Importance of using a Realtor

When purchasing or selling a home using a realtor is extremely benefical. They are experts in real estate and help make the process as easy and stressfree as possible.

Here are some reasons why we strongly support hiring a realtor when making the largest investment in your life:

• They will educate you through out the process. Plus walk with you every step of the way to ensure you understand all details of the property and terms of the contract.
• They know the real estate market, know the area and the history of the area
• They will negotiate on your behalf which helps take the emotion out of it, if you were to do it yourself.
• They make sure you receive top dollar for your home when selling and that you don't over pay when purchasing.
• They will advertise and market you house for you when you're selling. 
• When it comes to putting an offer on a home, the realtor will do up a purchase agreement and ensure you have correct subjects that suit the property you are buying.
• When selling your home a realtor can help you with staging and give your tips on what may make your house sell sooner than later.
• They work for you and at the end of the day have your best interests at heart.

If you have any further questions here are a few realtors you can contact for information.

Mark Dial                                                                                     
Re/max                                                                                            
250-981-3425

Summer Cirko
Re/max
250-649-6789                                                                            

Colin Breadner                                                                                 
Re/max                                                                                              
250-552-3949  

Stacey Herlehy
Doucette Realty
250-552-8828                                                                              
                                                                                                     

Mortgage Check-up

Most people sign up for their initial mortgage, pay their payment as required and forget about the details until renewal time. A mortgage is the biggest debt you’re most likely going to have and it should be something you review at least once a year just to make sure you are maximizing your potential.

Here are a few examples to explain what we mean:

·       Payment frequency – Perhaps when you signed your mortgage documents you were being paid monthly, so it was easier to make your payment monthly. However now that may have changed and you’re paid bi-weekly. Changing your payment frequency is great way to pay off your mortgage faster and save on interest.

·       Refinancing – Maybe in the last few years you have incurred some personal debt. That debt may have interest rates up to 29% if its credit card debt. Looking to consolidate it into your mortgage may be a good option and we can help you decide that.

·       Rate change – Rates may have changed drastically and it may be in your best interest to see what the cost would be to lock in at a lower rate.

·       Pre-payment options – Most lenders offer pre-payment privileges and it may be something you forgot you even have available to you. A mortgage check up is a good time to have a refresher on that info and see if you can take advantage of them.

No matter who your mortgage is currently with we can perform a mortgage check-up with you. We provide unbiased advice and work to save you money. By reviewing your mortgage annually it is the first step in becoming mortgage free faster.

Breakdown on Fixed and Variable Rates

A common question mortgage brokers receive is what is the difference between fixed and variable rates? Deciding between the two options when getting your mortgage can be a hard decision.

A fixed rate mortgage will guarantee you a locked in rate for whatever term you choose. The rate will remain unchanged through out that term which allows you to always know what to expect when it comes to your required payment.

A variable rate mortgage is based on prime rate. You can receive a discount off prime rate or you may have a premium added to the rate. You will receive a variable rate for a set term however if prime rate changes, so does your interest rate. The Bank of Canada determines where prime rate is set. They have 8 scheduled meetings a year to determine if any changes should be made to prime rate. This means your mortgage payment can fluctuate throughout the term. With a variable rate mortgage you can lock in to a fixed rate term at anytime, however you will be locking in at present day rates offered. Variable rate may not be the best choice for you if you feel you will always be worrying about when you should lock in.

There are different situations when either option may work better for you. The penalties do differ between fixed and variable. With a fixed rate mortgage your penalty could be either 3 months interest or interest rate differential, where with a variable rate mortgage it will only be 3 months interest. It is always a good idea to refer to a mortgage broker to help gain insight on what may work best for you.