Home Repair, Maintenance & Security Tips

Once you’ve settled into your new home, you may start seeing things you’d like to change or repair. Maintenance, repair and renovations are a normal part of homeownership. One of the best things you can do is get to know your home. Every adult member of your household should know the location of the following: Main shutoff valves for water, fuel and natural gas Emergency switch for the furnace or burner Hot water heater thermostat Main electrical switch Fuse box or circuit breaker box Home Improvements  Home improvements can make a home more pleasant to live in and may also increase its value. Here are some things to keep in mind: Think about changes that would appeal to someone buying your home in the future Updating the bathrooms and kitchen in an older home can increase its resale value Updating the paint on the outside of your house, installing a new roof, redoing your walkways and driveway, adding attractive mailboxes and landscaping will improve your home’s appearance Some renovations can pay for themselves, especially if they result in savings on utility bills, a higher selling price or years of greater comfort and enjoyment in your home Think about improving your home’s energy efficiency for comfort and savings

Secure your new investment Change all the locks when you buy a new home Add dead-bolt locks and window locks where necessary Consider getting a security system Use outdoor lighting. You can get lights that automatically turn on every evening or motion-sensor lights that come on when someone walks by When you’re away from home, use lights and radios on automatic timers, and arrange to have your mail and newspapers picked up or stopped Get to know your neighbours and keep an eye out for each other Be prepared and stay safe  When you move into a new home, it’s always important to: Have a fire evacuation plan and make sure everyone in your home knows how to safely get out of the home from every room Ensure that fire extinguishers are easily accessible at all times (there should be one on each floor) Locate and test the smoke detectors in your home every six months Locate and test the carbon monoxide detectors. They’ll detect high levels of carbon monoxide in your home, and can save you from illness or death Make sure that any fire hazards, such as paper, paint, chemicals and other clutter are stored in a safe place Collect your important papers and store them in a safe place Keep a list of emergency numbers close to the phone and make sure your children are familiar with the list For more information on home renovation, maintenance and safety, visit: www.cmhc.ca.

For inquiries as to how Dominion Lending Centres Griffin Financial Group can help assist you with your mortgage experience

Visit our websites:

www.davegriffin.ca or www.kawarthamortgage.com

Call us at 705-745-3522

Toll Free at 866-488-3522

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Open Yourself to Homeownership

Purchasing a home can be one of the biggest investments you make – both financially and emotionally. It’s also one of the most important decisions of your life. So before you make an offer, make sure you know what questions to ask – and how to get the answers you need. From choosing the right neighbourhood to closing the sale, Canada Mortgage and Housing Corporation (CMHC) is a great resource to help you realize your dream of homeownership faster, easier and for less than you thought, so you can begin the next step in the rest of your life. Visit www.cmhc.ca today and download the following guides and fact sheets absolutely free! Home-Buying Step by Step Guide This easy-to-use guide takes you step by step through the home-buying journey – from determining what kind of home you want and how much you can afford, to preparing an offer and closing the sale. Condominium Buyers’ Guide Condominium living is a popular option for many Canadians. This guide will help you become an informed condominium buyer, and help you make the best choice when making your final decision. Hiring a Home Inspector One of the best ways to understand your home’s condition, livability and safety is by

hiring a home inspector. With this fact sheet, you’ll find out what questions to ask, what to expect and what key things to look for when choosing an inspector for your home. Selecting a New Home Builder Have you decided to buy a new home? This comprehensive fact sheet provides all the information you need to choose the building company that offers the best overall value and quality. Your Next Move: Choosing a Neighbourhood with Sustainable Features This fact sheet will help you identify the neighbourhood features that are important to you, like close access to shopping, work, parks and schools. Financing Your Home Purchase CMHC Mortgage Loan Insurance offers you housing finance solutions that can help you buy a home with a minimum down payment of 5%, at interest rates comparable to what you would get with a larger down payment. After Your Purchase Now that you’ve bought a home, be sure to protect your investment. CMHC’s free monthly e-newsletter is full of practical tips and helpful advice on a wide variety of homeownership topics ranging from home renovation to cost saving maintenance and energy-efficiency tips. Subscribe today: www.cmhc.ca/enewsletters.

For further inquiries as to how Dominion Lending Centres Griffin Financial Group can help assist you with your mortgage experience

Visit our websites:

www.davegriffin.ca or www.kawarthamortgage.com

Call us at 705-745-3522

Toll Free at 866-488-3522

Connect with us!

 

Is Portability Important?

Selling your current home and moving into a new one can be stressful enough, let alone worrying about your current mortgage and whether you’re able to carry it over to your new home. Porting enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. And, better yet, the ability to port also saves you money by avoiding early discharge penalties. It’s important to note, however, that not all mortgages are portable. When it comes to fixed-rate mortgage products, you usually have a portability option. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate. With variable-rate mortgages, on the other hand, porting is usually not available. As such, upon breaking your existing mortgage, a three-month interest penalty will be charged. This charge may or may not be reimbursed with your new mortgage.

Porting conditions While porting typically ensures no penalty will be charged when you sell your existing property and buy a new one, some conditions that may apply include: Some lenders allow you to port your mortgage, but your sale and purchase have to happen on the same day. Other lenders offer a week to do this, some a month, and others up to three months. Some lenders don’t allow a changed term or force you into a longer term as part of agreeing to port your mortgage. Some lenders will, in fact, reimburse your entire penalty whether you are a fixed or variable borrower if you simply get a new mortgage with the same lender – replacing the one being discharged. Additionally, some lenders will even allow you to move into a brand new term of your choice and start fresh. There are instances where it’s better to pay a penalty at the time of selling and get into a new term at a brand new rate that could save back your penalty over the course of the new term. While this may sound like a complicated subject, I can explain all of your options and help you select the right mortgage based on your own specific needs.

For further inquiries as to how Dominion Lending Centres Griffin Financial Group can help assist you with your mortgage experience

Visit our websites:

www.davegriffin.ca or www.kawarthamortgage.com

Call us at 705-745-3522

Toll Free at 866-488-3522

Connect with us!