Advice and Tips

Home Inspection

What is a home inspection?

A home inspection is an in depth review of a home, top to bottom, inside and out. A thorough inspection should take 2 or 3 hours, depending on the size of the home. It should include testing of the homes infrastructure, including electrical and plumbing. The home owner should be present during the inspection, so that they can ask questions as the inspection takes place. The inspection should provide an objective evaluation of the condition of the home, an estimate on the cost of remodeling and repairs, maintenance information, and recommendations for repairs that need to be done immediately. Your report should come in a binder, that includes full colour pictures of the home, as well as a CD containing information on home improvement.

A home inspection is a useful tool in the negotiating process. A thorough inspection can reveal items that should be paid for by the seller, or warrant a price reduction.

DO NOT SKIP THE HOME INSPECTION

This is a common, and costly mistake for many first time home buyers

What should be covered in a Home Inspection

Heating

Air Conditioning

Roof

Plumbing

Foundation

Doors and Windows

Caulking and Weather stripping

Insect Problems

Review of any items you are aquiring/selling in the transaction

Garage Doors

Flooring

Your ReaLocation councilor would be pleased to provide expert advice on the information you receive in the report. At ReaLocation, we work with a number of qualified, professional home inspection companies across the country. All of our suppliers are chosen based on positive experiences in the past. Call us today at 1 877 520 2555 to arrange your professional home inspection.

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Mortgage Advice

Mortgage Payment Options

Fixed rate and Variable Interest Rate Mortgages can be paid weekly, biweekly, semi-monthly or monthly.

Prepayment Option

Many mortgages give you the option to pay down up to 15% of your original mortgage amount each year. By doing so, you could save money on interest and own your home sooner. For more information about prepayment, contact us and speak with a Mortgage Specialist.

Obtaining a Pre-Approved Mortgage

Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest-rate increases while you look for your new home because your lending institution will "lock your rate" for a certain amount of time generally 90 day. If the rates go up the lender will give the lower rates. BE SURE TO TAKE THIS STEP. It can save you your time in looking at homes that maybe out your reach.

Pre-Approved Mortgage Features to Look For:

1) Competitive interest rates. You may be willing to pay a little more to get the flexible features you desire.

2) A 90-day rate guarantee. This will protect you against rising interest rates while allowing you to take advantage of falling rates.

3) Flexible payment options. Discuss payment frequency and lump-sum payment options. Find out if your lending institution will allow you to skip a payment in special circumstances or double-up on your payments. Some mortgages are very flexible and some are not, make sure you get the best one for you.

When applying for a mortgage, provide prospective lenders with enough information about your work history, debts and assets. They're looking at the state of your personal finances. They will look at your gross income and potential mortgage payments and property tax expenses to come up with a Gross Debt Service ratio. This is usually limited to 30-35% of your gross income. To that lenders will add all other debts to come up with a Total Debt Service ratio which can't exceed more than 40% of your gross earnings.

What Lenders Look For

Lenders are looking at the risk factors from two points. First, will you be able to make your scheduled monthly payments? Second, if you default can the financial institution get enough money from the sale of the house to repay the loan?

Approval Process

You'll be asked about your net worth. Lenders take into account your bank balance, any types of investments, other real estate, cars and boats, other loans, credit card balances and many other things. Remember to be as specific as possible. So if you have a coin collection, significant stamp or art collection, have it appraised! Your credit rating is your history of loan repayment and will be used by lenders as an indicator of your ability to repay your mortgage. It covers how you've managed past debts or if you've filed for bankruptcy. You'll be asked to sign a form allowing your financial institution to gather information from your employer, creditors and credit rating agencies.

Mortgage Broker

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. Today in most developed mortgage markets. Mortgage brokers are generally the largest sellers of mortgage products for lenders. Mortgage brokers exist to find a bank or a direct lender. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. The majority of mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer; however, the extent of the regulation depends on the jurisdiction.

Porting a mortgage

Porting a mortgage is also an option, but be sure to check current rates to weigh out your options see if porting your mortgage to the new home is the best financial decision. Ask about our suppliers, we have Mortgage Brokers to choose from.

Choosing a Realtor

How we choose our realtors

Start with a top brokerage in the area.

Only Choose the top seller, not the top lister. Listings don't neccessarily mean sales.

Consistent preformance in the given market.

Time active in given market.

Average days on market.

Average sale vs. list price.

These are just some of our general criteria in choosing realtors.

Choosing a mover

What to look for

Major van line association - Movers that are agents of one of the major van lines are more likely to have established standards.

There is no licensing required to become a mover, which means, ANYONE can say they're in the moving business. In some cases, they don't even own a truck.

Insurance! For their fleet, employees and liability. These are not for your goods, but for the safe, and legal operation of the company. You have every right to ask your mover to provide evidence that they have these insurances in place!

A claims process - Ask for an explaination, in detail, of how a claim will be settled. The industry standard is 1 claim for every 3.5 moves.

Questions you should ask

Do they have insurance? Can they show you certificates? (fleet, workmans compensation, and liability)

Where are their offices and warehouse?

Do they have customer testimonials?.

What kind of training is provided for their staff? (drivers & helpers).

How will a claim be settled? What is their claims process? Anybody who says it's just taken care of, or that nothing will break, is not being honest with you. A claim will be proccesed based on the services and valuation purchased.

How long has their company been in the business?

Be diligent! Your mover will carry everything you own! Make sure they know what they're doing!

Packing Guide

Packing Breakables

Crumple about a dozen sheets of packing paper in your empty box, creating a cushion.

Put heavier items in first. (Plates, Bowls, etc.

Wrap plates and bowls together, stacked on top of eachother, with a sheet or two of paper in between each other. Then, place them in the box on their side, not flat!

Once your first layer is finished, create another cushioned layer, and load lighter items (glasses, ornaments, etc..), wrapping each piece in packing paper.

*This offer is not meant to solicit homes already listed. *Void where prohibited. *Cashback values are subject to change. *Realocation operates under the authority of TransferEASE Relocation Inc.