Tag Archives: Mortgage

Construction Evaluation Checklist

Construction Evaluation Checklist

It’s understood that building a new home is usually the largest single investment in your lifetime. We have put together a checklist and guide to help you with this big decision.
 

A.      LOCATION OF NEIGHBORHOOD

1.       Look around, talk to neighbors. Are the streets safe and is there enough privacy?

2.       Are the neighbors likely to be compatible with your tastes and lifestyle?

3.       Will the size of your home be compatible with the existing market?

4.       Are there sources of noise, smoke, or odors that will become a problem in the future?

5.       Are there any new developments planned near your site that will affect your neighborhood in the future?

 

B.         COMMUNITY FACILITIES  
1.       Are there adequate shopping facilities nearby?

2.       If you have children, how is the school system?

3.       Are there daycare centers available?

4.       Are places of worship available and convenient?

5.       Are police and fire protection adequate?

6.       Is there a hospital or medical center nearby?

7.       Is public transportation frequent and convenient?

8.       Are there suitable parks and recreation close by?

  

C.      UTILITY AND IMPROVEMENTS

1.      What is the water system, public or private well? If there is a well, what is the depth and recharge?

2.       Will the service be enough for a sprinkler system?

3.       Is there a sewer system, and is it adequate and reliable for future needs?

4.      If you need a septic system, is the soil, percolation rate, and water table adequate for a new system?

5.       Are there fire hydrants close by?

6.       Is there electricity overhead or underground?

7.       Are there gas pipelines to the area?

8.      Is there enough street lighting for nighttime security and peace of mind?

9        Are there storm sewers and are they of adequate size?

10.     Are property tax rates reasonable? How do they compare with surrounding areas?

 

D.      PRESENT ZONING OF ADJOINING AND SURROUNDING PROPERTY

1.      Check if there are any property restrictions such as building size, setbacks on your lot, any public utility easements, or restrictive building schemes etc.

2.      Are there specific uses not allowed? (Example: storing a boat in your yard)

3.      Are there any architectural restrictions in the development? (Example: only Colonial homes).

4.       Check with the local planning and zoning boards about recent zone change proposals that may influence your property.

 

E.      SITE DISPOSITION

1.       Is the lot well drained, and where are the storm drains in relation to your site?

 2.      Is the subsoil good? Remember, this is important if you need a septic system?

3.       Is there sufficient depth to assure a gravity drain to sewer, especially if there will be any plumbing located in the basement?

4.       How is the topography of the land? By this, we mean is the lot sloping or is it flat?

5.       How high is the water table? This will tell you if a basement is possible?

6.       Are the natural features of the site desirable — views, trees, shrubbery, and privacy?

 

F.      ORIENTATION

1.       The sun’s path is a major consideration when you are looking at your site.

2.       It is nice to wake up in the morning light and have breakfast in the sunlight. Face the East to experience the views.

3.       Southern exposure is beneficial for winter heat, especially if you dislike shoveling driveways!

4.       North light is best for even light, like an art studio or office.

5.       Your site determines the location of your house. Let nature help you place those rooms.

 

G.      PERSONAL TASTE

1.       The last thing, and probably the most important, is personal taste – city, country, seaside, comfort, security, and serenity.

2.       We tell our clients to go to the site on a quiet sunny day and a rather crummy, dreary day and at different times. Take time to walk around and truly observe: your heart will tell you if this is the one.

 

We specialize in helping you achieve your goals today and in helping you become mortgage free tomorrow! Please don’t hesitate to call FamilyLending.ca at 1-866-941-6678or visit our website at FamilyLending.ca if you have other questions or are ready to start investigating your options.

Benefits of Ownership

Benefits of Ownership

There are several reasons that home ownership can offer advantages compared to renting:

  1. Wealth accumulation by paying down debt in the form of mortgage payments, whereas rent pays a landlord’s mortgage down.
  2. Your credit rating improves when you own a home.
  3. Over time, your net worth increases allowing you to establish a preferred status with your bank, giving you the opportunity to make other major plans such as owning your own business.  
  4. If you would become unemployed, the landlord still expects the rent payment; most lenders will work with you and perhaps add the missed payments to your mortgage.
  5. Owning your home allows you to choose how to live, what colors, what decor, what personal choices you prefer.
  6. If you decide not to live in your home, you can make the choice of selling and moving elsewhere, and over time you will have accumulated equity to take with you – tax free!  
  7. If you require short-term loans, lines of credit, or other revolving credit arrangements, home ownership will provide greater opportunities to obtain the same credit arrangements at a lower cost.
  8. The wealth accumulation achieved by owning your home is tax free, since equity in your principal residence is not a taxable gain.
  9. There is a program available for homeowners only, which provides job loss insurance to cover the mortgage payments while you look for work and get back on your feet.
  10. A mortgage payment can be fixed for up to ten years!
  11. You can control a $100,000 asset for as little as 5% of that amount in cash.
  12. Pride of Ownership: you will be amazed how the small repairs that used to bug you in your
  13. rental are now a joy when you own your own home.
  14. Sweat Equity: what stocks let you add value by painting, landscaping, adding a pool, remodeling a kitchen or bath?
  15. Retirement Plan: every mortgage payment and every percent of inflation adds to your retirement.
  16. You now have an estate to pass on.
  17. You don’t answer to anyone (accept the bank).
  18. You become a respected member of the community.

If you would like even more reasons as to why a purchase could help you, please don’t hesitate to call or email for a personal appointment. 
Contact FamilyLending.ca for more information.

 

21 Questions to Ask your Realtor

 

21 Questions to Ask your Realtor

If you discuss these questions first, before you sign a listing agreement – you will get a feeling for the quality of an agent.  Bring them up and discuss the answers.

1.  Does the house or any part of the house need painting?

2.  Should I re-seed the lawn and get my landscaping in top shape?

3.  What about the screens?  What about the windows?

4.  Does the carpet need cleaning? How about replacing?

5.  Should the pets be under control at all times?

6.  Are the appliances something that we should include?

7.  Should I stay out of a prospective buyer’s way?

8.  What is the buyer’s first impression of the exterior of our house?  What can I do to improve it?

9.  What is the buyer’s first impression as they step inside my house?  What can I do to improve it?

10.  Since the buyer will be looking in the closets, should I take some of the clothes out to make them look roomier?

11.  Should I take items from the kitchen cabinets to make them more spacious?

12.  Is there any furniture that I could store or dispose of to make the rooms appear larger?

13.  Do any cabinets need to be touched up or refinished?

14.  Should I give you a list of things that my family likes about the house and the neighborhood?

15.  What about door mats?  Should I replace them with new ones that are neutral and omit our family name?

16.  Should I remove an ornate item that a buyer may want as a part of the house? For example, a special chandelier or a wall system?

17.  Should I ask you for a list of recommendations prepared specifically for helping market my home?

18.  Is the price and terms offered going to appeal to most of the buying public in my price range?

19.  Do I need to be aware of other houses similar to mine also being offered for sale?

20.  Are the garage and storage areas as clean and neat as they should be?

21.  Before spending needless time and money, could I have a list of items to fix in priority of importance?

Contact FamilyLending.ca for more information.

Getting a Mortgage with FamilyLending.ca

Getting a Mortgage with FamilyLending.ca

Avoid the hassles and time that you experienced obtaining a mortgage on your previous home(s). Use a FAMILYLENDING.CA Mortgage Agent who can do all the work for you and get you a better rate and product to suit your needs. Although you already know the ropes, things may have changed since you were last in the market.

Renewal

Is your mortgage coming up for renewal? Don’t be too hasty in just signing the form and sending it back to the lender. Over 70% of mortgage holders do just that, and what is the usual consequence? A higher rate and a mortgage product that might not be best suited to their interests. Get a FAMILYLENDING.CA Mortgage Agent on your side today and let them do all the work for you – we will find you the best possible rate and product to suit your interests.

There may come a time when you want to renew/switch your mortgage to another lender who will most often give you a better rate. Most lenders now offer “no cost or low cost switches” and it’s a smart way to reduce your interest costs. FAMILYLENDING.CA can take care of all the details for you and help you negotiate with your existing lender or find a new lender who will give you very competitive rates.

Refinance

There are many reasons why you might want to refinance, or increase your existing mortgage such as to consolidate non-mortgage debt or to finance improvements to your home, etc. A FAMILYLENDING.CA mortgage agent can make it easier for you to negotiate with your existing lender or switch to a new lender who can give you a more favourable rate. There are many factors to consider when refinancing your mortgage. Here’s what you need to know:

Taking out equity in your home

•              Consolidate other debt

•              Renovations & home improvements

Consolidating existing financing

•              Combining mortgages

•              Breaking a closed mortgage to transfer to a new lender

Contact FamilyLending.ca for more information