Whether you’re jetting off to ☀️ sunshine and warm sand, an international adventure 🌍, or a weekend getaway, before you go there are a few things you can do to protect your home while you’re away! 🏡✈️

1. Unplug all electronics and appliances: To reduce energy costs while you are traveling (and mitigate any risk of unexpected fires), it is a good idea to unplug all electronics and appliances. This includes your microwave, toaster, televisions, entertainment and gaming systems, computers, etc. 🔌🔥
2. Clear out your fridge and take out any trash: The last thing anyone wants is to come back home and realize they forgot to clean up before you left! To avoid any odours or unwelcome surprises when you get home, be sure to clear out your fridge and take out any and all trash before heading off on your holidays! 🍕🗑️
3. Adjust your thermostat: While potentially not as necessary for a weekend getaway, this is extra important for longer trips. Depending on when you’re traveling, whether it is summer or winter, you may want to adjust your thermostat to maintain humidity balance and avoid your home being stuffy when you return. On the other hand, some individuals will opt to leave their thermostats at a comfortable temperature when traveling during colder seasons to ensure a nice warm welcome upon return! ❄️🌡️
4. Close and lock all windows and additional entrances: Ensure that all your windows and entrances are locked and sealed tight. You can choose to close blinds or leave them open, depending on your comfort levels and the items in your home. Be mindful that the more you leave open, the more potential thieves will be able to see inside. 🔒🏠
5. Water plants: Again, depending on the length of your trip, you may be fine to simply give your plants one last big drink before traveling, or you may consider having someone check on your home while you’re away and look after your plants. 🌿🚿
6. Set up a pet sitter and/or someone to check on your home: Similar to point five, depending on your situation and whether or not you have pets, you may choose to have someone stay in your home or pop by every day to check on them and provide food and water. In some cases, you may opt to board your pet instead, but having someone stop by your home every other day while you’re away is a good rule of thumb to avoid potential issues. 🐾🏠
7. Leave a vehicle in your driveway: This is a simple step that can help with deterring potential thieves by implying that there is someone at home. 🚗👀
8. Set your home alarm: If you have an alarm installed, be sure to set it to an appropriate level for while you’re away. If you leave your alarm activated, be sure to provide the code to whoever will be checking your home, as well as potentially a neighbour you trust should anything happen in the home. If you don’t have a home alarm, you may consider setting your lights on a timer or utilizing a motion sensor bulb to create the illusion of movement in your home. 🚨💡
9. Check your smoke detector: Ensure your smoke detector is working properly before you leave. Turning off your electronics per step 1 and adjusting your thermostat per step 3 will assist with reducing any potential risk of fire damage, but having a working smoke alarm is imperative to alert neighbours for quick action while you are out of your home. 🚭🔊
10. Leave your emergency contact information with a neighbour: Lastly, we have mentioned neighbours a few times as, depending on your relationship with them, they are important contacts for when you are traveling. If you have someone else stopping by to check your home, it can be a good idea to simply leave that individual’s contact information with a neighbour so that your trusted friend can check out any situations that might arise. ☎️👥

    If you are looking for a new home or planning to refinance or renew your existing mortgage, we would love to be your mortgage brokers!

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In a cozy new home, ‘neath twinkling lights so bright,

A family dreams on this silent, festive night. 🏡✨

Snowflakes dance, a winter’s tale they weave,

As the joy of their mortgage and holiday magic interleave. ❄️✨

The fireplace whispers tales of hearth and loan,

A mortgage journey, a safe haven sweetly grown. 🔥🏠

Through the years, payments made with cheer,

Building equity, is a gift that is abundantly clear. 🌟💰

Tinsels and ornaments adorn the tree,

Much like each payment, that is part of the key. 🎄🔑

To a future of stability, snug and warm,

Where their mortgage, like tinsel, adorns. 🏡🌟

Jingling bells echo in the winter air,

A reminder of low interest, light as a snowflake’s flair. 🔔❄️

Yet, the hearth’s warmth, and the family’s delight,

Extinguish worries, making burdens light. 🔥💖

Carols resonate, a melody so fine,

Matching the rhythm of payments on time. 🎶💸

From the first holiday to the one that’s near,

A mortgage carol, sung loud and clear. 🎄✨

On this yuletide eve, with loved ones near,

Reflecting on their mortgage, without any fear. 🌙🎁

A home, a haven, where love takes flight,

Happy Holidays to all, and to all a good night! 🎅🌟

🏡 Unlock the Door to Your New Home for the Holidays with DLC Mainstream Mortgages! 🎁

Are you dreaming of decking the halls in your very own home this holiday season? At DLC Mainstream Mortgages, we understand the magic of finding your perfect space, especially during this festive time of year. The good news? It’s not too late to make those dreams come true and settle into your new home for the holidays!

🌟 Why DLC Mainstream Mortgages?

✅ Expert Guidance: Our team of experienced mortgage professionals is committed to guiding you through every step of the home-buying process. We pride ourselves on providing personalized and expert advice tailored to your unique financial situation.

✅ Flexible Financing Options: We offer a wide range of mortgage products and flexible financing solutions to suit your needs. Whether you’re a first-time homebuyer or looking to upgrade, we have the right mortgage for you.

✅ Quick Approvals: Time is of the essence, especially during the holiday season. With DLC Mainstream Mortgages, you can expect prompt and efficient approval processes, ensuring you can move into your new home sooner than you think.

🎄 Celebrate the Holidays in Your New Home!

Imagine the joy of hosting family gatherings, wrapping presents in your own cozy living room, and creating lasting memories in a home that’s truly yours. With DLC Mainstream Mortgages by your side, you can turn these dreams into reality faster than you ever thought possible.

🎁 Special Holiday Offer:

To make your home-buying experience even merrier, DLC Mainstream Mortgages is excited to offer special holiday incentives! Contact us today to learn more about how you can benefit from this limited-time offer.

Don’t let the holidays pass by without the warmth and comfort of your own home. Contact DLC Mainstream Mortgages today, and let’s make this season truly unforgettable in your new home! 🏡🎄

Homeownership for the holidays is within reach. Contact us now to take the first step!

If you’re in the market for a new home, one of the best things to do is visit open houses!   You will be able to see what you like, check out different neighbourhoods, and interview REALTORS if you haven’t hired one yet!

To qualify for your mortgage please contact us directly or download our app from www.mainstreamapp.ca

If you’re read to proceed with a formal application try our secure online application by clicking the following link APPLY FOR MY NEXT MORTGAGE NOW!

WINNIPEG OPEN HOUSES – NOVEMBER 19, 2023

CALGARY OPEN HOUSES – NOVEMBER 19, 2023

EDMONTON OPEN HOUSES NOVEMBER 19. 2023

431.482.2187
GreatRates@MainstreamMortgages.Com

November 17, 2023

Updated New To Canada Policy
https://peterpaley.com/new-canada-mortgage-programs/

One of my favourite things in the mortgage industry is when our policies finally start to get it right. There have been quite a few enhancements for New Canadians and many New-To-Canada policies.

Canada is planning to welcome 465,000 newcomers in 2023, 485,000 in 2024, and 500,000 in 2025! Having excellent and comprehensive New-To-Canada policies will be essential.

You can click the link to be redirected to our page for the complete information. Here are some of the hilites.

✅ Gifted down payments are allowed for 100% of the down payment and closing costs.
✅Borrowers transferred to Canada under a corporate relocation program are now exempt from working full-time for 90 days.
✅ We now have access to a future income program with one of our lenders for New Canadians who have 35% down or more.

At DLC Mainstream Mortgages, we offer the most comprehensive New-To-Canada Policy in the Prairies!

Peter Paley, Colten Boudreau, & Derek Vandall
Dominion Lending Centres Mainstream Mortgages
Phone/Text – (431) 482-2187
E-mail: GreatRates@MainstreamMortgages.Com
www.MainstreamMortgages.ca

#mainstreammortgages #mortgagebroker #newtocanada #Realtors #realtorlife #mortgage #newtocanada #immigration #immigrationconsultant

November is Financial Literacy Month and we have the tips to ensure your financial game is on point this Fall as we head into the New Year!

Nail Down Your Budget
Understanding the basics of budgeting and tracking your income versus spending is a fundamental part of financial literacy and control. Building a budget can help you define your spending habits, and determine where there is room for adjustments, and this gives you a chance to review your cash flow situation to ensure it aligns with your financial goals.

Ideally, your budget will fall close to the range of the following:

• 32% of your income for housing, including property taxes, maintenance, utilities, etc.
• 26% of your income for life, including groceries, medical, childcare, vacations, fun, etc.
• 16% of your income for transit, including car payments, bus passes, gas, etc.
• 16% of your income for debt, including credit cards, lines of credit, loans, etc.
• 10% of your income for savings, including long-term planning, retirement, etc.

DOWNLOAD OUR FIRST HOME BUDGET TEMPLATE!

Dedicate Your Savings

Many individuals will have a savings account that is connected to their chequing account. This can be a bad habit, as it becomes too easy to use your savings account as a second account versus as a dedicated account for emergencies, vacation planning, or more. Ideally, you are putting 10% of your monthly income into savings whenever possible.

Live Within Your Means

This one seems simple, but it is surprisingly difficult to do – especially if you don’t have a proper budget! By putting together a budget as mentioned above, you can see where you are spending your income and how it compares to what you are bringing in. Ideally, you are adjusting your spending to ensure that you are not going over the cash flow available to you with priority expenses first, followed by leisure.

Understand Your Banking Options and Interest Rates

Having a loan with a 16% interest rate, a credit card that you’re barely making payments on, or a savings account that doesn’t give much back are all areas for consideration when it comes to truly understanding your options. Sometimes a different bank, account type, or loan type can make a big difference to your financial position. There are plenty of options, especially at mortgage renewal time, for consolidating your debt, changing your mortgage, getting a better interest rate, and more!

LEARN MORE ABOUT CONSOLIDATING DEBT!

TIPS TO PAY OFF YOUR MORTGAGE FASTER!

Check Your Credit

An annual review of your credit score and credit report is a huge part of financial literacy as this plays a key role in your overall financial status. Your credit score affects your loans, credit cards, mortgages, and the interest rate you can qualify for so be sure to understand where you fall on the scale.

GET HELP UNDERSTANDING YOUR CREDIT SCORE!

Plan for Big Expenses

Are you looking to replace your car? Planning a family vacation? Need to renovate your kitchen or replace some furniture? These are all typically larger expenses that should be planned for in advance. While sometimes an appliance will break and need to be replaced, the goal is to have funds in your budget (or savings) for when things come up unexpectedly but also to plan out spending before large purchases or bookings. This ensures that when you get on that plane or drive off that car lot, you know you’re already paid!

Review Your Financial Progress

A lot of people set up a budget but then they don’t update it! Ideally, if any of your expenses change, such as an increase to your streaming services bill or utilities go up, you are updating your budget in real-time to ensure that you are keenly aware of what is coming into your account and going out. Generally, an annual review is a good idea for an overall clean-up of your budget but keeping it maintained all year long will help you get the best picture of your financial situation.

Stay Informed

When it comes to financial literacy, knowledge is power. With so many resources by your side from your mortgage broker to our Enriched Tips, Economic Insights and more it is easy to keep your finger on the pulse and be mindful of current economic changes, as well as new products or opportunities such as 40-year amortization mortgages!

Whether you’re new to financial literacy and budgeting, or simply want a refresh, taking control of your finances and better understanding your spending, cash flow, and options will help you get the most out of your income!

To err is human, to have your mortgage funded divine 🙌

The mortgage landscape has changed dramatically over the last 15 years, in particular, more rules, more policies, more guidelines, more programs to counteract the bad policies, a rate for every type of application, property restrictions, more property defects, the list goes on.   It is easier than ever for your mortgage professional to make an error that could cost you your mortgage approval.  Every week we get either a panicked call from a borrower or their REALTOR with the same theme,  “The lender (Bank, Credit Union, Mortgage Agent) just told us they weren’t honoring the pre-approval they gave”

Here are the top 5 errors made:

1. The credit bureau is not checked or verified.  One of the most important parts of the mortgage application and especially the pre-approval is the credit bureau.  Credit Score, credit history, payment history, types of credit, and amounts owed are crucial.  It is important that your mortgage professional pull the credit bureau from (Equifax and if possible Transunion) and verify its contents.  Things to look for are the credit score, name match, address history match, if there are any AKAs (also known as),  length of credit history, and how many Mortgages, revolving credits, and installment credits there are.  We also check for any missed or late payments, any undisclosed mortgages or loans where the borrower may be a co-signer, and we look for any outstanding collections, consumer proposals, and bankruptcy.   If the credit bureau isn’t checked thoroughly, it is very easy to miss a mortgage, a credit score that is satisfactory but other credit challenges could jeopardize a mortgage approval.   Knowing the score just isn’t good enough and results in our #1 error.

2. Income is not verified.  Incorrect income is the next major error made by loan officers.  Especially in the case of insured mortgages (less than 20% down payment).   Income must be verified for a 2-year period, preferably at the same employer, or 2 years self-employed.  If this isn’t possible, we are looking to verify “guaranteed hours” from an employer, we are confirming YTD (year-to-date) pay is on pace, and we will be checking T4s and notices of assessment.  For certain types of income, we will verify T1 General Personal Tax Returns, Business Financial Statements, Business T2 Corporate Tax Returns, the ages of your children and amounts received for CCB Canada Child Benefit, and more.  Incorrect income is our #2 reason.  It is also quite common for borrowers not to understand how much money they actually make which makes verification a must!  Incorrect income is our top error #2.

3. The down payment is not verified.  There are some pretty strict guidelines around AML – Anti Money Laundering.  It is very important that your mortgage professional review a 90-day history of all money being used for the down payment and closing costs.  This means getting 3 months of Account Statements, Investment Statements, RRSP Statements, TFSA Statements, etc.  The mortgage professional should analyze the statement for any deposit made within the 90-day period and look for and explain any deposits that are atypical over $2,500.00.  Large deposits must be explained and verified.   Large e-transfers, ABM deposits, and cash deposits all have to be verified and may not meet the standard.  Inadmissible income is our #3 top error.

4. Incorrect debt payments.  When qualifying for a mortgage, a mathematical ratio is used which takes into consideration the borrower’s gross annual income and divides it by the monthly payment obligations.  If the wrong payments are being used on the application then the mortgage approval may be null & void.  For example, a borrower owes $15,000.00 on a major credit card.  The minimum payment on that card is $287/month.  This cannot be used as a payment in the mortgage application.  We must use a payment equal to 3% of the outstanding balance or $450.00 in this example.  If a borrower has a buy-now-pay-later credit card, then 5% of the balance must be used.  It is also quite common for the credit bureau to either have the wrong payment amount listed on the bureau or the wrong payment frequency which can also drastically affect the amount of the payment used on the application.

5. Lack of knowledge about mortgage programs and mortgage hacks.  Many of our clients come to us with perfect applications and their previous financial institution or loan officer just didn’t know enough.   There are many programs and policies available for clients to help them get approved for a mortgage that many financial institutions don’t participate in or their employees don’t have any knowledge about them.  Some of these programs include; Business For Self Alt-A (stated income), Business For Self Less Than 2 Years, First Time Home Buyer Incentive, First Time Home Purchase Plan (for Metis citizens), Borrowed/Flex Down Payment, and more.  Some common mortgage application hacks that we can do are to fix incorrect reporting on the credit bureau, refinance or pull equity out of other properties or vehicles, increase credit scores by increasing credit card limits, get an RSP loan for the down payment in 90 days time, and so much more.

It really pays to use a MORTGAGE PROFESSIONAL!  At DLC Mainstream Mortgage we pride ourselves on reviewing the application and all documentation upfront and providing you with a firm pre-approval.  If we do have concerns or are on the fence about your pre-approval we will explain the rules and the challenges we think we have to you and your REALTOR and issue a “best-efforts” pre-approval, which basically means that we think there is a good chance that the application will be approved by the lender and/or insurer but there are a few challenges that may prevent this.   If we don’t believe you will be approved at this time, we will provide guidance and work with you over time to get you ready for your next mortgage!

MAINSTREAM MORTGAGES TERMINOLOGY DICTIONARY 🏠

Term: Noun
Definition: The period for which a mortgage agreement is in force. Common terms include 1-5, 7 & 10 years.

Amortization: Noun
Definition: The process of paying off a loan through regular payments over time. In a mortgage, this includes both principal and interest.

Down Payment: Noun
Definition: An initial payment made when purchasing a home, typically expressed as a percentage of the total home price. It’s a crucial factor in determining the mortgage amount.

Principal: Noun
Definition: The original amount of money borrowed in a mortgage. Payments are applied to both principal and interest over the life of the mortgage.

Interest Rate: Noun
Definition: The percentage charged by a lender for the use of money. It directly influences the amount of interest paid over the term of the mortgage.

Equity: Noun
Definition: The difference between the home’s market value and the outstanding balance of the mortgage. As the mortgage is paid down, equity increases.

Closing Costs: Noun
Definition: The fees and expenses associated with finalizing a real estate transaction. Includes land transfer tax, appraisal fees, title insurance, and legal fees.

Deposit: Noun
A deposit is the amount of money you give a seller when you present a signed offer to purchase to buy a property.  The deposit is written into the contract.  When the sale closes, the deposit forms part of the down payment.

MDI(Mortgage Default Insurance): Noun
Definition: Insurance that protects the lender in case the borrower defaults on the loan. Usually required if the down payment is less than 20%.  In Canada, we have 3 providers; CMHC, Sagen, and Canada Guaranty

Fixed Rate: Adjective
Definition: An interest rate that remains constant throughout the term of the mortgage, providing predictable monthly payments.

Remember, knowledge is key when navigating the world of mortgages! 🏡💡

Here are the Open Houses For Winnipeg for November 12, 2023

Click This Link To See Open Houses For Winnipeg – November 12, 2023

Click This Link To See Open Houses For Calgary – November 12, 2023

Click This Link To See Open Houses For Edmonton – November 12, 2023

If you have any questions about a pre-approval or you mortgage application please contact us at 431.482.2187 or GreatRates@MainstreamMortgages.Com

🏡 Navigating Higher Interest Rates: Mortgage Holder Edition 📈

Hey homeowners! 👋 With interest rates on the rise, it’s time to be proactive and ensure your mortgage game is strong. Here are some tips to weather the higher interest rate environment:

1. Review Your Budget: Take a closer look at your monthly budget. Identify areas where you can cut back or save more to allocate extra funds towards your mortgage payments.
2. Refinance Consideration: Explore refinancing options. While rates might be higher than before, locking in a fixed-rate mortgage could provide stability and protect you from future increases.
3. Accelerate Payments: Consider increasing the frequency of your mortgage payments. Switching from monthly to bi-weekly payments can lead to an extra payment each year, helping you pay off your mortgage faster.
4. Emergency Fund Priority: Ensure your emergency fund is robust. A solid financial cushion can provide peace of mind and act as a safety net if unexpected expenses arise.
5. Financial Health Check: Assess your overall financial health. Are there high-interest debts that could be consolidated or paid down to free up funds for your mortgage?
6. Professional Advice: Connect with a financial advisor or mortgage broker. They can provide personalized guidance based on your situation and help you make informed decisions.

Remember, proactive planning is key! 🗝️ By taking these steps, you’re not only adapting to the current environment but also setting yourself up for long-term financial success. 🚀 #SmartMortgageMoves #FinancialWellness