Brad Plummer | Referral Mortgages - Blog #shopping for a home

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

8 Common Q & A from First Time Home Buyers

Tue, 14 Apr 2020 21:13:41 -0400

The questions that a first-time home buyer should ask and understand before starting the process are actually one of the most important parts of the process. No question is too dumb and all questions should be asked as they come up. Here are eight common questions with answers:

1) Am I ready to buy a home?

If you've had a stable job for a couple of years and you like the area you live in, and do not think you will want to move for at least five years, then purchasing a home might be a good idea. You also need to be ready for the additional responsibilities such as yard care, fixing broken appliances, and other maintenance needs. Homes will not keep their value if these aren't kept up.

2) What's my first step to buy a home?

When you think you are ready to buy a house, it's important to consider what your credit rating is like, and what your debt to income ratio is. If you have a lot of debt, it's time to get it paid down. You want a couple of years of one-time payments, with no late payments for at least two years.

3) What's better or worse about buying over renting?

When you rent, your entire payment is just gone. But when you purchase you are building equity in your home and you will get either more than you have paid into the house back, or you'll get something back when you sell the house. When you rent, you will get nothing but perhaps your deposit back, if you're lucky. But, as a house owner you will have the responsibility of upkeep so if you are alone or travel a lot, you'll need to consider the added expense of someone to maintain your home.

4) How do I find a mortgage broker?

The best way to find a mortgage broker is to ask your friends. But, if you plan to buy new construction go to the sample house, and ask for a list of preapproved mortgage brokers. In fact, even if you have no intention of building or buying new construction, those lenders are usually really good or they would not be preapproved.

5) How do I find a real estate agent?

The best way to find a real estate agent is to ask your friends, again, and find someone who has been around for a while in your community. You want someone who really knows the inventory and understands what you want. Usually, you'll enter into contract with the realtor, and you cannot use anyone else until you find a home except under extreme circumstances.

6) How can I research communities I'd like to live in?

There are wonderful ways to research communities now. Use Realtor.ca, or Zillow.com to help you find houses in the area you want to live, and links provided will show you facts and stats about that area. You can also drive around in the area to see how it feels to you.

7) What should I pay particular attention to during walkthroughs?

Other than the items you want on your wish list, look for rotted wood around windows, black stuff on the roof (usually mold), the size of the bedrooms, kitchen, and yard. Ask yourself if you like floor plan. What needs to be replaced? Carpet, appliances, anything else? Make a note of these things because if you like the house those can be points of negotiation.

8) What's the best way to keep track of the houses I look at?

Before you start looking, create a list or check sheet to take with you listing all the things you would like in the house. Each checklist should also list the address. Your realtor should have a copy of that as well before he or she even finds places for you to view. As you go through, take a picture of the address of the house, then the house, and later attach it to the check list so that you can easily go back to see what you liked and did not like about the house.

Finding the right home is an emotional, stressful while exciting process. Once it's over and done you'll be glad you did your due diligence. Do not worry if those around you try to talk you into anything, or talk you out of anything. It's going to be your house and you have to be happy with it, not them.