So, you are ready to sell your home! Whether you are up or down-sizing, selling your home can feel like a large undertaking – that’s where I come in! To help make this process as smooth as possible, here are a few tips about what to know before you sell your home:

Improve Your Curb Appeal

When it comes to selling your home, first impressions matter. If a potential buyer pulls up to see overgrown weeds, clogged gutters or cracked concrete, they may have a negative first impression of the home, making it harder to impress them once they are inside. Attending to landscaping and any outdoor maintenance or repairs will go a long way in making your home more appealing. A pressure wash and new coat of exterior paint can also do wonders to give your home a facelift!

Get Rid of Clutter

In addition to updating your homes curb appeal prior to sale, you also want to ensure that you are de-cluttering your space. Removing personalized photos, collectables, memorabilia and other Knick knacks will help open things up and allow potential buyers to envision their own belongings in those spaces. While major renovations are not necessary, a fresh coat of paint and managing any minor repairs will also help to ensure the best first impression!

Set a Reasonable Asking Price

One of the most important aspects for the successful sale of your home is to price accordingly. Even though it can be difficult, when selling your home it is vital to avoid emotional decisions or anchoring your listing price to your home’s previous value.

Choose the RIGHT Real Estate Professional

A real estate agent can help you maximize the sale of your home by working to get you the best asking price and help you walk through the sales process. Once you have a realtor in mind, it is best to conduct an interview to ensure they are the right fit for the job and that their interests align with yours.

Understand the Costs

Before you get to the point of reviewing a purchase offer, you should have a reasonable understanding of potential gains (or losses) within your acceptable price range.

To do this, you need to understand the costs of selling your home, which include:

• Real estate sales commissions
• Closing fees
• Title charges
• Transfer and recording charges
• Additional settlement charges, if applicable
• Debt obligations related to existing mortgages

If you’re looking to sell your home and need mortgage advice, please reach out to us so we can assist you with your next steps!

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CHIP reverse mortgages are now becoming a more mainstream financial solution for Canadians 55+ ; they are being used by thousands of Canadians for a variety of reasons. Homeowners 55+ are unlocking their home equity for tax-free funds that don’t have to be re-paid until they decide to sell their home. Consider your own financial needs. Do any of these 5 common scenarios sound familiar?

1. You have missed a payment/made a late payment.

Credit card, car and mortgage payments can become a vicious cycle; you make monthly interest payments and elongate the process of chipping away at that debt.  Alleviate the stress of debt by consolidating smaller loans with a reverse mortgage at a much lower interest rate. By consolidating your debt with a reverse mortgage, you can eliminate the stress of having to make monthly payments towards your loan and in turn, free up your monthly income. Better yet, a reverse mortgage doesn’t require any regular payments until you sell or no longer live in your home.

2. You have asked to skip a payment or are dipping into your investments.  

If your debt has led to missing payments or touching your RRIF or retirement accounts, consider using a reverse mortgage to unlock up to 55% of your home equity. This way you can pay off debts while your investments keep working for you.

3. You want to start crossing things off your bucket list yet can’t afford to.

Maybe your dream is to purchase a second home, take a vacation, or even just dine out or attend the theatre regularly. A reverse mortgage can improve your retirement lifestyle by supplementing your monthly income without affecting your OAS and pension.

4. You want to financially assist your aging parents/kids/grandkids.

As the sandwich generation, you’re caring both for kids and aging parents. That can place huge financial stress on a household. Your parents can use a reverse mortgage on their home to enjoy financial independence instead of relying on you. At the same time, since a reverse mortgage can be used for whatever, you like, you can “gift” family members and witness their enjoyment while you are still here.

5. You are facing unexpected expenses.

Maybe it’s a leaky roof or a flood in your basement. Or you might have to renovate your home for changing healthcare needs. A reverse mortgage gives you quick access funds to pay for unplanned expenses without worrying about making any payments until you move or decide to sell your home.

If any of the examples above resonate with you, contact your DLC mortgage expert to find out how the CHIP Reverse Mortgage by Home Equity Bank can be a viable option to help you live your best retirement!

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Despite the effects of the current onslaught from inflation and ever-increasing prices, the basic concept of budgeting hasn’t changed. Dividing up your money into little piles for the various things you need (and want) doesn’t seem like such a difficult process, so why is sinking your household budget so hard to put into practice?

The simple answer is that no matter how small those little piles get, they still add up to more than you have! Yes, more money for your household budget will certainly help, but also make sure it isn’t your budgeting process that is contributing to your failure. Here are eight things that can easily help sink your household budget.

1) You didn’t start with the right number.
Your take home pay (AFTER all deductions) is the starting point.

2) You used the wrong time frame.
Some bills are monthly, but most of us get paid every two weeks. A two-week spending plan is much easier to follow and matches up with your cash inflows.

3) You had no idea how much you were spending when you made your budget.
Track your expenses for at least two pay periods and create your budget based on actual data, not your best guess. You can always tweak the amounts if it proves to be unrealistic.

4) You forgot to record all of your expenses.
Whether you use the latest app or a collection of post-it notes to track expenses, it needs to be quick, easy, and you need to make it a habit. Don’t forget expenses which are seemingly invisible but still need to be tracked, interest expense on credit cards or lines of credit for example. Leave your cash in the bank and use a credit or debit card for everything so you can easily view your bank or credit card statement to see exactly where your money went. Many banks now offer some expense tracking capability right in their online banking system.

5) You spend too much. 
Just because you had been spending $400/month on dinners and drinks doesn’t make it a reasonable or sustainable amount for your budget. List up your needs, analyze your wants, and set priorities… force yourself to make choices!

6) You didn’t contribute to a reserve fund.
Unexpected expenses like birthday presents, car repairs, or a trip to the dentist can all derail your budget if you don’t have an emergency fund to dip into. Makes sure to set aside some sort of contingency cash to give you a little wiggle room.

7) You didn’t ensure your spouse/partner/kids were on board.
It’s a household commitment with all-hands-on-deck. Take the time to explain to your kids that the actual supermarket cost of the food in a take-out burger & fries is likely around $2, and that by cooking your own burgers & fries you now have $5 more in your jeans (and arguably a much better burger!). Don’t be shy about telling your friends either– declining an invite for a night out you can’t afford is not a crime, and chances are they can’t afford it either.

8) You had no goal and lost your “mojo”.
Pick a realistic goal your budget will help you achieve and track your progress… paying off a credit card? topping up your RESP/TFSA/RRSP contributions? eliminating your line of credit balance?

Creating and maintaining a budget is a lot harder than it seems. Most of us will have to make some tough choices and rearrange priorities, so make sure you have a good process in place to evaluate those decisions and keep you focused on your goals.

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Getting a mortgage after bankruptcy can be tricky. If you have had to declare bankruptcy, you may be wondering what is next.

Bankruptcy is not a financial death sentence. In fact, there are a few things you can do after declaring bankruptcy to help reset your financial status and get a mortgage in the future.

While there is no wait requirement to apply for a mortgage after bankruptcy, it is important to allow your credit time to heal in order to ensure approval.

The first step to rebuilding your credit is getting a secured credit card. If you are able to show that you are responsible with this credit card by paying your balance in full each month and not overspending, it will help to improve your credit score.

Once you’ve re-established your credit, you can apply for a mortgage. What type of mortgage you can apply for, and whether or not you qualify, will depend on a few factors, such as: how long ago you declared bankruptcy, the size of your down payment, your total debt-to-service ratio (how much debt you are taking on compared to your total income) and your loan-to-value ratio (loan value versus the property value).

Depending on this, you will have three options for your future mortgage loan:

Traditional or Prime-Insured Mortgage

This is a traditional mortgage, which will typically offer the best interest rates. To apply for this type of mortgage after bankruptcy the following requirements apply:

• Your bankruptcy was 2 years, 1 day previous
• You have one-year of re-established credit on two credit items (credit card, car lease, loan).
• You have a minimum down payment of 5% for the first $500,000 and 10% for any additional amount over that
  • You have mortgage insurance – required for all down payments under 20%
• You have a total debt-to-service ratio of 44% maximum
• Your loan-to-value ratio is 95% minimum

Subprime Mortgage

This type of mortgage falls between a traditional and private mortgage, meaning you qualify for more than private but not enough for a traditional loan. To apply for this type of mortgage:

• Your bankruptcy was 3 – 12 months prior
• You have a total debt-to-service ratio of 50% maximum
• Your loan-to-value ratio is 85% minimum

Private Mortgage

If you don’t qualify for a traditional or subprime mortgage, you have the option of looking into a private mortgage. Typically, your interest rate will be higher on a private mortgage but there is no waiting period after bankruptcy and the requirements are as follows:

• You have a down payment of 15% of the purchase price
• You have obtained a full appraisal
• You have paid a lender commitment fee – typically 1% of the mortgage value
• Your loan-to-value ratio is 80% minimum

If you have previously declared bankruptcy and are now looking to start over and apply for a mortgage, don’t hesitate to reach out to me for expert advice and to review your options today!

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