Trusted Tips and Resources

Trusted Tips & Resources

Ryan Boughen a Trusted Regina Mortgage Broker Shares Mortgage Renewal Tips!

The land of mortgages is a big one and Ryan Boughen a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules and rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Each lender is unique in the types of situations they will lend on, their terms and conditions, and their best mortgage rates. Ryan Boughen is a Trusted Regina Mortgage Broker and in this Trusted Regina mortgage tip, he shares mortgage renewal tips!


Your mortgage is probably the single biggest expense. Unfortunately, most people give it little thought. Here are the most expensive mistakes you must avoid when you renew your next mortgage.

✅ Don't take the first offer - Most times the first offer you receive from a bank or lender is never their best. Don't be afraid to shop around.

✅ Refinancing - Many mortgage brokers and lenders will bring up the opportunity to refinance your debt or take out equity from your home at the time of mortgage renewal. For more than 99% of us, this is a bad idea. The lure of “cheap money” is strong – whether it is to pay off debts or use the money for a home reno – going into more debt when you renew your mortgage will cost you in the long run.

✅ Paying off Debt Responsibly - If you have car loans, lines of credit, a balance on your credit card, or other personal debts, you should never pay more than the minimum on your mortgage. Paying off these debts, along with saving for your child’s education and putting away 15% of your gross income into retirement ALWAYS takes priority over paying off your house.

✅ Have A Master Plan for your Finances - If you fail to plan, plan to fail. Ideally, you should have a monthly, yearly and 5-year plan for your overall finances. Anything from planning your monthly expenses such as budgeting housing, automotive, and general expenses to the amount you want to see in your RRSPs and retirement fund.


Trusted Regina REALTOR® James Wruth Explains Selling A Deceased Family Member's Home

James Wruth is one of Regina’s most trusted and top-selling Realtors. A member of Remax Crown Real Estate since 2006, James works with families, individuals, investors, and developers in the purchase and sale of residential properties. Since 2006, James has been a consistent Top Producing Realtor, and he has been awarded numerous prestigious distinctions including Re/Max 100% Club distinction, Platinum Sales Award, and Remax Hall of Fame induction. James Wruth is a Trusted Regina Real Estate expert.

James Wruth Explains The Process When Selling The Home Of A Deceased Family Member

I believe that relationships are more important than transactions. I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, your real estate goals, and to be 100% accountable to you. In my latest blog post, I explain the process of selling the home of a family member who has passed. 

What Is The Process Involved When Selling The Home Of A Deceased Family Member? 

Unfortunately, I am all too aware that the death of a relative is always a hard time for the family left behind. Not only do you have to navigate the emotional turmoil that is present when someone you love passes, but you may also have to deal with the inevitable real-world details – like liquidating assets and maybe even selling that person's home.

1. The Importance Of An Up To Date Will

If you think their properties will automatically pass to their descendants when they die, you could be in for an unpleasant surprise. If a homeowner dies without a will, or with a will that somehow fails to specify who the deceased’s property is meant for, what happens to the home becomes a provincial decision.

Each province has its own formula for distributing the deceased’s assets that takes priority over the dead person’s wishes.

When a person dies intestate, typically the family will act as administrator of the estate. Section 11 of The Administration of Estates Act lists the persons entitled to apply for Letters of Administration:
  • spouse; children & grandchildren;
  • parents;
  • siblings; nephews and nieces;
  • next of kin of equal degree of consanguinity;
  • creditors; and the official administrator.
Letters of Administration may not be required to deal with assets that are not part of the estate (Part II Assets) such as property jointly owned with the deceased at the date of death, assets with a named beneficiary or assets outside Saskatchewan. Letters of Administration will be required if the estate assets include real estate in order to conduct any land transactions with Information Service Corporation.

Selling a home after a relative dies is what’s known as an “estate sale.”

The term “estate sale” can often be interpreted in different ways. For instance, if you are not a Realtor, you might be thinking that an estate sale is an auction where furniture and other possessions are liquidated. Most real estate agents, on the other hand, think of an estate sale as selling a property for one of the heirs.


2. Transference of real estate after death.

So what happens when the home is going to be sold?

The first thing that needs to be done is to ensure the executor has been given authority to liquidate the real estate. There should be specific instructions in the will about selling the property.

First, look to see if the executor under the will was given power or authority over the real estate. If they were not given authority over the real estate, then the beneficiaries hold the authority and can sell the real estate without the executor’s consent.

Important note: 
If you are going to be selling an estate where there are more debts than assets, this is what’s called being insolvent. If this is your situation it is important NOT to pay any debts you don’t have to— If you pay some low-priority creditors, you could find you are personally liable for the amount you shouldn’t have paid out. For example, don’t pay the landscaper or the telephone bill. These should be paid by the executor once approved.

3. What Happens If there Is a Mortgage Outstanding?

A majority of Canadian homeowners don’t know what happens to their mortgages when they die. Only 28 per cent of respondents to a 2021 survey realize that their mortgage needs to be paid by the beneficiary who receives their properties. It does not disappear, unfortunately, although that’s exactly what 12 per cent of survey respondents think happens to a mortgage when a borrower dies.

Property owners, particularly investors, must also keep in mind the tax bills awaiting their surviving family members. The CRA treats a dead individual’s assets as if they were all sold on the day prior to his death, meaning capital gains taxes on non-primary residents need to be paid – even if the home is left to a beneficiary. Joint ownership of a property with a spouse can provide a clean and legal workaround; otherwise, those left behind will need to foot the bill. 

4. Collect all the necessary documents related to the home.

One of the least enjoyable, but most necessary, things that those left behind need to do is collect all required financial documents. Financial documents are essential for the distribution of the estate, including the home. Without all the necessary documents things become much more complicated.

You may have to search for a while to find everything you need. Often all documents won’t be in the same place. Sometimes people will stash them in hidden places. It is worth the time to search everywhere, including crawl spaces, the attic, and the garage, go through all the boxes and files, and even look under the mattress and drawers.

The documents you will want to gather may include:
  • Will – As explained - If there is a will, it will significantly simplify the distribution of the estate.
  • Receipts from bills – You will need to freeze your relative’s credit and contact all creditors, including the three major credit reporting agencies.
  • Investment documents – Your relative may have had stocks and/or bonds.
  • Insurance documents – There may be a policy from an employer, or one purchased privately.
  • Homeowner’s policy – Keep homeowner’s insurance up to date and increase coverage if necessary.
  • Bank account documentation – You want accurate information on all of your relative’s bank accounts.
  • Personal documents – If your relative had any personal documents, like journals, poetry, etc., you might like to have them at a later date for sentimental reasons.
Once you have gathered all the documents you know, you will need, shred everything else that has personal information on it. It is a common thing for identity thieves to use the social security numbers of the deceased. By eliminating all documents with the number on them, you make identity theft more difficult.

4. Change The Locks and Mail Delivery

When selling a home as an estate sale, it is essential you have complete control of the property. This includes changing the mail, so you receive it in a timely fashion, along with enhancing the home’s security. Keep in mind there are going to be folks who know about the death that took place and the fact the home may be vacant.

You will be surprised how many keys have been given out on a property over the years. Whether it is friends, relatives, the babysitter or various contractors who have done work. It is better to be safe than sorry.

5. Hire a Regina Realtor To Help You Get the Home Ready For Market

After you have processed all the personal possessions of your relative, you will be ready for the actual sale. At this point, you will go through much the same steps as any other home seller – although some minor differences may apply.

I have found that often when selling a home that was owned by an older relative, or a house that has been occupied for decades, there is extra work involved in prepping for sale. This can be one of the most challenging parts of selling a deceased parent's home. The house may be quite dated, including old wallpaper, decorations, carpet, paint, etc. It may also have damage that has gone unaddressed for a long time.

An experienced and reputable real estate agent will provide the best advice on what needs to be changed or repaired before you put the home on the market. If you want to get the best possible price, you may need to make some changes. The most common I see include:
  • Getting rid of old furniture/ window coverings
  • Removing wallpaper
  • Changing dated flooring and/or refinishing hardwood floors
  • Applying a fresh coat of paint
  • Eliminating all signs of pet ownership, like stains and other damage
  • Installing new fixtures and updating lighting
In addition to any changes you make to the home, you are going to want to clean it thoroughly. There is nothing more critical to the sale of a home than a proper cleaning. I may also suggest professionally staging the property if there is not enough appropriate furniture/belongings left after the cleanup. 

Once the home is prepared for buyers, then we can go ahead and list it. As long as you have made the home desirable based on the current Regina and Rea Real estate market, you should be able to sell it for a fair price.

A misunderstanding of what happens to a person’s property once they’ve died can cause extreme distress, both financial and emotional, for her surviving family members. So the best advice I can give is to have your will and paperwork in order as soon as you become a homeowner. In addition, you review your will on a regular basis to ensure it reflects your wishes. 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, James will be an expert at your side. 

Trusted Regina Financial Advisors at Worby Wealth Management Talk Insurance Needs

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers servicing local Regina households and businesses. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners. Worby Wealth Management listens and provides a personalized financial plan.


Insurance Needs

by Jeremiah Worby

What will happen to you and your loved ones if something unexpected occurs?  Do you have contingency plans in place?  Being prepared for the unexpected is something that should be planned for.  Insurance isn’t always for everyone, but if the need arises, having something in place can help alleviate unwanted stress and burden.

Life Insurance

A very unfortunate statistic, but 100% of people eventually die.  Does that mean that you have to buy life insurance?  Well not necessarily.  Everyone’s situation is different.  It can depend on a variety of factors such as age, current and future financial circumstances, possible inheritances, considerations about how much you would like to leave loved ones, and funeral expenses, just to name a few.  


If you do decide that a need for life insurance exists, these are just some of the decisions that need to be considered:

  • Did you want a whole life policy or a term policy?

  • Did you need a joint policy with either first-to-die or last-to-die?

  • What amount of coverage should you get?

  • What monthly premium is reasonable?


Critical Illness Insurance

Critical Illness insurance exists for those who wish to sleep comfortably at night knowing they are covered in case a major medical emergency should ever arise.  Very few critical illness policies are the same.  Some considerations include:

  • Do I only want coverage for only the four major illnesses (life-threatening cancer, stroke, heart attack, coronary artery bypass surgery)?

  • Are there other conditions that I’d like coverage for (diabetes, Parkinson’s disease, multiple sclerosis, etc.)?

  • How much coverage do I need?

  • How long do I need coverage for?


Disability Insurance

If you’re employed at a high injury risk job, this is a serious consideration to take into account.  Disability insurance can provide protection against loss of income should you become disabled.  When disabled, as much as we’d love them to, your bills don’t just stop.
  • Check to see if you already have coverage through your employer so that unnecessary overlapping coverage isn’t purchased

  • Decide on how much coverage you would like to have

  • Calculate what your monthly expenses will be taking everything into account

  • Would you be willing to change jobs if need be?

  • Would you be willing to cut back on your current standard of living?


Find Out More

Whether you’re 20 years old or 50 years old, proper insurance planning is essential.  Contact Worby Wealth Management to assess your insurance needs today.


Some of the services that Worby Wealth Management can help you with: 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!


The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Trusted Regina Financial Advisors at Worby Wealth Management Discuss Credit Ratings

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers servicing local Regina households and businesses. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners. Worby Wealth Management listens and provides a personalized financial plan.


Credit Ratings

by Jeremiah Worby

We’ve all heard the stories from someone we know (though we may or may not like that person) about having been a victim of some form of identity theft.  Identity theft can drastically affect your credit rating, and your credit rating affects almost everything in your financial world.


Whether you’re looking to apply for a credit card, take out or renew a mortgage, get a car loan, or want to borrow a million dollars from that loan shark down the street, your credit rating will greatly impact the interest rate which you might receive for such loans.



There are two major players in the credit rating world of Canada – those being Equifax and TransUnion.  You can, and we suggest you do, go to both these websites and sign-up for their free service to check your credit scores.



Equifax

Directly from their website, Equifax states:
“We are a global data, analytics, and technology company. We believe knowledge drives progress. Our unique data assets, technology and analytics transform knowledge into insights to power decisions that move people forward.”

Here’s a wonderful and short read [they claim it’s 2 minutes but I think it’s way more like 3 minutes :)] from Equifax about what impacts your credit score.

https://www.consumer.equifax.ca/personal/education/credit-score/what-impacts-credit-score/



TransUnion

Directly from their website, TransUnion states:

Our mission is to help people everywhere access the opportunities that lead to a higher quality of life. By helping organizations optimize their risk-based decisions and enabling consumers to understand and manage their personal information, we empower both to take their destinies into their own hands.”

Here’s a true 2 minute read from TransUnion about 5 factors that affect your credit score.

https://www.transunion.ca/what-affect-credit-score?



Find Out More

Whether you’re 20 years old or 50 years old, credit ratings are of utmost importance. Contact Worby Wealth Management to help fix your credit score and set you on the path to success!


Some of the services that Worby Wealth Management can help you with: 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!


The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Trusted Regina Insurance Provider Campbell & Haliburton Insurance Discuss Saskatchewan Summer Storms

Trusted Regina Insurance experts at Campbell and Haliburton Insurance Inc have been in the community for over 50 years. They know it is customer service and knowledge that counts when you are in need of an insurance company in Regina. Campbell & Haliburton Insurance, myCH.ca, dedicated insurance brokers in Regina can assist you with finding the plan that works best for you. In their latest Campbell & Halliburton Regina Home insurance tip, Blaine Petrie, Licensed Insurance Broker & Motor License Issuer, talks about Saskatchewan summer storms. 

Thunder, lightning, rain, wind, hail, and 5 minutes later it’s a nice sunny day! We’ve all been there, it’s a major part of living in Saskatchewan. By the time you finish reading this sentence, we’re back to rain! Our storms in Saskatchewan are unlike any other province. Whenever friends from BC or the Maritimes come to visit, something they hope to see is a prairie lightning storm!

What happens when damage occurs due to wind, rain, or lightning? Saskatchewan summers are typically very dry from June to September. We see storms where there is only lightning and thunder, with no rain. In this climate, it is very easy to suffer a loss caused by a storm. Therefore, it is important to know how your insurance covers you for these losses.

Lightning 

Lightning is a powerful force of electricity, that can cause significant damage. Lightning causes trees to fall and fires to start. Should a surge affect your home, lightning may even cause the TV on your wall to burn out. While lightning is very dangerous and efforts should be taken to limit its effects on your home, damage caused by lightning is covered by insurance in nearly every situation. Lightning strikes your home and starts a fire? Covered. Lightning strikes your home and damages all the electronic items plugged in? Covered. Lightning may not be covered if the damage to your home causes your food to spoil due to loss of refrigeration. However, this coverage can often be added to your home insurance.

Wind and Hail

Windstorm damages from summer storms in Saskatchewan can be devastating. In most cases, wind is something that is covered by insurance. For instance, if shingles get blown off your roof, or your siding gets blown off the house, you will likely require someone to repair the damages. With these types of losses, the type of damage and settlement will differ depending on the age of your roof. If a person has a 5-year-old roof, they are likely to receive full replacement cost coverage. This means that no matter the replacement cost, they are covered, provided they purchased adequate insurance prior to the damage occurring. Where we tend to see depreciation apply, is if the roof is 20 years old. This is because the life of a shingle is not always the full life listed on the box, and shingles tend to require replacement on a more frequent basis due to the weather conditions in Saskatchewan (ie. about every 15 to 20 years for 25 to 30-year shingles).

Hail and wind tend to be grouped together, as the damages they can cause affect the same portions of the house, primarily the exterior. In the same way, a shingle blown off a 20-year roof will have depreciation applied, a 20-year-old shingle that has holes punctured through it due to hail will have a depreciated settlement value as well.

Rain

Rainfall is the loss type from a Saskatchewan storm that has the most potential to cause damage, given that it can enter your home from any little crack or imperfection. Despite its prevalence in all storms, rainfall is generally not a covered loss type. Although there are extensions to a policy that can add coverage for water entering your home from the outside, your homeowners’ insurance is likely not going to cover this. There are exceptions to the rule, based on the premise of proximate cause. The proximate cause of a loss is the first incident that could have given rise to the series of events causing the damage. For instance, a fire starts inside the home, and burns a hole in the side, causing water to enter your home from a rainstorm occurring at the same time. Or, imagine a windstorm that blows the shingles off of your roof, allowing rain to enter the house from the outside during the same storm. In these examples, the cause of the loss would be fire and wind, respectively, rather than water.

As mentioned previously, extensions can usually be purchased that allow for coverage for water entering the home from the outside through the doors and windows. On the insurance policy, this is typically called an overland water endorsement and will protect up to the amounts shown on your policy for water entering the home during a storm event. The overland water endorsement will also sparingly cover groundwater, provided the water entered through the ground surrounding your foundation during a storm. However, the overland water endorsement does not include seepage, so groundwater entering the home through a crack in the basement wall would generally not be covered by insurance. Further, the pressures of groundwater on the foundation of a house causing cracks or foundation damage, would not be covered by insurance.

The overland water extension endorsement would typically cover river and creek overflow due to heavy rainfall. Dwellings located near a river or creek tend to be rated higher accordingly.

Tornadoes 

The amount of times we hear the question “what about an act of God?” in this line of work is… put simply, a lot. The long and short of it is that there are no exclusions for “acts of God”, as the exclusions are based on the actual loss that occurred. During a Saskatchewan summer, there is sometimes the risk of a tornado. A tornado is a windstorm, and by that virtue is a covered loss, provided your policy covers for wind. Tornadoes tend to cause significant damages, similar to the wind mentioned previously, but on a larger scale. Thus, the size and amount of damage caused by a tornado, do not preclude it from being a covered loss.

Loss vs. Claim 

So when do you place a claim on your insurance policy? When you have damage, you have a loss to your property. At this point, depending on what happened, you may be panicking to get things fixed and wondering about how you are going to get it done. When a loss occurs due to a Saskatchewan summer storm, usually homeowners will be getting the damage fixed all at once. This places stress on the construction industry to repair damage in a timely manner. In this case, the best course of action is to call your broker who will give you advice on how to proceed. We have many years of experience dealing with claims, so we can advise properly on what your next steps should be.

Generally, when damage occurs, it is best to have a professional out as soon as possible to survey the damage and provide an estimate for the repairs. Your home insurance policy will likely contain a deductible clause. This means that you will be responsible for a portion of the loss. In most cases, the deductible for home insurance is $1000. However, the deductible can be $500, $750, $2500, or higher depending on your specific policy.

You may have a discount on your insurance policy because you have not placed a claim in the last 5 years. It is important to note that in accepting payment for a claim, this discount would typically be removed. For example, let’s say you have a $1,000 deductible, and the estimate to replace the damage to your roof is $1,200. You would be paying $1,000, and the insurance company would cover the other $200, but your premiums will increase for the next 3 – 5 years, depending on your insurer. This is likely to negate the entire $200 saved by placing the claim, so it makes more sense to cover this on your own without insurance. If the estimate of damage is $4,000 in the same situation, it begins to make more sense to place this as a claim on your insurance, as the increase to your rates will not be the entire $3000 difference between your deductible and the amount of damage.

An important consideration when making a claim is that the more claims you file, the more your insurance premiums will increase. For example, on your first claim, your premiums may increase by 15%, however, a second claim could increase your premiums up to 40%. After two claims on a policy within a year, insurance companies tend to look at your policy with more scrutiny and may apply restrictions to your insurance policy resulting in your insurance not covering as much going forward.

Summary

In any case, your best bet after a loss is to call your insurance broker. We have the expertise and experience to walk you through the process of placing a claim. We also ensure that if you place a claim, we can work towards keeping your premiums as low as possible upon renewal of your insurance policy. There are many risks associated with Saskatchewan summer storms that can cause damage to your home, most of which are insured using basic home insurance, with some requiring extensions. It is important to understand the insurance coverage you have, and how you are protected so that when you call to place a claim, there are no surprises. When the storm is over, be sure to pause and enjoy the little things such as the smell of rain.

Is your home damaged due to a Saskatchewan Summer Storm? Contact Campbell & Haliburton Insurance

  • Give Campbell & Haliburton a call at 306-757-0621
  • Send us an email or contact Campbell & Haliburton online
  • If you are unsure who you usually speak with, or if you would like to speak to one of our team of experts email us at hello@mych.ca and we’ll get in touch with you as soon as possible.
  • If you are comfortable, please stop by our office and we can talk in person. We have safety procedures in place, hand sanitizer readily available, Plexiglas in place, and home insurance experts waiting to answer any questions you have. We are here for you.
As you walk out of our door, you can do so with the assurance that you are covered with the home insurance that best meets your needs. If you don’t have an insurance broker and want to talk to someone who is truly passionate about your insurance, contact us at Campbell & Haliburton Insurance. We would love to talk to you.


This is a general overview. There are many different insurance companies, and there are always differences in insurance policies. For specific details on your policy and coverage, we recommend that you contact your agent or broker.

Our Trusted Regina Insurance Agents at Campbell & Haliburton have your best interests and safety in mind and our commitment to customer service is one of the pillars of our business. We also know insurance inside and out, so please contact us for all of your insurance needs and we will be more than happy to help ensure what you value most is protected.

Campbell & Haliburton's doors opened in 1957. Since then, they have seen run-away inflation, recessions, and now, a global pandemic. Through it all, their doors have remained open as they are committed to providing outstanding service to you. No matter what the next years and decades bring they have committed to continue to stay open to serve you.

Campbell and Haliburton Insurance are a Trusted Regina Insurance provider.

They offer many different insurance policies to protect the most important areas of your life including:


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310 Wall St #209
Saskatoon, SK   S7K 1N7
Ph: 306.244.4150

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