For a Stress-Free Mortgage
when refinancing.

Building your dream home can sound really exciting, but have you thought about everything that goes into building a new home? Here are 7 Questions you should ask yourself before making any concrete plans! 1. What are my expectations with this new home? Are you looking for a custom home build where you are responsible for every single decision made or do you want to choose an existing floor plan and build a house that is almost entirely predetermined for you? Or maybe you are looking for a mix of both? Regardless... Every home builder has a unique approach to building. Make sure your level of involvement is crystal clear from the start! 2. How familiar am I with the local builders and the homes they build? Although there are standards for how your home will be built (code), there are no standards for pricing. Each builder will quote prices using different specifications for the different homes they build. If one builder is coming in with a estimated build price that is considerable less than another builder, you should dig deeper into the quality of materials being used. Is the flooring hardwood and tile or carpet and lino? Am I getting the basic white appliance package or stainless steel (or are appliances even included?). Knowing your local builders and the homes they build will let you compare apples to apples and ensure you get the best home! 3. Do I have any specific needs or features I want included? If you are looking to add a feature to your home to meet a specific need, make sure your builder has previous experience building in this area. Practical features like wheelchair accessibility or a separate basement suite should be considered as well as lifestyle features like a backyard pool or a below the kitchen wine cellar. Always consider experience when choosing a builder and don't be afraid to ask for references!

There aren't too many Canadians who are able to save up enough money to pay cash for their home. This is why we have mortgages. A mortgage is a loan made to assist a borrower to purchase a property. The property is held as collateral and interest is charged on the loan. Typically a mortgage will be paid back over 25 years (this is called the amortization), and the amount of interest charged is renegotiated every 1-10 years (this is called the term). Over the long run, borrowing money isn't cheap, despite interest rates being at an all time low! So, if you need to borrow money in order to buy a property, your number one goal should be to keep your cost of borrowing as low as possible. Bolded and italicized for emphasis. Now, contrary to what years of marketing messaging would have us believe, this doesn't always mean choosing the mortgage with the lowest rate. Although choosing a mortgage with a low rate is a part of lowering your borrowing costs, it's not the only factor.