Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Insurance Provider Campbell & Haliburton Insurance Tips For First Time Home Buyers

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 what to look out for as a first time home buyer.

So you’ve found the home you are going to buy, after searching for months, saving up a down payment, and deciding all of your wants and needs in the buying process. You have borrowed a lot of money through the procurement of a mortgage, or you may have even saved up enough money to buy a house outright. If you have done this, we need to talk about savings strategies.

Why You Need A Home Insurance Policy

Now, what happens if it all goes away? Fires happen when least expected, and water can damage a property far more than anything else while you aren’t even aware that the damage is happening. I don’t want to scare you about buying a house, but after 5 years in insurance, I have already seen almost anything that can happen, from a person buying a house and having it burn down within a week, to a person removing coverage for sewer backup a month or two before experiencing the first sewer backup they have ever had in 20 years of homeownership.

This is where home insurance comes in. Your mortgage will require that you purchase fire insurance in order to qualify for a mortgage, but I recommend not simply buying fire insurance. For a start, the coverage is incredibly basic, and most insurers actually cost more than a more comprehensive homeowners insurance policy. Home insurance can seem like a large cost, but when treated as it should be treated, it is one of the smallest investments you can make in protecting your home.

What A Home Insurance Policy Covers

A typical home insurance policy will cover fire, lightning, smoke, pipes bursting, vandalism, theft and attempted theft, windstorm, and hail. Your insurance broker will explain the differences which exist between insurers, as they will walk you through the process in order to find the right match for your needs and budget. Your broker would also go through with you what types of losses are not covered on a policy automatically but can be added, as well as those which are not included but cannot be purchased.

What Is Involved In The Home Insurance Policy Process

Your insurance broker will go through the valuation of your property, ensuring that it is insured to its correct value. This value in 99% of cases will be different from the amount that you paid. Your mortgage will require that you insure to at least the mortgage value, but with insurance, we look at full replacement cost. This means the full cost to rebuild your house from the ground up, including removal of debris, in the event of a total loss to the house. I have seen situations where this amount is less than a person’s mortgage, and I have seen situations where this amount is significantly more than a person’s mortgage. In situations where this amount is less than the mortgage, we look to ensure a higher form of coverage called guaranteed replacement cost, but this isn’t always available on a house depending on its age and updates done to the house since new.

There are many things we will ask you about the house, so it is a good idea to come to a meeting with your broker prepared to know a lot about the house. Some information you will know from having looked at the house, but much of it won’t be readily accessible without having a home inspection completed. For instance, we would need to know what type of pipes are in the house, when the last update to the plumbing was done, what type of electrical wiring, how many amps the electrical panel is, when the electrical system was last updated, what material is the roof, when was it last replaced, what kind of heating system is there, what the fuel used is, when it was last replaced, is there a fireplace, is it a fireplace insert or a fireplace… The list goes on and on.

If not all of this information is known, don’t worry greatly. It may mean that there will be higher premiums as we won’t be able to conclusively say when an update was last done, but once you move in, much of this information should be available as the install years for heating and electrical systems are typically stamped on these. So together we can work with you to obtain coverage for you for the possession date, which can be changed after, but the absolute must-knows are: how many amps is the panel, what type of wiring, is there wood fuel heating in the house. Know these three answers and we can generally get you covered with the listing details.


Are You A First Time Home Buyer? 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:


Skott Enns Trusted Regina mortgage broker explains the First Time Home Buyer Incentive program

Skott Enns's goal isn’t to simply help you get a mortgage with the best mortgage rates, it is to help you figure out a plan to pay off your mortgage as quickly as possible!  Has been voted Regina’s best mortgage broker for 2013, 2014, and 2015 & 2016 by Prairie Dog Magazine and named to the Summit 20 group, which means that he is in the Top 20% of all TMG Mortgage Brokers in Canada for the last two years. If you are looking for honest, unbiased advice from a mortgage broker in Regina they would love to talk with you! TMG The Mortgage Group Skott Enns is a Trusted Regina Mortgage Broker



Skott Enns sat down with CBC and explained the First Time Home Buyer Incentive program.



In a recent interview with CBC News our Trusted Regina Mortgage Broker  Skott Enns sat down and explained the new features of the First Time Home Buyer Incentive Program.  In addition, Skott goes on to examine some potential pros and cons of this program.  


He begins by stating that:


Starting September 3rd for any homes where possession is starting in November if a potential first time home buyer has the minimum 5% down payment, CMHC will provide them with an additional loan of 5% for an existing home or an additional 10% for a new build for the down payment.  


He also states that outside of being a first-time home buyer the maximum household qualifying income that they can use for mortgage approval is $120,000. per year.  So if your household makes more than this you will not qualify for this program.  Additionally, the largest purchase price for approval is four times the amount of your qualifying income.  



Something buyers need to note is that when you do choose to sell the home the monies that CMHC provides will need to be paid back to them though the loan is interest free.


Benefits of the Program


When asked as a Regina mortgage broker what are some of the benefits you see to a program like this Skott detailed his perspective as follows:


  • It allows a first time home buyer to keep their cost as low as possible when considering principle and interest payments
  • The program will reduce your CMHC premium

Negatives of the program

Skott goes on to outline some potential negatives of the Program:

  • People forget - If you sell your house in 10 years you may forget that you need to re pay the loan to CMHC.
  • People have general concerns about being in partnership with CMHC who is part of the Federal Government on the biggest investment which is their home.


To be honest this is the first bit of good news that we have had in terms of qualifying for a mortgage.  
The news coming out about mortgages and from CMHC has been about how difficult the newest changes make it for not just first-time home buyers but anybody to qualify for a mortgage.  It seems that every change has been making it more and more difficult. But this bit of good news will help keep payment down for a segment of the market.

Watch the entire interview here


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

TMG The Mortgage Group Skott Enns is a Trusted Regina Mortgage Broker


Trusted Regina Real Esate Agents and Regina Real Estate Experts share tips on planning for extra expenses when buying a home

Find Trusted Regina realtors on the Regina Directory  

Home Buying Costs - Extra Expenses:

No matter what type of home or property you’re buying, plan on some extra expenses.
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  • A land transfer tax (a sales tax on property) in certain provinces
  • A mortgage broker’s fee
  • An appraisal fee
  • Surveying costs (if the seller couldn’t come up with a current survey)
  • A high-ratio mortgage insurance premium
  • An interest adjustment. (Mortgages are normally calculated from the first of each month. If your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.)
  • Reimbursement to seller for the unused portion of any prepaid property taxes or utility bills
  • Legal fees, and, if applicable, REALTOR fees®
  • Title Insurance
  • Moving Expenses … even if you handle this yourself.
  • Hotel costs…sometimes you can’t get in right away and if you haven’t friends in your new place you may have to expense out accommodation and expenses for a couple of days.
  • Pets… what if you need to house kennel them during the initial stages of the move.

There are lots of things to consider and it doesn’t hurt to set down and plan things out prior to move day. A good number of first time home buyers are told they will need to put 5% down as a down payment. I usually tell them to figure on having another 1.5% on hand to cover other expenses. So if you’re purchasing a home for $250,000 and you need 5% which would be $12,500 then figure on another $3750 to have on hand to cover the other expenses. No need to tell you this is only a guideline and it could end up being more or less.

Find all the listings for Trusted Real Estate Agents in REGINA REAL ESTATE on the Regina Directory of Trusted Businesses...we know you won't be dissapointed!  

Trusted Regina Realtor and Regina Real Estate Expert shares a Tip on Mistakes to Avoid When Buying a Home

 In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Whether you are buying or selling a home, hire a Trusted Realtor , who wants to earn your business, and works hard to get you results!

 Regina Real Estate Tip

8 Mistakes to Avoid When Buying a Home:

 

You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.

1. Searching for houses without getting pre-approved by a lender:

Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier.

2. Allowing “first impressions” to overly influence your decision:

The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions.

3. Failing to have the home inspected before you buy:

Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your Realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.

4. Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:

Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.

5. Making an offer based on the asking price, not the market value:

Ask your Realtor for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying. What have other similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under-priced, over-priced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.

6. Failing to familiarize yourself with the neighbourhood before buying: Check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.

7. Not looking for home insurance until you are about to move:

If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal.

8. Not recognizing different styles and strategies of negotiation:

Many buyers think that the way to negotiate their way to a fair price is by offering low. However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations. Employ the knowledge and skills of an experienced realtor. She will know what strategies of negotiation will prove most effective for your particular situation.

 

 

Find listings in REGINA REAL ESTATE on the Regina Directory of Trusted Businesses...we know you won't be dissapointed!  

Trusted Regina Realtors and Regina Real Estate Expert shares a tip on conditional offers

Using “Conditional Offers” to Your Best Advantage

You find a home that you’re interested in buying. But you have concerns. Is it in a good state of repair? Will you be able to secure the right financing? Can you sell your current home in time? Any of these issues can prevent you from making a prompt offer and, as a result, cause you to lose the opportunity. The solution? Make a conditional offer.

A conditional offer means just that. You offer to purchase the home so long as certain conditions, which you specify, are satisfied. Here are the most common examples:

■“Subject to financing”. You will buy the home if you’re able to arrange for a suitable mortgage.

■“Subject to inspection”. You will buy the home if it passes inspection by a qualified home inspector of your choice. If he or she finds that substantial repairs are required, you can either walk away from the deal or renegotiate.

■“Subject to selling my current home”. You will buy the home if you can sell your own home within a set period of time. For example 45 days. A seller might agree to this if your home is competitively priced.

■“Subject to the repair of ____”. You will buy the home if the seller makes certain repairs, at his or her own expense. This can range from something relatively minor, such as fixing a crack in the foundation, to a major repair like replacing the roof shingles. A conditional offer will protect you. However, there is always the risk that the seller will say “No.” If you’re in a competitive situation, for example, and another buyer’s offer is unconditional, you may lose the deal – even if your offer price is higher! So you really need to use conditional offers strategically, in just the right way, under just the right circumstances.


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