The Mortgage Helper

QUICK CREDIT ADVICE It is often more beneficial to keep an old credit card open than it is to close it. Your credit history will stay on your file for up to 7 years. Having a card for this entire duration will positively impact your overall score. If you wish to no longer use it, SWITCH the account to a no annual fee option and keep it. Even if you have been late on a couple of payments it can usually be explained and overlooked when applying for a loan provided it is a... one off situation. Closing the card will not help your overall and could negatively impact it. Remember DURATION (how long have you had open credit) UTILIZATION (what percentage of open credit is used) REPAYMENT HISTORY (showing you make payments on time) All have a factor in your score. Please let me know if you ever have any credit related questions.

Best Practices to Prepare YOUR HOME for an Appraisal Appointment. In the days leading up to your scheduled appraisal inspection, you may ask yourself What can I do to ensure my home is well prepared for the appraiser? It is important to recognize that when the appraiser arrives at your home, he or she is at the beginning of the appraisal process. Following the inspection, the appraiser will... thoroughly research market activity and determine how your home relates to the data collected. The appraiser will not actually determine the subject property’s value until the end of the process. You do not need to accompany the appraiser during the property inspection; however, it would be valuable if you are available when they need any information about your home. In addition, you should keep the following items in mind: Housekeeping Appraisers will look past most clutter, as they are evaluating the physical characteristics of the home. The laundry doesn’t need to be done; however tidying up on the day of the appointment will go a long way toward making a good impression. Remember, the appraiser will be taking interior and exterior photos to include in their appraisal report. Maintenance It is recommended that your repair minor things like leaky faucets, missing door handles and trim, broken windows, etc. Additionally, the exterior of the home and surrounding property should be well maintained. Accessibility You should make sure that all areas of the interior and exterior of the home are accessible, especially areas leading to an attic or a crawl space. One last item to keep in mind: In order to maintain independence, appraisers are prohibited from discussing value issues or other details of the appraisal report with you. If during or after the appointment a homeowner has questions about the value or would like specific information about the appraisal report itself, that information must be obtained through your Mortgage Broker and not directly through the Appraisal Firm.

As time passes the value of your house increases! What can you do with the equity in your home? For example, you can borrow up to 80% of the value of your home, so if your home is worth $600,000 you can borrow up to $480,000. If you currently have a mortgage of $300,000 , you have $180,000 of equity available. So what are your options? 1- Pay off debts like credit cards, line of credits, car loans etc... 2- Home improvements, increase the value of your home 3- Start a business you have always wanted to have 4- Buy a rental property, increase your net worth 5- Sell your home and have a substantial down payment on a new purchase. 6- Help your kids, yes ,I see this a lot, Pay off their OSAP loans or help with a down payment on their own house. 7- Purchase a vacation home , increase your net worth The possibilities are endless and everyone has their own financial goals, message me to discuss yours today!!!

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Merry Christmas and Happy Holidays everyone! Enjoy some well deserved #familytime . . . #merrychristmas #happyholidays #londonontario #lndont #mortgage