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

Your Credit Score

Below is a chart to show you the factors that make up a credit score, the classification of each and some HOT TIP!s on keeping a good score or improving a low one. This is great information to enhance your credit report or share with family member or friend.

These percentages are based on the importance of the 5 categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.

Payment History
· Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)
· Presence of adverse public records (bankruptcy, judgments, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)
· Severity of delinquency (how long past due)
· Amount past due on delinquent accounts or collection items
· Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)
· Number of past due items on file
· Number of accounts paid as agreed
Amounts Owed
· Amount owing on accounts
· Amount owing on specific types of accounts
· Lack of a specific type of balance, in some cases
· Number of accounts with balances
· Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
· Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
Length of Credit History
· Time since accounts opened
· Time since accounts opened, by specific type of account
· Time since account activity
New Credit
· Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
· Number of recent credit inquiries
· Time since recent account opening(s), by type of account
· Time since credit inquiry(s)
· Re-establishment of positive credit history following past payment problems
Types of Credit Used
· Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)
Please note that:
· A credit score takes into consideration all these categories of information, not just one or two.
No one piece of information or factor alone will determine your score.
· The importance of any factor depends on the overall information in your credit report.
For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your credit score. Thus, it's impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What's important is the mix of information, which varies from person to person, and for any one person over time.
· Your credit score only looks at information in your credit report.
However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.
· Your score considers both positive and negative information in your credit report.
Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your credit credit score.

Here are just a few quick tips that can help put you in a better position under the discerning eye of an underwriter!
· HOT TIP! Do you have past due balances that have been neglected? If they are showing up on your credit report and you want to purchase a home, make sure you bring them up to current status whenever possible.

· HOT TIP! Do you have outstanding debt that you can afford to pay off right now? Try to get these accounts down to a zero balance, or at least a lower balance. If your cash on hand doesn’t allow you to do this, try to distribute the debt amongst other open credit cards. You can also consider opening a new line of credit and transferring part of the balance off a card that is close to being “maxed out.” If you can get the resulting balances below 50% of the available credit, you’re on the road to improving your credit score considerably in most cases.
· HOT TIP! Do not close existing credit card accounts, even if you don’t want to deal with the company any more… Believe it or not, the credit history is a good thing to have!

· HOT TIP! See if your credit provider will increase your available lines of credit. This can, in turn, reduce the overall debt ratio, but only do this if your credit card company can do that without a hard credit inquiry.

HOT TIP! Do you have past dues and charge-offs within the last two years? Pay them off now, if you can! Past dues older than two years will have little to no impact on your credit score if they are paid, but can possibly bring the score down, which is something we don’t want to do… Focus on the 2 year time frame.

HOT TIP! Do you see errors in your report? Request the credit bureau delete any outstanding debt that is incorrectly charged to you, or things that should have been removed that you have already paid. They have an obligation to reconcile this within 30 days. If you see items on your report that are less than two years old and you have the money to pay it off now, mark the back of your payment cheque with the following notation "Accepting this cheque is evidence that the transaction is complete and this charge will be deleted from my credit record". If necessary you can use this cancelled cheque as proof of the transaction in the event the outstanding debt is not removed promptly and interfers with the closing of your loan.

Your Credit Score

Refinancing Provides Many Options

You've heard it before and we will hear it again: there is no time like the present to refinance your home!

In these economic times the opportunities to turn that equity in your home into that project you have been talking about can be made a reality. Whether this is a renovation on your home, purchasing a revenue property or a child’s education we can help you put the wheels in motion. The government has announced the Renovation Tax credit which allows you up to $1350.00 in tax savings and we are seeing a slowing in the construction trades so that new kitchen is only a few steps away.

Refinancing offers a number of benefits that can also change your cash flow and make your life easier and more enjoyable! It can:

Put extra cash in your pocket now by generating a lower monthly payment

Save you thousands of dollars over the life of the loan, due to a likely decrease in your interest rate

Often allow for a shorter term, if that's what you desire - which means that you'll be paying less toward interest, and more toward principal (and sometimes, you can still receive a lower monthly payment).

It's time to seize the day, and to start putting your hard-earned money to good use by refinancing your home.

Call your mortgage professional today so that they can discuss your refinancing options. You have nothing to lose, and everything to gain!

Refinancing Provides Many Options

First Time Home Buyer?

Your RRSP may be the down payment you're looking for.

Thinking about buying your first home? Wish you had saved up a good down payment? Maybe you have, but didn't know it. First-time homebuyers can tap into their RRSP to help with a home purchase.

Thank the federal government for this great initiative. Designed to help first-time buyers get into home ownership, the program lets you access tax-free monies for use towards the purchase or even construction of your first home.

Why tap into your RRSP? The most common reason is to boost the down payment on a home. The bigger your down payment is the smaller your mortgage will be. And you may qualify for better interest rates too your healthy down payment shows the lender that you are a low risk candidate for a mortgage loan. Your RRSP can help provide the funds for a down payment that will make a difference to your costs in the long run.

Here’s how it works. If you've been contributing to an RRSP, then you already know the program is designed to set aside money for retirement, with the money going into the program tax-free (and the plan to pay taxes on the funds when they're withdrawn later). But there are some good and valid reasons why you may want to access these funds earlier. A home purchase may be one of them. As a first-time homebuyer, you are allowed to withdraw RRSP money and have it remain tax-free, provided you adhere to the easy repayment plan. (Just make sure, of course, that your RSP is not a locked-in plan). You can withdraw up to $25,000.00 from your plan. If your spouse qualifies as a first-time homebuyer, then he or she will also be able to withdraw $25,000.00. Between the two of you, you could possibly have a hefty down payment sum of $50,000.00. That’s enough to make a substantial difference in the affordability of home ownership!

Ask your mortgage broker for more information about this program, known as the Home Buyer's Plan (HBP). There are some conditions that you should know about.

For example, you need to spend the money once it's withdrawn: you must enter a written agreement (offer to purchase) before you can withdraw money. And you are expected to complete the home purchase no later than October 1 of the year following your withdrawal. And don't spread your withdrawals out: all HBP-eligible withdrawals must be made in the same calendar year. Above all, you must meet certain repayment terms. Repayment to your RSP begins the second year following the year of withdrawal. You have up to fifteen years to repay, and each annual repayment must be at least one-fifteenth of the withdrawn amount.

First Time Home Buyer?