3 Apr

Moving Checklist

General

Posted by: David Lloyd

Download your copy here

3-4 WEEKS PRIOR TO MOVE

  • Book a moving company
  • Make an inventory of everything to be moved
  • Donate any unwanted clothing or furniture
  • Book the moving elevator and confirm parking arrangement for truck
  • Contact your insurance company to transfer policies (life, homeowners)
  • Review Tax deductions on moving expenses
  • Request change of address kit from post-office
  • Prepare a list of friends, business firms and personal accounts who should be notified of your upcoming move

Arrange cut-off/activation dates for utility companies:

  • Telephone
  • Cable
  • Gas/Electricity/Water
  • Internet

2 WEEKS PRIOR TO MOVE

  • Purchase any moving supplies
  • Make an appointment with a service technician to prepare major appliances for shipment (i.e. plumber, electrician)
  • Have rugs and draperies cleaned and leave wrapped when returned
  • Obtain written appraisal of antique items to verify value

Make a plan to dispose of flammables that can’t be transported:

  • Aerosol Cans
  • Cleaning Fluid
  • Ammunition ????
  • Fireworks
  • Household Liquids
  • Oil Cans/Paint/Thinner
  • Propane Tanks

1 WEEK PRIOR TO MOVE

  • Check furniture for dents and scratches
  • Label items you need to access easily
  • Clean out the refrigerator/plan to defrost and dry day before the move
  • Drain equipment: water hoses, propane tank, gas/oil lawnmowers
  • Schedule to have utilities turned on at your new home
  • Make a plan to transport house plants
  • Confirm travel arrangements for pets and family

DAY OF MOVE

  • Designate boxes and items as “last load” items
  • All loose items are packed into boxes with the top closed
  • All electronics are unplugged from a power source. Plasma TVs should be unplugged the day before so they are at room temperature on move day.
  • All pictures are removed from the walls
  • All boxes are labeled with their destination room in your new home on the top and sides of each box
  • All heavy and breakable items are removed from dressers and desks
  • All contents are removed from appliances
  • All items are removed from the top of furniture
  • All linens are removed from beds
  • All rooms, closets, cabinets have been checked
  • Disassemble bedroom sets to save time

Prepare an essentials box:

  • Toilet Paper (unopened)
  • Snacks/Coffee (instant)
  • Scissors/Pocket Knife
  • Garbage Bags
  • Change of Clothes
  • Dish Soap and Towel
  • Pet Food and Dish
  • Flashlight
  • Portable Tool Kit
  • Towels
  • All-Purpose Cleaner (unopened)
  • Mug/Plate/Cutlery
  • Shower Curtain
  • Important Records/Documents

Before you leave the house:

  • Water shut off
  • A/C shut off
  • Lights turned off
  • Windows shut and locked
  • Surrender house keys
  • Check for items left behind
3 Apr

Google – COVID-19 Community Mobility Report

General

Posted by: David Lloyd

For the moment I’m going to pretty much ignore how scary it is that Google (as well as others) know far too much about us.

It appears Canada is getting the picture and stating away at a home. The first thing that caught my eye was the spike then drop in people going to parks (80% spike around Mar. 8th). 

To see the entire report for all of Canada click here. To see reports for other countries click here 

Stay safe  Take Care

David Lloyd – (working from home)

 

13 Sep

First-Time Home Buyer Incentive

General

Posted by: David Lloyd

National Housing Strategy First-Time Home Buyer Incentive Program

Click for complete Program details

What is this program?

  • Government of Canada will match a buyers downpayment, reducing mortgage payment, mortgage amount and over all interest paid. 
  • It is a shared equity mortgage (“SEM”):
  • The government of Canada has a shared investment in the home and shares in both the upside and downside of the property value.
  • It is not interest-bearing, with no regular principal payments, and is repayable in full at anytime without a prepayment penalty.

 

Quick Facts

  1. Only one of the buyers has to be a first-time homebuyer
  2. Incentive amounts
    1. Existing home 5%
    2. New construction up to 10%
  3. No repayment required for 25 years or sale of property
  4. Applications start Sept 2, 2019
  5. For closings after Nov. 1, 2019
  6. For purchases with less than 20% (total) down payment
  7. Buyer(s) total income must not exceed $120,000 per annum
  8. The mortgage + Incentive amount cannot exceed 4 times the Buyer(s) total annual income.
    1. See National Housing Strategy website for more details and examples.
  9. For 1 - 4 unit owner-occupied purchases
  10. Purchase Plus Improvement mortgages are allowed

 

Any questions please contact me anytime.

Please visit the National Housing Strategy website for complete details

24 Jan

A NEW YEAR AND A NEW OPPORTUNITY FOR YOU

General

Posted by: David Lloyd

A NEW YEAR AND A NEW OPPORTUNITY FOR YOU

If you have been reading the news lately, you will know that the new stricter mortgage rules have resulted in more people than ever postponing purchasing homes. Sales have dropped across the country.

As a result of these events, the rental market is booming with rents going up everywhere. The average rent in Toronto now is $2300. This has created an opportunity for Canadians who want to buy a home and for those who already own but are concerned about qualifying when their present mortgage comes up for renewal.

Secondary suites are being encouraged in Calgary, Toronto and Vancouver. In Calgary, the city council has investigated basement suites and now wants to encourage higher density to prevent urban sprawl by allowing more other housing options like carriage homes. Carriage homes are suites built above or beside a detached garage. There are companies like Calgary Carriage Homes who specialize in building these units.

Being able to add the rental income from a suite to your income may allow you to purchase a home this year when prices are depressed rather than waiting another year or two or longer to get into your own home. You can either buy a home with a secondary suite already in place or build one. The program for building a suite is called Purchase Plus Improvements. It is available through multiple lenders and mortgage insurers.
If you are presently a homeowner and interested in increasing your income, the program you need is called Refinance Plus Improvements. The rules for these programs can be explained to you by your Dominion Lending Centres Mortgage Broker.

The rules on zoning, and building suites can be found on your city government website. If you decide you want to proceed be sure to make your first call to your DLC mortgage broker.

David Cooke

DAVID COOKE

Dominion Lending Centres – Accredited Mortgage Professional
David is part of DLC Jencor Mortgages in Calgary, AB.

More Posts – Website

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23 Jan

BUYING YOUR FIRST HOME? – THESE TIPS WILL SAVE YOUR LIFE

General

Posted by: David Lloyd

BUYING YOUR FIRST HOME? – THESE TIPS WILL SAVE YOUR LIFE

So you’re wanting to buy a new home? That is some very exciting news. First question, are you prepared?!
We all know big-item purchases are scary. It’s expensive, you are fully committing to this household – there is no turn backing without that pricey consequence. We totally get it.
The ultimate first-step is to do your research. You are going to want to find out the essentials before you start hunting for those pretty houses listed on Pinterest!
Let’s start here.

Credit History 
• How many credit cards do you currently have under your name?
• Do you pay your bills on time?
• How many loans do you currently have?
If you own a credit card or have a loan with an established bank, you have credit history. This information is then transferred into a financial summary known as a credit report.

Credit Report
Your credit report states these vital pieces of personal information (DO NOT let other people in on your personal finances. This should be a give-in by now!)
• first and last name
• home address
• social security number (SIN)
• credit cards
• loans
• how much money you owe
• whether or not you pay your bills on time
All this ‘credit’ talk is important because it allows lenders to determine IF they will lend you money. Your lender, whoever you choose to go with, will be on your credit situation right away. The sooner you know what is on your credit, the better!
As for your credit score, it’s best to only have it checked once as having multiple credit check by different lender can cause it to change. Let us know. We’d be happy to help here.

Employment 
It is important to have a steady income and also proof of employment for the last two years. Any changes to your employment have to be explicitly explained. Gathering these documents a head of time can save headaches later.

Down payment 
In Canada, you need to show a 90-day history of the down payment to prove you have not borrowed the money. We will need to see any movement of that money within the 90 days so its best not to move it around. You are allowed to get a gift from family for the down payment but this money must not be repayable and we will need a letter from that gift giver explaining that!

Consult Your Wish List 
It’s good to know what you want in a home if you can do it realistically. Buying a house for two? Thinking of expanding your family? You need to consider what life will look like down the road before you commit and sign that paper. Nothing would be worse than to move into a house that eventually ends up being too small because a couple of kids came into the picture or in a similar situation those grown-up kids come back home from college, university – you get the picture.
It’s also reasonable to think about factors in your dream home such as maintenance, renovations, the longevity of your stay, etc. Cover all bases, it is way better to be safe than sorry.

Finding a Broker 
Who should you use to find the best mortgage for you? We think a Broker (like us), especially if you’re a first-time home buyer. There are many lenders in Canada and a broker will be able to sort through all your options.

Finding a Realtor
When it comes to a realtor, you want someone reliable. Makes sense right? A couple ways you can find out whether or not a certain realtor is legit is by doing some online research:
• Do they have a website/social media accounts? Go check it out!
• Double-check if their license is registered and legitimate
• Look up their client feedback/disciplinary comments against them
• Check out their current listings – price range, are they a busy/relaxed business?
• Send them an e-mail with any questions! Do they have the appropriate knowledge?

Feeling better about buying that first Home? That’s exactly what we like to hear. If you have any other questions, call a Dominion Lending Centres mortgage professional today.

Chris Cabel

CHRIS CABEL

Dominion Lending Centres – Accredited Mortgage Professional
Chris is part of DLC HomeHow Mortgage based in Calgary, AB.

More Posts – Website

31 Oct

Income verification

General

Posted by: David Lloyd

Income Documents Required to close your mortgage:

The #1 way to increase the efficiency and reduce the stresses of acquiring mortgage financing is to have your documents ready and reviewed BEFORE you make an offer on your new home. The following covers approx. 95% of what will be required. However… due to our ever-changing financing environment and your unique situation, there is always the possibility for added documentation to be required at any time throughout the process.

 

Employee: Salary/Regular hours:

2 most recent pay stubs: Preferably showing no time off other than Vacation

Letter of Employment: Must be on company letterhead and include your tenure, position, income and probationary period if any. Must also contain contact info for the person writing the letter (Manager, HR department, or Commanding officer for our Canadian Forces clients. *Employment letter should be less than 30 days old when the mortgage application goes live or we may have to get an update letter from your employer.

2 most recent T4s: The T4 is quickly becoming a standard request by lenders. 2 years is usually required to prove the earnings of shift premiums, bonuses, and overtime above regular hours

2 most recent NOAs: (Notice of Assesment) NOA for cases similar to the above T4’s reasoning of total annual pay. Some lenders ask for T4’s some ask for NOA’s. Best to have both on hand if at all possible.

Note: Balances owing will have to be paid in full 10 business days before closing

 

Employee: Part-Time/Permanent Part-time | On Contract | Commission, Commission/Salary mix

2 most recent pay stubs: Preferably showing no time off other than Vacation. From all employers, if you work more than one job.

Letter of Employment: Must be on company letterhead and include your tenure, position, income and probationary period if any. Must also contain contact info for the person writing the letter (Manager, HR department, or Commanding officer for our Canadian Forces clients. *Employment letter should be less than 30 days old when the mortgage application goes live or we may have to get an update letter from your employer. Require letters from all employers, if you work more than one job.

2 most recent T4s: The T4 is quickly becoming a standard request by lenders. 2 years is usually required to prove the earnings of shift premiums, bonuses, and overtime above regular hours. Require T4s from all employers, if you work more than one job.

2 most recent NOAs: (Notice of Assesment) NOA for cases similar to the above T4’s reasoning of total annual pay. Some lenders ask for T4’s some ask for NOA’s. Best to have both on hand if at all possible.

Note: Balances owing will have to be paid in full 10 business days before closing

 

Business For Self (BFS):

** If your business is incorporated it is best you call me directly

HST Remittance:

Copy of your Business License.

Most recent 2 years T1 Generals: Accountant prepared

2 Most recent NOA’s: (Notice of Assessment) the receipt you receive after filing your Taxes) Your income will be determined based on the average of your last 2 years Line 150. If your annual income has dropped lenders may only use the lesser of the two years.

Balances owing will have to be paid in full 10 business days before closing

 

Spousal and Child Support:

If you receive support payments, those funds can be used as income for qualifying for your mortgage.

Separation Agreement: A complete separation agreement will be requested showing the details of the payments being made. Child support will require proof of the age of the children to show the support payments will continue throughout the mortgage term.

 

Pensions and Annuity Income:

2 most recent T4s of all Pensions

3 – 6 months bank statements showing automatic deposits

Most recent Annuity annual statement

15 May

Why get Approved before searching

General

Posted by: David Lloyd

Know your buyer power

  • By going through a mortgage application and full document review you will KNOW what you can/should afford to spend for your home.
  • Creates a far less stressful process know your are Approved.

Make a stronger offer

  • When you are APPROVED you can make offers with far less days required for waiving financing. This will give you a strong edge when in a multiple offer situation.

Etc…

28 Mar

Which offer do you want to make?

General

Posted by: David Lloyd

Which offer do you want to make?

$349,000 appropriately priced property

  1. REALTOR® #1 | $349,000
    1. 1 business day to waive financing
    2. Clients Fully Approved
      1. Lender requires review of the agreement, listing
      2. Zero chance the clients won’t be approved because thats already complete
  2. REALTOR® #2 | $350,000
    1. 5 business days to waive financing
    2. Clients Pre-approved
      1. Lender requires review of the agreement, listing, downpayment, income(s) and Credit
      2. Decent chance of requiring more time
      3. Chance the clients will not be approved
  3. REALTOR® #2 | $351,000
    1. 10 business days to waive financing
    2. Clients Pre-approved
      1. Lender requires review of the agreement, listing, downpayment, income(s) and Credit
      2. Chance the clients will not be approved

 

Insist your clients contact me if you want to put in offers requiring only 1 business day for financing. 

  • Win more multiple offers
  • Save your clients stress, time and cash
  • Be that #1 REALTOR®

 

Top quality mortgages including

  • Highly competitive rates
  • 120 day rate holds
  • Full pre-payment privileges

 

 

contact form

  • Contact Information

  • About You (optional)

12 Mar

1 Day Condition of Financing

General

Posted by: David Lloyd

Yes, 1 day!

  1. Have you lost a deal in the past when a buyer told you they were pre-approved only to came back and tell you they couldn’t get financing?

  2. Have you lost in a multiple offering due to your 5 – 10 day financing condition?

  3. Would you win more multiple offers and/or save buyers money if your offers had just a 1 Day condition of financing?

  4. How many purchases in the Kingston area are going into multiple offers?

My procedure will both virtually eliminate pre-approves falling through and allow you to make offers with as little as 1 Day condition of financing (potentially even 0 days). From now on forget about pre-approvals. Moving forward you’ll work with clients that are FULLY APPROVED!

More information

  • Who can qualify?
    • Most anyone that qualifies for an ‘A’ (big bank) mortgage.
  • What properties qualify
    • Any residential properties in quality condition will work. However, rural properties may require more time (est. 3 business days) only due to the potential of an appraisal being required.
  • Are the rates any good?
    • Rates are competitive
  • Who are the lenders?
    • There are a select number of large well-known quality lenders involved
  • What’s the catch?
    • No catch. I just need to take a regular application and collect the appropriate documents for the buyers

Contact me directly if you have more questions or concerns.

Take care

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  • About You (optional)

2 Apr

City of Kingston home ownership program 2013

General

Posted by: David Lloyd

The city of kingston is re-introducing the home ownership program. The details are in the the pdf here in the blog.

Highlights of the program

1. Max $13,000 or 5%

2. It is a 20 year interest free loan

3. Must be currently renting in Kingston

4. Household income must be less than $74,900

 

Check out the full fact sheet here.

Kingston_down_payment_program.pdf