Finances - Homeowners Insurance

It is something that you have to have, so why not make sure you are getting the best deal possible. For many households, simply taking the time to compare different insurance plans can lead to savings of 10% or more per year. You want to make sure that you are adequately insured, but many people make the mistake of getting too much insurance instead. Below we have included some tips that can help you save on your homeowners insurance:

• Add some security devices such as smoke deterctors, dead bolts, or a burglar alarm
• Do an annual review to compare the amount of insurance you are carrying to your home and assets. You want to be properly insured without overpaying for insurance you do not need.
• Often insurers will offer steep discounts if you also get your auto insurance through them
• Call and ask your insurer if there is anything you can do to save. This simple act can often save your some money.
• Consider raising your deductible. Call your insurer to find out what you could save by raising your deductible another $250.

These few steps can help you gather the information needed to ensure you have the right coverage at the right price.

Finances - Homeowners Insurance

Bank of Canada Holds Rate

The Bank of Canada on Tuesday held the overnight rate at 0.25% following its commitment to keep rates down through the end of June 2010. The Bank of Canada remained optimistic for the performance of the economy in the second half of 2009, it seemed to be pessimistic on the medium term outlook for the Canadian economy. The bank stated the stronger performance in the second half of 2009 will be driven by "monetary and fiscal stimulus, increased household wealth, improving financial conditions, higher commodity prices, and stronger business and consumer confidence". However, the negative impact from the strength of the Loonie on the export market will more than offset these improvements and therefore the Bank has lowered its growth projection for 2011 to 3.3% down from 3.5%. The Bank now anticipates the economy will reach full capacity and inflation will reach the Bank's target by the end of June 2011, one quarter later than in the July MPR. The Bank of Canada feels the risks to the "inflation projection are tilted to the downside."

This announcement laid to rest some speculation that the bank would follow Australia' lead and hike rates sooner than expected. Canada like Australia's economic growth is being helped by commodity markets but unlike Australia, Canada suffered a deep, short recession led by the US. The Bank of Canada wants to ensure that Canada is in a recovery before hiking rates too soon. The outlook for the Canada's economy has improved significantly since the last rate announcement date but the soft domestic demand has kept inflation well under the 2% target.

Some economists believe the Bank of Canada will keep rates steady to the fourth quarter of next year but this only a prediction. Variable rate mortgages will be the best option for clients, at least for the next year or more.

Bank of Canada Holds Rate

House Hunting: Finding the Right Fit

by Contributed - Story: 49982
Oct 10, 2009 / 12:00 pm

With so many choices and variables, how do you find the perfect fit? Before you start your search, it's a good idea to narrow down the playing field by looking at what would fit you best. Here's where to look:

Look Inside

What do you already own that your new home would need to accommodate?

If your dining suite is one that you cherish, use often and happens to be huge, then add “large dining room” to your Must Have List. Carry this logic through your space and you should come to some conclusions about what is essential in a new home. While you’re at it, take a look at your personal style it can also give you valuable clues as to what you really want. For example, if your style tends more to clean lines and a modern look, then loft-like spaces or open concept homes will probably hold more appeal.

Look Outside

What is out in the world that catches your attention? Is it a brick exterior or cedar shingles that make a house feel like home to you?

Consider the different styles of houses that you like, and see if there are any common elements among them. Another place to look is at the style and size of any new items you plan to acquire. Taking an outside inventory of what appeals to you can help narrow down your search.

Look at Your Requirements

It's helpful to take a head count and look at what features are vital to each member of your family. How many of you are going to live there, and are any more expected shortly? How many of you need home offices or parking spaces or playgrounds or workshops?

This will give you an idea of the size and number of rooms you require, as well as clues to locations or types of housing. Make sure you include pets and consider what's best for them. This may move a fenced yard to the top of your list.

Look at Your Lifestyle

Look at your lifestyle to gain insight to your best locations.

If you’re planning to stay awhile, and are also planning on children (or already have them), then you’ll want to find a neighbourhood that’s kid friendly and has great schools. Another consideration should be your work commute. Make sure it has what you need, whether that’s access to public transportation or parking spots.

All in all, if you take the time to consider what’s really important to you, you should be able to find the house that is the right for you.

Happy Hunting!

House Hunting: Finding the Right Fit

Smart Back to School Shopping

by Contributed - Story: 49313
Sep 5, 2009 / 5:00 am

Start your back-to-school shopping with a game plan. Even if your child's teacher hasn't provided a list of school supplies, you can't go wrong by sticking with the basics and taking advantage of back-to-school sales. Here's how:

Make a list and get your child involved.

Use the recommended or required supplies from your child’s school or teacher as a starting point. If you don’t have a list yet, check with parents at your school who have older kids. They might have good advice about what is required in your child’s grade. Sit down with your child and go over your list together. You’ll be teaching your child how to get organized, a skill that applies to more than shopping.

Separate wants from needs.

Most school supplies don’t go out of style, and your child will happily use the unsharpened pencils his older sister didn’t use. But as any parent with last year’s superhero notebook knows, beware the power of trends. Rather than getting into an argument with your older child about whether a backpack with headphones is essential because “everybody is getting one,” try setting a budget for supplies. It will help your child set priorities, learn how to manage money, and start saving his allowance for the items your budget won’t allow.

Take inventory.

Sort through last year’s supplies to see what is left over or can be reused. (Having trouble finding last year’s stuff? Resolve to set up a place to keep your school supplies together this year.)

Start early and look for bargains throughout the summer.

The best bargains are often available at back-to-school sales. Keeping your supply list in your car or purse or on your PDA will help you shop for supplies as you do your other errands.

Buy basics in bulk.

You know you’ll need paper, pencils, glue sticks and notebooks. Dollar stores, warehouse stores and even online classifieds are sources for buying these and other basics in bulk. You and a group of other parents might be able to negotiate a group discount from an office supply store. Then set up a supply shelf or storage container in your home that you can use all year long. You’ll be able to avoid late-night shopping trips to buy notebook paper when you run out. And you’ll know where to find unused notebooks and pencils when it comes time to shop for back-to-school supplies next year.

Smart Back to School Shopping

Golden Rules of Renovation

Keep the golden rules in mind.

Golden Rule# 1: Don't choose a renovator on price alone.

The Canadian Renovator's Council of the Canadian Home Builders' Association offers a number of golden rules to help renovating homeowners achieve their goals.

Know what you want. Take the time you need to explore the possibilities for your home and develop a firm plan. Begin with the fundamentals - what do you need and how you want your “new” home to look, feel and work for you and your family?

Set a realistic budget. Decide as early as possible how much money you want to spend - this allows you and your renovator to focus on the work that is doable within that budget. Experienced renovators can provide sound cost advice.

Plan for the long term. Thinking ahead avoids short-term renovations that may need to be redone in the future. Discuss your short and long-term goals openly with your renovator. Professional renovators can conduct a thorough inspection of your home and offer suggestions for the most effective sequencing of work over a period of time.

Don’t jeopardize the quality of your renovation by compromising on the quality of products or materials. If it’s worth doing, it’s worth doing well, and that means using products that offer the right combination of performance, durability and aesthetics.

Don’t choose a renovator on price alone. While it is always
tempting to go for the lowest price, you need to consider the implications of doing so. Does the renovator understand what’s involved in your project and have the necessary experience? Will the renovator offer a warranty on the work? Will the renovator still be in business if you need to call back?

Protect yourself. Dealing with a professional renovator is your greatest protection against an incompetent or unfinished job. A written contract spells out the arrangements between you and your renovator and describes your renovation in detail. Professional renovators also carry Worker’s Compensation, liability insurance and any licenses required by
your province.

And don’t buy from a door to door salesperson without carefully checking out the company. Before you enter into any kind of agreement, talk with friends and family. Contact your local Home Builders’ Association to see if the company is a member. Also check with the Better Business Bureau to see if anyone has lodged a complaint against the company.

(Source: Canadian Home Builders Association)

Golden Rules of Renovation

A Complete Mortgage Professional

We know that purchasing a home can be a very stressful time and it is our commitment to you to assist with every step of the mortgage process. We have compiled the top six reasons for using a complete mortgage consultant and look forward to working with you to reach your financial goals.

1. Get independent advice on your financial options:

As independent mortgage brokers we have over 40 lenders and wide variety of products to chose from. Our goal is to assist you by successfully financing your home or property: vacation, investment, rental or otherwise. We will start by understanding your financial goals and provide you with the mortgage products that meet your specific needs.

2. No cost to you:

There are no costs to you for our services on typical residential mortgage transactions. Like many other professional services, such as insurance, mortgage brokers are generally paid a fee when we introduce dependable customers to a financial institution. Theses fees are standard in the industry so the focus remains on your best interests.

3. Save time with one-stop shopping:

It could take weeks for you to organize appointments with competing mortgage lenders - we know you would rather spend your time house hunting, working or playing! We spend our days communicating directly with dozens of lenders, and can quickly narrow down a list of those that suit your needs the best. It makes comparison shopping fast, easy and convenient.

4. We negotiate on your behalf:

Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. Brokers negotiate mortgages each and every day on behalf of Canadian home buyers. You can count on our market knowledge to secure you the "Complete" mortgage package to meet your situation.

5. More choices to ensure the mortgage meets your needs:

We have access to a network of major lenders in Canada, so your options are extensive. In addition to traditional lenders, we also deal with credit unions, trust companies and private lenders.

6.Choose a professional service:

A professional Mortgage Broker is involved in all steps of the process as well as during the entire term of your mortgage.

We strive to ensure you are provided with all the information needed to make your mortgage decision as well as providing you updates on the changing market conditions. By keeping you abreast of market information we can ensure you continue to have the best option and if necessary capitalize on the current situation.

A Complete Mortgage Professional

Selling in a Slow Market

Selling a house in a slow real estate market can be difficult. In times like these, it’s not enough to simply list your home and wait you actually have to sell your home. Here are five tips from a real estate sales rep to get you started.

Know Your Market

Learn your market, the value of your property and your competition. Most sellers operate in the dark, simply offering the property for the price they want, without regard to what other homes have sold for and are currently selling for. Undervaluing or overpricing your home can cost you tens of thousands of dollars.

Price Your Home Right

With homes sales slowing and prices plunging, there’s little doubt that selling for a good price in today’s market is going to be tricky. So if you try to ask as much for your property as your neighbour got a year ago, you’re going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. If you really want to stimulate a sale, you should under price your property by just a little. Trimming the price by a few thousand dollars can generate more foot traffic and create a buzz.

Make Your Home Presentable

Keep your house looking good at all times, repair things that are broken, and replace things that are rundown. Add a fresh coat of paint (neutral colors best), freshen up landscaping, trim trees, clean up clutters and remove personal items, so that prospective buyers can picture themselves in the home rather than seeing you there.

Be Flexible with Showings

It only takes one buyer to get your home sold. Don’t make your Realtor feel as though their request for a showing is an inconvenience.

Offer Flexible Terms

Often, the best way to sell a home more quickly in a buyers market is to adjust the terms of the sale instead of the price. While it may sometimes be necessary to adjust the asking price downward, or to negotiate a lower price with the buyer, sometimes offering an extended closing date will go a lot further.

(Source: Kevin Kittimer, Canwest News Service)

Selling in a Slow Market