14 Mar

Moving Day Success!


Posted by: Tracey Brock

Moving Checklist

Moving into a new homewhether it is your first time or fifth time is an exciting time but, it can also be stressful. Don’t despair. Whether you’re doing it yourself, asking friends for a little help or hiring professionals, here is your moving guide to help get you through it.

1.      As Soon As Possible:

  • Start early. Investigate and research moving companies and/or truck rental companies.
  • Hire a moving company or if you’re doing it yourself, reserve a moving truck. Be sure to get written confirmation of all your costs and details of your move for your records.
  • TIP: Weekends and holiday long weekends are busy times for movers and truck rental companies. Book far in advance (at least 2 to 3 months) to ensure everything is ready for the day you need to move.

2.      Two Months Before Moving Day:

  • No sense moving what you don’t want to keep. Go through your home and determine what you want to keep and what you want to throw out or donate.
  • TIP: If moving in spring or summer, earn some extra cash and hold a moving sale to help get rid of items you don’t need or want for your new space.
  • Make a list of items in your home that need extra attention while moving or special packing instructions (i.e. computers, televisions, fine china, etc.)
  • If you have children and you are moving to a new school district, start arranging the school transferring process.
  • Order boxes and moving supplies (packing tape, bubble wrap, tissue paper, stock up on newspaper, etc.) required for your move. 

3.      One Month Before Moving Day:

  • Time to start packing! To make it easier, begin with the items in your home you do not use regularly. Be sure to clearly label or number your boxes to make the unpacking easier.
  • As you pack, make note of items of significant value (i.e. stereo systems, flat screen televisions). Depending on your insurance agreement with your moving company, you will need to declare items of value in case items are lost or damaged.
  • At your local postal office, fill out a change of address form with your new address.
  • Inform the following companies and institutions about your new address: Banks, Cable and Phone providers, Insurance Companies, Hydro and Utility Companies, Credit Card Companies, Doctor and Dentist offices, Any subscriptions you may have.

TIP: Many companies now offer the convenience of changing address information online.

4.      Two Weeks Before Moving Day

  • Confirm your reservations with your movers or truck rental company.
  • If required, cancel or transfer your newspaper delivery service.

5.      One Week Before Moving Day

  • Most of your packing should be done one week prior to moving day.
  • Set aside the items of importance you wish to transport to your new home yourself (i.e. jewellery and passports).

 6.      A Few Days Before Moving Day

  • Re-confirm arrival time of your moving truck.  If moving yourself, check with the truck rental company to confirm your reservation.
  • Prepare a detailed map and directions for your movers including cell phone numbers you can be reached at during the day.
  • Pack a travel bag with the items your family may need on moving day such as tooth brushes, change of clothing, medications, hair brushes, soap, toilet paper, etc.
  • If you are moving yourself, start dismantling beds and other large furniture.

7.      Moving Day

  • Make a note of all utility metre readings (new and old home).
  • It’s important to be present when the truck is being loaded and unloaded just in case your movers have questions.
  • Before the movers leave, check your belongings and note on the inventory paperwork any damaged items.
  • Change the locks on all your doors and if applicable windows.


TIP: You are now Done!!!  Grab some take out and enjoy the first day of your new home!

13 Mar

Bridge Financing


Posted by: Tracey Brock

Bridge Financing

Bridge Financing or Bridge loans are designed as a short-term lending option. This loan product has a much higher interest rate and is designed to be paid off once long-term financing is secured. Many use this type of loan when purchasing a new home while trying to sell their existing property. Since these loans are more complicated than conventional financing, many individuals become confused about calculations. Here’s how to calculate a bridge loan.

The bridge amount is the equity that is not available on closing.  This is the amount that the purchaser is using as a down payment on their home.  Therefore as an example:


If the purchase price is                    $450,000.00

Deposit amount is                           $100,000.00

The Bridge amount is                      $100,000.00


Typically the interest rate charged on the bridge amount is 2 – 5% higher than the bank’s posted 5 year rate.  Today that rate would be 7.24% or approximately $26.71/day in interest charges.  There is usually a set up fee as well of approximately $250.00. 

Therefore, the cost of bridging for 2 weeks on a deposit amount of $100,000.00 would be approximately:

$378.00 in interest + $250.00 Set up = $628.00 plus the costs of carrying two homes and two mortgages.

Some of the tips when obtaining bridge financing would be:

1. Always ensure the bridge financing is taken for an additional 2 days than is required just as a cushion for holidays, bank requirements, etc.

2. The cost for bridge financing is done a per day interest charge however, the true COST of the bridge is

  • The payment of the current mortgage of the property that is not yet sold
  • The payment of the new mortgage on the property just purchased
  • The interest on the bridge financing
  • Other related costs to carrying two homes.
11 Mar

Mortgage Prepayment Penalties


Posted by: Tracey Brock


Whether you are looking to refinance to pay off debt, purchase a second home/vacation property or invest –  breaking your mortgage is going to cost you!

Prepayment penalties are the banks way of recouping the interest lost on a mortgage that doesn’t complete the full closed term that was originally agreed upon by you, the borrower and them, the lender.  Knowing what these costs are before you proceed with changing your mortgage, is the best way to determine if this is beneficial for you or not. 

A professional Mortgage Broker will be able to show you the pros and cons of breaking your mortgage term.  They will assist you in calculating the penalty and in the case of paying off debt, determine if the savings in interest will offset that penalty. 

In some cases it is unforeseen circumstances that force you to break the term of your mortgage prior to maturity.  Your mortgage broker can still find out if the mortgage is portable to another property, transferable to another person or in some cases, they may be able to negotiate less of a penalty on your behalf. 

Knowledge is Power and a mortgage is not only about a Rate.  Consumers should also be concerned about the actual mortgage product itself.  Before signing the mortgage commitment they need to ask their mortgage broker what are the prepayment privileges and penalties.   

Life can change in a moment and being informed and prepared is the best way to handle any circumstance.


Don’t get stung by the Banks!

Give me a call today at 905 793 0700 ext 370