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 



Our Trusted Regina Partners Wheatland Fireplace Kitchen and Bath now offer Custom Montigo Fireplaces


Your first step into the beautiful Wheatland Fireplace Kitchen and Bath showroom will help you understand why Wheatland has been given the Thumbs up by Trusted Regina.

This really is where your REGINA Outdoor living and Fireplace dreams meet in spectacular surroundings! Wheatland Fireplace REGINA is a TRUSTED Saskatchewan company that sells products that make your life better. Wheatland Fireplace services and installs their high-quality fireplaces, barbecues (bbq), grills and smokers from industry-leading manufacturers. They love their customers and as a result, their customers love and TRUST them. Wheatland Fireplace is your Exclusive Trusted REGINA FIREPLACE store an


Wheatland Fireplace Kitchen and Bath carries top of the line fireplaces and kitchen and bath products.  They have just raised the bar even higher with their ability to provide custom fireplaces from Montigo. 


Montigo has decades of experience in manufacturing and design excellence – in fact, they are a leader in terms of design for the fireplace industry. Many design trends that have swept the industry started with Montigo, and we’re thrilled to offer their gorgeous custom fireplaces to our customers!

As your Montigo Dealer, we have access to all Montigo models and can design any custom Montigo Fireplace.

Some of the most popular Montigo Fireplaces include:

 

Prodigy PC8

This single-side fireplace features clean contemporary lines and frameless double glass, delivering breathtaking aesthetics. Finishing materials can be attached directly to the fireplace and brought down to the edge of the glass creating a stunning focal point without interruption.

The linear burner produces a relaxing ribbon-like flame. Your desired media can completely cover the bed of the firebox, enhancing the ambience even when the fireplace is not in use.

 Distinction DL6315T

A modest version of the Distinction D6315ST, the DL6315ST still features characteristics that make it stand out from the rest of the pack. The concealed burner allows the burner to be covered with glass or stone media. The unit is fully upgradable, with all the features available in the D6315ST available in the DL6315ST.

Outdoor PL42VO

The warmth & comfort of your living room, now on your patio. 304 stainless steel construction combined with a glass door and screen truly creates a wind and weatherproof design. The sleek, ventless construction and ability for combustible framing and finishing mak this unit the most versatile choice in outdoor spaces.

Custom Montigo Fireplaces

The Wheatland team are so excited to share that Montigo also offers custom fireplace builds for both residential and commercial spaces! As your Saskatchewan Montigo Dealer, we will work with you and Montigo to create the custom build that is uniquely perfect for your business, office, or home!


Wheatland Fireplace Kitchen and Bath have much to offer including this expert tip!


Trusted Regina Auto Body Repair professionals at MAACO Regina Share Why Certifications matter.

The Regina MAACO centre has been named a MAACO Certified Centre by the franchise chain's home office. The certification means that this is one of the top auto body shops in the city and meets MAACO's highest standards for seamless collision repairs & expert spot painting. The centre's exemplary quality & service represent the "BEST OF THE BEST" in the MAACO chain. MAACO Regina is a Trusted Regina Autobody & Collision center expert.  In their latest Regina autobody tip, they explain why certifications matter.

Maaco Regina has gone to great lengths to ensure they are Certified in many ways.  In addition to having been given the thumbs up by Trusted Regina.  Here is a list of their certifications and some descriptions to explain why they are important and what they mean to you. 



I-CAR Gold Class Certification is an independent third-party certification process that is quite literally the gold standard for collision repair. That means this Center is extensively trained in the latest tools and technologies of the trade.  I-CAR (The Inter-Industry Conference on Auto Collision Repair) is a non-profit organization dedicated to providing those in the collision repair industry with the knowledge and skills to achieve a complete and safe repair. Shops who achieve I-CAR’s highest level of training are designated as I-CAR Gold Class Professionals, considered the highest level of training in the industry.

All ProFirst Certified shops are validated for their skill and expertise, commitment to a complete, proper and safe repair, to ongoing industry education, and to customer satisfaction. Each shop is validated annually by an independent third party to help ensure a high standard of repair quality. Honda is committed to providing safety for everyone, in the way Honda and Acura cars are built, and in the way, they are repaired after a collision. 


The Ford National Body Shop Network program was created to promote Certified dealership and independent collision repair providers to Ford vehicle owners and insurers.  The program will ensure that Ford vehicle owners can choose a Certified collision repair provider to return their vehicle to OEM specifications, and ensure the vehicle's fit, finish, durability, functionality, value, and safety are preserved.  This is particularly important based upon the increasingly complex vehicle design and repair requirements of Ford vehicles.


This new program allows dealers and independent collision repair facilities to meet the qualifications necessary to be certified by FCA Canada as a collision repair facility of choice for its vehicle owners. According to Certified Collision Care, the program will ensure that FCA Canada vehicle owners can choose a certified collision repair provider, that has the proper tools, equipment, training and facility required to repair their vehicle to OEM specifications and ensure the vehicle's fit, finish, durability, functionality, value, and safety are preserved.




Assured Performance has launched the Canadian Certified Collision Care Program. This program provides complete national coverage of Certified repair providers - best-in-class businesses that have met or exceeded the advanced technical requirements to become officially Certified. With Canadian management and an inspector team that is trained, tested and trusted covering Canada, Certified Collision Care is rapidly expanding, providing critical benefits to the Canadian market.


Our Maaco Certified Centres are the "best of the best." These Centres are distinguished for their quality of work in both auto painting and body repairs. Certified Centres have to pass a rigorous certification process annually that is a comprehensive review of their business and repair services.


All accredited repairers are required to meet or exceed the highest levels of equipment, certification and training and must warranty the repair for a minimum of 1 year. There are 4 levels of accreditation for SGI-approved repair shops: Elite*** - Top level of recognition, exceeding SGI’s requirements for certification. Can perform vehicle damage estimates on eligible claims.



If you are looking for a qualified Regina Auto Body shop that is locally owned by Maaco Regina. Maaco is a Trusted Regina Auto Body Shop.

Need to book your vehicle?  Contact MAACO Regina today!


Trusted Regina mortgage expert gives us some valuable information about Refinancing.


Refinancing...is it for you?

Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.


Refinancing isn't necessarily a bad thing or term

There are many things that play a role in whether or not refinancing is a good move.  The first thing is to determine what your overall goal is by refinancing.  It can answer many questions for you including providing you with these benefits.  Why do you want to refinance?

  • Getting a rate that reduces your monthly payment while being low enough to offset the costs of refinancing is one common reason to refinance
  • Paying down higher interest debts like credit cards or loans or lines of credit .
  • Having your monthly payment reduce to help you pay off your mortgage quicker as your not incurring more debt but able to now focus on just paying the mortgage off
  • Buying a rental property or 2nd home(cottage).
  • Increase your quality of life now, maybe buying a boat or trailer for those family outings.
  • Doing some investments and get a higher rate of return on your investments and borrowing the money at a lower rate for the mortgage.
  • consolidate their high-interest debt to reduce their overall interest rate and free up hundreds of dollars in cash flow every month.
  • Doing some much-needed renovations to your home using the existing equity to increase the value of your home it's a win-win.

Here is something most people don't know when considering when doing a refinance all costs can be included in the mortgage including lawyer fees and penalties. 

When done correctly, a refinance can save families money on long-term interest.

If you are curious to know how much can save if you refinance your mortgage this calculator will help you find out!. 


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