Mii Mortgage Group

If you’re looking to increase the value of your home through a renovation project, it can often be overwhelming finding a place to start.

Since very few homeowners have unlimited funds to play with, it’s important to start with the projects will give you the most bang for your buck. Below are the top three areas you should focus on, according to the Appraisal Institute of Canada:
1. Painting and interior decor

Most prospective buyers can’t help but fall in love with a well-staged home. Investing the time to add a coat of paint to the walls and either buy or rent some fashionable furniture will go a long way in getting a ‘sold’ sign on your front yard.

2. A chef’s kitchen

While a kitchen renovation can often be the most pricey, you’re virtually guaranteed a return on your investment. New buyers love new appliances, fancy counter-tops and plenty of storage space.

3. A bathroom fit for a king

They don’t call it the ‘throne room’ for nothin’. A bright, clean bathroom – with nice fixtures and tiling – will make prospective buyers feel at home.

A recent article in the Financial Post has stirred up the fixed vs. variable rate once again – hinting that the variable rate’s reign may soon be coming to an end.

Historically, variable rate mortgages have saved homeowners money, averaging a lower rate than the typical five-year fixed-rate mortgage. With the Bank of Canada’s widely-known decision to raise the Prime rate over the next few years, and the bond market bringing fixed rates back to record lows, the tides may be turning.

When it comes to deciding which product is right for you, it’s best to ignore historic trends and focus on your particular situation. If you’re on a tight budget with no room to move, a variable rate isn’t right for you because it has the potential to increase up to ten times per year. If you find the qualifying rate uncomfortable – the current posted five-year fixed rate – then again, it’s likely not right for you.

If you’ve determined that you can handle the fluctuations of a variable rate, it might be in your best interest to choose that route but pay it at the current posted five-year fixed rate. The extra payments will allow you to drastically cut into your principle, and your budget won’t be affected for quite some time – at least until variable rates hit the 5% mark.

Another option is the hybrid mortgage – which allows you to split your mortgage into a variable and fixed component, thus taking advantage of the best of both worlds.

To truly determine the option that’s best for you, however, why not give me a call? There’s no obligation to sign on the dotted line, and I’d be happy to uncover the best mortgage for your needs.

Mii Mortgage Group is very excited about our partnership with Regina’s fastest growing real estate firm! In less than three years Exit Realty Fusion has gone from 6 agents to 35 agents. They have shown a 700% increase in sales from year one to year two and they have attained a 15% share of the Regina market. With 15 new agents in training it appears the sky is the limit for this firm.

In yet another innovative move by Canada’s most innovative real estate firm, Exit Realty Fusion is rewarding its clients by sending them on a FREE cruise for two on the Carnival Line of cruise ships. They are among the world’s best cruise ship lines and they stop at nothing to make sure your trip is the trip of your dreams. You’ll have a choice of cruising Mexico or the Bahamas. How do you get a FREE cruise you ask, do one of the following:

1. Buy a home through an Exit Agent
2. List your home with an Exit Agent
3. Refer a friend to an Exit Agent

Contact a broker at Mii Mortgage Group or any agent at Exit Realty Fusion for more information about the FREE cruise! Also visit our websites for more information:

http://www.miimortgagegroup.com/cruise_promotion.html

http://www.exitrealtyfusion.com/referral.html

While virtually every other bill you can think of can now be paid online, high credit card costs force many landlords to continue to rely on paper cheques for their payments. While this likely worked in the past, today’s renter is used to the convenience of online payments.

US-based WilliamPaid.com positions itself as a solution to that problem. The company promotes itself as an online resource for renters and roommates, that provides flexible rent payment options, including the ability to pay rent with a credit or debit card. It also allows users to build their credit rating by reporting their payments to the credit bureau.

While this service, or a similar one, isn’t yet available in Canada, landlords aren’t tied to paper cheques. More and more financial institutions - and bank account holders - are turning to email money transfers to pay their bills. To receive money via email, all a landlord would need is a valid email account. It might be something to think about when dealing with less-than-prompt tenants.