Working With A FinAnCiAL inStitUtion · consider your financing options. With a pre-approved...

HomeOwnership SPRING 2011 | 3

Working With A FinAnCiAL inStitUtionYourfirststeptowardshomeownership

nAtionAL homeoWnerShip WeekHomeownershipEducationWeek2011

to BUy or not to BUyHomebuyingBasics

mAking yoUr DreAm home A green home

Homeimprovementsthatneednotcosttheearth

A Better Way to Home Ownership is published semi-annually by Genworth Financial Mortgage Insurance Company Canada (“Genworth Financial Canada”). A Better Way to Home Ownership is protected by copyright and nothing may be reprinted wholly or in part without permission from Genworth Financial Canada. In compiling this publication, Genworth Financial Canada relies upon information supplied by a number of external sources. The publication was created on the belief of Genworth Financial Canada that all information in it was correct at the time of printing. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as the recommendation of Genworth Financial Canada. This publication has been prepared without regard to any particular investment objectives, financial situation, and needs. Genworth Financial Canada and related parties disclaim any and all liability and are not responsible in any way for the actions taken or results achieved by any person or organization in reliance on the information, stories or contributions in this publication. Accordingly, individuals should not act on any information within this publication without obtaining specific advice from their mortgage or investment advisors or from other professional advisors.

Published byGenworth Financial Canada

2060 Winston Park Drive, Suite 300Oakville, Ontario L6H 5R7

www.genworth.caTel: 1-800-511-8888

Genworth Financial Canada Editor Blake Atkinson Creative DirectorHeather Mills Contributing WriterSimon Moon Senior EditorAmanda Waddell Art Director

Designed by

139 Main Street, Suite 204 Unionville, Ontario L3R 2G6

www.pebble.net Tel: 647-427-5782

Printed bySterling Editions

Jim SterlingSterling Editions436 Stinson Ave.

Burlington, Ontario L7R-2W9Tel: 905-333-2700

ContentsFEATuRED ARTIClES

ADDITIONS

5

9

12

16

UnDerStAnDing yoUr CreDit reportWhatitisandwhyitisimportant 6

UnDerStAnDing yoUr FinAnCiAL toLerAnCeBuildingafoundationforhomeownership 10

hoW mUCh Do yoU knoW?It’stimetobecomeasavvyhomebuyer! 14

tipS on home repAir AnD mAintenAnCePracticaltipsforyourcalendar 20

CLoSing the DeALSeveneasysteps 22

With a little help from Genworth Financial Canada,shopping for your first home doesn’t have to becomplicated. We understand the importance of owninga home and having the information you need to makesmart homeownership choices. Our promise is to helpyou with homebuying basics such as understanding yourdown payment options, maintaining good credit andstaying on budget.

Find us on Facebook! Visit Genworthsmartshopper.cafor tips and resources to help you achieve yourhomeownership dreams.

© 2011 Genworth Financial, Inc.

If only shopping for your first house was this easy…

http://www.genworthsmartshopper.ca


Working With A FinAnCiAL inStitUtionYourfirststeptowardshomeownership

nAtionAL homeoWnerShip WeekHomeownershipEducationWeek2011

to BUy or not to BUyHomebuyingBasics

mAking yoUr DreAm home A green home

Homeimprovementsthatneednotcosttheearth

A Better Way to Home Ownership is published semi-annually by Genworth Financial Mortgage Insurance Company Canada (“Genworth Financial Canada”). A Better Way to Home Ownership is protected by copyright and nothing may be reprinted wholly or in part without permission from Genworth Financial Canada. In compiling this publication, Genworth Financial Canada relies upon information supplied by a number of external sources. The publication was created on the belief of Genworth Financial Canada that all information in it was correct at the time of printing. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as the recommendation of Genworth Financial Canada. This publication has been prepared without regard to any particular investment objectives, financial situation, and needs. Genworth Financial Canada and related parties disclaim any and all liability and are not responsible in any way for the actions taken or results achieved by any person or organization in reliance on the information, stories or contributions in this publication. Accordingly, individuals should not act on any information within this publication without obtaining specific advice from their mortgage or investment advisors or from other professional advisors.

Published byGenworth Financial Canada

2060 Winston Park Drive, Suite 300Oakville, Ontario L6H 5R7

www.genworth.caTel: 1-800-511-8888

Genworth Financial Canada Editor Blake Atkinson Creative DirectorHeather Mills Contributing WriterSimon Moon Senior EditorAmanda Waddell Art Director

Designed by

139 Main Street, Suite 204 Unionville, Ontario L3R 2G6

www.pebble.net Tel: 647-427-5782

Printed bySterling Editions

Jim SterlingSterling Editions436 Stinson Ave.

Burlington, Ontario L7R-2W9Tel: 905-333-2700

ContentsFEATuRED ARTIClES

ADDITIONS

5

9

12

16

UnDerStAnDing yoUr CreDit reportWhatitisandwhyitisimportant 6

UnDerStAnDing yoUr FinAnCiAL toLerAnCeBuildingafoundationforhomeownership 10

hoW mUCh Do yoU knoW?It’stimetobecomeasavvyhomebuyer! 14

tipS on home repAir AnD mAintenAnCePracticaltipsforyourcalendar 20

CLoSing the DeALSeveneasysteps 22

With a little help from Genworth Financial Canada,shopping for your first home doesn’t have to becomplicated. We understand the importance of owninga home and having the information you need to makesmart homeownership choices. Our promise is to helpyou with homebuying basics such as understanding yourdown payment options, maintaining good credit andstaying on budget.

Find us on Facebook! Visit Genworthsmartshopper.cafor tips and resources to help you achieve yourhomeownership dreams.


If only shopping for your first house was this easy…

http://www.genworth.ca

http://www.pebble.net

4 | SPRING 2011 HomeOwnership HomeOwnership SPRING 2011 | 5

C anadians have many options when looking for a mortgage, including working directly with

a mortgage broker or a financial institution such as a bank or credit union. Each has their advantages and it’s wise to evaluate them and make an informed decision before you begin the search for a new home. By doing the legwork at the beginning, you will avoid the rush and confusion of seeking financing while in the heat of the home buying process.

If you choose to work directly with a financial institution such as a bank for your mortgage, be sure to ask for a mortgage professional that is qualified to help you. You’ll need someone to help you navigate through the variety of products, terms and rates available so you can choose the mortgage that fits your individual needs.

A good plan is to arrange for a pre-approved mortgage, which confirms your ability to secure a mortgage with a lender. If you have a pre-approved mortgage, it not only assures the seller that you are a qualified buyer, it also gives you peace of mind and helps you determine how much you can afford.

To calculate the pre-approval amount, lending institutions review

your current financial situation such as your salary, any assets you have and any debts. The amount you will use as a down payment is also taken into consideration. The amount of down payment you provide dictates whether you qualify for a conventional or high ratio mortgage. (For more on mortgage types, see page 10).

Financial institutions like to reward loyalty. If you are an existing customer who utilizes services such as savings accounts or credit cards, you may be eligible for a preferred customer mortgage interest rate. As well, the quality of your credit rating can also affect your ability to negotiate a better interest rate. For example, a good credit report (a document financial institutions use to determine how well you pay your debts) can indicate that you are a good risk, and therefore the bank may be willing to offer you a better rate.

Visiting a financial institution, or meeting with a mortgage broker, is a good investment of your time before embarking on the house hunting process. Be sure to do your research and carefully consider your financing options. With a pre-approved mortgage, you can confidently move onto the next exciting steps to homeownership.

Working WItHAFINANCIALINStItUtIONYOUrFIrStStEPtOWArdSHOmEOWNErSHIP

Buying a home is a significant life step and it is important to choose a method of financing that’s right for you.

working with a financial institution

working with a financial institution

6 | SPRING 2011 HomeOwnership

UnDerStAnDingYOUrCrEdItrEPOrt

if you are planning to Buy a home, then it’s time to start thinking aBout your credit report.

WHAtItISANdWHYItISImPOrtANt

understanding yourcredit report



torequestyourcreditreportvisitwww.equifax.caorwww.transunion.catoday.

A credit report documents your financial history and contains information about your debt

including loans and credit-cards, and lines-of-credit. It indicates how regularly you made payments and how many times you’ve applied for credit.

Financial institutions use credit reports to help them determine your repayment history, and to establish if there is a risk of you defaulting on your mortgage payments. The higher your credit rating, the more likely you are to pay your bills on time.

Since credit reports can impact your ability to obtain a mortgage, it’s important to protect your rating by making your loan and credit card payments on time and by not taking on more debt than you can handle. It also takes time to build a good credit history. Be sure to apply and use your credit cards to build a track record of repaying debt.

It’s also wise to view your own credit report to ensure the information is accurate. For a small fee you can request to view your score online, or you can ask for it via mail, which is free. The two credit reporting agencies

in Canada are Equifax Canada and TransUnion Canada.

The information on your credit report is confidential and you have to give permission for a third party to view it. Typically lenders, landlords and employers are the people who will want access.

Information included in the report includes name, address, social insurance number, contact details, date of birth, current and previous employers. It also details your credit history such as bill/debt payments. It can contain information such as bankruptcies and also lists all the parties who have received the report.

Once a lender has viewed your credit report, they may decline your request for credit. If that occurs, try to find out the reason why, you may not meet the minimal income requirement or haven’t been at your current residence or job long enough. If you have ever declared bankruptcy, that will stay on your report for six to seven years.

Building good credit is as easy as paying your bills on time each month. Get started early to ensure you’ve got a good history to show your potential lenders.

http://www.equifax.ca

http://www.transunion.ca


UnDerStAnDingYOUrCrEdItrEPOrt

if you are planning to Buy a home, then it’s time to start thinking aBout your credit report.

WHAtItISANdWHYItISImPOrtANt




torequestyourcreditreportvisitwww.equifax.caorwww.transunion.catoday.

A credit report documents your financial history and contains information about your debt

including loans and credit-cards, and lines-of-credit. It indicates how regularly you made payments and how many times you’ve applied for credit.

Financial institutions use credit reports to help them determine your repayment history, and to establish if there is a risk of you defaulting on your mortgage payments. The higher your credit rating, the more likely you are to pay your bills on time.

Since credit reports can impact your ability to obtain a mortgage, it’s important to protect your rating by making your loan and credit card payments on time and by not taking on more debt than you can handle. It also takes time to build a good credit history. Be sure to apply and use your credit cards to build a track record of repaying debt.

It’s also wise to view your own credit report to ensure the information is accurate. For a small fee you can request to view your score online, or you can ask for it via mail, which is free. The two credit reporting agencies

in Canada are Equifax Canada and TransUnion Canada.

The information on your credit report is confidential and you have to give permission for a third party to view it. Typically lenders, landlords and employers are the people who will want access.

Information included in the report includes name, address, social insurance number, contact details, date of birth, current and previous employers. It also details your credit history such as bill/debt payments. It can contain information such as bankruptcies and also lists all the parties who have received the report.

Once a lender has viewed your credit report, they may decline your request for credit. If that occurs, try to find out the reason why, you may not meet the minimal income requirement or haven’t been at your current residence or job long enough. If you have ever declared bankruptcy, that will stay on your report for six to seven years.

Building good credit is as easy as paying your bills on time each month. Get started early to ensure you’ve got a good history to show your potential lenders.


Canada’s second annual national Homeownership Education Week promises to be educational and

informative. Genworth Financial has assembled a wide range of initiatives to bring you the information you need to make smart homeownership choices. We’re here to help with homebuying basics such as your down payment options, the importance of maintaining good credit and staying on budget.

Each day of Homeownership Education Week focuses on a different topic such as:• Making sense of your credit report• Learning to buy a home for new

Canadians • Navigating the legal steps to

homeownershipVisit homeownership.ca to register and

participate in informative webinars by a variety of experts.

Genworth Financial has also partnered with the Canadian Association of Credit Counselling Services (CACCS), to offer exclusive seminars on becoming financially fit across Canada. For locations and times visit www.homeownership.ca

Find Us on Facebook forthetipsandresourcesyou’llneedtoachieveyourhomeownershipdreams,andachancetowin.

HOmEOWNErSHIP Week

homeownership weeknAtionAL homeoWnerShip eDUCAtion Week 2011

ApriL 11th – 15th 2011

NationalHomeownershipEducationWeek-EducatingtheFirst-timeHomebuyer

Speakers brought to you by:

http://www.equifax.ca

http://www.transunion.ca


Canada’s second annual national Homeownership Education Week promises to be educational and

informative. Genworth Financial has assembled a wide range of initiatives to bring you the information you need to make smart homeownership choices. We’re here to help with homebuying basics such as your down payment options, the importance of maintaining good credit and staying on budget.

Each day of Homeownership Education Week focuses on a different topic such as:• Making sense of your credit report• Learning to buy a home for new

Canadians • Navigating the legal steps to

homeownershipVisit homeownership.ca to register and

participate in informative webinars by a variety of experts.

Genworth Financial has also partnered with the Canadian Association of Credit Counselling Services (CACCS), to offer exclusive seminars on becoming financially fit across Canada. For locations and times visit www.homeownership.ca

Find Us on Facebook forthetipsandresourcesyou’llneedtoachieveyourhomeownershipdreams,andachancetowin.

HOmEOWNErSHIP Week

homeownership weeknAtionAL homeoWnerShip eDUCAtion Week 2011

ApriL 11th – 15th 2011

NationalHomeownershipEducationWeek-EducatingtheFirst-timeHomebuyer

Speakers brought to you by:

http://www.homeownership.ca



A good way to avoid financial pitfalls is to plan ahead and be realistic. Understanding your financial

picture and weighing it against the costs of homeownership will help you reconcile what you want with what you can actually afford. Remember, the goal is to get into a home and enjoy it, not to panic over expenses!

Here are some suggestions to make sure you are financially prepared for homeownership:

CAlCulATE yOuR NET WORTH A good place to begin is to calculate your net worth by determining your total assets (such as savings accounts, registered and non-registered investments, vehicles etc.) and then subtracting your liabilities (which includes any outstanding debts such as credit card balances, car loans etc.). This will provide a good measure of your financial health. If your assets exceed liabilities, then it’s likely you are in good shape to consider homeownership.

VERIFy THE MORTGAGE yOu CAN CARRyOnce you know your down payment, it’s time to calculate what you can afford as a mortgage payment. Reviewing your monthly income against financial

obligations will help determine how large of a mortgage you are able to carry. The size of your monthly payments will depend on the amortization period, the term (3, 5, 10 years), the rate type (fixed or variable), and your payment schedule (bi-weekly, bi-weekly accelerated or monthly), and the down payment you provide. A lender or mortgage broker can help you make these calculations and many websites, including Genworth Financial (homeownership.ca), offer online calculators to help you determine what you can afford.

SAVE uP FOR THE DOWN PAyMENT A down payment is a partial payment on the home made at the time of purchase. The higher the initial down payment on the home, the more you can lower your monthly mortgage costs. In Canada, the minimum down payment is five per cent; if you are putting down less than 20 per cent of the total, you will require mortgage default insurance (See page 12 for more details on the benefits of Mortgage Default Insurance).

First-time buyers have a variety of sources on which they can draw to meet the down payment requirements including personal savings, money from family, or the Canadian government’s Home Buyer’s Plan. The Plan’s most

significant advantage is that it allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) without penalty. You then have 15 years to repay the funds to the RRSP.

CONTEMPlATE OTHER COSTSWhen you are looking to buy a home, keep in mind other costs over and above the purchase price. Home inspection fees (approximately $500), property appraisal fees ($250-$350), surveys or certificates of location ($1,000-$2,000), legal fees, land registration fees and property insurance are just some examples of extra upfront costs. Once you move

into the home, other immediate expenses may arise such as snow removal, dehumidifiers or repairs. Research these costs to sidestep any surprises, and build them into your budget; ideally household expenses should not add up to more than 40 per cent of your household income before taxes.

lEARN TO BuDGETGetting into the budgeting habit is a great way to manage savings in preparation for buying your new home. It will help you understand where your money is being spent and how much you have for homeownership.

UNdErStANdINgyoUr FinAnCiAL toLerAnCeit can Be tempting to stretch yourself financially when shopping for a home, But the consequences can Be risky if you push your limits too far.

BUILdINgAFOUNdAtIONFOrHOmEOWNErSHIP

financial tolerance financial tolerance


?tOBUYOrNOttOBUY?homeBUying BASiCSWHAttOExPECtASAHOmEOWNEr

homebuying basicshomebuying basics

A home BUiLDS eqUity: Once you own a home, as its value increases so too will your equity. Equity is the market value of your home minus the mortgage, so it also increases as you pay down your mortgage. Home equity can be used as collateral against a loan.

It is a powerful motivator for owning a home.

the expenses don’t end once the deal is done.

p urchasing a home is one of the biggest financial investments that most Canadians will ever make.

Homeownership is a major financial commitment, but it’s also a deeply personal and emotional acquisition. A home is a source of pride, a conversation-starter, and a reflection of the homeowner’s personality. In other words, it’s not a decision that should be taken lightly, and requires some upfront research.

In addition to the amount of your down payment, here are some important points to consider:

FACtor in ongoing CoStS. The expenses don’t end once the deal is done. Buyers should do some research to get an idea of how much their home will cost over the years by determining what kind of upkeep is required throughout all seasons. Having a good idea of what these costs are and when they may come up means fewer last-minute expenses. Experts suggest having money set aside: an emergency fund that would cover three to six months’ of expenses is considered standard, although this number can vary given your personal circumstances.

ConSiDer inSUrAnCe to proteCt yoUr inveStment. There are two main types of mortgage insurance available: creditor mortgage life insurance which provides insurance protection on the mortgage in case of death; and, mortgage default insurance, which provides the lender with flexibility to give you the same competitive interest rates available to homebuyers who can provide larger down payments. It does this by protecting the lender should you be unable to make the mortgage payments.

knoW thAt there’S heLp When yoU neeD it. Genworth Financial is the largest private insurer in Canada, and has helped over one million Canadians realize their dreams of homeownership since 1995. If you have a Genworth-insured mortgage, you can take advantage of the Homeownership Assistance Program. Developed to help families stay in their homes when faced with temporary financial difficulties that put the mortgage at risk, the program enables you to work with your lender and Genworth to explore alternate payment arrangements to help you keep your home.

Formoreinformationabouthomebuying,includingdetailsonmortgagedefaultinsurance,visithomeownership.ca


hoW mUChdOYOUKNOW?It’StImEtOBECOmEASAvvYHOmEBUYEr!

t est your mortgage knowledge by taking the Genworth Financial Homebuyer quiz, and then build

your expertise by taking the free interactive online Homebuyer 101 course.

THE HOMEBuyER 101 COuRSE GETS yOu uP TO SPEED To help you feel like a homebuying pro, our fun and informative course will teach you what you need to know

about finances, mortgages, budgeting and the importance of a good credit score. A great way to get you prepared for house hunting, and to provide you with the knowledge you’ll need so nothing will stand between you and your dream home.

visitwww.homeownership.catoday!

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hoW mUChdOYOUKNOW?It’StImEtOBECOmEASAvvYHOmEBUYEr!

t est your mortgage knowledge by taking the Genworth Financial Homebuyer quiz, and then build

your expertise by taking the free interactive online Homebuyer 101 course.

THE HOMEBuyER 101 COuRSE GETS yOu uP TO SPEED To help you feel like a homebuying pro, our fun and informative course will teach you what you need to know

about finances, mortgages, budgeting and the importance of a good credit score. A great way to get you prepared for house hunting, and to provide you with the knowledge you’ll need so nothing will stand between you and your dream home.

visitwww.homeownership.catoday!

LET US DOthe

HARDWORK

10% Off Local Moves1000 Aeroplan Miles$50 Free Packing Material5 Free Wardrobes

We offer exclusive savings toGenworth Financial Canada

Homebuyer PrivilegesTM members

MOVE WITH AMJ AND RECEIVE

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n ot only will a green home reduce your environmental impact, it will also cost you less to operate and

will increase the value of your home on the market. Modifications such as adding solar panels to the roof will reduce the amount of electricity you will have to buy.

But if you don’t have the investment to make in large renovations, even small adjustments can help save money, and energy. Simple tasks such as dusting off light bulbs to keep them glowing brightly or ensuring you match the size of the pot to the appropriate sized element on the stove can help. Even better, consider changing the incandescent bulbs with compact fluorescent lights which last longer and require less energy.

Blinds and drapes can also help save energy. In the winter, open the blinds during the day to allow sunlight to heat your home then close them at night to minimize heat loss. In the summer, keep them closed during the day to block out the heat.

Checking a refrigerator’s door is another key step to greening your home. Try closing the door on a $5 bill. If the bill is held in place, the seal is okay. If not, either replace the seal or adjust the door. One of the best things you can do for the environment is retiring that second

fridge. Older refrigerators are much less energy efficient than newer ones.

Hot water can be a drain on the environment. Showers account for up to 40 per cent of hot water usage in a household. Try to use less wherever possible, and consider installing a low flow showerhead to reduce water consumption by as much as 50 per cent. And if you go on holiday, turn down the water heater temperature.

Other tried and true methods of eco-helping your home include insulating windows and doors, using a programmable thermostat that reduces the temperature at night when you are sleeping and unplugging appliances that aren’t in use to avoid them drawing power even when they are switched off. And don’t forget to wash all clothes in cold water!

If you need to purchase new appliances, give serious consideration to ENERGY STAR certified appliances. This equipment meets or exceeds the Government of Canada’s standards for energy efficiency. They use less energy over their lifetime, saving you money.

After you’ve made these green changes, you’ll soon notice added savings which can then be applied to some home decorating or even better, put down as a lump sum payment on your mortgage!

mAKINgYOUrdrEAmHOmEA green homeHOmEImPrOvEmENtStHAtNEEdNOtCOSttHEEArtH

if you are planning a renovation to your new home consider the financial value in making it eco-friendly. your dream home a reality

your dream home a reality

your dream home a reality

Genworth Financial Canada wants to provide you

with the tips and resources you'll need to become a

smart home shopper.

Find us on Facebook for your chance to win cash

and prizes. Visit Genworthsmartshopper.ca.


Find Us on Facebook and Win!

8 8 8 . 7 7 6 . 7 7 3 1 • w w w . e f i l t e r s . c a

F i l t r a t i o n • F a u c e t s • W a t e r A p p l i a n c e s

Take Ordinary to ExtraordinaryIt’s the little things that make the difference. Others may regard them as mere details, but you recognize just how vital they truly are. It all starts with the water you entrust to your recipes, your beverages, and your family. Bring the freshest water to your home with Everpure water filtration systems – the number-one choice of five-star restaurants for over 75 years. Crisp and delicious, chilled, hot, still or sparkling, choose Everpure for extraordinary water every day.

LO RES

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Genworth Financial Canada wants to provide you

with the tips and resources you'll need to become a

smart home shopper.

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and prizes. Visit Genworthsmartshopper.ca.


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8 8 8 . 7 7 6 . 7 7 3 1 • w w w . e f i l t e r s . c a

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Take Ordinary to ExtraordinaryIt’s the little things that make the difference. Others may regard them as mere details, but you recognize just how vital they truly are. It all starts with the water you entrust to your recipes, your beverages, and your family. Bring the freshest water to your home with Everpure water filtration systems – the number-one choice of five-star restaurants for over 75 years. Crisp and delicious, chilled, hot, still or sparkling, choose Everpure for extraordinary water every day.

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tipS on HOmErEPAIrANdmAINtENANCEPrACtICALtIPSFOrYOUrCALENdAr home repair and maintenance

home repair and maintenanceh omeownership is more than just

having a place to sleep and eat, it is a long-term commitment and requires

ongoing maintenance and care. In order to increase the value of your home and help protect your investment, be sure to stay ahead of home repairs.

Home repairs occur year round, so keep these seasonal maintenance tips in mind:

WINTER Make a New Year’s resolution to conduct an energy audit on your home: making small changes could save you big money on utilities.

Monitor snow build-up on roofs, balconies and decks. Ensure your eaves troughs are not breaking away from the home because of ice build-up. Icicles off of the roof indicate poor insulation.

Review your fire safety plan. Be sure to clear any snow and ice that is blocking exit routes.

SPRING Check your septic tank, if applicable. Be sure its maintained to avoid digging up a full tank in the depths of winter.

Replace batteries in your smoke and CO2 detectors. When you move your clocks for Daylight Savings Time, change your batteries. If the batteries still have life, use them in your TV remote.

Thoroughly clean all windows to allow more natural light in. Vacuum screens to remove dust.

If you are doing renovations, make sure entrances and exits are not blocked.

Now that the weather is better, introduce yourself to any new neighbours. In addition to being new friends, they can also help keep an eye on your home.

Empty eaves troughs and ensure that drainage areas are clear. Use leaves from the gutters as compost in your garden.

Have your air filters changed (this will depend on the brand and size of your air filter apparatus).

SuMMER Considering a renovation? Conduct a background check on contractors. The Ministry of Consumer Services website or the Better Business Bureau record notices of delinquent businesses based on consumer complaints, and show actions taken and any charges laid.

Have your ducts cleaned of excessive dust or debris to keep your home’s air quality high.

FAllAs with the spring, check the batteries in your smoke and CO2 detectors.

As part of your winter preparations, empty gas from lawnmowers or other

maintenance items; tune up or sharpen blades on snow removal items like shovels and blowers.

If you have a wood-burning fireplace, make sure the chimney is clean and clear

of creosote buildup – this will help you avoid chimney fires.

Turn off all outside water sources to avoid freezing.


CLoSingtHEdEALIt’SFINALLYArrIvEd,tHEdAYYOUtAKEPOSSESSIONOFYOUrNEWHOmE.CLOSINgdAYCANBEABUSYANdExCItINgtImE,IFYOUdOtHEPrEPWOrK,YOUCANmINImIzEtHEStrESSONtHEACtUALdAY,LEAvINgmOrEtImEtOFOCUSONtHEHOUSEWArmINgPArtY!

1. FINAlIzE MORTGAGE DETAIlS. Meet with your lending institution the day before the house closes to make sure payment details are arranged and to sign any required paperwork.

2. GET THE DEPOSIT READy. Depending on what type of investment you are using to make the down payment on the mortgage, you’ll need to liquidate the assets well before closing day.

3. SPEAk WITH yOuR lAWyER. Have a meeting the day before closing to go over the final numbers and details, and review the mortgage before you sign. You should also review documents relating to ownership of the property and conditions of purchase.

4. DO THE DEED. A deed is a legal document signed by vendor and purchaser that officially transfers ownership of the home and is registered in your name. Your real estate lawyer should provide this document to you for signing.

5. SET uP uTIlITIES. A week before you close, book appointments to have your cable, TV and security set up.

6. GET yOuR INSuRANCE IN ORDER. Have home insurance in place for the moment your home comes into your possession, and be familiar with the details of your policy.

7. SORT OuT yOuR MOVE. MOVING IS A BIG jOB! Although you may want to do the entire move yourself, there are benefits to entrusting this job to professional movers. Do some research before you decide what is best for your personal situation.

Once the mortgage, other payments and deed have been processed and recorded, your lawyer will notify you that the home is now yours. Closing-day glitches may still occur, but patience and careful planning will ensure the day goes smoothly and that none of the hold-ups are from your side of the transaction.

visitwww.myhomeplanner.catohelporganizeyourbigday!

http://www.myhomeplanner.ca


CLoSingtHEdEALIt’SFINALLYArrIvEd,tHEdAYYOUtAKEPOSSESSIONOFYOUrNEWHOmE.CLOSINgdAYCANBEABUSYANdExCItINgtImE,IFYOUdOtHEPrEPWOrK,YOUCANmINImIzEtHEStrESSONtHEACtUALdAY,LEAvINgmOrEtImEtOFOCUSONtHEHOUSEWArmINgPArtY!

1. FINAlIzE MORTGAGE DETAIlS. Meet with your lending institution the day before the house closes to make sure payment details are arranged and to sign any required paperwork.

2. GET THE DEPOSIT READy. Depending on what type of investment you are using to make the down payment on the mortgage, you’ll need to liquidate the assets well before closing day.

3. SPEAk WITH yOuR lAWyER. Have a meeting the day before closing to go over the final numbers and details, and review the mortgage before you sign. You should also review documents relating to ownership of the property and conditions of purchase.

4. DO THE DEED. A deed is a legal document signed by vendor and purchaser that officially transfers ownership of the home and is registered in your name. Your real estate lawyer should provide this document to you for signing.

5. SET uP uTIlITIES. A week before you close, book appointments to have your cable, TV and security set up.

6. GET yOuR INSuRANCE IN ORDER. Have home insurance in place for the moment your home comes into your possession, and be familiar with the details of your policy.

7. SORT OuT yOuR MOVE. MOVING IS A BIG jOB! Although you may want to do the entire move yourself, there are benefits to entrusting this job to professional movers. Do some research before you decide what is best for your personal situation.

Once the mortgage, other payments and deed have been processed and recorded, your lawyer will notify you that the home is now yours. Closing-day glitches may still occur, but patience and careful planning will ensure the day goes smoothly and that none of the hold-ups are from your side of the transaction.

visitwww.myhomeplanner.catohelporganizeyourbigday!

http://www.genworth.ca

http://www.homeownerassistance.ca

Working With A FinAnCiAL inStitUtion · consider your financing options. With a pre-approved...

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