About Linda Klein

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.

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.

Kamloops is full of events just around the corner!  Don’t miss the long anticipated Salute to the Sockeye which is in a dominant year – expect to see millions of sockeye!

2014 is a dominant run, with millions of fish to be seen.  The Adams Run Salmon Society coordinate the celebration known as the “Salute to the Sockeye” during the dominant years – held Friday October 3rd, 2014 to Sunday October 26th 2014.  Usually the salmon return during the first 3 weeks of October with Thanksgiving being the peak weekend.

KAMLOOPS – This Saturday, Aug. 16 from 10 a.m. to 4 p.m McDonald Park will play host to a celebration honoring everything that makes the North Shore special, from the people and parks to the businesses and services.

Business improvement association executive director Steven Puhallo says this year Overlander Days will once again feature the Tastes of the North Shore but will include several new additions with proceeds from food sales going towards the Meals On Wheels program.

Several new attractions will also be set up for kids, including a dunk tank — proceeds to People in Motion, henna art and local firefighters with a firetruck. There’ll also be face painting, free access to the pool and splash pad, games, inflatable bouncers, princesses and super heroes.

A special seniors area will once again be set up. Live entertainment featuring local performers and demonstrations — including martial arts, yoga and fitness — is scheduled with Paisley Groove headlining in the afternoon. Information booths and businesses will also be on hand and for those cycling to the park, a bicycle valet will be available.

The event takes place Saturday, Aug. 16 from 10 a.m. to 4 p.m. at McDonald Park.

Currently Environment Canada is calling for cloudy with a chance of rain and a high of 25 Celsius on Saturday.

To contact a reporter for this story, email Jennifer Stahn at jstahn@infonews.ca or call 250-819-3723.

Read more: http://www.vancouversun.com/future+highrises+Wood+naturally/10112748/story.html#ixzz3ANhsbcxF

Vancouver, Toronto and Calgary remain the wealthiest cities in the country but the gap between them in average household net worth is narrowing, according to data released Monday by Environics Analytics, a marketing services and data analytics company.

WealthScapes 2014, a database on the assets, liabilities and wealth of Canadians to December 2013, found that the average household net worth in Vancouver was $710,095 followed by Toronto at $693,652 and Calgary at $680,377.

“But the difference in affluence is getting smaller as the net worth in Vancouver, Toronto and Calgary grew by 6.5 per cent, 8.8 per cent, and 10.8 per cent, respectively, compared to 2012,” it said. “While increases in liquid asset and debt were similar among the three cities, the key differentiator was real estate values — up a modest 2.8 per cent in Vancouver, a strong 6.6 per cent in Toronto and roaring 9.1 per cent in Calgary.

“Vancouver continues to reign as Canada’s wealthiest city because of its pricey real estate — averaging $579,250 per household compared to $535,002 in Toronto and $485,364 in Calgary. Canada’s most populous city, Toronto, benefitted from a 6.1 per cent rise in savings — nearly triple the national average — and a 3.7 percent decline in consumer debt — which is a significant drop given that nationwide consumer debt remained essentially unchanged. And in addition to its healthy real estate performance, Calgary benefitted from a 2.9 per cent decline in consumer debt; those two indicators ranked among the best for large cities.”

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!

Looking for your favourite food truck? Here is a guide to where you can find your favourite food truck downtown till the end of the 2014 season.

SAMIDGES Food Truck was located. Despite, some impressive menu items including their signature Samidge made up of thinly sliced roast beast, lettuce, tomatoe, sautéed mushrooms, onions, cheddar and mayo on a toasted hoagie while looking and tasting like a cross between a beef dip and a sub.

 BELLRINGER Espresso is perhaps the biggest of the bunch in terms of physical size, neatly housed in a converted school bus. Despite room to move inside that also includes a few chairs and tables in the back in case of inclement weather, Bellringer keeps it fairly simple offering hot and iced coffee drinks, impressive organic smoothies plus signature sandwiches, special culinary plates of the day and fair trade coffee by the pound. 

PIG RIG Cat & Joe’s precisely featuring southern BBQ  succulent smelling food truck . Who could resist pulled pork tacos?  BBQ pulled pork topped with slaw and in between Tequila Habanero sauce and chipotle aioli on a “Fresh is Best” corn tortilla.

EAT AMORE specializes in homemade pastas, salads, sandwiches, and deserts. To the best of their abilities they serve S.S.O.L. Food, (seasonal, sustainable, organic and local) in all dishes. Like the Italian Delight  featuring whipped bourzin, lots of local arugula, fresh mozza, prosciutto and balsamic drizzle or the  Meatball sub featuring local grass fed beef.

SCHEDULE TILL END OF THE SEASON

                                                   2nd and Seymour      5th and Victoria      by TNRD

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!

Music in the Park: Riverside Park – August Schedule