Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Mortgage Broker Skott Enns shares a tip on renewing your mortgage.

Get free expert mortgage advice from a multi-award-winning Regina mortgage broker. Skott Enns is a Trusted Regina Mortgage Broker and he is fully committed to helping clients find the best option that suits their financial goals. His mission isn’t to simply help you get a mortgage with the best mortgage rates, he wants to help you figure out a plan to pay off your mortgage as quickly as possible! In his latest Regina mortgage tip, he shares some great advice on mortgage renewal! 


Mortgage Renewal Time?

If you have a mortgage, at some point it will come up for renewal (unless of course, you are really close to paying it off, and in that case – congratulations!!!). When this happens, it is important for you to know your options, so that you are not leaving money on the table or putting yourself in a situation that could cost you money down the road.

There are two primary reasons that you may want to leave your existing lender: rate being the primary one, and sometimes you may simply be unhappy with the service (or lack of) that your existing lender is providing to you.

Approximately 65% of clients will simply sign the first mortgage renewal form offered to them by their existing lender when. No questions asked. That is a mistake, and often a costly one. Don’t get me wrong, the easiest thing for you to do is to sign that form. No requalification, no additional questions, things just keep humming right along… but here is the thing: the banks are also aware of the fact that two-thirds of clients will ‘just sign’, and guess what… the higher the interest rate they can get you to pay, the more money they make.


How often do you think they will have your best interests at heart when renewing your mortgage?


Negotiating a Better Offer Upon Your Mortgage Renewal

The reality is that at the end of that term, you are indeed a free agent! Get out there and play the field. Here is how I would recommend doing that.

Ask Your Existing Lender To Come To The Table With Their Best Rate

Again, there is no doubt that the easiest thing to do IS to stick with your existing lender, and if they are offering a competitive rate, then my advice will always be to stay there. However until you know what they are willing to do for you, it is difficult to determine what the best course of action is.

Call A Mortgage Broker

As a Mortgage Broker, we work with an array of lenders: big banks, credit unions, mortgage finance companies, private lenders etc. Once you have a rate from your existing lender, your Mortgage Broker will be able to run through the mortgage products that the various lenders are offering, and figure out whether or not you would save money by switching lenders. Once we are within 120 days of your mortgage coming up for renewal, if there is a better rate out there for you, we can lock it in. One other reason to avoid signing blindly is that life happens, and situations change… if you just got out of a 5-year fixed term, but have a growing family and recognize that you will likely be upgrading your home in less than two years, perhaps it makes more sense for you to consider a shorter fixed-term or a variable term (where the penalty for breaking that term is only a 3-month interest penalty). A Mortgage Broker will help you to work through all of these scenarios.

 

A Quick Requalification

In the event that you can save money by switching lenders, it is important to realize that you will need to requalify. However, in most cases, assuming your financial situation is similar or better than what it was when you first obtained the last mortgage, this shouldn’t be a big deal. Typically, you will require the following documentation:

  • A letter of employment confirming position, salary, and full-time/part-time status
  • A recent paystub
  • A copy of a recent mortgage/renewal statement from your existing lender
  • A copy of your house insurance policy
  • A copy of your property tax bill ensuring payments are up to date
  • A void cheque or PAD form for the bank account where you would like your new mortgage to come out of

Other Points to Consider When Renewing Your Mortgage

Please recognize that every mortgage is different, and if you are self-employed, a part-time employee, own rental properties or something a little outside the norm, additional documentation may be requested, but the above list will cover the majority of the paperwork. Clearly, it may take a little bit of time to gather these documents. It is up to you whether or not you believe it is worth it.

If I can save you $5,300 (a recent real-life example) over the next 5 years through lower payments and interest savings, is it worth spending 2-3 hours collecting a little information? In my eyes, you are making $1,766 per hour if it takes you three hours…. Now there are a LOT of things that I would do if I was paid $1,766/hr to do them, even if they are not my favourite! I would teach myself to snowboard. I would eat plates of raw oysters. I would shop at Walmart. And I would definitely collect void cheques and paystubs if it meant I could save that kind of cash.

When switching lenders, there may or may not be fees involved. Discharge fees, appraisal fees, ‘legal’ fees can all be part of the switching process, HOWEVER, in many cases, these fees can be covered by the new lender. Again, best to discuss these options with your Mortgage Broker, and see what they can do to save you money.


One final point about moving lenders… 

Since October 2016 there has been a substantial rule change that has come into effect which does make it more difficult to qualify for purchasing a home today. That is the truth and there is no getting around it. However, if you are simply renewing your mortgage with a different lender, although you DO have to re-qualify, you have grandfathered in under the pre-October 2016 guidelines… which is great news, and ensures that you have a much better chance of being able to move lenders if it makes sense to do so.

If you are looking for honest, unbiased advice from a mortgage broker in Regina Skott Enns would love to talk with you!   

Skott Enns is a Trusted Regina Mortgage 



Trusted Regina tip on how to save your design files to make them print ready.


How to save your design files to make them print-ready.

All print designers are familiar with deadlines and the havoc they can often wreak on your life! It is incredibly frustrating to spend hours and hours designing your work, only to send it to the printers and get back something far from what you had envisioned. These last-minute problems do more than increase your stress levels and blood pressure, they’re actually hugely damaging to your productivity. Especially if you’re a self-employed freelancer, you know that can spell very real problems for your bottom line.


So in order to smoothly transition from the design stage to printing, what processes should you put in place to avoid expensive (both in terms of finances and sanity) mistakes? It’s essential that you thoroughly proof your documents before going to the printers. Everything needs to be perfect, saving you time, money, and reputation. Here are some simple guidelines to follow:


Make them print-ready. 

PDF files are preferred.

INDESIGN & ILLUSTRATOR:

• Embed all Images

• Convert all your text to outline fonts or curves

• Save as an EPS or PDF

• Include bleed and crop marks if possible


QUARK & PAGEMAKER:

• Embed all Images

• Convert all your text to outline fonts or curves if possible

• Export your file as an EPS or PDF

• Include bleed and crop marks if possible


PUBLISHER & WORD:

You will need to have the full version of Adobe Acrobat PDF. If you do have the full version of Adobe Acrobat PDF please follow the steps below.

Under File, Print, select Adobe PDF writer

Under Properties select Press Quality and Save your PDF


Print size matters.

One of the most common mistakes made when printing is sending a document that is too small, which, if not corrected before the final run, can result in a printout that is fuzzy and lacking in clarity due to a lack of resolution. It’s imperative that you create your document the same size as it will be printed in order to avoid this embarrassing end result. Designing at actual size reduces the margin for error with graphics, fonts and layout once printed. Without taking adequate precaution, you’ll soon find that something that looks great on your screen soon turns into a design disaster when printed in the large format for which it was intended.


Proof your document.

What is "proof"?

Proof is a way of ensuring that we have set your type accurately and that everything is positioned according to your requirements. Typically, we will produce a proof which will be sent to you online, faxed or printed on paper which can be viewed in our store or delivered to you in person.

On multiple-colour jobs, we can produce a color proof on our color output device to show how the different colors will appear.



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TrustedRegina.com
129 21st St E #500
Saskatoon, SK   S7K 0B2
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