The Dos and Don'ts of a Mortgage Payment Strategy in Canada

The Dos and Don’ts of a Mortgage Payment Strategy in Canada

Securing a mortgage is a significant financial commitment that requires careful planning and consideration. As a homeowner in Canada, it’s essential to develop an effective mortgage payment strategy to manage your debt responsibly and achieve long-term financial stability. In this blog, we will explore the dos and don’ts of mortgage payment strategies in Canada, providing you with valuable insights and tips to optimize your mortgage journey. 

1.Do Establish a Realistic Budget for Your Mortgage Payment Strategy: 

  • Create a comprehensive budget that includes all your expenses, including mortgage payments, property taxes, insurance, and maintenance costs. 
  • Ensure your budget allows for unexpected expenses and savings to build an emergency fund. 

2.Don’t Overextend Your Finances: 

  • Avoid borrowing the maximum amount you’re eligible for if it puts a strain on your finances. 
  • Consider your monthly income, lifestyle, and future financial goals when determining the mortgage amount you can comfortably afford. 

3.Do Consider a Bi-weekly or Accelerated Payment Plan as a Mortgage Payment Strategy:

  • Opt for bi-weekly or accelerated payment plans to make more frequent mortgage payments. 
  • This strategy can help you pay off your mortgage faster and save on interest costs over the long term. 

4.Don’t Neglect the Importance of a Down Payment: 

  • Save for a substantial down payment to reduce your mortgage principal and decrease your monthly payments. 
  • Aim for a down payment of at least 20% to avoid mortgage loan insurance premiums. 

5.Do Take Advantage of Prepayment Mortgage Payment Strategy Options: 

  • Explore the prepayment options provided by your mortgage lender. 
  • Making lump-sum payments or increasing your regular payments can help you pay off your mortgage sooner and save on interest. 

6.Don’t Forget to Shop Around for the Best Mortgage Terms: 

  • Research multiple lenders to compare mortgage rates, terms, and conditions. 
  • Seek out professional advice from mortgage brokers to help you find the best mortgage options tailored to your financial situation. 

7.Do Plan for Potential Interest Rate Increases as a Mortgage Payment Strategy: 

  • Consider the possibility of interest rate hikes and factor them into your budget. 
  • Prepare for potential mortgage payment increases by ensuring you have sufficient funds to cover the additional costs. 

8.Don’t Neglect Mortgage Insurance Protection: 

  • Evaluate the benefits of mortgage life insurance and disability insurance to protect your investment and ensure your mortgage can be paid off in the event of unforeseen circumstances. 

9.Do Maintain a Good Credit Score: 

  • Pay your mortgage and other debts on time to maintain a positive credit history. 
  • A good credit score will not only help you secure better mortgage terms but also open doors to other financial opportunities. 

10.Don’t Hesitate to Seek Professional Advice forMortgage Payment Strategy: 

  • Consult with mortgage professionals, financial advisors, and real estate experts to gain personalized guidance tailored to your specific needs. 
  • They can provide valuable insights and help you make informed decisions regarding your mortgage payment strategies. 

Developing effective mortgage payment strategies is crucial for homeowners in Canada to manage their mortgage debt responsibly. By following the dos and avoiding the don’ts outlined in this blog, you can optimize your mortgage payments, reduce interest costs, and work towards long-term financial stability. Remember, careful planning, budgeting, and seeking professional advice are key to successfully navigating the mortgage landscape in Canada. 

Contact Capital Mortgages today to learn more about refinancing and how we can help you save money on your mortgage. Our team of experienced mortgage professionals is here to help you navigate the process and to find the mortgage solution that best meets your needs. Whether you are looking to lower your monthly payments, pay off your mortgage faster, or access equity in your home, we can help you explore your options and find the best mortgage solution for your unique situation. So, if you are thinking about refinancing your mortgage in Canada, don’t hesitate to contact us today! 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Understanding the home buyers' plan HBP

Understanding the Home Buyers’ Plan: How to Use Your RRSP for a Downpayment

The Home Buyers’ Plan (HBP) is a program offered by the Government of Canada that allows first-time home buyers to use their Registered Retirement Savings Plan (RRSP) to help fund the down payment on their home. The HBP is designed to help make home ownership more affordable for first-time buyers, and it can be a valuable tool for those who may not have the cash available for a down payment. 

Here’s how the Home Buyers’ Plan works: 

1.Eligibility for the Home Buyers’ Plan

To be eligible for the Home Buyers’ Plan, you must be a first-time home buyer and you must be purchasing a home that will be used as your primary residence. You are considered a first-time home buyer if you have not owned a home in the past five years. Additionally, you must be a resident of Canada and you must have a valid social insurance number. 

2.Withdrawal limits

Under the Home Buyers’ Plan, you can withdraw up to $35,000 from your RRSP to use as a down payment on your home. If you are purchasing a home with someone else who is also a first-time home buyer, each person can withdraw up to $35,000 for a total of $70,000. You can withdraw these funds from your RRSP at any time, but you must do so within the same calendar year as the purchase of your home. 

3.Repayment of the Home Buyers’ Plan

The funds withdrawn from your RRSP under the Home Buyers’ Plan must be repaid to your RRSP over a period of 15 years. You do not need to make any payments in the first year, but you must make annual payments starting in the second year. These payments are made in equal instalments, and they are considered tax-deductible contributions to your RRSP. 

4.Other considerations

There are a few other things to consider when using the Home Buyers’ Plan. First, you must have the funds available in your RRSP to withdraw. Second, keep in mind that the funds withdrawn from your RRSP will no longer be earning investment income. Finally, if you do not make the required repayment to your RRSP, the amount that was not repaid will be considered taxable income in the year it was due. 

Funds

The Home Buyers’ Plan can be a useful tool for first-time home buyers who may not have the cash available for a down payment, but it’s important to carefully consider all of the factors before deciding to use the program. If you are thinking about using the Home Buyers’ Plan and are looking for guidance and support, consider working with a mortgage broker or financial advisor. They can help you understand the program, as well as your other mortgage options, and can assist you in finding the mortgage solution that best meets your needs. 

Financial Security

Additionally, there are a few other things to consider when using the Home Buyers’ Plan. For example, you may want to think about how the HBP will impact your long-term financial plan. By using your RRSP to fund the down payment on your home, you are using funds that were originally intended for retirement. This means that you may have less money available for retirement, which could impact your financial security in the future. It’s important to carefully weigh the pros and cons of using the HBP and to ensure that it aligns with your long-term financial goals. 

Credit Score

Another factor to consider is the impact of the Home Buyers’ Plan on your credit score. Your credit score is a numerical representation of your creditworthiness, and it is used by lenders to determine your risk as a borrower. A higher credit score can lead to a lower interest rate on your mortgage, while a lower credit score can result in a higher interest rate or even a denial of your mortgage application. Using the HBP to withdraw funds from your RRSP may have an impact on your credit score, depending on how it is reported by your lender. It’s important to understand how the HBP will affect your credit score and to take steps to maintain a strong credit score. 

Budget

Finally, it’s important to consider the impact of the Home Buyers’ Plan on your budget. By using your RRSP to fund the down payment on your home, you are using funds that were originally intended for retirement. This means that you may have less money available for retirement, which could impact your financial security in the future. Additionally, you will need to make annual payments to your RRSP starting in the second year after you withdraw the funds under the HBP. These payments are made in equal instalments and are considered tax-deductible contributions to your RRSP. It’s important to carefully consider your budget and to ensure that you can afford the annual payments to your RRSP while still meeting your other financial obligations. 

Despite these considerations, the HBP can still be a valuable tool for first-time home buyers. By using your RRSP to fund the down payment on your home, you can make home ownership more affordable and achieve your dream of becoming a homeowner. Just be sure to carefully consider all of the factors before deciding to use the program, and work with a mortgage broker or financial advisor to find the mortgage solution that best meets your needs. 

Conclusion

In conclusion, the Home Buyers’ Plan (HBP) is a program offered by the Government of Canada that allows first-time home buyers to use their Registered Retirement Savings Plan (RRSP) to help fund the down payment on their home. The HBP can be a valuable tool for first-time buyers who may not have the cash available for a down payment, but it’s important to carefully consider all of the factors before deciding to use the program. These factors may include the impact of the HBP on your long-term financial plan, your credit score, and your budget.  

If you are considering using the HBP and are looking for guidance and support, contact Capital Mortgages today! Our team of experienced mortgage brokers can help you understand the program, as well as your other mortgage options, and can assist you in finding the mortgage solution that best meets your needs. Don’t miss out on the opportunity to take advantage of the HBP and make home ownership more affordable. Contact Capital Mortgages today and let us help you get started on the path to home ownership. 

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Benefits of Working with a Mortgage Broker

The Benefits of Working with a Mortgage Broker for Your Home-Financing Needs

When it comes to buying a home, there is a big difference between working with a mortgage broker and a bank advisor. While both may offer similar services, the benefits of working with a mortgage broker are very important when it comes to getting the best rate and terms for your mortgage.

Mortgage Broker vs. Bank Advisor

A mortgage broker is a professional who is licensed to represent multiple lenders and provide access to a variety of mortgage products. The broker is able to compare rates, terms and programs offered by different lenders, and can serve as a liaison between the borrower and the lender. Because a broker is not tied to any one specific lender, they can often find better rates and better terms than what may be offered by a single bank. They also have access to many lenders and can help you find a loan that best fits your financial needs.

On the other hand, a bank advisor is an employee of a specific bank or lender and they are limited to offering the products and services of that particular lender. They typically have an incentive to push their own products, and may not be able to find the best rate or terms available on the market.

Benefits of Working with a Mortgage Broker

The benefit of working with a mortgage broker is that they are able to do the shopping around for you and save you time. They can help you compare rates and terms from different lenders, and provide you with advice and guidance that is tailored to your individual needs. They also have access to a wide range of lenders and can help you find the best loan for your unique situation.

 1. Access to a wider range of mortgage products

Mortgage brokers have access to a wide range of mortgage products from multiple lenders, including banks, credit unions, and other financial institutions. This means that you can compare a variety of options to find the one that best meets your needs.

 2. Expert advice

Mortgage brokers are experts in the field of home financing and can provide you with valuable advice on the best mortgage products and options for your situation.

 3. Time savings

Working with a mortgage broker can save you time because they can handle much of the legwork involved in obtaining a mortgage, such as submitting loan applications and gathering documentation.

 4. Potential cost savings

Because mortgage brokers have access to a wide range of products, they may be able to find you a mortgage with a lower interest rate or fees, which could save you money in the long run.

 5. Convenience:

Working with a mortgage broker can be convenient because they can often provide you with information and assistance remotely, such as over the phone or online.

 6. Personalized service

Mortgage brokers take the time to understand your unique financial situation and needs, and can provide personalized recommendations and guidance to help you find the right mortgage product.

In conclusion, working with a mortgage broker can offer a range of benefits when it comes to obtaining a mortgage. Mortgage brokers have access to a wide range of products from multiple lenders, which can give you a greater choice of options to find the one that best meets your needs. They are also experts in the field of home financing and can provide valuable advice and guidance to help you make informed decisions. Additionally, working with a mortgage broker can save you time and potentially money, and can be convenient and provide personalized service. Overall, going with a mortgage broker can be a helpful and efficient way to find the right mortgage for your situation.

Are you ready to take advantage of the benefits of working with a mortgage broker for your home financing needs? Contact Capital Mortgages today! Our team of experienced brokers will work with you to find the best mortgage solution to meet your needs. We have access to a wide range of products from multiple lenders, and can provide expert advice and personalized service to help you make informed decisions about your home financing. Don’t miss out on the opportunity to find the best mortgage for your unique situation. Contact Capital Mortgages today and let us help you make your dream of homeownership a reality.

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

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First-Time Home Buyer in Canada: 5 Tips You Need to Know!

Buying a home for the first time can be an exciting and overwhelming experience. There are many factors to consider, from finding the right location and type of property to securing a mortgage and navigating the legal process. As a first-time home buyer in Canada, it’s important to be well-informed and prepared in order to make the best decisions for your financial future. Here are five tips to help you get started:

1. Determine your budget and get pre-approved for a mortgage

It’s important to have a clear idea of how much you can afford to spend before you start looking for a home. Take into account your income, debts, and any other financial obligations you may have. You may also want to consider seeking the advice of a financial planner to help you create a budget and plan for your home purchase. Once you have a good understanding of your budget, it’s a good idea to get pre-approved for a mortgage. This will give you a clear idea of the price range you can afford and will make you a more competitive buyer in the market. It will also help you avoid the disappointment of falling in love with a home that you can’t afford.

2. Research your mortgage options

There are many different mortgage products available in Canada, and it’s important to understand the pros and cons of each in order to find the one that best meets your needs as a first-time home buyer. Some options to consider include fixed-rate mortgages, variable-rate mortgages, and high-ratio mortgages. You may also want to consider working with a mortgage broker, who can help you compare rates and terms from different lenders and find the best mortgage solution for your situation.

3. Save for a downpayment

The size of the downpayment you need to make on a home in Canada will depend on the type of mortgage you choose. For a conventional mortgage (one where the downpayment is 20% or more of the purchase price), you will typically need to save at least 5-20% of the purchase price for a downpayment. For a high-ratio mortgage (one where the downpayment is less than 20% of the purchase price), you may need to save as little as 5% of the purchase price, although you will be required to purchase mortgage default insurance in this case. It’s a good idea to start saving for a downpayment as early as possible, as this will not only help you secure a mortgage, but it can also save you money in the long run by reducing the amount of interest you pay on your loan.

4. Find a good real estate agent

A good real estate agent can be a valuable resource for a first-time home buyer. They can help you navigate the complex process of buying a home, from finding properties that meet your criteria to negotiating the purchase price and closing the deal. Look for an agent who has experience working with first-time home buyers and who understands your needs and budget.

5. Understand the legal process

Buying a home in Canada involves a complex legal process, and it’s important to understand what is involved in order to protect your interests. This includes reviewing the purchase and sale agreement, hiring a lawyer to handle the closing process, and obtaining mortgage insurance if required. It’s a good idea to seek the advice of a lawyer or other legal professional to help you understand your rights and responsibilities as a home buyer.

In conclusion, buying a home for the first time can be a daunting task, but it’s also a exciting and rewarding experience. By following these five tips, you can increase your chances of success and find the home of your dreams. If you are a first-time home buyer in Canada, be sure to determine your budget, research your mortgage options, save for a downpayment

If you are a first-time home buyer in Canada and are looking for guidance and support throughout the process, contact Capital Mortgages today! Our team of experienced mortgage brokers can help you navigate the complex world of home financing and find the best mortgage solution to meet your needs. We can help you compare rates and terms from different lenders, understand your budget, and find the right mortgage product for your situation. Don’t miss out on the opportunity to make your dream of homeownership a reality. Contact Capital Mortgages today and let us help you get started on the path to home ownership.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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inspecting a new home

8 Things You Should Check When Inspecting a New Home

When buying a new home, you’ll want to check for red flags that could indicate future problems. Your inspection is critical to finding anything that might be hidden or overlooked by less diligent buyers. However, with new technologies and home design strategies being used more frequently, the modern inspection process differs from what buyers have come to expect in previous years. Today’s inspectors are trained professionals who understand how various factors impact the home from both inside and out. No matter your inspector, there are some things you should check. This will help you make an informed decision about any issues that may need to be addressed before moving forward with your purchase. Check out these 8 things you should check when inspecting a new home…

Licensed and Certified Inspectors

All states require that home inspectors be licensed, but this is not a requirement for home builders or appraisers. A licensed inspector is held to a higher standard than an unlicensed person because they have demonstrated a commitment to quality and integrity in the profession. In addition, the inspector’s insurance company may require that he or she have a state license to inspect your home. For example, in Texas, an inspector must have a license to inspect new homes under construction, additions, or repairs that exceed $5,000. A certified inspector will have undergone extensive training, including instruction on the building codes and safety issues that affect the home and its inhabitants.

The Exterior of the Home

The exterior of the home can indicate a lot about its condition and its maintenance level. It can also give you insight into how well it was built. Some things to look for include:

– Curb appeal: A well-constructed home will have a good curb appeal, while a shoddily built one will not. Check for things like uneven levels, poor attention to detail, and other things that should be fixed.

– Excessive wear: If the siding is peeling, the windows are cracked, or the paint is old and cracked, the home may be due for replacement.

– Structural integrity: Make sure the walls are plumb, the roof is not sagging, and there are no signs of structural damage.

The Roof

Asphalt shingles can last up to 20 years. Wood shingles last about 15 years, depending on the quality and maintenance. Next, inspect the roof’s condition, including the type of roofing and any signs of damage. If the roof is nearing the end of its life span or there are other concerns, it may be a good time to negotiate with the seller to replace it.

Windows and Doors

The windows and doors can tell you a lot about how well the home is insulated. If they are not up to modern standards, they could be a significant energy loss. Check the following:

– Are the windows and doors level? Evenly spaced? In good condition? If not, they will need to be replaced, which could be a costly project.

– What type of windows do you have? If you have older single-pane windows, you will likely want to replace them with newer, more energy-efficient models.

– Are the doors and frames insulated? What type of insulation do they have? Again, this could be an energy loss.

The Foundation

The biggest potential issue with the foundation is a structural defect that is not evident on the surface. Check for cracking and other signs of foundation issues.

– Are you on a hill or a slope? If that could affect the foundation, it could indicate a problem.

– What is the soil like? If it is loose soil, it could indicate a problem.

– Are there any indicators that the water table is close to the surface? If so, there could be a problem.

Interior Walls and Ceilings

While you can’t see the foundation, you can see inside walls. Check for the following to get an idea of the home’s condition and maintenance level.

– Do the walls have cracks? Are they uneven? Are they plumb? If so, you may need to have them repaired or repainted.

– Are the walls consistent in their finish? If not, it could indicate repairs that were done badly.

– How are the electrical outlets and light switches mounted? Are they level? If not, that could indicate a need to repaint.

Electrical Systems

The electrical system is the heart of the home. If there are excessive or loose wires, it indicates a potential problem. Check the following items:

– Is the electrical panel mounted level? If not, it could draw in pests and cause a potential fire hazard.

– Are there any loose wires? If so, that could indicate a problem.

– Are the breakers properly sized? Excessively large circuit breakers could indicate a problem.

The Water Heating System

The water heating system is another important component of the home. You can check the following:

– Is the water heater mounted level? If not, it can cause damage to the unit.

– Is the water pressure in the house consistent? If not, it could indicate a problem.

– Are there any loose connections? Loose connections can cause a variety of issues, including decreased flow.

Summary

These are just a few things you can check when inspecting a new home. It will help you make an informed decision about any issues that may need to be addressed before moving forward with your purchase.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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tips for getting organized

7 Tips for Getting Organized When Moving Into a New Home

You’re super excited to move into a new home, but it comes with a catch. You need to pack up your old home and move into the new one in only a few days. So much for that plan of slowly moving things over time. If you have ever moved before, you know how stressful this can be. Packing everything, cleaning, sorting and unpacking are not exactly your favorite activities. But when you add all the other responsibilities of work and life, the situation becomes even more challenging. Fortunately, there are ways to ease the stress and get organized when moving into a new home so that you can enjoy your new space from day one and feel good about it from day one as well as long after that. Here are 7 tips how:

Plan Before You Start Packing

If you have ever been in a rush to pack, you know how chaotic the process can become. You might be tempted to just pack everything, but that simply isn’t a good idea. You need to plan out your packing strategy in a way that best suits your needs and the nature of your items. Here are some tips to get you started:

– Create categories of items – Decide what items go where in your house (e.g. kitchen items, bathroom items, etc.). This will help you create categories of items that you need to pack.

– Create a packing chart – This will help you know what you need to pack and in what order. Make sure you include all the items you need such as bedding and kitchen items.

– Pack like items together – There are many ways to pack your items when you move. If you decide to pack things yourself, it is best to pack like items together so you don’t have to unpack them later.

Start With the Most Important Rooms

Moving is always a great opportunity to make some changes in your home. If you start your packing and organizing with the rooms where you spend the most time, you will get a lot accomplished. In fact, we recommend that you start with your bedroom, bathroom and kitchen. These are rooms where you will spend a lot of time and want them organized to your liking as soon as possible. These rooms also tend to have a lot of stuff that you don’t need or use. These are great rooms to clear out old items and make room for new items that you will use more often. You can also start with the rooms that have the most items that need to be packed. You can pack these items first and be done with them. These rooms can include the kids’ rooms, the garage and the living room or den.

Hire Professional Help

Moving is hard work. There is no doubt about that. If you are in a hurry and/or live in a large home, you should consider hiring professional help. This will help you get done faster and more efficiently. You will also greatly reduce your risk of injury while saving time that you can spend on other important tasks. You can hire help for packing your items, hauling them to the new home and unpacking them. Also, you can hire a cleaning service to help you clean your old home. They will do a thorough job, and you will be free to do what you need to get done. You don’t need to spend a fortune on professional help. You can often find reliable helpers and cleaning service providers at discounted rates. Also, you can use discount services like Man with a Van or Handy.

Create a Moving Checklist

This is a common tip for those who love to be organized and efficient. You can create a checklist that includes all the tasks that need to get done before you move. This will ensure that you don’t miss anything and will make your life much easier. Here are some checklist items that you might want to consider: – Cleaning – Clean your old home thoroughly before you move out to ensure it is in good shape for the next tenants. This will also help you identify what needs to go.

– Packing – Pack your items and mark them clearly so you know what goes where. This will make unpacking a breeze.

– Moving logistics – Organize the moving logistics so that you know exactly when and how everything will happen. This will help you avoid stress and last-minute issues.

– Visiting your new home – Take some time to visit your new home and get familiar with it. This will help you plan how to unpack and organize your things.

– Hiring employees – If you own a business, you need to let your employees know that you are moving. This will help you keep your employees informed and make it easier for them to get to work.

Label Everything

Labeling your boxes and items can help you get things organized. You can also use this to identify areas of the new home where you should store things. This will help you avoid clutter and keep your new home clean and organized. If you have kids, consider labeling areas where they can keep their items. This will help them keep their spaces tidy and organized. You can also consider labeling cabinets and drawers in the new home for an easy way to get organized. If you have a lot of items that need to be labeled, you can use a labeling machine to save time. You can also consider hiring a professional organizer to help you get started with the labeling process.

Set Up a Workspace and Storage Area

You should set up a workspace in your old home where you can pack, organize and clean items. This will help you get things done in a timely manner and keep your house clean and tidy while you are busy with other things. You can set up a clean and safe space in a garage or a room where you can store boxes until it is time to move them to the new home. This will keep things out of sight and make the process much easier. You can also set up a storage space in your new home where you can store items that you don’t need often but that you don’t want to get rid of. This will make it easier for you to unpack the items when you need them. You can store these items in cabinets, on shelves or in boxes.

Only Bring What You Need and Will Use

You don’t need to keep every item that you have ever owned. In fact, it is better to get rid of excess items and only bring what you need and will use. This will help you de-clutter your new home and make it easier to keep tidy and organized. Start by going through all the items that you have packed and get rid of anything that you don’t need. You can also ask yourself if you will use the items in the future. If the answer is no, you don’t need to bring those items with you. You can trash them, donate them or sell them for some extra cash. This will help you declutter your new home and make it easier to get organized.

Conclusion

Moving into a new home is a great time to get organized. You can start with the rooms where you spend the most time and then work your way through the rest of the house. You can create a checklist of tasks to get done, hire professional help and label everything. Take the opportunity to only bring what you need and will use with you to the new home.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

5 Ways to Increase Your Property Value

5 Ways to Increase Your Property Value

When you buy a home, one of your primary goals is to make equity in that property and sell it for more than you bought it for someday. However, not everyone who buys a home does so with that intention from the start. In some cases, people buy homes because they need a place to live now and cannot wait to upgrade or resell at a later point. In other words, some people buy houses as an investment rather than a place to call home until they can afford something better. Some properties are worth more than others because they have certain amenities or are in a prime location. You may think you’re getting a good deal on your property right now, but if you plan on selling in the future, there may be things you can do right now to increase its value.

Know the local market

When you buy a home, it’s important to understand the local market. This will help you determine how much a comparable property in your area is worth. It will also help you to determine how much you should pay for a property. The amount of equity you’re able to build in your home is directly related to the amount others will be willing to pay for it. If you want to sell your home in the future, you need to know the current market value of your property. This will help you to determine what price you should list your home at so that you don’t end up with a lot more house than you can sell.

Keep your home in great condition

If you want to increase your property’s value, you need to maintain it in great condition. This means keeping your home clean inside and out. It also means that any small repairs need to be addressed as soon as they’re discovered. If you’re able to keep your home in good shape, potential buyers will be able to see the potential in your home. They’ll be able to imagine themselves living there and will be willing to pay a higher price for it.

Update your kitchen and bathrooms

A kitchen is one of the most important rooms in any home. If you’re updating your kitchen, you have a chance to make your home a lot more valuable. New appliances, new countertops, and new cabinets can make a big difference in the price of your home. If your bathroom is outdated, you can also increase your home’s value with a new bathroom. Replacing old fixtures, adding new tile, and installing new cabinets will make a big difference in the price of your home.

Add fresh landscaping

A fresh landscaping job can make a big difference in the price of your home. If your yard is lacking curb appeal, it’s easy to see how prospective buyers could be turned off. If you can make your home appealing to prospective buyers, they’ll be more likely to pay a higher price for it. A new landscaping job can add curb appeal and make your home more valuable.

Add value with small renovations and repairs

Newer homes are more valuable than older homes. If you have a house that has been on the market for a while, you may want to consider making some minor renovations. If your roof, heating and cooling system, or other major appliances are nearing the end of their lifespan, you may want to replace them with new ones. This may cost you a few thousand dollars, but it will add value to your home and make it more attractive to buyers.

Conclusion

Making improvements to your home can help you increase its value. However, you should make sure that any renovations or repairs you make are high-quality so that they will last for years to come. If you want to sell your home for the highest possible price, you may want to consider hiring a professional real estate agent. They can help you determine the best ways to increase your home’s value and make listing your home easier.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

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Tips to Prepare and Maintain your Patio for Winter

Tips to Prepare and Maintain your Patio for Winter

Keeping your patio ready for the cooler months isn’t as simple as switching on the heater and adding a coat. In fact, with all the prep that goes into maintaining your outdoor space, you might question why you have one at all! But trust us on this: Keeping your patio in working order during the winter is worth it.You see, even though it can be harder to access than an indoor space, having a well-maintained outdoor area makes all the difference when you need to get out of the house. A tidy patio will also stay neat throughout winter thanks to these tips. Keep reading for helpful tricks to maintain your patio before winter arrives.

Maintaining Outdoor Spaces Before the Cold Arrives

The best way to ensure your patio is safe to use during the colder months is to prep it before it gets cold. This means cleaning the area thoroughly and storing any furniture that might get ruined during the winter, as well as making sure the patio’s surface is working properly. Clearing away leaves, debris, and cobwebs will not only help to make your patio look cleaner and more inviting, but it will also make it easier to clean if rainwater pools there. Plus, by cleaning your patio and checking its surface now before the colder weather, you have a much better chance of identifying any issues that may arise before they become a major problem. This is also the best time to make any repairs that need to be done to the patio, like replacing old or broken tiles or painting over chipped or faded areas.

Repair Chipped and Flaking Paint

If your patio is painted, you’ll want to make repairs to chipped and flaking areas before the colder weather arrives. This is especially important for wooden patios, since chipped or peeling paint may cause splinters. When painting wood, use a two-part polyurethane coating to protect it from moisture and the elements. Make sure to apply a primer to chipped, damaged, or bare areas before applying paint to avoid flaking, bubbling, and peeling. You’ll also want to avoid painting directly onto synthetic or concrete surfaces, as paint can be difficult to remove later.

Add New Coats of Protective Sealant

If you’ve applied protective sealant to your patio before, you’ll want to reapply it again before the colder months. Sealant protects against stains, water damage, and other causes of damage, so it’s essential for keeping your patio in good shape during the winter months. Look for sealants that will be effective in cold weather, as some are better than others at handling the freezing and fluctuating temperatures of winter.

Check for Leaks and Watering Issues

Before the winter arrives, you also want to make sure your patio isn’t leaking or watering excessively. Look for any signs of water damage, such as discoloration or mildew, and repair any leaks as soon as possible. This is also a good time to check for any broken or worn-out sprinkler heads. You may want to switch to an automatic watering system if the weather is expected to be cold enough to freeze your lawn.

Maintain a Clean Environment

Finally, you should also try to maintain a clean environment for your patio. Reduce the risk of pests, like ants or other insects, by cleaning up any crumbs or debris that may be lying around. This will also help to keep your patio looking tidy and clean. Of course, you’ll also want to watch the forecast and plan around any incoming weather. If you know a snowstorm is on the way, try to sweep off any areas that might collect snow.

Conclusion

Keeping your outdoor spaces maintained and ready for the cooler months is essential. It’s also important to note that you’ll want to follow these tips any time you notice your patio isn’t in the best shape. Of course, certain areas like your patio are more susceptible to damage during the winter months, so it’s best to stay on top of any maintenance issues you can identify early on. With these tips, you’ll be well on your way to keeping your patio in good shape through the winter and beyond.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

The Most Romantic Things to Do in Ottawa this Valentine’s Day

It’s almost February, and you know what that means — Valentine’s Day is just around the corner. Whether you like to shower your loved one with gifts or prefer a more low-key celebration, there are lots of romantic places in Ottawa to visit on this special day. Here are a few of our top suggestions of what to do in Ottawa this Valentine’s Day:

 

Go for a skate on the canal

Choose a mild winter evening to go for a romantic skate on the ice with your loved one. Hold hands and cuddle together for warmth as you travel along the longest ice skating rink in the world, right through the heart of the city. End your evening with a hot chocolate and a Beavertail, surrounded by the twinkling lights of downtown Ottawa.

 

Enjoy a spa day

Treat your partner to some well-deserved pampering at one of the wonderful spas in the Ottawa-Gatineau region. Our favourites are Le Nordik in Chelsea and the Amerispa in Cantley! Take the time to relax, reconnect and enjoy one another’s company.

 

See a show at the NAC

Does your loved one adore the theatre? Take them to enjoy a show at the newly-renovated National Arts Centre. The NAC hosts the best music, dance, and theatre shows in the country, with plenty to choose from! With the NAC’s prime downtown location, you can enjoy a stunning pre- or post-show meal at one of Ottawa’s top restaurants, such as Riviera on Sparks Street or e18hteen in the Byward Market.

 

Take a cooking class together

Do you and your partner enjoy eating out? Learn how to treat yourselves to restaurant-quality meals in the comfort of your own home by taking a cooking class. The Urban Element has a variety of impressive cooking classes to choose from hosted by some of Ottawa’s top chefs. Whether you’d like to try Moroccan or Mediterranean cuisine, or simply learn some cooking fundamentals, The Urban Element has something for everyone.

 

Dinner and drinks with a view

One of Ottawa’s hottest new drinks spots is the rooftop bar at the Andaz Ottawa in the Byward Market. Head up to Copper Spirits & Sights on the 16th floor to enjoy unparalleled sights of the beautiful city of Ottawa, while enjoying a classic cocktail. The hotel’s restaurant, Feast + Revel, boasts innovative and sophisticated Canadian cuisine guaranteed to tantalize your taste buds.

 

However you are celebrating this Valentine’s Day, we hope you enjoy yourselves! Are you and your loved one looking to secure a mortgage? At Capital Mortgages, we work to deliver unbiased mortgage advice from a vast choice of mortgage options with dozens of different lenders, saving you both time and money. Contact us today to get started!

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

10 Mortgage Terms Every First-Time Homebuyer Should Know

Buying your first home can be an overwhelming venture. If you are not financially-savvy, then terms such as ‘amortization period’ and ‘variable-rate mortgage’ may have you scratching your head in confusion. To help ease some of your worries, our expert team of brokers at Capital Mortgages have gathered together the top ten mortgage terms that every first-time homebuyer should know:

 

Amortization Period

The mortgage amortization period is the number of years it takes to repay the entire amount of the financing based on a set of fixed payments. Historically, the standard amortization period has been 25 years. However, shorter and, in some cases, longer time frames may be available depending on the amount of down payment you have available.

 

Mortgage Term

Not to be confused with the mortgage amortization period, the mortgage term describes the period of time your mortgage financing agreement covers. After the mortgage term has ended, you will have the choice to repay the remainder of the loan in full or renegotiate a new mortgage at current interest rates. The terms available are six months, or one, two, three, four, five, six, seven, and ten year terms, with the interest rates fixed for whichever length of term you choose.

 

Down Payment

When buying a home in Canada, a minimum down payment of 5 per cent of the purchase property value is required. In addition to the down payment, you must also be able to show that you have the capacity to cover other closing costs such as the legal fees and disbursements, appraisal fees and a survey certificate. At least 5 per cent of the down payment must be from your own cash resources and not a borrowed amount from a financial institution.

 

Principal

The principal describes the original amount borrowed in your mortgage loan, before interest. As you make regular mortgage payments, this number will decrease.

 

Gross Debt Service Ratio (GDS)

This is one of the mathematical calculations used by lenders to determine a borrower’s capacity to repay a mortgage. It takes into account the mortgage payments, property taxes, approximate heating costs, and a percentage of any condo maintenance fees, and this sum is then divided by the gross income of the applicants.  Maximum ratios based on your credit history range between 32 per cent and can go as high as 39 per cent.

 

Total Debt Service (TDS) Ratio

This is the other mathematical calculation used by lenders to determine a borrower’s capacity to repay a mortgage. It takes into account the mortgage payments, property taxes, approximate heating costs, and a percentage of any condo maintenance fees, and any other monthly obligations (i.e. personal loans, car payments, lines of credit, credit card debts, other mortgages, etc.) This sum is then divided by the gross income of the applicants. Ratios up to 40 per cent are acceptable.

 

Fixed Rate Mortgage

The interest rate for a fixed rate mortgage is locked in for the term of the mortgage. Payments are set in advance for the term, providing you with the security of knowing precisely how much your payments will be throughout the entire term. Fixed rate mortgages can be open (may be paid off at any time without breakage costs) or closed (breakage costs apply if paid off prior to maturity).

 

Variable Rate Mortgage

With a variable rate mortgage, mortgage payments and interest rates may fluctuate up and down during the term. Regarding variable rate mortgages with a fixed payment: if interest rates go down, more of the payment is applied to reduce the principal. If rates go up, more of the payment is applied to payment of interest. For variable rate mortgages with a variable payment: if interest rates go down, the payment goes down. If rates go up, the payment goes up. Variable rate mortgages may be open or closed. A variable rate mortgage provides you with the flexibility to take advantage of falling interest rates and to convert to a fixed rate mortgage at any time.

 

Conventional Mortgage

A mortgage up to 80 per cent of the purchase price or the value of the property. A mortgage exceeding 80 per cent is referred to as a “High-Ratio” mortgage and the lender will require insurance for that mortgage.

 

High-Ratio Mortgage

A mortgage that exceeds 80 per cent of the purchase price or appraised value of the property. This type of mortgage requires mortgage default insurance.

 

If you are still a little confused, or would prefer to talk to someone in person about securing your first mortgage, then do not hesitate to reach out to our team! With 20 years of experience in the mortgage business, we have the expert knowledge required to guide you effortlessly through getting your first mortgage and beyond.

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

7 Financial New Year’s Resolutions for 2019

The beginning of every new year presents a blank page — a fresh start which offers you the chance to begin the year on the best foot. If you hope to become more financially savvy in 2019, then take a look at these top financial resolutions to help you save better and spend smarter in the new year:

 

Do an audit of last year’s spending

The best way to formulate an effective financial plan and to stick to it, is to know your spending habits. Do an audit of your spending and financial habits over the previous year. What were you spending the most amount of money on? Were all the purchases necessary? Identify any financial mistakes and make sure not to make them again.

 

Identify your financial goals and set a budget

Armed with the knowledge from your personal audit, decide on your financial goals for the years and set yourself a realistic monthly budget. Are you saving up for a down payment or a vacation? Perhaps you want to help your child pay for their education. Whatever your goals, be specific. Know how much money you need to save and budget accordingly. Whether you use a personal finance app, a spreadsheet, or a trusty notebook, track all your monthly outgoings and make sure you’re staying within your arranged budget.

 

Automate better financial habits

To get yourself started on a more secure financial path, start by automating some better money habits. For instance, set up a direct debit to send money directly into your savings account after you get paid every month. If you have debts to pay off, calculate those in your budget and automate those monthly payments too.

 

Commit to ‘no-spend’ days

One day a month, or even one day a week if you’re feeling ambitious, commit to having a ‘no-spend’ day where you don’t get your wallet out for any reason. Cook at home, watch a movie with your family, and don’t make any purchases. Think outside the box and find free activities to enjoy. You’ll feel all the better for it!

 

Cut back on bad money habits

What did you notice after looking back over last year’s finances? Perhaps you spent too much money on fancy coffee, or went shopping for new clothes too often. By recognizing your bad money habits, you can make more of an effort in the future to curb them.

 

Connect your resolutions

Bad habits can be hard to break and good ones difficult to form. To make things go a little smoother, try connecting your new year’s resolutions until the become second nature. Planning to get fit and exercise in the new year? For every successful workout you do, put $5 into your savings account. Seeing the money stack up will incentivize you to keep heading to the gym. Miss a workout? You have to pay $5 to a family member or friend instead.

 

Listen to a personal finance podcast or read a book

Knowledge is power and the more knowledge you have about your personal finances, the more power you will have to make smarter financial decisions. There are a huge number of personal finance podcasts available, whether your interest is in investing, frugality, or paying off debt. IF you’re not a podcast listener, pick up a book instead.

 

Looking to secure a mortgage in the new year? Capital Mortgages has been serving the community since 1999 with over 4 billion dollars in mortgages placed. We work to deliver unbiased mortgage advice from a vast choice of mortgage options with dozens of different lenders. For you, this means saving both time and money. Do not hesitate to contact us today!

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

The Best Holiday Gifts for New Homeowners

It’s that time of year again! The holiday season is upon us. No doubt you have a long list of gifts to buy for all the important people in your life. If some of those people are new homeowners, they will likely be looking forward to spending their first Christmas in their new home. To commemorate this important milestone, here are some extra special gift ideas for new homeowners:

 

Key Holder

What’s one of the most frustrating things about being a homeowner? Losing your keys! Ensure this never happens by gifting the new homeowner with a stylish key holder that will take pride of place in their entryway.

 

New Home Christmas Ornament

Give the gift of a happy reminder that will be brought out year after year to adorn the Christmas tree! A personalized ‘new home’ ornament is the perfect way for the new homeowner in your life to always look back fondly on the first Christmas in their new home.

 

Personalised Painting

Commission a local artist to paint or draw a picture of the new home, so that it can hang on the wall for many years to come. Even if the homeowners eventually move, the picture will serve as a joyful reminder of the home in which they shared many happy memories.

 

Engraved Cutting Board

If the new homeowner is a whiz in the kitchen, consider getting them a personalized cutting board that is not only practical, but looks great too. If they would prefer not to use it, they can display it in the kitchen instead.

 

Personalized Doormat

A doormat may seem like an uninteresting gift, but it is likely something the homeowner will not purchase for themselves! There are many options these days, from decorative to comedic, giving you the opportunity to pick the best doormat that fits the homeowner’s personality. For an extra special touch, get a personalized doormat with the homeowner’s name.

 

Champagne Flutes

Christmas means holiday parties, hosting friends, and celebrating the year that has just passed. Help the new homeowner see the holiday season through in style with some attractive champagne flutes that they can use to toast other important milestones in the years to come.

 

Scented Holiday Candle

Scents can evoke powerful memories, especially at certain times of the year. Do you have a favourite Christmas scent? Bring the wonder of the holiday season indoors by giving a beautiful scented candle this Christmas.

 

Are you excited for the holidays? At Capital Mortgages, we love this time of year as it gives us the chance to reflect back on all the wonderful times we have shared with our valued clients. If you are looking to buy a home in the new year and would like to learn more about the financing options available to you, do not hesitate to reach out to the experienced team at Capital Mortgages. Whatever your situation, we can help you find a solution that best fits your needs.

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

Important Home Maintenance Tasks for Fall

Ottawa is truly beautiful in the fall. The leaves on the trees turn from green to breathtaking shades of russet, ochre and crimson, while the crisp fall air provides a refreshing change from the humidity of summer. Fall is a time of transition, and this transition should also apply to our homes as we get ready for the coming winter months. By undertaking a few small home maintenance projects now, we can ensure the health of our homes throughout the colder weather. Our team has gathered together a few important fall home exterior maintenance tips for you:

 

Rake leaves

Taking care of your lawn is not just something to consider during the summer months, you should continue to do so during the fall and winter months as well. Make sure to rake up any leaves before the first snow falls. Leaves left under a layer of snow can rot and smother the grass, meaning you won’t have a lovely green lawn to show off when spring arrives.

 

Mow the lawn

Once you have raked up any fallen leaves, mow your lawn. Mowing the lawn is something that should be done regularly. Frequent mowing keeps your lawn under control and stops the long grass from becoming a hiding place for rodents and other small creatures, who may scurry into your home given half the chance.

 

Clean the gutters

Cleaning out gutters is far from an enjoyable outdoor task, but it is an important one! Clear your gutters of any rotten leaves, sticks or other debris to prevent them from overflowing with water in the case of a heavy rainfall this fall or winter.

 

Fix driveway cracks

If left untreated, any cracks in your driveway could pose a huge problem this winter. When snow falls and settles into the cracks, it could cause the concrete to freeze and then expand, making the cracks even bigger. Depending on the material of your driveway, find an appropriate product to fix cracks in the fall and avoid winter damage altogether.

 

Touch up chipped paint

Paint protects the exterior of your home. If paint is flaking or chipped, it means the protective layer is compromised. Chips and cracks could let in moisture, which cause mould and rot. To avoid this issue, make sure to touch up any chipped or flaking paint on the exterior of your home this fall.

 

Remove moss

Moss may look attractive covering your home but it can actually cause huge problems for both your home’s exterior and interior. Moss holds a lot of water, which can seep into your roof and, if left untreated, eventually inside your home. To avoid water damage or mould issues caused by moss, remove it before it has a chance to spread.

 

Are you looking to purchase a home this fall? At Capital Mortgages, we have the knowledge, experience and network to find you the most favourable financing now and for future terms. Do not hesitate – contact us today!

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

What Happens to Your Mortgage When a Natural Disaster Destroys Your Home

Last week a series of tornadoes touched down in the Ottawa/Gatineau region leaving destruction in their wake. Many residents suffered days without power, while others were left completely without shelter as the tornadoes caused irreparable damage to their homes. Our thoughts go out to those affected by the events of last week.

It is likely the last thing on your mind in a moment like this, but in the days and weeks following the catastrophe certain questions may need to be answered. Questions such as “What happens to my mortgage after a house is seriously damaged or even completely lost?”

It may not be much, but we hope to answer some of those questions here in the hopes that this information may prove valuable to those residents most affected.

Here are some key points:

In the event the home is damaged, lost, destroyed, or cannot be occupied, the first phone call you make should be to your insurance company.

Unfortunately, regardless of the condition of the home, the obligation to continue paying the mortgage still exists.  It is particularly important that it be kept up to date to protect your credit rating.

If you have any concerns about your ability to make any of your mortgage payments, then contact your Mortgage Company right away. Even if you think there may be some issues down the road, contact them right away. If you are not sure how to reach them, contact your mortgage broker.

Any property owners that have been affected may experience financial hardship as a result of temporary evacuation or from the need to rebuild or repair their homes. The mortgage lenders as well as the mortgage insurers are keenly aware of this.  

Should you have been impacted, the following options may be available to help you through this difficult time:

  • Deferral of your mortgage payments
  • Re-amortization of the loan to result in lower payments helping you with cash flow challenges.
  • Capitalization of outstanding interest arrears and other eligible expenses onto the mortgage.
  • Special payment arrangements to be agreed upon by you and your mortgage lender.

 

The key here is to contact your Mortgage Lender right away if you have any concerns at all. If you have any further questions, you can reach out to our experienced team at Capital Mortgages and we will do everything we can to help you.

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

9 Packing Tips to Make Moving Home Easier

Congratulations on your beautiful new home! Now, you face the less-than-fun part: Packing all of your many belongings so they can safely arrive at your new place. This is easier said than done, but here are a few tips to ensure your move is streamlined and stress-free:

 

 

1) Purge as much as possible

 

Take this opportunity to de-clutter, donate and get rid of anything you don’t really use or need. That way, you’ll have a LOT less to move on moving day (and you won’t have the same unnecessary items attracting dust in your closet).

 

 

2) Hire movers at least a month out

 

Make sure to research and hire movers at least a month ahead of time so you can plan and take time off work, etc., as needed. Many movers get busy on weekends, especially in warmer months and peak moving seasons, so consider saving money by moving on a weekday.

 

 

3) Pack in shifts

 

Pace yourself when it comes to packing! Packing slowly over time will be much less stressful than packing it all last-minute.

 

 

4) Protect your delicate items

 

Pack delicate items and expensive electronics (like TVs) in their original packaging (if possible). Or, wrap these items in packing paper, bubble wrap or quilts to ensure they aren’t broken when jostled or moved.

 

 

5) Disconnect your services

 

Utilities are often one of the last things you think about when you move, but you’ll save money and confusion later if you contact your utility companies ahead of time to disconnect your services. Also file a change of address with the postal service and any other important companies a few days before you move.

 

 

6) Accurately label moving boxes

 

Being careful about labeling your moving boxes will help you to find and organize your household items once you start to unpack. Include details about where the items were found or which room the items should be placed in.

 

 

7) Use smaller boxes for heavier items

 

For heavier items—such as books—you’ll want to use smaller boxes. Heavier items in larger boxes will be harder to lift and to balance when moving.

 

 

8) Stack dishes vertically

 

Dishes will be safer and easier to move when stacked vertically versus horizontally. Place packing paper or bubble wrap between each plate for extra protection.

 

 

9) Set aside cleaning supplies

 

Rather than packing up all your cleaning supplies to use at your new place, leave some behind at your old place. That way, you can do a deeper clean of all the spots you couldn’t reach when your furniture was in the way.

 

For all your mortgage needs, including information on renewing your mortgage or refinancing your property, the experienced team at Capital Mortgages can help! Do not hesitate to reach out with any questions or concerns you may have — we look forward to hearing from you.

 

 

8 Smart Spring Cleaning Tips for Your Home

 

Spring is upon us, and with the fresh spring air (and hint of warmer weather) typically comes the cleaning bug. Is your goal to clean smarter this year? Throw open those windows, turn on your fans and use these brilliant tips to tackle spring cleaning your home:

 

1) Clean windows with a windshield squeegee

Struggle with paper towels or cleaning wipes when cleaning your windows? A windshield squeegee (the same you use for your car windshield) helps get those windows sparkling without the streaks.

 

2) Freshen blankets and pillows by airing them outside

Sometimes instead of a wash, blankets and pillows that have been sitting inside just need a fresh air infusion. Hang them up on a clothesline or let them sit in the sun and let nature do the spring cleaning.

3) Use vinegar to remove mineral deposits

Did you know you can use paper towels soaked in vinegar to remove lime buildup around faucets and other surfaces in your bathroom? If you have dirty or closed shower head jets, vinegar can also be used to clean off built up mineral deposits.

4) Rent a professional carpet cleaning device

Many home improvement stores offer professional-grade carpet cleaning devices for rent. This offers a much deeper clean than simply vacuuming, and at a much cheaper cost than hiring professionals.

5) Wipe down your walls

Often walls get neglected when it comes to home cleaning, even though they get dirty from falling dust and other debris. Clean your walls by using a sponge mop or wet towel with watered down dish soap.

6) Disinfect your sink disposal with lemon

Over time, your sink disposal can get somewhat stinky and have food build-up. Send some cut-up lemon, ice and salt down the disposal to help rub off food particles and get rid of any unwelcome smells.

7) Protect shower doors with a water repellent

Once you’re done cleaning shower doors, apply a coat of auto rain repellent — the same as you would on your car’s windshield. The water will bead and slide off instead of building up on your glass.

8) Get rid of unworn clothes and garments

Use this rule of thumb: If you haven’t worn it in a year or more, ditch it! Clearing your clothing clutter will create much-needed space in your closets and drawers.

 

Spring is the season of growth and rebirth, making it the perfect time to make a change. Do you need help obtaining a mortgage this season? We can help! Contact a member of our experienced Capital Mortgages team today and we’ll talk you through the process.

Capital Mortgages and HealthPartners Announces Unique Partnership for Our Health

 

They say a person’s home is their castle and that being healthy is being wealthy. There’s a natural fit between health and home — and the importance of both in our quality of life — which is why a new, unique partnership between HealthPartners and Capital Mortgages Inc. is so exciting!

 

This latest partnership represents more than a new fundraising avenue for HealthPartners, which connects people to health information, resources and life-saving and enhancing research through its 16 well-known and trusted health charities. Through Capital Mortgages, HealthPartners will also be reaching a new and different employee and customer base. Employees, consultants and brokers who work for Capital Mortgages, as well as ordinary Canadians who use the company’s brokerage services to buy a home.

 

“We all live in neighbourhoods and communities of every shape and size across Canada,” says Eileen Dooley, Chief Executive Officer of HealthPartners. “Just as HealthPartners is a connector to more than 1,200 health programs in communities across the country, helping to improve the health and well-being of Canadians who are impacted by chronic illness or a major disease, Capital Mortgages is a connector, helping people buy a home that fits their financial future. This is a perfect partnership because together we can make an impact not only on the financial health of home owners but on their personal health as well.”

 

This includes mental health and well-being, a strong interest of Capital Mortgages. “Given HealthPartners’ knowledge and expertise when it comes to the connection between physical and mental health — what HealthPartners calls ‘the mind–body connection’ — we felt there was an opportunity to educate and support our employees in this area,” says Andrew Furino of Capital Mortgages.

 

“HealthPartners’ study on this connection clearly illustrates the impact that chronic disease and other serious illnesses along with mental illnesses have on the workplace. We can marshal the resources of HealthPartners’ 16 member health charities to engage our employees and promote wellness programs that create healthier employees,” he adds.

 

“It’s a win–win partnership.”

 

“This unique partnership offers an exciting new opportunity for HealthPartners and our member charities to spread our message, connect more Canadians with the health information and resources they need, and enhance the ability of our members to engage in life-saving research,” adds Ms. Dooley. “We are thrilled that HealthPartners is viewed as an important partner in Capital Mortgages’ social responsibility platform.”

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

Refinancing Your Mortgage – What You Need To Know

There are a number of reasons why you might consider refinancing your property. One of these could be to capitalize on the equity you’ve built up in your home. For example, using the equity in your home can be a lower cost way of accessing funds than taking out a traditional loan. To learn more about whether refinancing could benefit you, we’ve gathered together some important information on the ways in which a refinance can be used:

 

Take advantage of low interest rates

Over the years interest rates can fluctuate and, since the time you took out your original mortgage, the interest may have moved. Through refinancing, you are able to take advantage of these new, potentially lower, rates and lower your payments.

 

Consolidate debt

If you are burdened by large monthly payments on multiple high interest credit card debt, you can refinance your mortgage to consolidate your debt into your mortgage at a lower interest rate, thus allowing you to save money and increase your cash flow.

 

Combine multiple mortgages into one

Paying various installments for multiple mortgages can be stressful. With refinancing, you are able to consolidate these mortgages into one with a fixed interest rate and possibly a longer repayment duration.

 

Access the equity in your home

An added bonus of home ownership is that you have access to financing at more competitive rates than unsecured loans or lines of credit. You can use the equity in your home to pay off debts, free up an amount of cash to do some home renovations, buy an additional property, invest in stocks, or for university tuitions. Since a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan.

 

If you would like to learn more about mortgage refinancing, please give the team at Capital Mortgages a call today. By carefully studying the status of your current mortgage and comparing it to your income and other debts, we can help you pick the refinance solution that best suits your current financial status.

Capital Mortgages is the best choice for First Time Home Buyers.

How to shop for the Right Home without Breaking the Bank

Most first-time homeowners who get good deals do so because they speak to a qualified mortgage broker like those at Capital Mortgages, who make the process of buying a home a walk in the park.

The captivating nature of a dream home is hard to downplay. However, conservative purchasing requires that you be able to let go of every unit that is priced above your budget. Resist the temptation to negotiate with your broker to approve a larger mortgage that will eventually strain your finances.

This is so because a responsible homeowner knows what he can comfortably afford, sets a budget and purchases within the said budget. Picking up a huge mortgage limits your discretionary income or funds that should be available for emergencies.

Essentially, this means that self-control matters most. So, if you are out looking to buy your first home, these three top tips will help you remain within your budget:

Steer clear of multiple offers

A great house with a price tag far lower than its neighborhood standards is most likely a sales trick to generate interest that eventually degenerates into a bidding war. If you come across such a home and its price is near the apex of your budget, you are better off walking away as the pressures of the impending bidding will easily wear you down.

However, if it is well within your budget, then you can put in one good offer. If you get a further invitation to throw in another bid,
disregard the seller and keep scouting for another unit.

When shopping, value your conscience, not emotion

Most first-time homeowners often get emotional when buying a home. This is a mistake you should avoid. Importantly, you should avoid falling in love with a house you are yet to buy or allow your ego to throw you in an unnecessary bidding process.

Lastly, never forget that you are buying a starter home

Research by Genworth Canada shows that 50% of people buying their first homes view these as starter homes. Most such homeowners have plans of moving inside a decade. These years fly by especially if you are raising a family, enjoying your life and doing home improvement works that make you enjoy your home even more.

Spend moderately and get a good home that is well within your budget. Then, over the next ten years, build equity so that when you revisit the market, you can buy the quintessential dream home.

Renew your Mortgage with Ottawa Mortgage Broker: Capital Mortgages

How Much Does Home Ownership Cost?

Many first time home buyers are so eager to join the “home ownership club” that they do not consider the true costs of home ownership. The cost of home ownership is more than just the amount you pay each month for your mortgage.

Most people just stop to consider their monthly mortgage payments. But there are other costs that are associated with home ownership. It is important for owners to factor in these costs when deciding what home they want to purchase.

How much will your new home cost you each month? What type of expenses should first-time homeowners consider when buying a home? There are quite a few things to consider.

* The 1/3 rule of thumb. To comfortably afford your home, your mortgage should not be more than 33% or one-third of your income. Some experts recommend keeping that amount to about 25%,

* Factor in incidental costs. In most cases, you will need money for a down payment. Depending upon the type of mortgage, you may need anywhere from 5 percent to 15 percent of the purchase price.

You will probably also need to pay for the home inspection. These inspections can start about $300 and up. If you buy a rural property, also include a septic inspection for about the same cost or more.

* Closing costs. Closing costs will run anywhere from 1% to 2% of the cost of your home.

* Taxes.
Depending on where you live, you may need to pay a transfer tax or a home occupancy tax. This can vary from several hundred dollars to several thousand dollars depending on your community.

* Home Owner Association fees.
If you are purchasing a condominium, you may need to pay condominium fees. In some areas, homeowners must pay homeowner association fees each month.

* Incidental fees.
Most homeowners want to paint or buy new curtains for their home. Some homeowners may go a little bit further, and they may decide to put down new flooring or purchase furniture. Remember to include these fees in your budget.

* Ongoing expenses.
There are other expenses including home maintenance expenses and taxes to consider. Also, you should consider the costs of utilities too. The bigger the house, the greater the costs. A larger home will cost more to heat or to cool than a smaller house.

* Changes in interest rates.
Depending upon your mortgage, your interest rates may not stay the same for the life of your mortgage. When interest rates rise, your mortgage rates will also rise. You should factor this into your budget when deciding if you can afford a home.

* Insurance fees.
You will also need homeowner’s insurance to cover your property in the case of some unexpected events. Depending on where you live, you may also need to purchase a specialized type of home owner’s insurance. For example, you may need to purchase flood insurance or hurricane insurance in addition to your regular insurance policy.

Insurance policies must be paid to take effect when you move into your new home. If you are building a home, you will need insurance even if you just have a lot.

Many experts also recommend having a savings account for emergencies or other expenses that may arise. It is important to not cut yourself short. You want a financial cushion available just in case of an emergency. For example, if your air conditioning system or furnace should go out, you will need the money to fix the problem. You should set aside $200 each month to build a financial cushion. This cushion can be used for emergencies or routine maintenance.

 

All of these expenses may seem a little bit overwhelming, especially if you have never owned a home before. One good way to get used to paying a mortgage and expenses is to start putting aside the difference between your rent and your mortgage in a savings account.

If you are paying $1000 for rent and you are looking at a $2000 mortgage payment, put the $1000 difference in a savings account. Not only will you get used to carrying the larger mortgage, but you will also be putting money aside to pay for incidental moving expenses.

Says one prospective homeowner, “I was worried when we decided to buy our first home. But because we had been putting money aside each month, we knew that we could afford the higher monthly payment. Instead of panicking, we knew we would be okay.”

Renew your Mortgage with Ottawa Mortgage Broker: Capital Mortgages

7 Smart Steps Every New Homeowner Should Take

Undoubtedly, purchasing a house of your very own is one of the most amazing feelings in the world. However, new homeowners are likely to find a great deal of trouble when it comes to managing the finances, the new space, as well as everything that come along. All it takes to make the house of your dreams a reality is to follow the below seven smart steps every new homeowner should take!

1. Don’t Overspend on Personalization and Upgrades

Buying a home is already associated with more monthly expenses, including numerous bills, insurances and much more. So, don’t go for spending heaps of dollars on remodeling and furniture unless and until you get used to the new expenses and gather sufficient savings.

2. Pay Attention To Essential Maintenance

Repairs are major expenses that come with purchasing a home. Of course, make sure you don’t spend too much on insignificant things, but neglecting any problem that can worsen in the long run or isn’t safe for the family is not advisable.

3. Go for Professional Contractors

Certain repairs may involve things like electric wiring, construction or woodworking around the house. Make sure you hire professionals for any improvements and repairs that you aren’t qualified to perform yourself, thereby keeping your home in good condition while avoiding injuries at the same time.

4. Get Help with Tax Return

It is advised to hire an accountant to file your income tax returns correctly while being entitled to maximum refunds. Buying a new home may change your tax situations and the deductions you can claim. Get your taxes done with the assistance of a professional.

5. Maintain a Record of Home Improvement Receipts

Keeping receipts for important home improvements can increase your tax-free earnings when you sell in in the future as all those costs maximize your home’s value.

6. Be Clear With The Difference Between Repair and Improvement

The tax man doesn’t consider all home expenses, including certain repairs when it comes to calculating your home’s value. Make sure you keep good records to help when you go to sell your home.

7. Have Sufficient Insurance

You must purchase insurance that can fully protect your property. In case you live with family, it is advised to go for life insurance with a beneficiary, so your loved ones don’t lose the home.