Chad Eliason
230 Shuswap St SE V1E4H7 Salmon Arm, BC, Canada

REFINANCING YOUR MORTGAGE Using your home’s equity could be one of the easiest and most affordable ways to access money - and with historically low mortgage interest rates, the time has never been better to look at your refinancing options. Are you looking to save money? Maybe you’d like to...... take advantage of lower rates borrow some money for investments top up your RRSP contribution help your children fund University/College manage your debt Refinancing is a cost effective way to reduce your current debt load. Many clients who refinance to pay off high interest credit cards, car loans, etc. save hundreds of dollars each month. This enables them to top up their RRSP’s more often, buy a second home, renovate or save for a rainy day! While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks. Fill out this quick application and I'll assess your needs - at absolutely no cost to you: https://www.chadeliason.ca/pre-approval

One of the questions that gets asked most frequently in the mortgage industry is: "what's the difference between working with a Mortgage Broker compared to working with a specific financial institution? It's a great question and there are a few important factors to consider: 1. GREATER DIVERSITY: A Mortgage Broker is a licensed professional who has access to a diverse pool of lenders to find you the best mortgage product and rate. A great Mortgage Broker will put in the work... to shop the current market for you and will then negotiate the most advantageous mortgage contract for your unique needs. 2. IT'S FREE: There's no fee on your part to use a Mortgage Broker because the Broker gets paid by the lender or financial institution who ultimately provides you with the mortgage product. A Broker's payment is dependent on securing and funding the right mortgage for you, so you know that they're going to work extremely hard to make you happy and get you the terms, amortization, and rates you're looking for. 3. NO RESTRICTIONS: When you use a Lender, you're restricted to the products and rates of that specific financial institution. There's nothing wrong with getting a mortgage from your bank, however Mortgage Brokers have access to a wide range of financial institutions, products and rates at their fingertips, rather than being limited to certain products. If you're currently in the market for a mortgage so you can confidently go shopping for a home with a realistic budget, send me a DM - I'd love to help you secure the mortgage that matches your financial goals. See more

Moving to Self-Employment: Tips to Manage Your Finances Being your own boss can be rewarding and scary especially in terms of finances. You may find yourself asking, how much money do I need to get started? or will I make enough to pay the bills? Check out this article to help with some answers to common questions, along with some helpful tips to manage your finances when moving to self employment. ... https://www.qmortgage.ca//moving-to-self-employment-tips-t You'll face highs and lows in your business, but with the right strategy and smart planning, you’ll be able to ride the wave and come out stronger on the other side. If you’re thinking about moving to self-employment or are already there, send me a DM today are we'll chat about your financial options.

Historic Conservation & Environmental Sustainability The conservation of historic places and buildings is important to curbing climate change and other negative impacts on the environment. Along with a strong identity, heritage sustainability and conservation also provides economic diversity and environmental sustainability. Examining things like historical or spiritual significance, use, and appearance tell us what’s important about a place and how to care for it. By preserv...ing, rehabilitating, or restoring heritage places, we value our communities, our future, and ourselves. Here are some facts about heritage and sustainability, as provided by the Government of British Columbia website: Restoring a building requires less energy than building a new one. Rehabilitating buildings saves landfill space. Preserving a building saves embodied energy (energy used to operate, construct and demolish) that was used to build and maintain it. Heritage buildings are built out of low-energy intensive materials. Reusing old buildings saves green spaces. Reusing old buildings fosters green lifestyle choices, like walking or commuting by bike. British Columbia’s historic places (buildings, structures, landscapes, historic districts, etc,) are important to our understanding and appreciation of our communities. Reusing and rehabilitating historic buildings is a significant way to practice the 'three Rs' of reducing, reusing, and recycling on a much bigger scale. See more

Taxes on a Vacation Property Before buying a vacation property, make sure you’ve done your research on which taxes will be applicable. Where you buy will determine what kind of taxes you’ll have to pay. That being said, here are the three most common kinds of taxes to consider. 1) Yearly Taxes: Standard property taxes based on the assessed value of the property.... 2) One-Time Property Transfer Tax: Not all provinces have this tax, but popular vacation destinations, such as British Columbia, charge a one-time transfer tax when you purchase or gain interest in a property. These taxes will vary based on the use of the property and its assessed value. 3) Out-of-Province Taxes: If you’re buying outside of your home province, look for additional taxes for out-of-province property owners. Again, not all provinces have this tax but BC released a new tax to curb rising house prices. If you plan to sell your vacation property at some point, any equity increase in the property that is not on your primary residence will come with a capital gains tax. 50% of what you gain in the sale of your property is taxable. That 50% is added to your annual income and your personal tax rate is applied to that total (at the Federal tax level). The higher your income, the higher the capital gains tax. If you plan to have the vacation home included in your estate, your heirs will assume any capital gains tax after the sale. Make sure you keep all of your documents related to the purchase and sale of your home, so it’s a bit easier come tax time. And finally, keep in mind that the Canada Revenue Agency (CRA) will want any income you earn from renting out your vacation property claimed on your taxes. CRA also considers providing cleaning, security, and meal services as part of running a business that will all need to be claimed on your taxes as well. Don't let taxes deter you from investigating the possibility of spending your summers by the lake, in the mountains, or on the golf course. Send me a DM to begin the conversation today. With many lending and purchasing options available to you, owning a vacation property might be easier than you think!

Generational Wealth through Real Estate Investing in real estate is a fantastic opportunity to create a financial foundation for multiple generations to come. This Family Day, consider putting a plan in place that allows you to pass down a home within your family that will increase in value. You could also position yourself to able to leverage real estate equity to invest in multiple properties that build generational wealth. When it comes to being smart with your money, it... doesn't just stop at how much money you make; other factors that come into play are how much money you keep, how much of that money is invested effectively, and how many generations that money may have the opportunity to impact. Take a moment this Family Day to reach out and connect about how you can create generational wealth for your family: https://www.chadeliason.ca

3 Big Credit Mistakes that Can Impact Your Mortgage Approval You’ve had steady employment for years, things are going well in your life, and you’re ready to make the move from being a tenant to being a Shuswap homeowner congratulations; these are exciting times! There are many things to consider when it comes to homeownership and obtaining a mortgage and there are also a few common errors that people may make in the process you’ll want to be on the lookout for. Here... are three big credit mistakes you should be aware of and work to avoid: Mistake #1: Being Unaware of Your Credit Information - Knowing your credit history and the information within your personal credit file is so important. Mistake #2: Timing is Everything - Now that you’re pre-approved, you’ll need to purchase a home within 60-120 days (depending on the lender) to adhere to the expiration date on your offer. Mistake #3: Maxing Out Credit Cards, Opening a Line of Credit, or Making a Large Purchase - Once you’ve been pre-approved for a mortgage, you'll want to keep your credit in good standings. To read more about each of these big credit mistakes in detail, visit my blog at: https://www.chadeliason.ca/blog If you’re ready to enter the wonderful world of Shuswap homeownership, I’m here to help you! Get in touch today at 250.804.9874 and we’ll chat about your best way to move forward.

Where to Start as a First Time Home Buyer Last week I mentioned some of the important ways I'm able to help you gain more understanding of the process of becoming a first time home buyer. Now, I'd also like to encourage you to check out my blog, titled "Where to Start as a First Time Home Buyer". This article walks you through three key areas of focus for first time home buyers entering the Shuswap real estate market to assist with making your first purchase as smooth ...as it can be. The three areas discussed are: 1. Get Pre-approved and Know Your Numbers 2. Have The Right Dream Team 3. Have Your Deposit Ready View the full article, which provides greater detail of each item above, by visiting: https://www.chadeliason.ca/blog See more

Is Home Ownership on Your List of New Years Resolutions? That's a really great goal to have! And you likely have a lot of questions about the process as well - that's completely common. Let me help you get answers, so you can lessen your stress about it, and allow for the excitement to take over! I'll be here to assist you every step of the way; guiding you through the entire process to:... Help you understand your financial situation Get you pre-approved and qualified for a mortgage Explain how a down payment works Review the expected closing costs and expenses that come with purchasing a home. Not only that, but I'll also work closely with your team of professionals - your Realtor; Lawyer; Appraiser and Home Inspector - for a smooth transition into your new home! Let's work together to get your dream of owning a home checked off your resolution list! Visit my website today to apply for your mortgage pre-approval: https://www.chadeliason.ca/pre-approval See more

IT'S GIVEAWAY TIME! What are you doing on Wednesday, January 20th at 7pm or on Saturday, January 23rd at 6pm? You could be enjoying a magical Winter Sleigh Ride Show at Caravan Farm Theatre!... I have two prizes to give away that include tickets for a bubble of SIX people to attend the @caravanfarmtheatre outdoor show titled "The Gift", which has horse-drawn sleighs transporting audience members from scene to scene within their winter wonderland. Located at 4886 Salmon River Road in Armstrong, Caravan Farm Theatre is a professional outdoor theatre company based on an eighty-acre farm in the North Okanagan, in the unceded territories of the Secwepemc and Syilx First Nations. They offer a fantastic magical adventure for people of all ages and are dedicated to developing innovative opportunities for connection with the arts within our community. Here's how to enter the giveaway: 1. Like this post 2. Follow @chadeliasonmortgages on Instagram 3. Tag the friend who you'd love to have join you at the Winter Sleigh Ride Show (each individual comment with a tagged friend earns you one entry into the draw) The WINNERS will be drawn on January 15th! : @caravanfarmtheatre & @saobserver

4 Questions to Ask Potential Realtors if You’re Selling Your Home When you're selling your home, the stakes go up with your realtor. Now there's a commission involved, potential profit on your home, and coordinating the purchase of your next home. What should you ask your realtor if you're selling? 1. What is your commission, with tax? ... Don’t be afraid to ask your realtor what their fees are and what you get for that cost. Does it include having your home professionally staged or photography for the website? Asking this question upfront will help you figure out your selling price as well, as you can include the realtor's commission. 2. What are you going to do to sell my house? Ask your realtor what marketing strategies they'll use to get your home sold. Do they have a website with property listings that your home will be added to? Do they use social media to promote homes for sale? What about a newsletter for potential buyers? Ask to see what marketing they have done for homes in the past to get an idea of what to expect. Make sure to ask if any of these services going to cost more. 3. How long do your homes typically stay on the market? Sometimes you have a lot of time to sell your home. Other times, you need to sell it quickly. Ask your realtor how long their homes typically stay on the market, and what the average is for your neighbourhood. If your realtor often sells a home quicker than the average, it doesn't always mean a positive thing. It may mean they are listing at lower prices, which means you won’t get the proper value for your home. 4. Can you recommend home professionals? Your realtor likely has a long list of contacts for other services buyers and sellers need, like home inspectors, contractors, and real estate lawyers. If you trust your realtor, then using their connections can be a great option. However, if you're looking for a second opinion, I'd be happy to connect you with my list of great home professionals you can reference. Email me at [email protected]. ( Article courtesy of @qmortgages ) See more

Bridge financing is an option you may need to utilize as a temporary form of credit that bridges the time between when you actually need financing versus when your long-term financing can finally be secured. For example, bridge financing can be used as a funding option between the sale of your current house and the purchase of a new property. To determine the amount of a bridge loan, you would take the purchase price of your new house, and subtract the value of the mortgage and initial deposit. What's leftover is the amount that will need to be financed until the sale is complete. This is a short term finance solution that may be exactly what you need as an interim choice, so call me at 250.804.9874 today and let's chat about whether you're able to take advantage of this option to help you bridge the gap in your finances.

Happy New Year! I hope all your goals get accomplished in 2021 and it's your best year yet onwards and upwards!