Most of us like where we live, but we might not love it. Have you fallen out of love with your home? No sweat! We have the tips to help you fall in love with your home, all over again!

Cleanse and Purge

Depending how long you have lived in your home, you have probably gathered up a number of items that you no longer need, want or use. One of the first steps to falling in love with your home again is purging your space of all that unnecessary stuff – whether it is old clothes, furniture you hate, outdated accessories – removing the old to make way for the new can have a huge effect on how you feel about your home.

Rearrange Your Rooms

Once you have purged all of the unwanted items around your home, you probably have a bit more space to work with! A great way to breathe new life into your space is by re-arranging your furniture! While not all rooms will have optimal space, you might be surprised if you just try and see how it would look with a different layout! Simply moving around your furniture will make your home feel revived, without any extra spend!

Consider a New Colour

If you’re looking for that little extra refresh, a new coat of paint is a great way to get the job done! Changing the tone of your room from darker to lighter, or warm to cool, can make the space feel brand new again! This year’s tones include purples and pink hues, matched with grey and white or pops of teal and blue for that extra 70s vibe!

Or Try a New Style

If you’ve always had a home with traditional cupboards or furniture, it might be time to mix it up! Swapping out a few old pieces for something new, perhaps with a modern twist, can revive any space. Consider starting small by swapping lamps or your coffee table and moving up to larger items like TV stands and bookshelves for that fulsome redo!

Enhance Your Lighting

Lighting has a big effect on mood, and it is the same for your home. Installing new light fixtures, adding or removing lamps, or even changing your bulbs from a bright white to warm or vice versa for a different environment. If you’re looking for that extra ambiance, try a lava lamp or a cute candle tray!

Retouch and Refinish

If you’re not interested in going all out on your home makeover, you don’t have to! There are still plenty of ways you can fall in love with your home again… such as with a little retouching and reviving! A great place to start is your kitchen cupboards. refinishing and painting your existing cabinets is easier than you may think!

Don’t Forget About the Exterior!

While we spend a lot of our time indoor our home, you don’t want to forget about the exterior! New and inviting front door lighting, a cute brick path and some new flowers can create a whole new world for you to enjoy. Consider also adding wicker furniture, an outdoor rug and hanging fairy lights or adding a water feature for that extra relaxation.

Not sure if you can afford updates to your home? Consider utilizing your home equity! Call or text me to find out more.

Written by DLC Marketing Team

With news stories surrounding title fraud breaking weekly, more homeowners are asking what they can do to protect their homes before they become the next headline. Daniela DeTommaso, President of FCT, addressed the issue in a recent interview on CBC’s Metro Morning with Ismaila Alfa.

“We’re seeing a level of sophistication in these frauds we’ve never seen before,” Daniela explains. “[Fraudsters are] falsifying identification, but to the human eye, you would never know that they’re not the person they’re pretending to be.”

Title fraud impacts both homebuyers and homeowners. Someone whose title has been stolen, or who purchased a fraudulently listed property has few options for recourse. “We’re seeing innocent people on both sides [of transactions] just devastated by something they could never have even imagined could happen to them,” says Daniela.

Industry experts are urging homebuyers to purchase title insurance as part of closing. Tim Hudak, CEO of the Ontario Real Estate Association (OREA) recently described title insurance as “the best safeguard” for homebuyers.

title fraud protection for existing homeowners

Title insurance is still an option for homeowners after they take possession, even years later. But once an issue like fraud is discovered, it can be too late to provide coverage. According to Daniela, the best time to purchase a title insurance policy is now.

“There’s no reason you shouldn’t be getting title insurance, just like you wouldn’t buy a house without property and casualty insurance,” she explains. When a homeowner with a title insurance policy learns their title has been stolen, they benefit from more than just their coverage.

“The title insurance company also has a duty to defend,” says Daniela. “That means that the minute we find out [title fraud] has happened, we step in and we protect [the insured]. We pay all of the costs.”

Those costs include the legal fees to restore a homeowner’s title, which can be in the tens of thousands, as well as the costs of investigating the fraud and handling all the legal processes.

“It’s not only compensating for that significant loss,” Daniela continues. “It’s also just providing that peace of mind knowing that someone’s going to navigate this process for you, and any costs […] having to prove that you are who you say you are.”

If you aren’t insured yet, don’t wait for your home to make headlines. Call or text me to find out.

Written by DLC Marketing Team

So, you’re moving! Before you hunker down in your new home, there are a few things you will want to take care of regarding your new address.

Personal Contacts

First and foremost, if you haven’t yet, make sure to tell all your personal contacts about your address change, including:

• Relatives
• Friends
• Employer
• Schools, colleges, universities, daycares
• Landlord (if necessary)
• Clubs, associations and charities

Healthcare Professionals

For the purposes of keeping your health care records up to date, make sure to update your professional contacts:

• Doctor(s)
• Dentist
• Veterinarian
• Other healthcare specialist(s)

Creditors and Services

If you haven’t yet reached out to your services, you will want to do so as soon as possible for a smooth change of service from your existing address to your new address. These services include:

• Phone, cable, internet, mobility company
• Electricity / hydro
• Natural gas
• Heating fuel company (ask if you receive a deposit refund)
• Financial institution
• Credit card companies
• Insurance companies / broker(s)
• Lawyer / notary
• Subscriptions (e.g., newspapers, books, music, loyalty programs)

Government Services

Lastly, it is vital to inform the federal and your provincial/territorial government if your address changes to ensure all your data and ID cards are updated:

• Driver’s license
• Health Card
• Vehicle registration
• Canada Post / epost
• Canada Revenue Agency
• Canada Pension Plan / Quebec Pension Plan
• Old Age Security
• Employment Insurance

Need assistance in your search for a new home? Contact me to discuss your specific need.

Written by DLC Marketing Team

A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally people take out second mortgages to satisfy short-term cash or liquidity requirements, have an investment opportunity or to pay off higher-interest debts (such as credit cards and student loans) that a second mortgage might offer.

If you are considering a second mortgage for any reason, here are a few key points to keep in mind:

Second Mortgages and Home Equity: Your second mortgage and what you can qualify for hinges on the equity that you have built up in your home. Second mortgages allow you to access between 80 and 95 percent of your home equity, depending on your qualifications.

For example, if you seeking 95% Loan-to-Value loan (“LTV”):

House Value =                                                             $850,000
95% LTV (maximum mortgage amount)               $807,500
less: First Mortgage                                                  ($550,000)
Amount Available Through Second Mortgage     $257,500

Second Mortgages and Interest Rates: When it comes to a second mortgage, these are typically higher risk loans for lenders. As a result, most second mortgages will have a higher interest rate than a typical home loan. There is also the option of working with alternative and private lenders depending on your situation and financial standing.

Second Mortgage Payments: One advantage when it comes to a second mortgage is that they have attractive payment factors. For instance, you can opt for interest-only payments, or you can select to pay the interest plus the principal loan amount. Work with your mortgage broker to discuss options and what would work best for your situation.

Second Mortgage Additional Fees: A second mortgage often comes with additional fees that you should be aware of before going into the transaction. These fees can vary widely but often are a percentage of the mortgage.  Other fees to consider include appraisal fees, legal fees to set up the second mortgage and any lender or broker administration fees (particularly with alternative or private lenders).

Second mortgages are a great option for many homeowners and, in some cases, may be a better solution than a refinance or a Home Equity Loan (HELOC). If you are interested in learning more or want to find out if a second mortgage is right for you, don’t hesitate to reach out to me today.

Written by DLC Marketing Team

The latest news has been focused on rising interest rates, surging inflation, and economic uncertainty with suggestions that the Canadian economy could be tripped into recession.

With all this information circulating, now is a good time to discuss ways to adapt your finances and protect your future. Fortunately, there are a few key things you can do to get started today!

1. Set a budget and reduce monthly expenses and overall debt by including the following:
   • Review your income and expenses and identify areas for reduction – such as getting a cheaper cell phone plan, reducing streaming service subscriptions, reviewing transport costs, etc.
   • Make a list of your current high-interest loans (such as credit card balances). If your mortgage is up for renewal, you may be able to benefit by consolidating debt into your mortgage to save on interest and free up cash flow with one payment. Refinancing your mortgage before the renewal is also an option, but a review of the penalty cost versus your debt consolidation goal should be considered. As your mortgage professional, I can assist you with this analysis.
   • Allot a percentage of your income towards savings such as an emergency fund. Your goal should be to have the equivalent of 3 to 6 months of earnings in this fund to provide breathing room should you lose your job or face any unexpected expenses. Another form of emergency funds could also be a line-of-credit. Once set-up, these generally have no cost to you unless you use it in the event of an emergency.

Having a healthy and realistic budget will give you peace of mind and allow you to properly allocate your monthly cash flow between debt, expenses, and savings.

1. Evaluate your investment portfolio:
   1. While you will want to avoid making any knee-jerk reactions, it maybe a good time to diversify your portfolio to help reduce risk. Consider rerouting your investment to real estate or other areas to ensure you have various sources of income and always talk to an expert.
2. Find additional income sources!
   • Many people have found innovative ways to increase their income by asking the following three questions:
     • Are you a fit for a potential promotion?
     • Do you have a review coming up?
     • Do you have transferable skills that you can apply to consulting or additional contract work?

One final reminder – don’t panic. I know the word “recession” can be stressful but understanding what is happening and making appropriate adjustments will help you stay financially secure.

If you have any additional questions, don’t hesitate to reach out to me. I would be happy to chat with you anytime about the impact on your mortgage, or how to make changes for the long-term.

Written by DLC Marketing Team

A reverse mortgage is a versatile and flexible financial solution for Canadians in their retirement years. Homeowners 55+ are unlocking their home equity for tax-free funds that don’t have to be repaid until they decide to sell their homes.

Consider these four reasons Canadians 55+ turn to the CHIP Reverse Mortgage by HomeEquity Bank:

1. Alleviate the stress of debt.

You are struggling with mortgage payments and credit card bills, prefer not to tap into savings or investment portfolios, or are incurring more debt due to unavoidable expenses.

2. Pay for unplanned expenses.

You are faced with unexpected home repairs such as a leaky roof, retrofitting for mobility reasons, or need to hire in-home healthcare to assist with day-to-day.

3. Want to live life to the fullest.

You have more time to do the things you want – but not the funds. For example, you want to purchase a summer property or take your dream vacation.

4. Maintain a standard of living.

You are experiencing a shortfall in your retirement funds while trying to maintain the lifestyle you and your family are accustomed to.

If you relate to any of the above scenarios, contact me for details on how the CHIP Reverse Mortgage by HomeEquity Bank can help you.

Written by HomeEquity Bank

There are many insurance products when it comes to your home, but not all are created equal. One such insurance policy that potential homeowners may encounter is known as “title insurance”.

This particular insurance is designed to protect residential or commercial property owners and their lenders against losses relating to the property’s title or ownership. In fact, it is so important to lenders that every single lender in Canada requires you to purchase title insurance on their behalf. It is not a requirement to have coverage for yourself, but that doesn’t mean you should dismiss it outright.

While title insurance can protect you from existing liens on the property’s title, the most common benefit is protection against title fraud.

Title fraud typically involves someone using stolen personal information, or forged documents to transfer your home’s title to him or herself – without your knowledge. The fraudster then gets a mortgage on your home and disappears with the money. As the old adage goes: “It’s better to be safe than sorry” and the same goes for insurance.

Similar to default insurance, title insurance is charged as a one-time fee or a premium with the cost based on the value of your property. This insurance typically runs around $300 for the lender and $150 for the individual. It can be purchased through your lawyer or title insurance company, such as First Canadian Title (FCT).

If you are wanting to know more about title insurance, or confirm that you (and your home) are properly protected, don’t hesitate to reach out to me for a mortgage review!

Written by DLC Marketing Team

When it comes to saving money, there are a lot of little things you can do that add up to make a big difference! Here are 10 of our favourite money-saving tips:

1. Automatic savings are one of the most effective ways to save because you can’t spend what you can’t access! Instruct your employer to transfer a certain amount from your paycheck each pay period into an RRSP or savings account (or both) or set up automatic transfers in your banking account to coincide with your payday.
2. Consolidating debt will result in a single monthly payment and lower interest costs! Many people don’t realize just how much money they are wasting on interest each month, especially if you have multiple loans or credit cards. Consolidating debt can help you gain control and maximize spend on the principal amounts to pay off loans faster.
3. Budget with cash ifyou have trouble with overspending or find it too easy to use your card. After your bills are paid, take out the remaining cash (spending money) and only use that. Once the cash is gone, you’re out of money until next payday! Having physical cash in hand can also help you think twice when making purchases.
4. Buying in bulk is a great way to save a bit here and a bit there when doing your regular grocery shop or purchasing other items. Know you’ll need more? Stock up at once for bulk savings, which will help you in the long run!
5. Before Buying there are two things you should always do. The first is to wait at least 24 hours and the second is to shop around! If you still want to buy something the next day, make sure you get the best price available!
6. Plan Your Meals.Most of us don’t have time to make breakfast (let alone lunch!) before we fly out the door for work. But what if I told you that getting up an hour earlier could save you over $100 a week!? Just think about how much you spend going out for breakfast AND lunch each day? Groceries are a lot cheaper and you can even prep a few days worth of meals on Sunday while you get ready for the week.
7. Think in Hours versus Dollars every time you are looking to make a purchase, especially large ones to help you understand the TIME value of money. A new $24 Blu-Ray = 1 hour of work. A brand-new mattress = 41.67 hours of work. Understanding the time that went into earning money for a purchase can help with reconsidering frivolous items, or encourage you to look for the best deal on necessary products.
8. Utility Savings can help you save each month! Don’t blast your A/C with all the doors in your house open, don’t pump the heat without sealing cracks and consider things like installing water-saving toilets and running cold-water wash cycles to save energy (and money!) every day.
9. Master DIY – While sometimes you can spend $120 to make a $20 item yourself, there are some things that do benefit from DIY, such installing dimmer switches, that can help save you money in the long run.
10. Save Windfalls and Tax Refunds for a rainy day. A good rule of thumb is to put 50% of bonuses, tax refunds or other windfalls into your savings account and put the rest against loans owing. While you might want to go on a shopping spree or plan a vacation, paying off your debt NOW will free you up in the future.

Any questions? Call or text me to discuss financial plan that suit your specific goal in mind.

Written by DLC Marketing Team

The holidays are a season of giving and often times, households can often find themselves carrying some extra debt as we enter the New Year.

If you happen to be someone currently struggling with some post-holiday debt, that’s okay! Whether you’ve accumulated multiple points of debt from credit cards or are dealing with other loans (such as car loans, personal loans, etc.), you are likely looking for a way to simplify your payments – and reduce them. Rolling them into your mortgage could be the perfect solution.

Consolidating other forms of debt into your mortgage has multiple benefits. For starters, this process can help you to pay off your loans over a longer period of time with smaller payments per month, and often at a reduced interest rate when compared to a credit card.

By freeing yourself from these high interest rates and gouging interest payments, you will not only have more money each month but have a better chance of taking back your financial control and getting your loans completely paid off!

If you’re still not sure if this is the right solution for you, here is an example… if you have $30,000 of credit card debt, you are probably paying AT LEAST $600 per month and $500 per month of that is likely going directly to interest. If you let me help you to roll that debt into your home equity and monthly mortgage, your payment to this $30,000 portion would drop down around $175 per month, with interest charges closer to $140 per month. That is huge savings!

Not only does debt consolidation into your mortgage help with reducing interest charges and making your loan more manageable, but it is also much easier to keep track of and pay a single monthly installment versus managing a dozen different loans or bills.

While debt consolidation through refinancing will increase your mortgage since you have to add the debt into your existing mortgage amount, the benefits to lowering your overall payments and management can be well worth it when it comes to cost savings, time and stress. Keep in mind, you need at least 20 percent equity in your home to qualify for this adjustment.

If you are looking for a way to simplify (or get out of) debt, reach out to me at Info@ClarissaYap.com! I would be happy to take a look at your financial portfolio and current mortgage and help you come up with the best option to suit your needs.

Written by DLC Marketing Team

Your finances aren’t the only thing that has room for new resolutions in 2023! Consider these great ideas to make your home feel brand new come January:

Purge Your Space

While most people think about purging when Spring comes around, the end of the year really is no better time. While cleaning your home is common around the holidays, purging takes that a step further. Make it part of your New Year’s resolution to purge your home of all the things you don’t need. It may seem daunting at first, but most of the decisions are already made. Look around your home and really catalogue those items you didn’t use in 2022 (or 2021!) and make it your resolution to finally get rid of them. Go room-by-room to ensure the purging remains manageable and you get the most out of the process!

Donate What You Can

Following up on purging your home, this is a great time to donate old items. While purging, make two piles – one for garbage and one for items to donate. During this time of year, those in need can use your help the most! So, while you’re purging, reconsider tossing out old items and instead donate them to someone who would benefit.

Make Sure You Are Safe & Sound

A clean house is only half the battle – you also need a safe one! While your home is going to look fresh and organized after you’ve finished purging old items from the year, now you will want to put some effort into ensuring safety. Check fire detectors and fireplaces, as well as investigate radon and carbon monoxide also (the hardware for these tests are not particularly expensive). This is a good time to check ventilation as well!

Shrink Your Bills (and Your Carbon Footprint)

Some people think the only way to “go green” these days is buying a hybrid car – but your home is a great place to cut energy too! Everything from switching off the lights when you leave a room, to dialing down your air conditioner and heating, to installing LED bulbs and energy-saving showerheads or toilets, can help you save in the long run and ensure your home is more energy efficient for the New Year!

Plan Out Home Improvement Projects

Heading into 2023 is a super fun time to plan out future home improvement projects! They don’t even have to be on the docket for 2023, but this is a great time to re-evaluate your home for any changes or additions you want to make in the coming years – and to start saving for them now.

Written by DLC Marketing Team