balance would carry a payment of $150 a month in the eyes of the lender. Instead, prepare money for your down payment and reducing your debt load to increase your chances of approval.

2.Check your own credit at Equifax.ca to check your score and look for inaccuracies.

When purchasing a home with less than 20% down the minimum score requirement is 600 however, just because your credit score is at 600 or over slightly does not guarantee you an approval. The lender will review your credit history overall. Are there recent late payments? Collections? Credit cards that are over limit?Past bankruptcies or consumer proposal? Do you have more than two trade lines (credit cards, loans, lines of credit etc.)? Have you had them for more than 2 years? A number of things will go into the overall decision but whatever you can do beforehand to correct these problems will make sure that you will get approved. A mortgage broker can help guide you through this process and assist you in making corrections to your bureau.

3. Buy a home that suits your budget not your dreams.

The last thing you want is to have a mortgage payment that makes you house poor. A home is a great thing to have but if you cannot furnish it, or do anything else it will quickly become a burden you wish you did not have. You have to ensure that you are able to pay for your debt load consistently, so before choosing the type of house you want, consider your income first. If you are having a baby in the near future, what will your reduced income look like? Are you planning a career change or other variables that may affect your income. A good way to get the house you want but on a budget that suits you is using program such as "Purchase Plus Improvement". This will allow you to purchase that lower end home but build in renovation costs into your mortgage to update the kitchen and bathrooms, finish the basement, new floors, paint etc.

4. Have your down payment in place and organized.

In order to purchase a home you will require at least a 5% down payment which can be from your own savings, RRSP's, gifted from an immediate family member, grants or even in some cases borrowed if you qualify. The key is having all the money in one account for at least 90 days. This will make documentation and the approval process much simpler. Don't have a down payment? Reach out to us to see some other strategies that may work for you.

5. Don't get caught up in the rate.

Interest rates are important but they are far from the most important thing in a mortgage. In fact just because you have a low rate does not mean that mortgage is the cheapest or best suited. Some low rate mortgages come with various restrictions which could include a much larger penalty to break the mortgage, sales restrictions and limitations on making lump sum payments or increasing payments. You really want a broker that understands your situation and your goals to find the best deal for you. Best rate needs to be combined with best mortgage.

Therefore, if you are planning to apply for a mortgage, be sure to remember these five important things in order to end up successfully with the best mortgage there is.

Want to get pre-qualified? Simply complete this questionnaire at http://bit.ly/tfmortgageapp

5 Useful Tips in Buying a House

Thu, 16 Apr 2020 11:29:38 -0400

Buying a house is a very serious matter that comes in to people’s lives. It is very risky to invest your money in buying just any house you find. You must have some guidelines that can help you decide which house is the best for you. Here are some:

1.Determine your rights

When you are ready to buy your own house, be sure you understand your rights as a homebuyer. Knowing the process of buying a house prevents you from getting scammed. You can personally do your home work or seek for a knowledgeable person like a real estate agent or a broker. Make sure that the agent you hire is licensed and have a wide knowledge regarding the area.

2.Make sure you can afford it

Your budget is really a big deal in buying your own house. What you want is different from what you need, so be practical. You don’t really need a big house if you’re just one person that travels everyday, right? Make sure that you make the best for your money. Seek help or ask for suggestions especially for those who have knowledge in real estate prices. If you can’t stay for at least a year, buying a house is inappropriate for you. You may save a whole lot more of money if you sell it urgently.

3.Make sure it fits your lifestyle

Make your house a home. Be sure it really fits your way of life and you are comfortable with it. A good example of this is if you’re working in an office, a good place to find is near or in the vicinity of your office. If you love nature, a good place to find is outside the city with clean air, near parks, has a mountain view or near at the beach. Your personality really matters in finding a good house. Make sure to look at its suburbs first and try to gather some information about the area and its surroundings. Try also to consider the kind of neighbors you will have.

4.Consider your future plan

If you’re newly married, you might to consider how many kids you want to have. You can assume the number of rooms or the home space you need. If you can afford a house that is near to a good school, it is better. School districts are more important to home buyers, therefore, it will increase your property values.

5.Be organized

It is very important to make your document files organized and safe. Because it will prove that you own the house. It will help you a lot especially when it comes in paying your house payments (taxes and amortization).