While you might think selling your home in winter is harder, with the right considerations it doesn’t have to be! When selling your home during warmer months, the focus is typically on curb appeal and gardening, as well as having bright colours and patterns to draw out different rooms. While curb appeal should not be forgotten in winter months, the focus should be centred on creating a warm, comfortable and welcoming space. Below are some tips on how to do this:

Curb Appeal

If you live in an area that receives high amounts of snow, be diligent about keeping your sidewalk and driveways clear for visitors, and keep your home looking clean for viewing. Always make sure to sweep any fallen leaves or debris.

Keep it Cozy

Ensuring your home is sufficiently heated during showings will also go a long way to making it feel more comfortable; a steady 68 to 70 degrees Fahrenheit during showings is ideal.
Light and Inviting: With days being shorter and darker during winter, ensuring your home is well-lit and inviting can make a big difference. In some cases, you may consider repainting the walls before listing your property.

Declutter

When selling, it is important to declutter your home so that it looks its best and gives room for people to imagine their own belongings in your space.

Define Property Boundaries

If you are showing your home in the middle of snow season, be sure to mark the four corners of your property so that potential buyers can see exactly what they are getting.

While there is some extra work with selling your home in the winter due to the weather conditions, it can pay off! Buyers tend to be highly motivated and often there is less competition for sales during this time giving more focus to your home.

Family Day Activities to do During a Pandemic

Family Day was first introduced in Alberta in 1990 and has since grown into a beloved holiday occurring on the third Monday in February. While Family Day might look a little different this year, it is rooted in the value of family and fortunately, there are many ways to spend time with our loved ones and celebrate our family units. Below are a few ideas of some activities you can do with your family this year:

Build a Blanket Fort

With the winter chill not quite lifted yet, building a blanket fort is a great way to spend the day with your family and watch movies, share laughs and enjoy some yummy snacks!

Cook a Meal Together: From making mini personalized pizzas to cooking up a brand-new recipe or baking something delicious, the kitchen is a great space for family time and making fun memories!

Try an Online Exercise Class

Want to enjoy your family and get a little exercise while you’re at it? Try an online workout class! Not only is this a fun activity you can do with your kids from home, but it is a great way to teach them about health and start setting up healthy habits for life.

Do a Virtual Tour: A number of museums worldwide are offering free virtual tours! So even if you can’t travel somewhere, you can still enjoy new cultural experiences as a family.

ZOOM with the Family

While you might not be able to have the entire family together, in person, we live in a digital world, which allows us to access the people we love at all times – no matter how far away they are! Call up your parents or grandparents, do an activity over the computer, have a storytime session, or simply take a moment to ‘check-in’.

No matter how you spend it, I hope you have a wonderful Family Day this year and a chance to celebrate your loved ones!

Benefits of a Mortgage Broker

As we ease into 2021, we have some great tips to help get you started and refresh your space. From the Pantone of the Year for 2021 to annual mortgage check-up tips and home maintenance strategies, we have you covered!

Thank you for your continued support and introductions!

I hope you have a wonderful year.

Pantone of the Year 2021

The Pantone Color Institute has published their 2021 Pantone trends, which features 10 standout colors as well as 5 core classics to help bring some extra spark to fashion and home this New Year.

This year’s Pantone offers a range of shades that combine a “level of comfort and relaxation with sparks of energy that encourage and uplift our moods” according to Leatrice Eiseman, Executive Director of the Pantone Color Institute. This year’s choices are not only bold and illustrative, but also combine our desire for flexibility and color choice that lasts year-round.

What’s the Inspiring Pallette this year?

On the 2021 Pantone we have an inspiring palette composed of marigold, cerulean, rust, illuminating yellow, French blue, mint, amethyst, burnt coral and vivid raspberry! Paired with these are the core hues of inkwell, gray, buttercream, desert mist and willow beige.

To utilize this year’s incredible colors, without wasting your time or money, try sprinkling them throughout your home as accents to brighten and uplift your space. Consider throw-pillows and rugs or other accent pieces such as swapping out your curtains, lampshades or even a quick reupholster on worn chairs to help liven up your space in time for the new year!

From comforting oranges and friendly yellows, to calming and restoring greens and blues, the 2021 Pantone palette is sure to infuse your year with reawakened senses and a fresh perspective!

Looking for more inspiration? Check out the Dominion Lending Centres Pinterest page.

Time to Check-In with your Mortgage!

There has never been a better time for your annual mortgage health check-up! By organizing a quick mortgage review each year, it may yield you some fruitful financial savings.

Your home loan review this year will examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Reviewing your mortgage terms and options annually could result in having more money left over at the end of each month – and who doesn’t want that?!

For instance, are you exercising your penalty-free extra payment privileges? Do you have any? Prepayment privileges allow you the opportunity to pay up to 20% extra per month and a total of up to 20% lump sum per year – without penalty! This means that for a $300,000 mortgage on a 25-year amortization, a 20% monthly payment increase can generate $18,000 worth of savings AND help you to pay off your mortgage 5 years earlier! When you add-on the annual lump sum of $2,500, the savings are increased to just over $25,000 for the year and bumps you up to being mortgage-free 8 years earlier! You can also use the My Mortgage Toolbox app to calculate the potential savings from extra payment.

Increasing your Monthly Payments

When it comes to mortgage payments, another great question for your annual check-up is whether or not you are on the best payment frequency for your cash flow and to best optimize savings! Most lenders offer various payment frequencies and an annual mortgage review can help identify the best frequency based on changing needs and cash flow situations. A monthly payment is simply a single large payment, paid once per month; this is the default that sets your amortization.

A 25-year mortgage paid monthly will take 25 years to pay off but includes the added burden of one larger payment coming from one employment pay period. Alternatively, an accelerated bi-weekly payment pays your mortgage every two weeks. This frequency allows the mortgage payment to be split up into smaller payments vs a single, larger payment per month. This is especially ideal for households who get paid every two weeks as the reduction in cash flow is more on track with incoming income. 

These accelerated bi-weekly payments also offer interest savings, as you are actually making an extra payment each calendar year. For instance, a $300,000 mortgage on an accelerated bi-weekly payment schedule will pay off your mortgage two and a half years faster and generate approx. $8,000 in savings!

That’s like getting a $10,000 a year raise just by changing your payment frequency! You can use the My Mortgage Toolbox app to also calculate these payment differences. 

Breaking your Mortgage Early

Another area to look at during your mortgage check-up are your penalties. Breaking your mortgage term early, and before the scheduled contract maturity date, will almost always incur a penalty. The amount depends on various factors such as how far you are into the existing term, your current interest and rate type, your existing lender, etc. However, with today’s rates sitting at such a historical low, there can still be savings! Now, if you break your mortgage early and incur a penalty, you can still come out ahead. For instance, it is possible to save $20,000 with a new low rate and incur a $15,000 penalty, which still puts you $5,000 ahead! Having an annual mortgage review can look at these options and determine if it is a benefit for you to chase these historically low rates.

Beyond your current payments and interest rate, consumer debt outside of the mortgage is another important area for review. Did you know? The average Canadian has $30,000 of credit card debt, at approximately 20% interest?! Reviewing your home equity situation could yield $10,000 savings, per year, by rolling debts into your home equity loan. Contact me today to discuss this further and see if it is an option for you!

Debt Consolidation

Pay more to save more, pursue lower rates even with a penalty, and debt consolidation are just three examples of the financial savings an annual mortgage check-up with your mortgage professional can do! With interest rates at historic lows, now is the time to investigate all your options and perhaps save yourself thousands of dollars per year, especially if your current interest rate is over 3%! Imagine what you could do with the savings – anything from renovating or investing to going on a much-needed vacation or putting money towards your children’s education.  

Completing a straightforward annual review will keep your home financing as lean and trim as possible. In other words, you will have a clean bill of mortgage health, which is just what the doctor ordered! Contact me to set up a mortgage check-up today!

New Year Home Maintenance Plan

Keep your home in comfy, cozy and working order all year long with this easy maintenance schedule highlighting important areas to check – and when!

January
Safety check! Start your year off on the right foot by ensuring your home is in proper working order. Test your smoke and carbon monoxide detectors and replace batteries as necessary. 

Determining your credit score leaves people confused. What is it? What does it include? How is it calculated? These are all great questions that I will answer for you!

Having a great credit score can save you thousands of dollars, if you know how to manage it. There are two main agencies in Canada that report credit scores: Equifax and TransUnion. Both of these agencies collect information on a daily basis from millions of people through consumer credit agencies. This including phone companies, mortgage lenders, banks, credit card companies, and independent lenders.

Here is how the your credit score is calculated

Both of the credit bureau agencies analyze all the data they receive and use it to determine each individual’s credit score. To get a well-rounded credit score, it is most beneficial to have two active trade lines in addition to a mortgage and cell phone plan.

35% Payment History

Payment history portion looks at your payment deadlines and if you pay on time every month. The score from this section remains positive as long as you maintain set payments on fixed loans and always make at least the minimum payment on credit cards. This information is kept on file for 7 years from the date of last activity.

30% Utilization

Utilization is the amount you use on your available lines of credit and credit cards. Ideally, you do not surpass the 50% point on any of them and do not need to apply for high credit limits, both being red flags for financial trouble.

15% Length of Credit History

For all financial lenders, a clear history for at least two years is the most favourable situation to show your security. This proves to the lender that you are a low-risk applicant.

10% Credit Mix

The credit mix looks at your current loans and credit cards you use. Ideally, having at least one credit card with a $2500 limit and a fixed loan (i.e. house or vehicle) allows the lender to see your level of responsibility on different credit sources to base your score on.

10% Number of Inquires

This can be an area of concern if you frequently inquire about credit opportunities. If you apply for multiple credit cards, an overdraft on a bank account, and/or a line of credit it can be a red flag that you are experiencing difficulties. Maybe you are just looking for a new method of credit do not worry as your score will only take a minor, temporary hit. However, you are constantly inquiring about credit options then your credit score will take a dive.

To learn about the status of your credit score you can write to either Equifax or TransUnion for a free copy at any time. Writing to them will take a few weeks, so if you are strapped for time you can check out a website that will charge you a fee to see your credit report immediately. If you have any questions about credit scores contact us at Dominion Lending Centres and we can guide you through it!

Still feeling confused, we understand, determining your credit score can be tough to grasp. So give us a call and we can go over your situation in more detail.