5 House Hunting Mistakes to Avoid

Buying a home is one of the largest investments you will ever make! In order to make your home hunting experience the best it can be, there are a few key mistakes to avoid and be aware of before you start your journey:

1. Not Getting Pre-Approved: One of the most important aspects of buying a home is the mortgage application and approval process. No matter what type of home you are looking for, you will need a mortgage. One of the biggest mistakes when it comes to the home-buying process is NOT getting pre-approved prior to starting your search. Getting pre-approved determines the actual home price you can afford as it requires submission and verification of your financial history to ensure the most accurate budget to fit your needs.
2. Not Setting or Following a Pre-Determined Budget: Another mistake that people make when home-hunting is not setting, or following, a pre-determined budget. It can be tempting to start looking at the top of your budget, or even slightly over, but when you consider closing costs and the long-term financial responsibility of home ownership, it is best to avoid maxing yourself out. Getting pre-approved will help determine what you can afford, and that’s where I come in as your mortgage broker.  I will help you get your pre-approval.  I can access the best possible lender for your situation with one credit check.
3. Not Hiring a Real Estate Agent: Your mortgage broker and your real estate agent are two of the most important members of your homebuying A-Team! In today’s competitive real estate market, it can be very difficult to acquire property without the help of a realtor. One reason is that realtors can provide access to properties that never even make it to the MLS website! They can also gain access to information about homes that may come onto the market, before a listing is even signed. Most importantly though, a realtor understands the ins-and-outs of the home buying process and can tell you how to be successful in your endeavors to purchase a home by guiding you through the process from the first viewing to having your bid accepted.
4. Focusing Too Much on Aesthetics: While we understand that bad interior design can really affect the perception of the home, you don’t want to be blindsided by it. At the end of the day, aesthetics can always be updated! Giving up the perfect price or location or size for a few aesthetic details (such as paint color, flooring, or even outdated appliances or light fixtures) is one of the biggest mistakes people make! Most homes have incredible bones that only need some minor tweaks to become your perfect space.
5. Not Thinking Ahead: What you want and need in a house today, could be very different from what you want and need in a house in the future. It is important to be able to look ahead – are you planning on having children? Are your parents getting older and in need of a retirement space? These are things that are good to take into consideration when buying a new home. Buying a home isn’t a permanent decision as you can always sell your home later on if it doesn’t work for you in the future, but it is almost always easier to plan ahead so you can grow with—and not out of—your home whenever possible.

If you are looking to purchase a new home, whether your first space or a step-up from your current living situation, I would be happy to help! Please don’t hesitate to reach out to set up a virtual appointment and discuss your mortgage options, pre-approvals and everything you need to know BEFORE you get started.

Written by the DLC Marketing Team

Top Eats Across Canada: Favourite Dishes Per Province.

Here in Canada, we are fortunate to be a melting pot with so many incredibly diverse cultures, languages, beliefs and (most importantly)… FOODS! We have gone through and found the top dishes from each Province for you to try the next time you’re looking for something new and fun to make in the kitchen.

British Columbia – Nanaimo Bars

Over the years, this delicious treat has gone by many names. In fact, the first recipe actually originated in the 1952 edition of the Women’s Auxiliary Nanaimo Hospital Cookbook where it was simply named “chocolate square”. A similar recipe was later published in a 1953 edition of the Edith Adams’ Cookbook with the name “Nanaimo Bar”. In fact, the recipe clipping still hangs in the Nanaimo museum!

A no-bake dessert bar, this mouth-watering treat consistent of three main layers: graham wafer crumb and shredded coconut for the bottom, a custard-flavoured butter icing in the middle, and a chocolate ganache on top.

Ingredients:

• 1/2 cup unsalted butter
• 1/4 cup granulated sugar
• 3 tbsp Dutch-processed cocoa powder sifted
• 1 large egg lightly beaten
• 1 tsp vanilla
• 2 cups graham cracker crumbs
• 1 cup fine coconut unsweetened
• 1/4 cup unsalted butter room temperature
• 2 cups powdered sugar
• 2 tbsp custard powder
• 3 tbsp milk room temperature
• 8 oz good quality dark or semi-sweet chocolate chopped
• 2 tbsp unsalted butter

Directions:

1. Grease a 9 x 9″ pan and line with parchment.
2. Place 1/2 cup butter, 1/4 cup sugar, and 3 tbsp cocoa powder into a large, heatproof bowl over a pot with simmering water. Whisk until combined.
3. Slowly pour in egg while whisking vigorously. Add vanilla. Continue whisking over simmering water until mixture has thickened and resembles a pudding.
4. Remove mixture from heat and stir in graham cracker crumbs and coconut.
5. Spread mixture evenly into the bottom of your 9×9 pan. Press down firmly to pack in. Chill in fridge while making custard.

For the Custard:

1. Cream together butter and powdered sugar, add in custard powder and milk and beat until smooth.
2. Spread evenly over base layer and return to fridge. Chill for 30mins.

For the Chocolate:

1. Place chopped chocolate and butter in to a microwave safe bowl. Microwave for 30 seconds, stir. Continue microwaving in 10 second intervals, stirring in between, until chocolate has melted.
2. Spread evenly over custard layer. Chill in fridge until set (about 1 hour).
3. Cut with a hot serrated knife.

Alberta – Grilled Steak

Alberta produces 44% of Canada’s cows and subsequent beef.  So it is no surprise that a favourite dish for this province would be a grilled steak!

Ingredients:

• 4 1 1/4-to-1 1/2-inch-thick boneless rib-eye or New York strip steaks (about 12 oz each) or filets mignons (8 to 10 oz ea), trimmed
• 2 tablespoons canola or extra-virgin olive oil
• Kosher salt and freshly ground pepper (or your choice of steak spice)

Directions:

1. Remove the steaks from the refrigerator and allow to sit (covered) at room temperature for 20 minutes.
2. Heat your grill to high.
3. Brush the steaks on both sides with oil and season liberally with salt and pepper (or your choice of steak spice).
4. Place the steaks on the grill and cook until slightly charred – approx. 4 to 5 minutes.
5. Turn the steaks over and continue to grill 3 to 5 minutes for medium-rare, 5 to 7 minutes for medium or 8 to 10 minutes for medium-well steaks.
6. Transfer the steaks to a cutting board or platter, tent loosely with foil and let rest 5 minutes before slicing.

Saskatchewan – Saskatoon Berry Pie

Did you know? The berry is actually so important to Saskatchewan that they gave Saskatoon its name? The city of Saskatoon takes its name from the Cree word for berries! While you can find their berry jams and berry muffins delicious, nothing quite showcases the essence of summer like the Saskatoon berry pie.

Ingredients:

• ¾ cup white sugar
• 3 tbsp all-purpose flour
• 4 cups fresh serviceberries
• ¼ cup water
• 2 tbsp lemon juice
• 1 (14.1 ounce) package double-crust pie pastry, thawed
• 1 tbsp unsalted butter, cut into pieces

Directions:

1. Preheat the oven to 425 degrees F (220 degrees C).
2. Combine sugar and flour in a bowl.
3. Simmer berries and water in a large saucepan for 10 minutes.
4. Stir in lemon juice and then stir in sugar mixture.
5. Press one pie pastry into the bottom of a 9-inch pie pan.
6. Pour berry mixture into the pan and dot with butter.
7. Place second pie pastry over top; seal and flute the edges.
8. Bake in the preheated oven for 15 minutes. Reduce the oven temperature to 350 degrees F (175 degrees C) and bake until crust is golden brown, 35 to 45 minutes more.

Manitoba – Perogies

Did you know? One of the most emblematic foods from Manitoba are perogies! I mean, who doesn’t love a perogi?!  Make them even more Canadian with a touch of bacon and onions!

Ingredients:

• 1/4 cup butter
• 3 cups all-purpose flour
• 1 tsp salt
• 1 egg
• 3/4 cups water (approx)
• 12 oz russet potatoes peeled and chopped
• 1/4 tsp pepper
• 1 pinch salt
• 3 bacon strips
• 2 onions finely chopped

Directions:

1. Melt 2 tbsp of the butter.
2. Whisk flour with salt in a bowl and add in egg, water and melted butter
3. Stir into flour mixture, adding up to 2 tbsp more water if necessary to make dough soft but not sticky.
4. Turn onto lightly floured surface; knead until smooth.
5. Divide dough into 2 balls; cover with plastic wrap or damp towel and let rest for 20 minutes.
6. Meanwhile, cook potatoes until tender in a large saucepan with boiling water and salt for approx. 15 minutes. Drain and return to pan; mash well. Stir in pepper and salt.
7. Cook bacon, turning occasionally, in a skillet over medium-high heat until crisp, about 5 minutes. Transfer to paper towel–lined plate and blot dry.
8. Chop bacon finely; add to potato mixture.
9. Drain all but 1 tbsp fat from skillet; cook onions over medium heat, stirring occasionally, until onions are a deep golden colour, and very soft, about 12 minutes.
10. Stir into potato mixture.
11. Working with 1 ball of dough at a time and keeping remainder covered, roll out on lightly floured surface to about 1/8-inch (3 mm) thickness.
12. Using 3-inch (8 cm) round cutter, cut into rounds.
13. Place 1 tsp filling on each round.
14. Lightly moisten half of edge of round with water; fold over filling, gently stretching as needed to fit. Pinch edges to seal.
15. Place perogies on flour-dusted cloth; cover with tea towel.
16. Repeat with remaining dough and filling, rerolling scraps, to make 36 perogies. (Make-ahead: Freeze in single layer on baking sheet. Transfer to airtight container and freeze for up to 1 month. Increase boiling time to 5 to 7 minutes.)
17. In large pot of boiling salted water, cook perogies until floating and tender, about 4 minutes.
18. With slotted spoon, transfer to colander to drain.
19. In skillet, melt remaining butter over medium heat
20. Cook perogies, in batches and turning once, until golden, about 5 minutes.

Ontario – Beaver Tails

Home to many things, Ontario is a bustling place, home to Canada’s capital, Ottawa. In fact, a great many things were invented in Ontario including Hawaiian pizza to butter tarts! But one of the more famous treats is the Beaver Tail, named right after our national emblem of Canada!

Ingredients:

• ½ cup warm water
• 5 tsp active dry yeast
• ¼ tsp sugar
• 1 cup milk
• ⅓ cup sugar
• 1 tsp salt
• 1 tsp vanilla
• 2 eggs
• ⅓ cup vegetable oil
• 5 cups all purpose flour
• oil for frying
• ½ cup sugar
• 1 tsp cinnamon for dusting

Directions:

1. Mix ½ cup sugar + 1 tsp cinnamon, for dusting and set aside in a large bowl.
2. Mix the yeast, warm water and ¼ teaspoon of sugar in a large bowl.  Allow to stand a couple of minutes for yeast to swell and dissolve.
3. Add sugar, milk, vanilla, eggs, oil, salt, and more flour to the yeast mixture.
4. Knead for 5 to 8 minutes using a dough hook, adding flour as needed to form a firm smooth, elastic dough.
5. Place dough in a lightly greased bowl and cover.
6. Place in a warm spot and let rise for 1 hour.
7. Pinch off a golf ball sized piece of dough. Roll out onto a floured surface into an oval and let rest, covered with a tea towel, while you are preparing the remaining dough.
8. Heat the oil in a deep fryer to 375F (190C).
9. Add the dough pieces to the hot oil one at a time. Turn the beaver tail once to fry until both sides are a golden brown.
10. Lift the beaver tails out with tongs and drain on paper towels.
11. While warm, toss the beaver tails in the sugar mixture, coating both sides and shake off the excess.

Quebec – Poutine

Fries, cheese AND, gravy!? Does it get any better?! Poutine is a Quebec original that has become a classic Canadian favourite! It first came about in the late 1950s. While there are many explanations for the name, did you know? The word “poutine” is slang for mess in Quebec? A delicious mess it is!

Ingredients:

• 3 tbsp cornstarch
• 2 tbsp water
• 6 tbsp unsalted butter
• 1/4 cup unbleached all-purpose flour
• 20 oz beef broth
• 10 oz chicken broth
• Pepper, to taste
• 2 lbs Russet potatoes, (3-4 medium potatoes)
• Peanut or other frying oil
• 1 – 1 1/2 cups white cheddar cheese curds, (Or torn chunks of mozzarella cheese would be the closest substitution)

Directions:

1. Prepare the gravy: In a small bowl, dissolve the cornstarch in the water and set aside.
2. In a large saucepan, melt the butter. Add the flour and cook, stirring regularly, for about 5 minutes, until the mixture turns golden brown.
3. Add the beef and chicken broth and bring to a boil, stirring with a whisk. Stir in about HALF the cornstarch mixture and simmer for a minute or so. If you’d like your gravy thicker, add a little more cornstarch mixture in small increments, as needed, to thicken. Season with pepper. Taste and add additional salt, to taste. Make ahead and re-warm or keep warm until your fries are ready.

For the Fries:

1. Prepare your potatoes and cut into 1/2-inch-thick sticks. Place into a large bowl and cover completely with cold water. Allow to stand at least one hour or several hours. When ready to cook, heat your oil in your deep fryer or large, wide, heavy cooking pot to 300° F.
2. Remove the potatoes from the water and place onto a sheet of paper towel. Blot to remove as much excess moisture as possible.
3. Add your fries to the 300°F oil and cook for 5-8 minutes, just until potatoes are starting to cook but are not yet browned. Remove potatoes from oil and scatter on a wire rack. Increase oil temperature to 375°F Once oil is heated to that temperature, return the potatoes to the fryer and cook until potatoes are golden brown. Remove to a paper towel-lined bowl.

To Prepare Poutine:

1. Add your fried or baked fries to a large, clean bowl. Season lightly with salt while still warm. Add a ladle of hot poutine gravy to the bowl and using tongs, toss the fries in the gravy. Add more gravy, as needed to mostly coat the fries.
2. Add the cheese curds and toss with the hot fries and gravy. Serve with freshly ground pepper. Serve immediately.

Newfoundland – Toutons

Newfoundland feels very different from the rest of Canada, but their food is just as exquisite! A great way to ease yourself into Newfoundland cuisine is with one of their provincial favourites – toutons. For those who don’t know, a touton is essentially a cross between a pancake and a flatbread and can be served in a variety of ways with berry jam and butter or fried up in pork fat! You can even use them in place of an English muffin for your eggs benedict!

Ingredients:

• 4 cups of white flour
• 1 tbsp, fast rising or traditional yeast
• 1/2 tsp sea salt
• 1 tsp sugar
• 1 1/2 cups, or more, of warm water
• 1 tbsp, melted butter or margarine

Directions:

1. Combine 4 cups flour and 1/2 tsp sea salt in a large bowl and mix together
2. In another bowl, add 1 tbsp dry fast rising or traditional yeast with 1 1/2 cups warm water and 1 tsp sugar. Let rise for about 5 minutes.
3. In another bowl, melt butter or margarine.
4. In flour mixture make a hole in the middle to pour yeast and warm water and butter, mixing all ingredients together with a wooden spoon or kitchen aid until it thickens, then keep adding 1/2 cup of flour to work dough together.
5. Knead dough, add more flour (if necessary), until dough is smooth, no longer sticky and you can hear cracking of the dough when folding. Keep working dough into a ball.
6. Sprinkle some flour over the top of dough, then cover with a piece of parchment paper and a towel.
7. Let dough rise in a warm place until dough rises for about 30 minutes.
8. Don’t deflate! Cut small or large pieces of dough about half the size as your hand and pull apart to make a flat dough.
9. Pre-heat your frying pan to medium heat and add 1 tbsp butter and 1 tbsp olive oil.
10. Place about 6 small pieces or 3 large pieces of flat dough in your pan and fry for 4 to 5 minutes on each side or until golden brown.

New Brunswick – Oysters

Famous for its beautiful Atlantic coastline, New Brunswick has an incredible assortment of seafood. Atlantic oysters (also known as “Caraquets”) in particular are harvested in the province and are the perfect dish for first-time oyster goers due to their more subtle, briny flavour. For those who prefer to grill them, check out the recipe below!

Ingredients:

• 12 fresh oysters
• 1 stick unsalted butter, room temperature
• 1 clove garlic, finely grated or minced
• 1 tbsp dry white wine
• 1 tbsp diced chives
• 1 tsp kosher salt
• 1/2 tbsp finely diced parsley

Directions:

• Combine the unsalted butter, garlic, white wine, chives, salt and parsley in a small bowl and set aside.
• Preheat the grill for direct grilling with lump charcoal at 500 degrees F.
• Shuck the oysters if you did not buy pre-shucked
• Layer a pan with slightly crumpled aluminum foil.
• Place shucked oysters onto the pan and gently press down so they sit well.
• Place one heaping teaspoon of the compound butter into each oyster. Reserve some to top the oysters after they come off the grill.
• Place gently over direct heat and grill for 4 – 6 minutes.  Butter will bubble,  remove when you start to see the edges of the oyster flesh slightly brown.
• Remove with high heat using gloves or tongs. Be careful not to spill what’s left of the liquid when removing the oysters.
• Top each oyster with a little of the remaining compound butter.
• Serve warm on the half shell

Nova Scotia – Lobster Roll Bites

Another seafood-centric province, Nova Scotia is particularly famous for its fresh Atlantic lobster! Did you know? Nova Scotia even has its own way of serving lobster rolls compared to New England-style! In Nova Scotia, we serve them cold with the bun buttered. YUM!

Ingredients:

• 1 pound (500 g) lobster meat
• 6 hot dog buns
• 3 oz soft butter
• 2 tbsp mayonnaise
• 1/4 cup diced celery
• Salt and pepper
• 3 oz spinach

Directions:

1. Crack the cooked lobster and extract lobster meat.
2. Roughly chop lobster meat into bite-sized pieces
3. Finely dice celery stalks
4. Butter hot dog buns on both sides and grill them on a frying pan.
5. Toast the outside of the hot dog buns until golden brown
6. Mix the lobster meat, mayonnaise and celery into a bowl and add salt and pepper to taste
7. Open the grilled bun and place 1/2 oz spinach per bun.
8. Spoon the lobster mixture onto the center of the hot dog bun. Squeeze lemon juice on if preferred.

Prince Edward Island – Potato and Leek Soup

Did you know? Prince Edward Island grows more potatoes than anywhere else in Canada?! In fact, they represent more than 1/5th of the country’s total acres of potato farms! So, naturally, our provincial favourite includes potatoes. While we’ve chosen just one to focus on, you can find even more on the PEI potato website, here (who knew!?).

Ingredients:

• 3 large potatoes
• 2 tbsp (30 ml) olive oil or butter
• 2 cups (500 ml) leeks, washed & chopped
• 2 garlic cloves, chopped
• 1 medium onion, chopped
• 1 tbsp (15 ml) summer savoury (herb) dried
• 1/4 cup (50 ml) all-purpose flour
• 5 cups (1250 ml) chicken or vegetable stock
• 1/2 tbsp (8 ml)  fresh thyme, removed from stems
• 1 cup (250 ml) milk
• Salt and pepper to taste

Directions:

1. Heat a large pot over medium-high heat; add oil, leeks, garlic, onion and summer savory.
2. Reduce heat and cook stirring occasionally until vegetables are softened; approximately 7-8 minutes.
3. Add flour; stir to coat, do not brown.
4. Add stock stirring constantly; add potatoes and thyme and bring to a boil.
5. Cover and reduce heat; simmer 15 minutes stirring occasionally.
6. Puree in a food processor or blender in small batches.
7. Return to pot, add milk and season with salt & pepper
8. Heat thoroughly and serve .

Northwest Territories – Bannack

The Northwest Territories are most well-known for its variety of traditional First Nations foods such as bison (or other game), fish and wild fruits. One of the more versatile dishes is Bannock, which is a traditional First Nations food that can even be cooked over a campfire!

Ingredients:

• 3 cups all-purpose flour
• 2 tbsp baking powder
• 1 tsp salt
• 1 ½ cups water
• ¼ cup butter, melted

Directions:

1. Stir flour, baking powder, and salt in a large bowl.
2. Pour water and melted butter over flour mixture.
3. Stir with a fork to make a ball.
4. Turn dough out onto a lightly floured surface; knead gently about 10 times.
5. Pat into a flat circle, 3/4- to 1-inch thick.
6. Warm a greased frying pan over medium heat.
7. Place dough in the hot pan and cook until browned, about 15 minutes per side. Use two lifters for easy turning.

Give these tasty treats a try and let me know how it turns out for you. I know I will be trying a few for myself  hehe

Thank you to the DLC Marketing team for this great post.

When Higher Rates Can be Better.

When it comes to getting a mortgage, there is a common misperception that a low rate is the most important factor. However, while your rate does matter for your mortgage, it is not the only component to consider.

If you’re looking to get a mortgage, these are some other important factors that you should look at beyond simply the interest rate:

Term: The length of time that the options and interest rate you choose are in effect. A shorter term (5 years) allows you to make changes to your mortgage sooner, without penalties.

Amortization: The length of time you agree to take to pay off your mortgage (usually 25 years). This determines how the interest is amortized over time.

Payment Schedule: How often you make your mortgage payments. It can be weekly, every two weeks or once a month and will affect your monthly cashflow differently depending on your choice.

Portability: An option that lets you transfer or switch your mortgage to another home with little or no penalty when you sell your existing home. Mortgage loan insurance can also be transferred to the new home.

Pre-Payment Options: The ability to make extra payments, increase your payments or pay off your mortgage early without incurring a penalty.

Penalty Calculations: Where variable rates typically charge three-months interest, a fixed rate mortgage uses an Interest Rate Differential (IRD) calculation. This can add up quite quickly! In fact, in some cases, penalties for breaking a fixed mortgage can sometimes be two or three times higher than that of a variable-rate.

Variable versus Fixed: For fixed-rate mortgages, the interest rate does not fluctuate over time. For variable-rate mortgages the interest rate fluctuates with market rates, which can be great when rates drop but not so great when rates are rising.

Open versus Closed: An open mortgage is similar to pre-payment options, allowing you to pay off your mortgage at any time with no penalties. A closed mortgage, on the other hand, offers limited to no options to pay off your interest in full despite often having lower interest rates.

When considering your mortgage, the above components all have a part to play in your overall mortgage as well as your homeownership experience.

It is easy to think that a low-interest rate is good enough, sign on the dotted line… but you may be overlooking important options such as portability, which allows you to switch your mortgage to another property should you choose to move. Or pre-payment options, which give you the choice to make additional payments to your mortgage. Without looking deeper at your mortgage, you may find yourself being forced to pay penalties in the future because you wanted to make a payment or a change to your mortgage structure. In some cases, agreeing to a higher rate to have more options and flexibility is better in the long run than the savings received from a lower rate.

Before agreeing to any mortgage, lets sit and talk about your future goals and any potential concerns you have to ensure that you get the best mortgage product for YOU.

Written by my DLC Marketing Team

MAKING THE BIG MOVE

Making the move cross country is never an easy undertaking for anyone. I know, because I did it back in March of 2011 when I moved from Kitchener, ON to Banff AB. I packed up my two bedroom apt.  and drove cross country in my Jeep Liberty .  

I wasn’t driving alone tho, my then long distance boyfriend of 7 years, now husband, flew in from Banff to help with the move. 

Before the decision could ever be final, I needed to get permission from my two boys (17 & 13 at the time).  When I sat down with them and asked how they felt about me moving out of province, they were excited for me, and just wanted me to be happy. Insert tears here. 

From there it was pretty quick.  I had to let their father know my plans, and the rest of my family and friends.

Contacted my local U-Haul and reserved my trailer, and had them add a trailer hitch to the Jeep to tow it. (which I thought was reasonably priced)  

Spent days calling and talking to utility companies, insurance, credit card companies, banks, business partners ( had a small aromatherapy store in Fort Erie with a young RMT and her husband).  Just as important was giving notice to my landlord, who always treated me great.  You never want to burn any bridges. No one has a crystal ball to know the future.

I gathered boxes from the grocery stores and bought a bundle for U-Haul.  Packed up everything, (So I thought lol) leaving just what I needed. When It came time to put it all into the trailer I was still packing things up! To the chagrin of my family that showed up to help. Ooops

On a side note, try to make sure you recruit more help then you need, cause as well intended as people are to help you, moving anyone is not on the top ten,” best fun one can have” list

So here we are all packed up and hugs and tears are over and we are on the road.  I ended up driving most of the way, including thru Manitoba. Specifically just before Brendon Manitoba.  We end up running into a snow storm. Well wasn’t there black ice on the highway. I wasn’t 100% sure, with the trucks and other vehicles speeding past me. Soon I found out what hitting black ice was like.  I felt the trailer start to sway behind me. The steering wheel starts to feel  loose in my hands. I instinctively take my foot off the gas, and tap the brakes. WRONG, you know what comes next. Yes, the trailer swings around and smashes into the back of the Jeep. Loudly taking out the rear passenger window and caving in the back door.

Now we are turned around facing oncoming traffic. Here we are out of the vehicle and looking at the damage.  When we think, maybe we should get back in, and keep going down the road. Freezing and driving much slower than before, I start seeing the big trucks and vehicles that went speeding by us, now in the ditch! GREAT!

 Just before we come into Brendon, I feel the trailer start to go again, this time I give more gas and bring it back out.  For some strange reason, in the back of my head I hear my dad telling me you have to give GAS, to get out of a slip.  Thanks dad! (RIP)  Saved more damage being done to the Jeep or even us!

Finally get to Brendon and grab some garbage bags and tape to cover the window and head back out.  3592.5 km, and 4 days later we finally pull into Banff where his buddies are waiting to off load the trailer into the apt. Nerves a little fried, tired, hungry and very appreciative to be alive. Time, for a well deserved beer. 

#madeitalive #crosscanadamove #diditmyself #brokersforlife #cochranemortgagebroker 

     10 Ways to Plug Money Leaks.

It can sometimes be hard to keep track of your finances. Fortunately, we have some tips to help you review your financial situation and plug unwanted money leaks!

1. Be Wary of Impulse Spending: While it can be easy to think that picking up a few extra items here and there won’t affect your overall budget, it does. When you make a purchase of $10 here or $8 dollars there, it all starts to add up! This is why it is so important to track your spending at grocery and convenience stores or gas stations. Make a list or be aware of what you intend to purchase – and stick to it.
2. Carry Cash: It can be way too easy to spend money unintentionally or over budget when you’re simply swiping your credit card. For some, taking spending money out as cash is a much easier way to manage your budget and know when you have used up your weekly funds!
3. Examine Your Bills: As money leaks go, the best way to avoid spending extra funds or paying too much for a service is by examining your bills. Perhaps there are some that you can get rid of entirely or some you can reduce (by changing your phone plan, for example).
4. Ask The Question: If you’re making a new purchase (whether a new internet bundle or car), it is a good idea to always ask “is this the best you can do”? In some cases, you may get a further discount. In addition, be sure to always do your research before any large purchases.
5. Manage High-Interest: One of the biggest places you will find financial leaks are with high-interest rates. If debt is getting in the way of your cash flow (and you still have equity in your home), you may be able to refinance your mortgage and consolidate your debt for one easy monthly payment and a better rate.
6. Renew With Confidence: When you receive the letter from your lender about your mortgage renewal, consider shopping the market or reaching out to me before signing the renewal. I may be able to get a lower interest rate or better mortgage terms.
7. Renovate vs Relocate: If you’re finding yourself falling out of love with your home, consider a RENOVATION! It is much more cost-effective than moving and can be a great way to breathe new life into your spaces.  I can help you look into a HELOC (Home Equity Line of Credit)
8. Don’t Leave Money on the Table: Be sure to take advantage of rebates and incentives at your disposal! From first-time homebuyer tax credits to energy rebates, there are plenty of opportunities.
9. Change Your Mortgage Payments: Depending on your monthly cash flow situation, you might also want to consider switching up your mortgage payments. Moving from weekly to biweekly can help you reduce your overall monthly bills. If you have extra income, moving to a weekly or accelerated biweekly payment schedule can help you pay off your mortgage faster.
10. Know Your Pre-Payment Penalties: Avoid spending unnecessary money on your mortgage by knowing your pre-payment terms and penalties! If you ever find yourself needing to get out of your mortgage early, you’ll want the option of pre-payment.

If you’re looking to plug money leaks in your finances,  you can reach out to me to discuss your mortgage payments, debt consolidation and more.

#DLC #brokersforlife #cochranemortgagebroker

Written by the DLC marketing team 🙂

Canada’s headline inflation rate cooled again in August, even a bit more than expected. The consumer price index rose 7.0% from a year ago, down from 7.6% in July and a forty-year high of 8.1% in June, mainly on the back of lower gasoline prices.

The CPI fell 0.3% in August, the most significant monthly decline since the early months of the COVID-19 pandemic. On a seasonally adjusted monthly basis, the CPI was up 0.1%, the smallest gain since December 2020. The monthly gas price decline in August compared with July mainly stemmed from higher global production by oil-producing countries. According to data from Natural Resources Canada, refining margins also fell from higher levels in July. Transportation (+10.3%) and shelter (+6.6%) prices drove the deceleration in consumer prices in August. Moderating the slowing in prices were sustained higher prices for groceries, as prices for food purchased from stores (+10.8%) rose at the fastest pace since August 1981 (+11.9%).

Price growth for goods and services both slowed on a year-over-year basis in August. As non-durable goods (+10.8%) decelerated due to lower prices at the pump, services associated with travel and shelter services contributed the most to the slowdown in service prices (+5.5%). Prices for durable goods (+6.0%), such as passenger vehicles and appliances, also cooled in August.

In August, the average hourly wages rose 5.4% on a year-over-year basis, meaning that, on average, prices rose faster than wages. Although Canadians experienced a decline in purchasing power, the gap was smaller than in July.

Core inflation–which excludes food and energy prices–also decelerated but remains far too high for the Bank of Canada’s comfort.  The central bank analyzes three measures of core inflation (see the chart below). The average of the central bank’s three key measures dropped to 5.23% from a revised 5.43% in July, a record high. The Bank aims to return these measures to their 2% target.

Bottom Line

Price pressures might have peaked, but today’s data release will not derail the central bank’s intention to raise rates further. Markets expect another rate hike in late October when the Governing Council of the Bank of Canada meets again. But further moves are likely to be smaller than the 75 bps-hikes of the past summer.

There is still more than a month of data before the October 25th decision date. The September employment report (released on October 7) and the September CPI (October 19) will be critical to the Bank’s decision. Right now, we expect a 50-bps hike next month.

Advice for Single Homebuyers

Buying a home is an exciting experience for anyone, and even more of a milestone when you’re doing it solo, but it can be a little different when you’re purchasing on your own. While it can be easier to tailor your mortgage and home search to exactly your needs, it can be somewhat more stressful handling the purchase of a home on your own… fortunately, that’s where a Dominion Lending Centres mortgage expert can help! They assist with your mortgage application, pre-approvals and final financing to make the entire mortgage process much smoother.

In addition to using a mortgage expert and having a trusted realtor, here are some other tips that can help improve your homebuying experience:

1. Be Aware of Your Financial History

Understanding your credit score and your financial history can help to improve your qualification potential. If your credit score is a little lower than it should be, or lower than you’d like for what you are trying to qualify for, you can take steps to improve this prior to seeking a mortgage and get better results.

2. Ramp Up Your Savings

Of course, while a mortgage will cover a large chunk of your home purchase, you are also required to have a down payment. In addition, you need to consider closing costs (1.5-4%) of the purchase price, as well as ongoing maintenance and costs for your new home (repairs, utilities, property taxes). It is important to determine your budget so you are aware of what you can afford monthly.  BUT before you shop is also a great time to start ramping up your savings account so you can put more down and potentially reduce the overall mortgage.

3. Study The Marketplace

One of the most important aspects of homeownership is understanding what you can afford and where you want to live. These two key components can help you to determine your budget and the areas that you should be looking for a home, as well as what type of home size, amenities, etc. Understanding what is available can provide you with more information and help you fine-tune your shopping list.

4. Be Flexible When Possible and Firm When Not

While shopping for a home on your own can be much easier as you’re only concerned about your own needs, it is still important to be flexible. While it is easier to find a home that fits just ‘you’, keeping your options open can also have its benefits. Of course, if there are things you cannot live without or a location you really need to be in, it’s important to be firm about those things as well. Creating a list of wants and needs can help you determine where there is room to be flexible, and where there isn’t.

5. Consider Your Present and Future Needs

While you’re shopping for your new home for you today, you will also want to consider what your life might look like in the future. What are you doing 5 years from now? 10 years? Do you want to start a family or have children? Do you plan on changing jobs or perhaps requiring a move in a few years? All these things are important to be aware of so you can make the best choice for you today, but also ensure that you are considering your future needs.

6. Protect Yourself

Lastly, while you might not be purchasing your current home with a partner, it is important to leave room for this in the future to ensure that you and your home are protected. If you have another individual move into your home down the line, you could become common-law and that could cause complications. Having an honest conversation about expectations and responsibilities can help, as well as writing up a document for both parties to sign, indicating these responsibilities as well as outlining the investment made by the original owner and new partner.

Written by the DLC Marketing Team

Tips to Create a Monthly Budget.

One of the quickest ways to take back control of your finances and understand where your money is going is to create a monthly budget. This will help you get a snapshot of your income compared to your spending, and provides an avenue to review outgoing costs and determine areas for improvement to help you increase your monthly cashflow or just feel less stressed!

Step 1: Calculate Your Income

The very first step to creating any budget is determining your income – knowing exactly how much money do you bring in, per month, is important to understanding what you have available to spend. Remember to focus on NET INCOME versus gross salary as thinking you take home more than you do can lead to overspending and failed budgets.

Step 2: Track Your Spending

Once you have determined your income, you will want to take a look at your spending. Reviewing and categorizing all your monthly bills can help you breakdown exactly where your money goes and your priorities to see where changes can be made.

To start, first list out your fixed expenses – these are things like car payments, loans, rent or mortgage costs that do not change on a monthly basis.

Next, you will want to take a look at your variable expenses – things like groceries, gas, entertainment, etc. and determine your average spend. This is typically the area where people are able to cut back.

Step 3: Set Realistic Goals

Realistic goals are vital for long-lasting financial health. It is important to determine what you cannot live without and where you can cut costs or scale back on spending.

Ideally, when it comes to your monthly budget, you want to consider the 50/30/20 rule, which applies the following:

• 50% of your spending is for NEEDS such as rent or mortgage payments, car payments, utilities and groceries
• 30% of your income goes to WANTS such as shopping, vacations, streaming services, etc.
• 20% of your income goes to SAVINGS OR DEBT such as emergency funds, retirement, child’s education and/or credit card payments

Step 4: Make a Plan

Once you have your goals set, you can now make a plan to tackle your financial position and ensure a healthy cashflow each month.

There are a few different ways you can plan to handle your monthly budget. For some, setting realistic spending limits for each category works well. For others, taking a look at the importance of the items on their expenses list and re-prioritizing can free up funds.

Step 5: Adjust Your Spending

Now that you have determined how much money you bring in per month and what you spend it on, you can take a look at adjusting your spending to ensure you remain on budget. Taking a look at any wants is a great place to cut out frivolous spending beyond a reasonable amount.

This is also a great time to review your fixed expenses. Perhaps you can save money by getting a better interest rate on your mortgage or changing your payment schedule for your loan.

Step 6: Stay on Track

Lastly, once you’ve tracked all your spending and income and determined your monthly budget, you will want to stay on track. Tracking your budget on a monthly basis is important to catch any changes in your spending habits. As well, it is a good idea to conduct an annual review and take into account any increase in expenses or wages that may require shifts in your overall plan.

Remember! A healthy, well thought-out budget is key to financial freedom and comfort.

Written by the DLC Marketing Team

Understanding Your Credit Score

 

One of the important factors in home ownership is understanding things like your credit score.  Some people don’t pay much attention to this metric until they begin the mortgage discussion! However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power.

Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.

If you are not sure what your current credit score is, you can find out through Canada’s two credit-reporting agencies: Equifax Canada and TransUnion Canada. Once you have your credit score, always double check that there are no mistakes and ensure you dispute any problems if applicable.

WHAT IF I DON’T MEET THE MINIMUM CREDIT SCORE?

If your credit score is accurate, but does not meet the minimum requirements, you will want to look at your current debt. Home ownership is an incredible investment, but it is also costly. Fortunately, there are a number of things you can do to improve your credit score as well as your future financial success, including:

• Paying your bills in full and on time. If you cannot afford the full amount, try paying at least the minimum required as shown on your monthly statement.
• Pay off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible. Work on paying the ones with the smallest amount owing first and work your way towards the larger amounts.
• Stay within the limit on your credit cards and try to keep your balances as low as possible.
• Reduce the number of credit card or loan applications you submit.

There is also the option of going with an Alternative Lender (or B Lender) if you are struggling with credit issues.   Lets find the best fit for you.

Written by the DLC marketing team