Change of Address Checklist.

Home Tips Trish Pigott 22 Feb

So, you’re moving! Before you hunker down in your new home, there are a few things you will want to take care of regarding your new address.

Personal Contacts

First and foremost, if you haven’t yet, make sure to tell all your personal contacts about your address change, including:

  • Relatives
  • Friends
  • Employer
  • Schools, colleges, universities, daycares
  • Landlord (if necessary)
  • Clubs, associations and charities

Healthcare Professionals

For the purposes of keeping your health care records up to date, make sure to update your professional contacts:

  • Doctor(s)
  • Dentist
  • Veterinarian
  • Other healthcare specialist(s)

Creditors and Services

If you haven’t yet reached out to your services, you will want to do so as soon as possible for a smooth change of service from your existing address to your new address. These services include:

  • Phone, cable, internet, mobility company
  • Electricity / hydro
  • Natural gas
  • Heating fuel company (ask if you receive a deposit refund)
  • Financial institution
  • Credit card companies
  • Insurance companies / broker(s)
  • Lawyer / notary
  • Subscriptions (e.g., newspapers, books, music, loyalty programs)

Government Services

Lastly, it is vital to inform the federal and your provincial/territorial government if your address changes to ensure all your data and ID cards are updated:

  • Driver’s license
  • Health Card
  • Vehicle registration
  • Canada Post
  • Canada Revenue Agency
  • Canada Pension Plan / Quebec Pension Plan
  • Old Age Security
  • Employment Insurance

Friendly reminder that The Primex Team is always here for you! Our goal is to make the mortgage process as stress free as possible during the crazy times of moving. If you have any more questions, don’t hesitate to reach out!

 

Trish & The Primex Team

What to Know About Title Insurance.

General Trish Pigott 15 Feb

There are many insurance products when it comes to your home, but not all are created equal. One such insurance policy that potential homeowners may encounter is known as “title insurance”.

This particular insurance is designed to protect residential or commercial property owners and their lenders against losses relating to the property’s title or ownership. In fact, it is so important to lenders that every single lender in Canada requires you to purchase title insurance on their behalf. It is not a requirement to have coverage for yourself, but that doesn’t mean you should dismiss it outright.

While title insurance can protect you from existing liens on the property’s title, the most common benefit is protection against title fraud.

Title fraud typically involves someone using stolen personal information, or forged documents to transfer your home’s title to him or herself – without your knowledge. The fraudster then gets a mortgage on your home and disappears with the money. As the old adage goes: “It’s better to be safe than sorry” and the same goes for insurance.

Similar to default insurance, title insurance is charged as a one-time fee or a premium with the cost based on the value of your property. This insurance typically runs around $400 for the lender and $250 for the individual. It can be purchased through your lawyer or title insurance company, such as First Canadian Title (FCT).

If you are wanting to know more about title insurance, or confirm that you (and your home) are properly protected, don’t hesitate to reach out to us at Primex Mortgages for a mortgage review!

Trish & The Primex Team 

Understanding your Credit Score.

General Trish Pigott 8 Feb

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.

When it comes to any kind of score, higher is usually better. Same goes for your credit score. A score of 300 to 579 is considered poor, 580 to 669 is fair, 670 to 739 is good, 740 to 799 is very good, and 800 to 850 is excellent.

Credit scores are calculated based on a few factors such as your payment history, your total available credit vs amount of credit used, types of credit accounts in your name, the length of your credit history, and the number of requests for credit you’ve made.

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. Bank apps usually have this feature to check your credit score in less than 30 seconds, free of charge. 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. The team at Primex can help review your credit score and provide you with strategic options for your mortgage needs. We can also look into consolidating your debt into your mortgage to make it easier for you, in one simple payment. This can help pay off debts faster.

Contact us today to chat about your credit score concerns when it comes to your mortgage!

Trish & The Primex Team 

5 House Hunting Mistakes to Avoid.

General Trish Pigott 1 Feb

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 common mistakes to avoid and be aware of before you start your journey:

  1. Not Getting Pre-Approved: One of the biggest mistakes when it comes to the home-buying process is not getting pre-approved prior to starting your search. The most important aspect of buying a home is the mortgage application and approval process. Getting pre-approved determines the home price that fits your budget as the mortgage process requires submission and verification of your financial history. Not only does it make the home buying process easier, but you can also lock in the rate that you’d like for 120 days while you search for your next home. Getting pre-approved also shows that you are a serious buyer.
  2. Not Setting or Following a Predetermined Budget: Another mistake that people make when home-hunting is not setting, or following a predetermined 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. Talking with your mortgage broker to determine your financial situation and the best options for you now, and in the future as well as getting pre-approved is the best way to understand your budget.
  3. Not Hiring a Real Estate Agent: Your mortgage broker and your real estate agent are two of the most important members of your home buying team! In today’s competitive real estate market, it can be very difficult to acquire property without the help of a Realtor. Which is why it’s important to hire the right real estate agent. One reason is that Realtor’s can provide access to properties that never even make it to the MLS website, or that come onto the market before a listing is even signed. Most importantly though, a Realtor can navigate you to be successful in your journey to purchase a home by being there for you from the first viewing to having your offer accepted.
  4. Focusing Too Much on Aesthetics: 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 colour, flooring, outdated appliances or light fixtures) is one of the biggest mistakes people make! Most homes have incredible bones that only need some minor modifications 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 a few years time. 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.

If you are looking to purchase a new home, your first space, downsize or a step-up from your current living situation, we would be happy to help! Please don’t hesitate to contact us to discuss your mortgage options, get pre-approved and talk about everything you need to know before you get started!

Trish & The Primex Team