LEGALIZED MARIJUANA & HOUSING MARKET

General Michael Distefano 17 Oct

If you smoking pot in your home or want to grow a few plants, you could reduce the value of your home !

October 17th will be important day in Canada’s social history. It’s the day when we are going to have legalized marijuana across the country. We will be the second major country in the world to do this. How does this affect mortgage brokers like myself? When someone comes to me to obtain financing for a home purchase and the sellers have disclosed that they smoked pot in the house or grew a few plants , how will this affect their home purchase?

A few years ago, someone disclosed that their home had been a grow-op six years previously and their home insurance company cancelled their policy citing safety issues. We could see this happening with both lenders and mortgage default insurers like CMHC, Genworth and Canada Guaranty. A recent article by a member of the Canadian Real Estate Association suggested that both lenders and insurers might ask for a complete home inspection. It was suggested that sellers who have grown a few plants might want to get a head of a problem and have an inspection before they list the property. If there are any issues of mold or electrical systems that are not up to code, they can remedy this and have a quick sale.

We contacted both CMHC and Genworth Canada to find out if any policy changes are in the works. CMHC told me that there’s nothing planned beyond what is already on the books. If there’s been a grow operation it needs to be inspected and remediation done before they will insure. Genworth says that nothing has been announced as of yet. Any changes will result in an official announcement to all brokers.
Mortgage brokers may want to call their realtor referral partners and discuss this with them to see if local real estate authorities have any changes planned. If nothing else it will be good to touch base with your realtors to find out how the market is in your area.

If you are thinking about smoking pot in your home or want to grow a few plants or any other mortgage related questions , contact our local Dominion Lending Centres mortgage professional to find out if this could affect your  house value or sale in the future.

 

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363

APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/

Check out our full line of DLC Visa cards http://betterthanbankmortgage.com/visa-cards/

CLAUSE FREE OFFERS ARE RISKY!

General Michael Distefano 7 Sep

 A client would be hard pressed to find a Realtor to write an offer without a ‘subject to inspection‘clause, and for good reason. Similarly, client should be hard pressed to find a Mortgage Broker advising an offer without a ‘subject to financing‘ clause.

This is because no banker or Broker can give a client 100% assurance of financing without factoring in the actual specific property details. Until an appraisal is reviewed and approved, the application is not complete. And there are some properties that some lenders simply will not lend against.

 

There are the obvious examples that lenders tend to exclude;

  • Properties containing Asbestos, Aluminium wiring, Underground Oil tanks
  • Re-mediated former grow-ops
  • Re-mediated drug labs.

There are also less obvious ones;

  • live-work units
  • row-homes (attached non-strata properties)
  • properties smaller than 450 sq ft
  • properties on lease land, Government, First Nations, or Private.

Regarding the appraisal process, there is more than simply the valuation question to be answered. In fact, valuation is rarely the challenge in our market, as many properties ‘auto-approve’ when the value is below $750,000. (This is not true of ALL properties below $750,000 by a long shot; many lenders condition all strata properties for instance for a full appraisal no matter the purchase price.)

What is being looked at other than value in the appraisal report?

A key complication is a little thing called ‘Remaining Economic Life or REL’ (as opposed to the ‘physical life’) of the home. This refers to how long this specific house is likely to remain standing on this property under the current care it is receiving.

Perhaps we have an otherwise perfectly habitable home for decades to come ─ lots of remaining ‘physical life’. The problem is that lenders are looking for remaining ECONOMIC life rather than the remaining physical life. The question is not “How long can that house be standing there?” it is “How long does it make economic sense for that house to be standing there given current market conditions?”

There may be a problem if it is located in a neighbourhood where many of the older homes are being purchased to be demolished and replaced with multimillion dollar homes. That leaves the purchase looking like a speculative land play or potential knock-down. As such, the remaining economic life is perhaps 15 years or less stated in the appraisal report.

Or maybe the property is a ramshackle house in a state of disrepair. It looks like the bargain of the age on paper, and perhaps the purchaser is a contractor planning to bring the home back into a wonderful state of repair. However the appraisal must view the current remaining economic life of the home ‘as-it-sits’ not ‘as-is-planned’. We have seen homes like this with REL as short as five years.

What is this ‘Remaining Economic Life’ exactly?

Economic life is the total period of time which the improvements (house/buildings) contribute to the overall property value. The total economic life of a typical Lower Mainland home is generally accepted to be 65 years. Economic life and physical life can differ widely and physical life usually exceeds economic life. Renovations and updates can increase a property’s physical and economic life, and poor maintenance can shorten it. Increases in land value can also have a negative impact on remaining economic life. As older homes are torn down to make way for new ones, it makes less economic sense to keep the older one standing.

REL is the estimated time period which the improvements continue to contribute to property value. An appraiser estimates REL in part by interpreting the economic conditions, attitudes and reactions of buyers in the market.

The REL is calculated by subtracting the Effective Age from the Total Economic Life.

Economic Life – Effective Age = Remaining Economic Life

For example:

A 40-year-old home that has had substantial renovations may have an effective age of 30 years.

65 years – 30 years = 35 years Remaining Economic Life (REL)

How lenders view Remaining Economic Life (REL)

Few lenders will lend on a home with a remaining REL of less than 15 years. Also, the effective amortization will be set at the REL minus five years, which drives payments sky high, and often leaves client unable to qualify for such large mortgage payments should they even want to sign on for them.

Clients can run the risk at this point of their own awesomeness being part of the undoing of the mortgage approval. Clients with significant liquid assets and strong incomes buying a smaller, older home on the street of newly built monoliths will be viewed as most likely planning to knock the home down and build a new one.

The immediate thought: ‘But the land value alone… ’

Lenders are not in the business of writing conventional AAA-rate mortgages on properties that will be torn down. Instead this is viewed as ‘speculative’ or ‘investment/business’ lending with which come undeniably greater risks. Wherever one finds greater profits there are greater risks. Lenders price accordingly, which is why land/construction financing carries higher rates and additional fees.

A property with a habitable home standing on it is unquestionably easier to market and sell ─ and thus recover the loan balance from ─ should the lender have to step in and take over. And foreclosure is the last thing any Canadian lender wants to contemplate.

It will take on average 18 months of no payments before a lender has gained control of and sold a property through the foreclosure process. And at the end of it said lender must seek out the defaulting client and write them a cheque for the remaining equity that was in the property, all the while honouring the original interest rate in most cases.

It is nothing like the US system at all. (which is a wonderful thing for us)

So lenders avoid any whisp of risk, preferring security. Ideally in the form of a habitable home on a lot that is going to look decades from now much as it does today.

Clients would be wise to also minimize risk, by either writing offers that contain a ‘subject to inspection’ and a ‘subject to financing’ clause, or by having a detailed conversation with a skilled Broker well in advance of writing a subject-free offer.

If you have any questions, contact me today 877 357 5366

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363

Download My Mortgage Toolbox https://www.dlcapp.ca/app/michael-distefano?lang=en

APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/

Check out our full line of DLC Visa cards http://betterthanbankmortgage.com/visa-cards/

Choosing your mortgage broker

General Michael Distefano 4 Sep

There’s little doubt, the biggest purchase in your life will be a home. So when you’re embarking on what can be both an exciting and stressful journey, you want the best professionals by your side. When it comes to picking a broker to handle your mortgage, it’s not always easy to decide who to choose.

There are roughly 18,000 mortgage professionals in Canada. While most are honorable and great at their job, it’s important to find the broker that works best for you.

Nowadays, there’s plenty of information or reviews on any given broker at your fingertips. While those searches can give you pretty good insight into a potential broker, there’s a few things you also might want to consider that can help make that decision a little easier.

I know it’s tempting to choose a broker who has an abundance of clients and years of experience in the industry. While it’s never a bad idea to go with the established, be open to picking someone who might be newer, hungry and striving to be better. Also, with a busy firm, you may end up being a small fish in a big pond, and not get quite as much attention as you’d like.

As brokers, we spend a lot time using our industry jargon because it comes natural to us. We work in it every day. But for the average person, some of the terms in a mortgage can be downright confusing. And in a lot of situations, people don’t want to speak up because they don’t want to sound dumb. Look for a broker who is going to keep it simple for you, so you understand exactly what you’re getting in your mortgage.

Ultimately, it comes down to the mortgage product. But don’t be blinded by a broker who is selling you on a rate and making promises to pay for fees. It’s a big red flag. If they say they’re going to pay for everything, they’re desperate for anything.

Of course the rate matters, but the characteristics of your mortgage matter more and could end up costing you in the long run.

You want a broker who’s going to listen to you and ask you about your needs and future goals. Why are your plans five or 10 years from now so important? Consider that nearly 70 per cent of mortgages are broken within three years. Even if you’re sure of today, life happens and tomorrow could be different. You need to at least consider the penalties for ducking out of your mortgage early, or if it’s even portable.

The best mortgage brokers in the business will make sure they’ve got all of your bases covered, and you’re fully aware of what you’re signing onto.

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9

miked@beatthebankmortgage.ca
T 905 357 5366 F 905 357 6654 C 905 246 5363

APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/

Check out our full line of DLC Visa cards http://betterthanbankmortgage.com/visa-cards/

 

4 KEY THINGS YOU NEED TO KNOW ABOUT A SECOND MORTGAGE

General Michael Distefano 1 Aug

4 KEY THINGS YOU NEED TO KNOW ABOUT A SECOND MORTGAGE

Many homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a family member close to you has gone through the process—but do you truly know what it means to take out a second mortgage? We have taken all the questions we get asked about second mortgages and compiled it into four key points.

A SECOND MORTGAGE IS BASED ON THE EQUITY IN YOUR HOME
The total loan amount that the second mortgage lender will offer you will depend on the equity that has been built up in your home. Second mortgages allow you to access up to 95% of the equity you have in your property. For instance:

House Value $850,000
95% LTV (maximum mortgage amount) $807,500.00
First Mortgage $550,000.00
Amount Available Through Second $257,500.00

INTEREST RATES WILL VARY AND BE HIGHER THAN YOUR FIRST MORTGAGE
This is because when a lender agrees to a second mortgage, they are taking a higher risk as he gets second priority in case of default. With that being said, we have options and solutions such as working with private lenders that can help you obtain a reduced rate and the right product for your mortgage situation. Typically, you can expect an interest rate of 6.95%-19.95% with lender and broker fees included.

YOUR PAYMENT CAN BE AS LOW AS INTEREST ONLY PAYMENTS
One of the advantages of selecting to use a second mortgage is the fact that the payments are attractive. You can pay interest only payments or you can also select to pay the interest plus the principle loan amount. You can work with your mortgage broker to discuss options and what would work best with your situation.

THERE ARE ADDITIONAL FEES TO CONSIDER
Since we want to have you understand ALL the fees associated, it is important to know that setting up a second mortgage will require you to pay: *note dollar amounts are approximations

An appraisal fee to assess the value of your home: $300
Legal fees to set it up: $2,000
Lenders & Broker fees: 1-5%

Second mortgages are a great option for many and may be a better solution than a refinance or a Home Equity Loan (HELOC). If you are interested in learning more or want to find out if a second mortgage is right for you, talk to your Dominion Lending Centres mortgage broker. We can guarantee they can guide you the process from start to finish!

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363
APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/
Check out our full line of DLC Visa cards http://betterthanbankmortgage.com/visa-cards/

CMHC CHANGES TO ASSIST SELF-EMPLOYED BORROWERS

General Michael Distefano 27 Jul

CMHC CHANGES TO ASSIST SELF-EMPLOYED BORROWERS

As a self-employed person myself, I was happy to hear that CMHC is willing to make some changes that will make it easier for us to qualify for a mortgage.
In an announcement on July 19, 2018, the CMHC has said “Self-employed Canadians represent a significant part of the Canadian workforce. These policy changes respond to that reality by making it easier for self-employed borrowers to obtain CMHC mortgage loan insurance and benefit from competitive interest rates.” — Romy Bowers, Chief Commercial Officer, Canada Mortgage and Housing Corporation. These policy changes are to take effect Oct. 1, 2018.

Traditionally self-employed borrowers will write as many expenses as they can to minimize the income tax they pay each year. While this is a good tax-saving technique it means that often a realistic annual income can not be established high enough to meet mortgage qualification guidelines.
Plain speak, we don’t look good on paper.

Normally CMHC wants to see two years established business history to be able to determine an average income. But the agency said it will now make allowances for people who acquire existing businesses, can demonstrate sufficient cash reserves, who will be expecting predictable earnings and have previous training and education.
Take for example a borrower that has been an interior designer with a firm for the past eight years and in the same industry for the past 30 years, but just struck out on his own last year. His main work contract is with the firm he used to work for, but now he has the ability to pick up additional contracts from the industry in which he has vast connections.
Where previously he would have had to entertain a mortgage with an interest rate at least 1% higher than the best on the market and have to pay a fee, now he would be able to meet insurance requirements and get preferred rates.

The other change that CMHC has made is to allow for more flexible documentation of income and the ability to look at Statements of Business Professional Activity from a sole-proprietor’s income tax submission to support Add Backs of certain write-offs to support a grossing-up of income. Basically, recognizing that many write-offs are simply for tax-saving purposes and are not a reduction of actual income. This could mean a significant increase in income and buying power.

It is refreshing after years of government claw-backs and conservative policy changes to finally see the swing back in the other direction. Self-employed Canadians have taken on the burden of an often fluctuating income and responsible income tax management all for the ability to work for themselves. These measures will help them with the reward of being able to own their own home as well.

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363
http://betterthanbankmortgage.com/
APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/

Check out our full line of DLC Visa cards http://betterthanbankmortgage.com/visa-cards/

The worst part of home ownership? Finding plumbers, electricians, carpenters…

General Michael Distefano 6 Jul

There are quite a few online services that help you locate people in the home maintenance and repair business, including:

HomeStars: A database of contractors and tradespeople, with reviews. There were mixed comments about the experience of using this service. One reader said he’s had good success using HomeStars, while a couple of others said good reviews do not necessarily mean you’ll be happy with the work.

Houzz: A website offering reno design ideas and a way to connect with construction pros.

Jiffy: Quickly connects you with home maintenance people, with pre-set rates.

ProjectUp: Launching this month, ProjectUp offers the opportunity to post your project on the website and have contractors bid on the project.

https://setter.com/: Bills itself as a “personal home manager” that will help you find people to tackle all your household jobs.

Referrals from neighbours, family and friends: A few people mentioned that they used contractors who had already done work for their neighbours.
Community Facebook pages: These are a great place to ask for referrals. Google and Yelp ratings: They’re worth checking before you hire someone.

Once you found someone to get you renovation done, give us a call to assist with the financing 877-357-5366

****NEW OFFICE LOCATION****
106- 5017 Victoria Ave Niagara Falls L2E4C9

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363
APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/
Check out our full line of DLC Visa cards http://betterthanbankmortgage.com/visa-cards/

Story Credit
PERSONAL FINANCE COLUMNIST
OTTAWA
rcarrick@globeandmail.com
http://www.robcarrick.com/

Pre-approvals are very important for two reasons.

General Michael Distefano 5 Jul

Are you in the market for a new home? That’s great – but if you’re not already pre-approved from your mortgage broker, be sure to read on.

Pre-approvals are very important for two reasons.

They give you confidence in knowing that a specific amount of financing is available for you.
A pre-approval can put you in a positive negotiating position against other home buyers who aren’t pre-approved.
Not all pre-approvals are the same, though. There are essentially three different kinds.

The first occurs when you meet with a mortgage professional and tell them how much you make. They’ll say something along the lines of “Great, you’re pre-approved.” The mortgage professional has only looked at your income. There is no real pre-approval.
The second kind is when a mortgage professional asks you how much you make and then pulls your credit bureau. This allows a mortgage professional to lock in your mortgage rate for up to four months. This pre-approval still isn’t a sure thing.

The third kind of pre-approval – and the one that we do – is a lot more encompassing. We get all of your papers prepared right off the bat, which allows us to eliminate any unforeseen issues with your approval. Sure, it’s more work up front – but we do this because it’s the right thing to do.
If you’d like to get a pre-approval, contact a Dominion Lending Centres mortgage BTB Mortgage Solutions professional! We’re here to help. 905 357 5366

****NEW OFFICE LOCATION****
106- 5017 Victoria Ave Niagara Falls L2E4C9

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363
APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/
Check out our full line of DLC Visa cards
http://betterthanbankmortgage.com/visa-cards/

Why some homeowners will pay more than expected to renew their mortgage

General Michael Distefano 4 Jul


New accounting rules adopted by the banks mean they’re paying closer attention than ever before to your financial situation and your home’s value when you renew a mortgage.

Mortgage renewals used to be utterly routine – a virtual rubber stamp. Now, if your credit score has taken a hit or your home has fallen in value, you might not qualify for the best available rates.

The new accounting rules are called IFRS 9; IFRS stands for International Financial Reporting Standard. One effect of these rules is to cause banks to pay close attention to early warning signs that clients may run into trouble paying their mortgage.

“Let’s say the bank has noticed that your credit score went from 750 to 580 and/or your loan-to-property-value ratio has gone way up,” said Robert McLister, founder of RateSpy.com. “Anything that worsens risk in a lender’s eyes is going to potentially warrant a higher rate at renewal.”

Mortgage brokers estimate that anywhere from fewer than 5 per cent to 15 per cent of borrowers may be negatively affected by the new rules. The borrowers most vulnerable to getting an elevated mortgage rate are in expensive cities, such as Toronto and Vancouver, where young owners must juggle expensive mortgages and daycare if they have children.

It’s difficult to track what banks are actually doing because there don’t yet appear to be any standardized policies. But mortgage brokers report that banks are in some cases doing soft credit checks, which means peeking at your credit file to see whether your credit score has worsened. Banks may also do appraisals on renewal to ensure that the ratio of the amount of your outstanding mortgage to the value of your home is declining as it should be.

Mr. McLister said he’s been told by some bank executives that mortgage rates for people whose financial position has slipped might be 0.05 to 0.15 of a percentage point higher, which is fairly insignificant. “I don’t know if the answers I’m getting are real,” he said. “Bank execs always try to downplay things like this because they don’t want people getting excited.”

The risk of having to renew at higher rates just keeps growing for these and other lenders. Well-discounted five-year fixed-rate mortgages are close to one percentage point higher than they were last summer. Also, we’ve seen the emergence of a trend where mortgage rates today are higher for some people than others. For example, someone with a down payment of less than 20 per cent now gets a rate that on average might be 0.35 of a point better than someone who puts down 20 per cent or more. Below 20 per cent, the borrower is required to pay for insurance that protects a lender against default.

Mortgage stress tests for borrowers also have an effect on rates. The stress tests are designed to see whether you can afford mortgage rates that are higher than current levels. If you’re renewing a mortgage and want to move to a new lender, you have to be able to pass the stress test. If you can’t do that, you’re stuck with a current lender that has no need to offer you its best possible discount.

Veteran mortgage broker Jim Tourloukis offered a couple of suggestions if your lender is offering you a competitive renewal rate on a five-year fixed mortgage. One is to consider switching to a variable rate mortgage. A variable rate mortgage with even a weak discount today would be comparable with a competitive five-year fixed rate.

Mr. Tourloukis said credit unions aren’t bound by the requirement to do a stress test on mortgage clients, so they’re another option if you don’t like the rate you’ve been offered on renewal and want to change lenders.

One more effect of IFRS 9 is the way it subverts the home ownership fairy tale that you just need to get into the market to live happily ever after. Sure, you might struggle financially at some point, but that’s no biggie because your home will rise in value and you’ll be doing the most fulfilling thing a person can ever do in life, which is own a home.

Today’s reality of home ownership is that that those financial struggles of home ownership matter. If your credit score drops or your home falls in value, there can be consequences.

Give us a call and negotiate your mortgage renewal.

Story credit:
Rob Carrick
PERSONAL FINANCE COLUMNIST
rcarrick@globeandmail.com
http://www.robcarrick.com/

****NEW OFFICE LOCATION****
106- 5017 Victoria Ave Niagara Falls L2E4C9

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363
APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/
Check out our full line of DLC Visa cards
http://betterthanbankmortgage.com/visa-cards/

Mortgage rules and the new market

General Michael Distefano 4 Jul


Mortgage rules and the new market
If you own a home, or looking to buy one, you probably know about tighter mortgage rules. In case you were unaware, last fall, OSFI, (the Office of Superintendent of Financial Institutions) the agency that regulates the financial industry, announced changes to rules around mortgages. The biggest change, that affects you, the consumer, relates to uninsured mortgages, or homebuyers with 20 per cent or more for a down payment. These people will have to go through a “stress test” or qualify using a minimum qualifying rate.

These new rules came into effect in January and come on the heels of several rate hikes from the Bank of Canada. And many economists and industry watchers are predicting the bank has a few more rate hikes instore before the year is out. We may already be seeing some of the effects of all this pressure on mortgage financing. Real estate markets, especially in the very heated Toronto-area, are starting to cool quite a bit. The Canadian Real Estate Association (CREA) has adjusted its forecast for home sales across the country, predicting an 11 per cent decline from 2017.

So, do you need to be worried?

If your mortgage is coming up for renewal and you’re staying with your original lender, you don’t need to be at all.

For now, you can just renew without requalifying. However, there have been hints the government could change that in the future.

If you’ve got a steady job, a credit score over 700, no debts and you make $60,000 a year in salary, getting a mortgage also shouldn’t be a problem in this lending environment.

But, it could be tougher if you’re newly self-employed or carrying a large amount of consumer debt. That said, mortgage brokers have access to literally hundreds of lenders and can always find a way to get funding.

So taking everything into consideration, the best thing to do is review your portfolio with your mortgage broker. We’re still in a relatively low rate environment, but it could change come this time next year.

If your mortgage isn’t up until 2019, it may make sense to get out of your current mortgage and pay a small fee to get a better long-term rate.

It’s always a good time to review your mortgage because everybody’s situation is different regardless of where you are in your term.

****NEW OFFICE LOCATION****
106- 5017 Victoria Ave Niagara Falls L2E4C9

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363
APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/

Check out our full line of DLC Visa cards
http://betterthanbankmortgage.com/visa-cards/

Ways to Stay Cool Without Air Conditioning

General Michael Distefano 3 Jul

When it’s cooler outside than inside, open your windows instead of using air conditioning. Use a window fan, blowing toward the outside, to pull cool air in through other windows and to push hot air out. When it’s hotter outside than inside, close your windows and draw window coverings against direct sunlight. On hot days, delay heat-producing tasks, such as dishwashing, baking or doing laundry, until the cooler evening or early morning hours. Caulk around window and door frames, use weather stripping on exterior doors, and have a professional seal gaps where air can travel between the attic and your living space. Use energy-efficient lighting in your home. CFL and LED light bulbs operate cooler and cost less to use because most of their energy produces light instead of heat. Incandescent light bulbs, on the other hand, lose 90% of their energy as heat. Leafy shade trees planted on the east and west sides of your home can improve comfort and decrease cooling needs by blocking heat and sunlight. You’ll still have the benefit of heat from the sun in the winter, after the leaves fall. Check with your local garden centre for recommendations.

DID YOU KNOW….
Lenders make a lot more money when they renew your mortgage than they did on your initial term. That’s partly because they don’t have to compensate anyone for referring your business (or compensate them as much). But it’s also because many renewers don’t comparison shop as much or negotiate as hard. According to a recent Maritz/CAAMP survey, only 56% of borrowers negotiated their mortgage rate at renewal. A remarkable four in 10 took the first rate their bank offered. That’s a scary statistic considering banks rarely, if ever, offer their lowest rate upfront regardless of how long you’ve been a customer! That’s why it’s so important to rely on your mortgage broker at renewal as well.

****NEW OFFICE LOCATION****
106- 5017 Victoria Ave Niagara Falls L2E4C9

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363
APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/

Check out our full line of DLC Visa cards
http://betterthanbankmortgage.com/visa-cards/