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The importance of mortgage portability

Wednesday, November 5th, 2014

 

Selling your current home and moving into a new one can be stressful enough, let alone worrying about your current mortgage and whether you’re able to carry it over to your new home.

Porting enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. And, better yet, the ability to port also saves you money by avoiding early discharge penalties.

It’s important to note, however, that not all mortgages are portable. When it comes to fixed-rate mortgage products, you usually have a portability option. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate.

With variable-rate mortgages, on the other hand, porting is usually not available. As such, upon breaking your existing mortgage, a three-month interest penalty will be charged. This charge may or may not be reimbursed with your new mortgage.

 

Porting conditions
While porting typically ensures no penalty will be charged when you sell your existing property and buy a new one, some conditions that may apply include:

  • Some lenders allow you to port your mortgage, but your sale and purchase have to happen on the same day. Other lenders offer a week to do this, some a month, and others up to three months.
  • Some lenders don’t allow a changed term or force you into a longer term as part of agreeing to port your mortgage.
  • Some lenders will, in fact, reimburse your entire penalty whether you’re a fixed or variable borrower if you simply get a new mortgage with the same lender – replacing the one being discharged. Additionally, some lenders will even allow you to move into a brand new term of your choice and start fresh.
  • There are instances where it’s better to pay a penalty at the time of selling and get into a new term at a brand new rate that could save back your penalty over the course of the new term.

Courtesy of :Starr L. Webb AMP
Franchise Owner / Mortgage Expert

Dominion Lending Centres Western Lending Source

Phone: 250-574-0115

 

Tips for preparing a parent to move

Wednesday, November 5th, 2014
The Parent Trap
Tips for preparing for a parent to move in
Courtesy of Abbott Wealth Management
Most of us thought that moving out of our parents’ home to go to school, get married, or to move into our first place was the last time we’d be cohabitating with our parents.
But, for many of us, the idea of having an elderly parent move in with us has become a distinct possibility. Why? Because Canadians are living longer than ever before, and many people from our parents’ generation are dealing with the stress of potentially outliving their life savings.
We wanted to give you some tips for preparing to have an elderly parent move in with you. That said, there are so many considerations for an event like this that we recommend contacting our office  to get a more complete picture of what you should do to prepare for such a big step for you and your parent.
Tip #1 – Deal with your nuclear family to avoid any nuclear meltdowns
Having a third generation move in with your family is a tremendous opportunity for your family to gain insights on generations past, as well as to learn more about the aging process.
That said, this type of event can be quite disruptive to how your family currently functions. Your interactions with your children, meal times and social occasions may be some of the everyday events that could be impacted as a result of the addition of an elderly parent.
It’s important to include your spouse and children in the planning and execution of bringing another individual into the house, and ensure everyone has a say in how this new living arrangement is going to unfold. The ability to voice objections and concerns should be encouraged and addressed beforehand so that everyone feels they are being heard and respected.
Tip #2 – Prepare your home
Since most of us don’t live in mansions, adding an additional person into the mix can be a challenge. Discuss and decide how you will share your space in the most sensible way possible. Also, be sure to do your research and even visit your parent’s doctor so you know exactly what your parent will need when moving in with you. Things to research and discuss include your parent’s ability to get around your home (and any changes you may need to make to ensure access to most or all areas of your home), as well as any medications and medical training you’ll need for emergency situations related to the elderly.
Tip #3 – Consider the financial impact of this change
Making changes to your home for mobility and other reasons are just the start of the potential expenses you may incur as a result of an elderly parent moving in.
Your food and energy costs may go up as a result of this change, and there could be any number of other potential expenses. You should ensure you budget for any additional expenses, and track these new costs for your future budget planning.
Although it may require a lot of work to help your parent make the transition to living in your home, it may also be one of the most important things you ever do. Please contact our office today to discuss how you can plan for a smoother transition, as well as to ask about any tax benefits you may be eligible for as a result of this change.
Abbott Wealth Management
207-1211 Summit Drive
Kamloops,BC, V2C 5R9
Phone:250.372.3736
Toll Free: 1.877.922.2688
Fax: 250.372.7527
E-mail: info@abbottwealth.com
Web: http://www.abbottwealth.com

Happy Halloween… Vancouver’s haunted places

Friday, October 31st, 2014

1) Orpheum Theatre, 884 Granville Street

Since it was built in 1927, the Orpheum has played host to a variety of performers, including an acrobat who fell to his death during a vaudeville act. Since then, he’s been a regular fixture at the theatre, with many sightings of him — mostly as an orb of light — reported by staff and performers.

2) Vogue Theatre, 918 Granville St.

Built in 1941, the Vogue Theatre was first established as a popular venue for concerts, plays and big-name performers. It’s also reportedly home to two ghosts, one of whom entertains and spooks guests with his footsteps and the opening of doors in the downstairs dressing room area. His pal enjoys shocking folks by appearing nonchalantly, dressed in a tux and bow tie, in the seating area. The ghosts have been spottedseveral times, including by a performer while on stage.

3) The Dominion Building, 207 W. Hastings

Opened in 1909, this 13-storey building was once the tallest in the British Empire, and Vancouver’s first steel-framed highrise. It’s now headquarters to many of the city’s young creative professionals who enjoy its well-maintained heritage character and affordable rent. A building of this stature deserved the big grand opening celebration it received. Sadly, the party was cut short for its architect, John S. Helyer. It’s said he either threw himself or fell down the stairs, and was killed. Since then, his spirit has been seen — and his footsteps heard — in the stairway between the seventh and eighth floors.

4) Hotel Vancouver, 900 W. Georgia

Cue the cheesy Chris de Burgh tune: The Hotel Vancouver’s resident ghost — the lady in red, as she’s known — won’t turn down your sheets. But she may scare the bejesus out of you when the elevator makes an unscheduled stop on the 14th floor, and there she appears, an elegant beauty floating along the hallway. Some stories have her walking on the window ledge. No worries; it’s not like she’s going to fall and die.

5) Beatty Street Drill Hall, 620 Beatty

Paranormal enthusiasts seem to enjoy hearing footsteps and voices in the basement, and watching books and wall hangings fall down for no apparent reason. A mysterious unknown man has been seen in the Officers’ and Senior NCO messes. In Officers’ Row, staff have reportedly heard footsteps, had the feeling of being touched and felt cold spots, and heard the ringing of unplugged phones.

6) UBC/University Boulevard

Sometime in the 1960s, while driving on University Boulevard on their way to UBC’s main library, a couple got into an argument (or so the story goes). The young woman got out of the car and started walking in the rain. She was hit by a car and killed. But death, it seems, didn’t keep her from hitchhiking along that road. She’s been haunting young men who pick her up out of the rain by giving them a piece of paper with the library’s address on it. If the man is alone, she’ll jump in the rear seat, and then vanish. Also, at UBC’s library itself, the ghost of an older woman in a dress has been seen.

 7) Hycroft Mansion, 1489 McRae Ave 

Hycroft Mansion was a stately home built for politician and war heroGen. Alexander Duncan McRae. Since his demise, it’s been the haunt, literally, of many honourable ghostly guests, including McRae (dressed in his First World War uniform) and his wife. The home was used as a veteran’s hospital during the Second World War, which makes the ghostly sounds of a crying man seem quite appropriate. Images of the head nurse have been seen, and apparitions of at least three war vets, in full uniform, would have made any visitor stand at attention.

8) Gastown, along Cordova and Water Streets

The five-block area along Cordova and Water streets, east fromWaterfront Station, includes some pretty creepy spots. Among the breathless tales: A man wearing a bowler hat was observed in the hallway of the Bodega Hotel. Another incident involved the manager of the card shop in the Hotel Europe, who was looking into a security mirror when she saw an eccentric looking man wearing strange clothes. These apparitions were dressed not like others of our time, but as they would have appeared in the late 1800s … about the same time as the Great Fire.

9) The Old Spaghetti Factory, 53 Water St.

A decommissioned British Electric streetcar trolley from the 1950s sits in the middle of the dining room, and in it sits a ghost conductor. Longtime employees have reported hearing their names called out and feeling the presence of the mysterious diner, while vintage photos in the restaurant show a shadowy figure in a seat in the streetcar. A second ghost has also been reported: a red-headed man who likes to surprise women in the ladies’ washroom.

10) Mushroom Studios, 1234 W. 6th Ave.

Diana Ross and the SupremesLed ZeppelinHeartQueensryche,Loverboy and Sarah McLachlan all recorded there. And numerous people who’ve worked at Mushroom Studios claim it’s haunted, perhaps by one Shelley Siegel, the man who helped Ann and Nancy Wilson make it big with tunes like Dreamboat Annie, which was recorded in the building. Siegel died in his early 30s from a brain aneurysm; his body’s buried at Forest Lawn Cemetery. His spirit, however …

 

Special to The Vancouver Sun

With thanks to Lorne Richard, director of operations at Vancouver Trolley Tours, which conducts tours of local sites of murders and hauntings.

Top 10 ghostly places in Vancouver

Housing market off to solid fall season

Wednesday, October 15th, 2014

by Jamie Henry15 Oct 2014

Canada’s housing market – including condo sales – is off to a solid start this fall, with new data pointing to a near 11 per cent rise in sales for September compared to a year ago.

Nationally, sales for all property types rose 10.6 per cent to 42,151 units, led by significant gains in British Columbia, Saskatchewan, New Brunswick and Prince Edward Island. New listings rose eight per cent, thanks to growth in the Maritime provinces, while the average price increased almost six per cent, to $408,795.

Calgary realized the greatest rise in sales, up 31.2 per cent to 488 units sold in September, while the average price rose 8.8 per cent to $318,913. In Toronto, sales rose 20.2 per cent to 1,976 units with average price hiking 7.1 per cent to $366,588.

That increase in activity is being felt on the ground.

“A lot of people start looking for homes, or take up their search again, so I’m not surprised that sales are up,” says David Fleming, an agent with Bosley Real Estate in Toronto. “[September] is one of the busiest months of the real estate calendar.”

In terms of prices, Vancouver experienced the greatest rise, up 11.3 per cent to $476,498. During the month of September, 1,191 condos were sold in the West Coast city.

September’s performance is largely in line with industry expectations.

In August, CREA’s chief economist Gregory Klump accurately predicted no slowdown to Toronto’s housing market. “That’s because there’s a shortage and there will be a shortage because the city is trying to densify,” he said.

Red Bridge in Kamloops closed for a month

Saturday, September 13th, 2014

Kamloops drivers who travel the Red Bridge are going to have to make alternate arrangements for the next month.

The bridge will be closed to all vehicle traffic starting Monday September 15 while the Ministry of Transportation conducts repairs.

The bridge will remain open to pedestrians and bicycles, but there will be some intermittent delays.

Drivers will still be able to get over the South Thompson River by re-directing to the Overlander Bridge or Highway 5.

The Ministry estimates the closure will last until the middle of October.

Controling allergens in the home/courtesy of Pillar to Post

Tuesday, September 2nd, 2014

Pillar To Post Home Inspectors
Controlling Allergens in the Home
Household allergens can cause a variety of symptoms in many people, including sneezing, watery eyes, coughing, and shortness of breath. Allergens may also be a contributing cause of asthma, especially in children. However, it is possible to minimize the effects of such allergens by taking steps to control their presence and dispersal in the home.

The most common household allergens include dust mites, mold, mildew, pollen, and pet dander (dried flakes of skin shed by pets, particularly cats and dogs). Effective control relies on a combination of measures that, when used properly, will reduce the levels of allergens.
  • Increase ventilation to the home. Opening windows whenever possible promotes good air exchange and will reduce the concentration of airborne allergens, especially pet dander.
  • Wash bedding and stuffed toys once a week in hot water to control dust mites and cat allergens in particular.
  • Keep pets clean and well groomed to control dander.
  • Use mite-resistant mattress covers and pillow covers and wash them frequently.
  • Dust and vacuum regularly, and use microfiltration or HEPA filter vacuum bags. The jury is still out on whether bagless vacuum cleaners are more effective in removing allergens than those that require bags; some studies indicate that many bagless vacuums are not sealed tightly enough and can actually exacerbate the problem. Wearing a dust mask while dusting and vacuuming is also a good idea.
  • Consider removing wall-to-wall carpeting and use easy-to-clean area rugs instead, particularly in bedrooms.
  • Make sure bathrooms, especially those with showers, are well ventilated. Open the window and use exhaust fans that vent to the outdoors to prevent a buildup of moisture, which can encourage growth of mold and mildew. It’s a good idea to keep the fan running and the door open for at least ten minutes after showering.
  • If possible, reduce indoor humidity to 50% or less by using room dehumidifiers or the dehumidifier feature available with many central air conditioning systems.
  • Clean or replace furnace and central air conditioner filters on a regular basis. Make sure that air conditioner drain pans are clean and allow the water to drain properly.

For more information on allergens in the home, please contact your local Pillar To Post office.

THE PILLAR TO POST DIFFERENCE
  • The Pillar To Post Inspection Report is generated on site at the completion of the inspection, so your client won’t have to wait for the results.
  • All Pillar To Post inspectors carry E&O insurance to protect you, the referring agent.
  • Three different Home Inspection Packages to choose from that allow your client to select the range of services they prefer – click here to learn more.
  • As North America’s leading home inspection company, Pillar To Post is committed to providing the highest quality service to real estate professionals and their clients.
For more information about home inspection or to schedule a home inspection, click here to find your local Pillar To Post office.

 

 

Cliff Brauner

Certified and Registered Home Inspector

Member of CAPHI, NAHI and ASHI

Proudly Serving the Kamloops, Merritt, Chase, Cache Creek, Sorrento, Shuswap and Barrier areas.

We know our stuff!

 

Clifford.Brauner@pillartopost.com

www.pillartopost-kamloops.com

 

Phone:  250-579-8309

Fax:        250-579-8378

 Pillar To Post Home Inspectors

 

 

 

 

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Pillar To Post | 869 Ida Lane | Kamloops | British Columbia | V2B 6V2 | Canada

5 Common Mortgage Mistakes

Tuesday, September 2nd, 2014

 

Like many aspects of your life, obtaining financing on a new or existing home can be a lot less stressful and a whole lot more straight-forward if you’re prepared. But if you’re not prepared, there are many common mistakes you can make. Most of these mistakes are easily avoidable with some preparation and informed advice – feel free to call or email with any questions/concerns!

Below are the Top 5 Mortgage Mistakes people make when trying to secure financing for their home:

  1. Failing to choose the best product for their situation
  2. Automatically renewing their current mortgage with their existing lender
  3. Signing documents without reading them
  4. Taking it to the limit – running up credit
  5. Not planning for your mortgage application

1. Failing to choose the best product for your situation
There are many different types of loans out there. There are fixed- and variable-rate products, hybrid and no-frills mortgages, lines of credit, term options, amortization choices, and more.

And although choice is great, it can be quite overwhelming without expert advice. While one person would benefit from a variable-rate product, their neighbour may be better suited to a fixed-rate product. The key is to always explain your current situation and future goals in detail so we can select a product that best meets both your current and longer-term needs.

2. Automatically renewing with your existing lender
Although you may feel an allegiance with the current financial institution that holds your loan, they may not be able to offer you the best choices. When refinancing or renewing, it’s important to always shop the market for your best available option, much like you did when

 

securing your first mortgage. This ensures you end up with the best mortgage rate and terms customized to your unique situation. In many cases your bank will offer you the posted rate in hopes that you’ll simply sign and return the commitment without shopping around. Make sure you do your due diligence when refinancing and renewing. After all, this is your home, your mortgage and your money!

3. Signing documents without reading them
Never sign documents without reading them. If you’re unsure about something, always ask for clarification. Remember that you’re the one entering into the agreement, so you need to understand and agree with that commitment.

4. Taking your credit to the limit
Make sure that your credit balances are in your favour when it comes to your mortgage application. Lenders are looking for an appropriate debt-to-income ratio. In other words, you need to have more income than you have debt. Avoid running up a balance on your credit cards and pay down existing debts as much as possible.

5. Failing to plan ahead
If you know that you’ll need to obtain, renew or refinance a mortgage, it’s essential to plan for it by ensuring your credit is in order. If it’s not, start preparing. Don’t make any purchases on your credit cards that you can’t pay off and if you carry a balance on your credit cards, start paying them down. Refrain from making any large purchases before securing your mortgage. If you’re planning to buy a car, wait until after you have secured financing, as your debt-to-income ratio will rise and you don’t want this to occur while trying to secure a mortgage.

Understanding how the mortgage process works and how lenders qualify your loan will help you avoid the above mistakes.

 

Stanley Cup in Kamloops Aug 23rd

Thursday, August 21st, 2014

KAMLOOPS – If you want to get up close and personal with Lord Stanley’s Cup head to the Interior Savings Centre on Saturday.

Kamloops native and Los Angeles Kings Assistant Coach Davis Payne will be bringing the cup with him to the arena from 2-4 p.m. on Saturday, Aug. 23.

The Kings beat the New York Rangers in five games to win the championship, the second for the team in three years. Since June players and staff have been toting the cup around to more than 30 different home towns as well as many beaches and parties.

While the Kamloops event is actually free Payne is asking for those who want to get a picture with hockey’s most coveted prize to make a donation to the Royal Inland Hospital.

Three Canadian cities are ranked in the top 10 most livable

Wednesday, August 20th, 2014

Three Canadian cities are ranked in the top 10 of The Economist’s annual ranking of the world’s “most livable” cities.

  • Vancouver, Toronto and Calgary are ranked third, fourth and fifth (tied with Adelaide, Australia), respectively, on the distinguished magazine’s annual ranking of 140 cities.

The magazine says its ranking “assesses which locations around the world provide the best or the worst living conditions” based on five categories: stability, health care, culture and environment, education, and infrastructure.

Melbourne, Australia, was deemed the most livable city, followed by Vienna. Vancouver and Toronto are a close third and fourth, respectively, while Calgary is tied for fifth with Adelaide.

The top 10 cities are as follows:

  • Melbourne.
  • Vienna.
  • Vancouver.
  • Toronto.
  • Calgary (tied).
  • Adelaide​ (tied).
  • Sydney​.
  • Helsinki.
  • Perth, Australia.
  • Auckland.

In general, the ranking shows a broad trend that mid-sized cities in wealthy countries with low population densities score well. Seven of the top 10 cities on the list are in Australia or Canada, for example.

“This can foster a range of recreational activities without leading to high crime levels or overburdened infrastructure,” the report says.

Vancouver scored so well in part because of its good score on crime issues.

“Vancouver saw a record low number of murders in 2013, after a decade-long decline that pushed homicide rates down to 1.5 per 100,000 of population in 2012.,” the report notes.

Not surprisingly, cities currently experiencing violent uprisings were clustered at the bottom. Kyiv was ranked 124th, Tripoli was in 132nd place, and Damascas was in last place.

 

Don’t forget Ribfest this weekend. Aug 9th and 10th

Friday, August 8th, 2014

Already a fantastic annual event in many parts of Eastern Canada and the United States, Ribfest is coming to Kamloops!

This summer, Ribfest will take over Riverside Park from Friday, August 8th – August 10th (11am to 9pm all three days) in Kamloops’ for a full weekend of fantastic, free, family fun.

In conjunction with Hot Nite in the City, the highly successful Ribfest offers a rib cook-off between five champion barbeque teams; music and entertainment throughout the entire event; entertainment and activities for children and youth, as well as a Refreshment Center and a whole whack of great vendors.

Come and enjoy the fun!

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kamloops Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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