Lisa’s Blog

There are some very important reasons why new home buyers should always get a home inspection before purchasing.  Buying a new home is an exciting experience, with great opportunities to pick your finishes, choose your colors, and to decide what floor coverings you want.  But with all the excitement of choosing your decor and finding your new daily route to work, don’t forget to have your new home inspected.  While it’s best to have your first home inspection when the home is in the early phases of construction, when more of the home is visible, it’s still a good idea once it is all finished.

New homes can have a wide variety of problems.  Building a home is a complex and often complicated orchestration involving many different subcontractors and their employees, each working on a different system of the house.  Each subcontractor has their own set of priorities and commitments.  These are not always in line with the builder or the homeowner!  While the vast majority of home builders want to build the best home possible, it is very difficult for any builder to carefully inspect each and every portion of each phase of the construction process.  With all the different phases happening at once, even the best builders will likely miss something.

Municipal building inspections are not the same as home inspections.  The responsibility of the municipal building inspector is to check for compliance to the local building codes for that area.  Building codes are based on minimum industry standards.  Even so, while most municipal building inspectors are doing their best to keep a close eye on things, they are often hindered by factors and circumstances beyond their control, and this alone will not be effective enough for quality control.

Problems found before you purchase the home can be fixed before moving in to your new home.  This can save you from having to deal with dust and noise from repairs being made, or from the inconvenience of having to stay home from work while workers are in your home.  While there will likely be some small touch ups and repairs required after you move in, you will want the builder to fix any significant repairs right away.

Defects can be repaired before they result in serious or substantial damages or costs to you.  Safety items, such as gas leaks or electrical hazards need to be addressed to protect you and your family.  Missing attic insulation that will result in higher utility bills can be installed.  Raised shingles, can lead to water damages such as rotted roof sheathing, and should be repaired before you take possession of your new home.

These issues, and having the proper repairs made, matter for resale and they will matter for your peace of mind.  When you decide to sell your formerly new home, the buyer will likely get a home inspection.  Deficiencies that date back to the original construction will undoubtedly be discovered, even if you did not know that they existed.  At this point, it is usually too late to get the builder involved, and these problems are now your own.  Your potential buyer will, in all likelihood, either ask that you have these repairs made, or they will lower their offering price to cover the cost of the repairs.

A home inspection on your new home will also allow you to learn about the necessary upkeep and maintenance of your home.  A proper home inspection will do more than just identify deficiencies and necessary repairs to be made.  It will also highlight many important maintenance steps and requirements that will enable you to protect your investment and the ongoing enjoyment of your problem free home.

As you can see, having a home inspection on your new home can more than pay for itself, both monetarily and with the peace of mind and confidence that comes with knowing your new home is ready to for you to fully enjoy well into the future.

We understand how exciting, and sometimes, overwhelming it can be once you decide you want to buy a home – especially if it’s your first time.

First and foremost, we recommend working with both a real estate agent and a mortgage broker that you can trust. Both do very different, yet very essential jobs, when it comes to finding and financing your dream home.

Before you start shopping, it is best to book an appointment with a qualified mortgage broker to determine your budget for purchasing a home. There is no point in looking at gorgeous houses that are nowhere near your price range.

“Why would I work with a mortgage broker when I can just go to my bank?” you might ask.

Working with a mortgage broker benefits you, as the homebuyer, in so many ways!

For instance, it’s free; the lender compensates us. We also have years of experience and tons of knowledge to offer you as we plan for your purchase as well as other long-term financial goals.

Also, unlike the bank, we have access to a variety of lenders, rates, and flexible options that make getting the mortgage you actually want a whole lot easier.

A good mortgage broker will work with you at your first appointment to cover the following:

• Answer any burning questions you may have about the financing process or just home buying in general.
• Determine your budget for purchasing your home – this is unique for everyone, as we all have different financial circumstances that will come into play when applying for a mortgage.
• Get you a pre-approval so that you can go shopping with your agent with the peace of mind that you know exactly what your budget is.

Typically, most professional real estate agents will send you to get a mortgage pre-approval before they shop for homes with you anyway.

Either way, if you have mortgage on your mind – it’s time to book an appointment with a mortgage broker!

While this first meeting is kind of a meet and greet, you’ll want to get down to business right away. To do so, there are a few documents that you’ll want to have at the ready so that your mortgage broker can take a holistic look at your unique financial circumstances, offer personalized service, and truly connect you with the best-fitting mortgage from a variety of lenders.

Here is a comprehensive list of the documents and information that you should bring to your mortgage appointment:

1. Job Letter – This must be on a company letterhead, and should state your position, start date, guaranteed wage, and be signed by a direct manager or human resources. This letter must be dated within 30 days of your home purchase.
2. Current Paystubs – Please bring 2 consecutive paystubs that are dated within the last 30 days.
3. Notice of Assessments – Please bring your tax assessments from the past 2 years.
4. T4’s – If you have been at your job for less than 1 year or have worked part-time, please provide us with T4’s from the past 2 years.
5. 90-day Bank Statements – Please bring a 90-day bank statement from the bank or investment account that is holding your down payment. This statement must show both your name and your account number.
6. Identification – Please bring a copy of your photo ID, either your Driver’s License, Passport, or another form of government issued photo ID.
7. Details of Liabilities – If you carry a credit card balance, have vehicle financing, or other consumer loans, please bring your statements from the last 3 months.
8. Void Cheque – Please bring a void cheque for the account that you want the mortgage payment to come out of. A stamped, pre-authorized direct debit form from your bank is also acceptable.
9. Realtor® Contact Information
10. Lawyer Contact Information

Are you self-employed?

In addition to the documents above, please bring the following:

1. Complete T-1 General – We require this for the past 2 years, and if you are a sole proprietor, please include a Statement of Business Activities as well.
2. Company Financials – If you are a professional corporation (PC), incorporated (INC), or limited (LTD), please provide us with company financials from the past 2 years.

Do you own an existing property, second home or rental property?

In addition to the documents above, please bring the following:

1. Current Mortgage or Home Equity Line of Credit Statement
2. Property Tax Assessment – Please bring your most recent copy.
3. Lease Agreement – You only need to provide this if you currently have a tenant.

We know exactly what it feels like to be scrambling at the last minute to find essential paperwork. Let our list take the stress out of the process, and get organized before you meet with your mortgage broker.

Have questions or concerns about the required documents? Don’t hesitate to contact us today!

Insurance; there are so many kinds. All are suggestions from large institutions warning that you should buy insurance just in case the worst happens. Like any type of insurance, you can probably assume that Title Insurance is important, but do you really need it?

The bare bones: When you buy a home, your real estate lawyer ensures the title to a property was properly registered with the government’s land registration system. This checks that the property is free from unknown claims or liens.

Unfortunately, there are schemers out there who commit real estate fraud. Common fraud techniques include forgery and identity theft. In the first scenario, the fraudulent person registers forged documents to sell a property, registers a forged discharge of the existing mortgage, gets a new mortgage against the property’s clear title, then steals the money.  Identity theft occurs when the fraudster uses stolen identification or documents to impersonate the homeowner and obtains a mortgage on a victim’s property.

Anyone can be a victim of real estate fraud. The easiest targets are new homeowners with no existing mortgage, however even a property owner with a current mortgage can be taken advantage of. Mortgage funds are mistakenly transferred to the fraudulent third party and are rarely recovered. If you become a victim of real estate fraud, huge amounts of time and effort is spent in trying to retrieve your lost funds. Another negative? The banks don’t halt your payments. It’s your job as the homeowner to prove that your title has been compromised.

The solution? Title Insurance.

Title insurance will cover the unforeseen legal costs of potential real estate fraud. It can be purchased when you buy your home or any time thereafter. It can also cover unanticipated risks like structures completed without permits, encroachment, liens, and zoning and by-law violations.

So, like any type of insurance, it would be awful to take the risk of purchasing a home without the peace of mind that Title Insurance provides. Feel free to ask me about the benefit of Title Insurance for your next home.

There are some very important reasons why new home buyers should always get a home inspection before purchasing.  Buying a new home is an exciting experience, with great opportunities to pick your finishes, choose your colors, and to decide what floor coverings you want.  But with all the excitement of choosing your decor and finding your new daily route to work, don’t forget to have your new home inspected.  While it’s best to have your first home inspection when the home is in the early phases of construction, when more of the home is visible, it’s still a good idea once it is all finished.

New homes can have a wide variety of problems.  Building a home is a complex and often complicated orchestration involving many different subcontractors and their employees, each working on a different system of the house.  Each subcontractor has their own set of priorities and commitments.  These are not always in line with the builder or the homeowner!  While the vast majority of home builders want to build the best home possible, it is very difficult for any builder to carefully inspect each and every portion of each phase of the construction process.  With all the different phases happening at once, even the best builders will likely miss something.

Municipal building inspections are not the same as home inspections.  The responsibility of the municipal building inspector is to check for compliance to the local building codes for that area.  Building codes are based on minimum industry standards.  Even so, while most municipal building inspectors are doing their best to keep a close eye on things, they are often hindered by factors and circumstances beyond their control, and this alone will not be effective enough for quality control.

Problems found before you purchase the home can be fixed before moving in to your new home.  This can save you from having to deal with dust and noise from repairs being made, or from the inconvenience of having to stay home from work while workers are in your home.  While there will likely be some small touch ups and repairs required after you move in, you will want the builder to fix any significant repairs right away.

Defects can be repaired before they result in serious or substantial damages or costs to you.  Safety items, such as gas leaks or electrical hazards need to be addressed to protect you and your family.  Missing attic insulation that will result in higher utility bills can be installed.  Raised shingles, can lead to water damages such as rotted roof sheathing, and should be repaired before you take possession of your new home.

These issues, and having the proper repairs made, matter for resale and they will matter for your peace of mind.  When you decide to sell your formerly new home, the buyer will likely get a home inspection.  Deficiencies that date back to the original construction will undoubtedly be discovered, even if you did not know that they existed.  At this point, it is usually too late to get the builder involved, and these problems are now your own.  Your potential buyer will, in all likelihood, either ask that you have these repairs made, or they will lower their offering price to cover the cost of the repairs.

A home inspection on your new home will also allow you to learn about the necessary upkeep and maintenance of your home.  A proper home inspection will do more than just identify deficiencies and necessary repairs to be made.  It will also highlight many important maintenance steps and requirements that will enable you to protect your investment and the ongoing enjoyment of your problem free home.

As you can see, having a home inspection on your new home can more than pay for itself, both monetarily and with the peace of mind and confidence that comes with knowing your new home is ready to for you to fully enjoy well into the future.

There are some very important reasons why new home buyers should always get a home inspection before purchasing. Buying a new home is an exciting experience, with great opportunities to pick your finishes, choose your colors, and to decide what floor coverings you want. But with all the excitement of choosing your decor and finding your new daily route to work, don’t forget to have your new home inspected. While it’s best to have your first home inspection when the home is in the early phases of construction, when more of the home is visible, it’s still a good idea once it is all finished.  
New homes can have a wide variety of problems. Building a home is a complex and often complicated orchestration involving many different subcontractors and their employees, each working on a different system of the house. Each subcontractor has their own set of priorities and commitments. These are not always in line with the builder or the homeowner! While the vast majority of home builders want to build the best home possible, it is very difficult for any builder to carefully inspect each and every portion of each phase of the construction process. With all the different phases happening at once, even the best builders will likely miss something. 

Municipal building inspections are not the same as home inspections. The responsibility of the municipal building inspector is to check for compliance to the local building codes for that area. Building codes are based on minimum industry standards. Even so, while most municipal building inspectors are doing their best to keep a close eye on things, they are often hindered by factors and circumstances beyond their control, and this alone will not be effective enough for quality control. 
Problems found before you purchase the home can be fixed before moving in to your new home. This can save you from having to deal with dust and noise from repairs being made, or from the inconvenience of having to stay home from work while workers are in your home. While there will likely be some small touch ups and repairs required after you move in, you will want the builder to fix any significant repairs right away. 

Defects can be repaired before they result in serious or substantial damages or costs to you. Safety items, such as gas leaks or electrical hazards need to be addressed to protect you and your family. Missing attic insulation that will result in higher utility bills can be installed. Raised shingles, can lead to water damages such as rotted roof sheathing, and should be repaired before you take possession of your new home. 

These issues, and having the proper repairs made, matter for resale and they will matter for your peace of mind. When you decide to sell your formerly new home, the buyer will likely get a home inspection. Deficiencies that date back to the original construction will undoubtedly be discovered, even if you did not know that they existed. At this point, it is usually too late to get the builder involved, and these problems are now your own. Your potential buyer will, in all likelihood, either ask that you have these repairs made, or they will lower their offering price to cover the cost of the repairs. 
A home inspection on your new home will also allow you to learn about the necessary upkeep and maintenance of your home. A proper home inspection will do more than just identify deficiencies and necessary repairs to be made. It will also highlight many important maintenance steps and requirements that will enable you to protect your investment and the ongoing enjoyment of your problem free home. 
As you can see, having a home inspection on your new home can more than pay for itself, both monetarily and with the peace of mind and confidence that comes with knowing your new home is ready to for you to fully enjoy well into the future. 

Does getting a mortgage seem about as clear as mud to you? I’ll make take you through the 5 easy steps you need to get a mortgage, from finding the right mortgage for you to sealing the deal.

1. Connection

With access to over 50 lenders, I can give you an overview of mortgage options available to you based on your needs. Once we decide on the best one, we’ll complete the application together.

2. Collection

The next step is to gather all your information to go with the application:

• credit report
• agreement of purchase and sale of the house (or estimated mortgage amount if you are refinancing)
• proof of income/employment
• down payment amount
• identification and solicitor information to the lender (be prepared to gather and send this documentation)

3. Submission

Once all your documents are together, I submit your application to the lender(s). Since I have connections with major banks, credit unions, trusts and other lenders, I can put significant negotiating power to work for you.

4. Approval

Approved? Excellent! Now is the time to carefully go over the details (e.g. payment details, mortgage terms and privileges, pre-funding conditions) and then sign away on the dotted line.

5. Closing

Once your signature has graced the paperwork, you have to submit it and schedule a time to meet with your lawyer.

At the appointment with your lawyer, he’ll ask for identification and signatures and together you’ll review your final closing costs. On closing day, your mortgage funds are transferred to your lawyer.

Thank you for choosing me as your mortgage broker!

Once your mortgage is closed, I continue to provide helpful information to guide you through market conditions. I can also help you with finding mortgage options, financing renovations, purchasing investment properties, or financing a debt consolidation in the future.

How often have you found yourself staring down payday hard, with a week to go and the coffers empty? You are not alone. According to a survey done by The Canadian Canadian Community Economic Development website, 49% of Canadians say they are one or two paychecks away from bankruptcy. How does this happen? The answer may be that you only know what you know and most of us don’t know enough about financial wellness. Personal finance management is not taught in our school system and most of us end up learning from our costly mistakes. The good news is its never too late to improve your financial literacy!

The first step is to really understand your current financial picture…what you own and what you owe, otherwise known as your net worth.  A simple way to do this is a balance sheet. List all your debts ( your liabilities) on one side of a piece of paper and all your things of value on the other ( your assets). When you subtract your assets from your liabilities,  you’ll arrive at your current net worth. If your net worth is a negative number, what it really means is that if you sold all of your valuables, you still wouldn’t be able to pay off your current debt. This is important to know as it should help you decide if you should take on any more debt.

Another step to good financial health is implementing a budget. Budgets are notorious for scaring people off of learning to manage their money but the key is to keep it simple. That’s even easier to do now with the plethora of budgeting apps available.  An often forgotten catagory in budgeting that can make or break a great plan is the irregular expenses, like birthday gifts and pet expenses. We tend to plan and budget for our car or mortgage payments but having to unexpectedly buy a wedding gift or pay for a new water heater can be the thing that puts your bank account in the gutter. Pay attention to those catagories on the next budget app you try and have a regular amount automatically deducted from your paycheck to cover irregular expenses.  You’ll soon see that its the difference between barely making it and living comfortably.

Lastly, learn the lingo and make a point of understanding the mechanisms of the savings and debt products you own. Because that’s what your loans and bank accounts and credit cards are…products. Think of them like a new DVD player or fancy appliance that have many features, benefits and warnings. Does your bank account allow you to have several free sub accounts that will make budgeting easier for you? What are your prepayment privileges on your mortgage and what sort of difference does it make if you utilize them. Would an extra $100 a month mean you’d pay off your mortgage when your 50 instead of 65? Maybe!  You’ll never know until you ask. Most of us will spend hours discovering what our new smartphone will do for us but we have no idea what kind of banking fees we pay each month and what they are for.

It can be intimidating to learn new things, but the important part is deciding that it’s worthwhile to become financially literate. As they say, knowledge is power and that could not be more true then when it comes to your financial health.