Refinance for your Home Renovations!

Its nearly spring!

That time of year has finally arrived…. Home improvement season is approaching and the major big box stores are rushing to implement their Spring Readiness programs.  This is the time of year that all homeowners have been waiting for:  that long-awaited deck and fence,  much needed new roof or windows and doors, maybe a new kitchen overhaul. 

Whatever the renovations are that you have been waiting to do, now is the season to start preparing for your project.  The first step to take would be to create a budget.  If you require the funds to improve your home, why not consider using the equity in your home to finance it?  Refinancing your current mortgage and re-investing in your home is the best solution.   Where home equity was once sat upon, today it’s something to be tapped out and used to one’s advantage.

Check out the link below for tips and advice on financing your home renovations.  While there, see if your renovations qualify you for rebates… check out the section Grants and Rebates for Energy-Saving Renovations.

http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_020.cfm

Call us today to discuss your options for financing your home renovations! 

        www.mortgagesbyandrea.com      *      613-968-5151      *      andrea005@sympatico.ca

Buying verses Renting

Buying versus renting

At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. And purchasing a home is one of the biggest decisions most people ever make.

Ultimately, the decision is a personal choice, but it helps to look at the pros and cons of buying to determine whether home ownership is right for you.

Some advantages of buying a home

·         Owning a home is generally considered to be a sound, long-term investment that can provide satisfaction and security for you and your family.

·         Each month when you make your mortgage payment, you are building equity in your home.  Equity is the portion of the property that you actually build through your monthly payment versus the portion that you still owe the lender.

·         At the beginning of your mortgage, more of your payments go toward paying off the interest and less toward paying off the principal. But the longer you stay in your home and the more mortgage payments you make, the more principal you pay off and the more equity you accumulate.

·         Most mortgages also offer you the option of making additional monthly or annual payments to reduce your principal faster. Some prepayment privileges, for instance, enable you to pay up to 20% of the principal per calendar year. This will also help reduce your amortization period (the length of your mortgage), which, in turn, saves you money.

·         There is also a tax advantage. If your home is your principal residence, any profit you make when you sell it is tax-free. A home can appreciate – or increase in value – as time passes, building more equity. As you build up equity, it’s usually easier to upgrade to a more expensive home in the future thanks to the profit you’ll make when selling your current home.

As an owner, you can also decorate and improve your home any way you like. Ownership tends to give you a sense of pride and can offer you and your family stronger ties to the community.

If you do decide that home ownership is right for you, it’s important to choose a home you can afford. That is where a pre-approval will be beneficial to you as it allows you to understand your buying power; everyone has a budget and it is important to know this especially during negotiations.

Spring market season is just around the corner, now may be an ideal time to contact me to discuss your options… Let me help you enter into home ownership for the first time!

Call me today… Can you afford to wait?

www.mortgagesbyandrea.com   *   613-968-5151   *   andrea005@sympatico.ca