"Cash Only" home reno's and repairs - BEWARE!

December 29th, 2011

There are significant risks to a home owner when paying "Cash Only" for home renovations and repairs.  Here are some items to consider and be aware of before hiring a contractor on a 'cash only' basis:  1) Lack of Insurance for workers.  You as a homeowner may be liable for medical and rehab costs, if the renovator is not insured. 2) No contract in writing. When there is no contract, there is ...

Re-Post First Time Homebuyer Question #8

December 1st, 2011

Apologies for the techno glitch!  Should I choose a variable rate or a fixed rate mortgage? The mortgage options that are right for you will depend on your personal preferences and situation. Some Buyers prefer a fixed rate so they know what their monthly payments will be for the term of the mortgage (eg; 3 yr, 5 yr etc.). A fixed rate also protects you if interest rates go up.  With a variab ...

Re-Post First Time Homebuyer Question #7

December 1st, 2011
Apologies for the techno glitch!  How does my credit rating affect me getting a pre-approved mortgage?  When applying for a mortgage, your Lender will do a credit check and look at your 'credit score.'  Your credit score is your record for paying bills and repaying loans on time.  In Canada we have 2 main credit agencies, Equifax and TransUnion.  These companies keep track of your records of ...