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 

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

June is Credit Score Month and our Trusted Regina Lawyer Robert MacKay of Mackay and McLean want's to help you understand the importance of your credit score. 

It’s often the first indicator that you are an identity theft victim. If you find names you don’t recognize, Social Insurance numbers that don’t belong to you, or accounts that aren’t yours, you might be a fraud victim. Credit reporting companies can help you stop credit fraud and prevent future misuse of your identity.

Here are 5 reasons to check your credit score:

• It’s free. Never pass up a freebie, especially when it can affect your financial health and well-being. Your credit report plays an important part in your credit transactions and many other financial relationships.  Get your annual credit report.
•  It’s an important step in rebuilding and maintaining good credit. Reviewing your credit report periodically will help you make sure it is in good shape when you are ready to apply for new credit and enable you to monitor your progress if you are recovering from past credit problems.
• It’s an important part of managing your personal finances. You should review your credit report just like you do your bank statements and credit card bills. Managing credit, keeping track of spending and putting aside savings are all essential to being financially successful.
• It’s often the first indicator that you are an identity theft victim. If you find names you don’t recognize, Social Security numbers that don’t belong to you, or accounts that aren’t yours, you might be a fraud victim. Experian and the other national credit reporting companies can help you stop the credit fraud and prevent future misuse of your identity.
• It’s the first step in correcting any information you feel is inaccurate. The vast majority of the time people find everything is accurate. But if you do find something wrong, your personal credit report comes with instructions for submitting disputes and contact information including a toll-free telephone number, Internet address and mailing address.

Make sure your credit information accurate.

 Your credit score is a reflection of the information in your credit report. Checking your credit score can give you an indication as to whether your credit report is accurate. If your credit score is lower than you expect, it could be a sign that your credit report contains errors that need to be disputed with the credit bureaus.

Add a fraud alert

A fraud alert, or identity verification alert, tell lenders to contact you and confirm your identity before they approve any applications for credit. The aim is to prevent any further fraud from happening.

Ask the credit bureaus to put a fraud alert on your credit report if:

• you've been a victim of fraud
• your wallet has been stolen
• you've had a home break-in

You may need to provide identification and a sworn statement to prove that you've been a victim of fraud.

You can set up a fraud alert for free with Equifax. TransUnion charges a fee of $5 plus taxes to set up a fraud alert.

A strong credit profile and reasonable debt ratio are equally important if you want the best mortgage rates and terms.

For advice, Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

• Real Estate & Mortgages
• Wills & Estates
• Family Law & Divorce
• Commercial & Corporate Law
• Litigation & Personal Injury

Mackay and Mclean are your TRUSTED REGINA LAWYERS!

For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer MacKay and Mclean 

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!

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.

Need to book your vehicle?  Contact MAACO Regina today!

As homeowners we all wonder what questions to ask a contractor to avoid a potentially horrible situation.  We have all heard  nightmare stories of home renovations gone wrong but how can anyone be sure this wont happen to them?   At Trusted Regina we believe we can help.  Trusted Regina was formed to help the public find local businesses you can TRUST.  In this article we share some of the ways we research businesses to ensure we have the best local contractors.  Giving you peace of mind knowing you have hired someone you can TRUST to do the job right.  

Requesting proof of insurance is one of the first steps in searching for a quality and Trusted Regina contractor.  

Are they Insured ? Any good contractor should carry liability and worker’s compensation Insurance this is something you should always require a contractor to have.

Contractor Liability Insurance

This will protect you if a contractor creates damage to your home, neighboring properties or injury to a third party that may occur during the renovation.  Ask to see a Certificate of Insurance; it should state the name and address of the contractor, the amount of general liability, including coverage for bodily injury and property damage, and the effective and expiry dates of the policy as well as the date of issue of the certificate.  Once you know the contractors liability coverage take it to your Insurance provider to ensure you are fully covered during the renovation as a renovation may require you to increase your coverage for a period of time.   

Workers Compensation

Except for single-person companies, Contractors are required by law to pay WCB premiums on behalf of their employees in the event of a workplace injury. Hiring a contractor that is not in compliance makes YOU the homeowner the project manager and liable for ANY injuries occurred during the renovation. Request a letter of good standing to ensure their premiums are paid up.  

Ask for references 

When anyone applies for a job they are required to provide references.  Why should a contractor be any different!  At Trusted we ask for so many references it's borderline obscene... it is A LOT and we call them all!. We don't anticipate you calling the number we do but we do think it is always a good idea to request references and that you call them.  Typed references or letters of recommendation are ok but a voice and a person are always best. 

There are two types of references you should request.

Client References:

Gaining a list of people who have used there service is extremely helpful and an indication of the amount of jobs they have done.  Asking if they did a good job is not always a good indication of the quality of their work and dedication to customer service.  Dig deeper. here are some suggested questions. - How did you find the contractor? how many jobs have they done for you?  Would you hire them again?  Would you recommend them to a family member? Did they finish the job on time?  Did they charge you the price quoted?  We have the 5 Trusted Guarantees and all of our contractors have to uphold them these are only some of the questions we ask. 

Supplier references

Though not always foolproof, supplier references are very important and help give some insight as to weather or not the contractor pays it's suppliers on time.  Which may in turn help you protect yourself from creditor liabilities.  Builders lien's are something you should know about and try to avoid!.  Here is a great article on how to avoid a builders lien.  

Check their online rating and memberships 

Another way to check and see if a contractor is worth hiring it to check sources like Trusted Regina to see if they have been put through a process of ensuring that they are who they claim to be. This is also are a very strong indicator of a company's commitment to professionalism. You should also search to see if any complaints have been made about them online and how they dealt with those complaints.  From time to time mistakes can happen.  But it is how a company deals with those mistakes that can show a great deal about how they would deal with you.  

Experience, education and certification 

Trade licencing requirements 

A contractor should easily be able to tell you how long they have been in business and have a valid business licence.  Beyond that there are other things you should ask.  Depending on the type of work you want done there are licencing requirements for different trades in Saskatchewan.  Ensuring that each trade has the proper licencing can prevent major issues down the line.  In Saskatchewan there are four compulsory apprenticeship trades. Electrician, Plumber, Refrigeration Mechanic and Sheet Metal Worker. To work in a compulsory apprenticeship trade you must have a journey person certificate or be registered as an apprentice with the SATCC. If one of the trades your contractor has working on your project claims to be a professional in this area ask for their certification. 

Ask for Examples of their work

Most contractors have tons of images of work they have done in the past.  See examples of their work can give you a good indication of the type of work they can do.  We do caution you however that sometimes that though they may be very lovely images you can't always be sure of the quality of the underlying work!

More info...

We hope this article helps you find the right contractor for your renovation project. We always hope you choose one of our Trusted Regina Contractors for any of your projects.   

If you are looking for more information about hiring a contractor we have several other articles that can help steer you in the right direction.

• The difference between a General Contractor vs Builder
• 5 Tips to Surviving a Renovation
• 10 Questions to Ask an Electrician Before Hiring
• Contractor and Renovators tip on hiring a Contractor - PART 1
• Contractor and Renovation expert shares a tip on hiring a Contractor - PART 2
• Renovation Expert shares a tip on Hiring a Professional
• 7 Smart Strategies for Bathroom Remodeling
• What is Trusted about and why do businesses want to be Trusted?