Are You Ready for Home Ownership?.

While most people know the main things they need to buy a home, such as stable employment and enough money for a down payment, there are a few other factors that may help you realize you’re ready – perhaps even earlier than you thought! In fact, there are four main things that can help you determine if you are ready for home ownership:

YOU CAN AFFORD YOUR DOWN PAYMENT AND ONGOING COSTS

It is easy for potential homeowners to get wrapped up in focusing on having enough money for the down payment and then forget about afterwards. It is important that you are not only financially able to afford the down payment, but that you can manage the monthly mortgage payments and ongoing maintenance as well. My Mortgage Toolbox app from Dominion Lending Centres has some great calculators to help you determine what you can afford on a monthly basis before you get in too deep. If you have enough funds in the bank for a down payment and are able to manage the monthly costs associated with the size and price range of home you would need, then you may be ready to start house-hunting!

YOU HAVE GOOD CREDIT

As most people know, credit score plays a major role in qualifying for financing to purchase a home. If you have a good credit score, which should now be at least 680 to qualify, then you have nothing to worry about! However, if your credit score is below this, it is more likely that you will be paying higher interest rates (and therefore have higher payments), or that you could be denied all-together. Before you begin your home buying journey, it is vital to have your credit score in order to ensure you can get the best mortgage product and rates. Working with a mortgage professional can help you get on the right track in the shortest time possible. Sometimes all that’s needed are a few subtle changes, or debt consolidation, to improve your credit score within a couple months.

NO OTHER LARGE, UPCOMING EXPENSES

Do you plan on buying two new vehicles in the next two years? Are you thinking of starting a family? Are you considering going back to school? Although you may think you can afford to purchase a home right now, it is vital to be honest about your future plans. What does your life look like in 1 year? 5 years? 10 years? If you know that you aren’t planning on incurring big expenses that you need to factor into your budget anytime soon, then that’s something that may help you decide to buy a home.

YOUR ARE DISCIPLINED

One of the most important factors for purchasing a home is budgeting. You have to know what you can afford – and stick with it! It is easy to be tempted by a gorgeous 6 bedroom home or a backyard pool or private community, but at what cost? If going all-in is going to leave you scrambling each paycheck or derail any plans of future financial stability, it is worth rethinking. Understanding what you NEED in a new home, versus what you WANT, is a good step towards determining what you’re looking for and planning a budget that suits your needs so that you can continue to live comfortably.

These are just four signs that you may be ready to purchase a home. If you’re seriously considering buying or selling, talking with a Dominion Lending Centres mortgage professional can help ensure you have the best experience when it comes to buying a home!

Published by DLC Marketing Team

Sugar Free & Dairy Free Fudgesicles.

“These are so lusciously creamy, sinfully rich-tasting – the kind of thing you put in your mouth and kind of can’t believe what’s happening. Vegan, almost raw, and full of whole food ingredients, they are also downright filling! They make a fabulous mid-morning or afternoon pick-me-up, especially with the raw cacao component, a deliciously effective, energy-boosting food. Dress them up with your favourite add-ins, or keep it simple and enjoy them as the five-ingredient bliss bars that they are!”

See more on www.mynewroots.org

5-INGREDIENT VEGAN MAGICAL FUDGESICLES

Makes 4 cups / 1 Liter / 10 fudgesicles

INGREDIENTS:

• 1/2 cup / 75g unroasted, unsalted cashews
• 1 14-oz can / 400ml full-fat coconut milk
• 1 large, ripe avocado
• 1 cup / 250g pitted, packed soft dates
• 1/2 cup / 55g raw cacao powder (cocoa powder will also work)

DIRECTIONS:

1. Place cashews in lightly salted water and let soak for 4-8 hours (overnight is fine).
2. Drain the cashews and rinse well. Add to a blender (a high-speed blender is highly recommended) with the remaining ingredients (and any flavourings, if using) and blend on high until as smooth as possible. Add water only if necessary – you want to mixture to remain quite thick.
3. Spoon the mixture in popsicle molds. Firmly knock the molds on the counter a few times to remove any air bubbles. Insert a popsicle stick into each mold and place in the freezer until set – at least 6 hours. To remove popsicles, run the mold under hot water until you can easily pull a fudgesicle out.
4. If you want to decorate your fudgesicles, dip or drizzle them with melted chocolate and sprinkle with desired toppings. Eat immediately, or place back in the freezer to set until ready to enjoy.

OPTIONAL ADD-INS

• A pinch of Sea Salt
• Vanilla (seeds from 1 pod, powder, or extract)
• Food grade essential oils (a few drops of peppermint, orange, almond etc.)
• A pinch Cayenne Pepper
• Espresso powder
• Finely chopped toasted nuts (cashews, hazelnuts, almonds, pistachios etc.)

OPTIONAL TOPPINGS (as seen in photo)

• Melted Dark Chocolate
• Cacao Nibs
• Finely Chopped Toasted Nuts (Cashews, Hazelnuts, Almonds, Pistachios Etc.)
• Dried Fruit
• Citrus Zest (Lemon, Orange, Lime)
• Hemp Seeds
• Unsweetened Desiccated Coconut
• Bee Pollen

Published by DLC Marketing Team

5 Approval Roadblocks.

When in the process of buying a home, there is nothing worse than having your mortgage broker or lawyer call and say “there is a problem”.

If you have found your dream home and negotiated a fair price, which was accepted, and you have supplied all the documentation to your broker, you probably assume everything is fine. The reality is that your financing approval is based on the information the lender was provided at the time of the application. If there have been any changes to your financial situation, the lender is within their rights to cancel your mortgage approval.

To ensure that you don’t encounter any last-minute issues on your home buying journey, there are five major approval roadblocks to be aware of and avoid for a smooth transaction:

EMPLOYMENT

When submitting a request for financing, whether a mortgage or car loan or to handle personal debt, one of the most important aspects the lender looks at is employment. If you were working at Company X for five years at $50,000 a year and – just before your deal is finalized – you change jobs, the lender will now require proof from the new job. This can include proof that probation for this new job is waived, or new job letters and pay stubs at the very least. If you change industries, they will want to see more proof that you are capable of keeping this job. For any employment involving overtime or bonuses, the lender often requests a two-year average, which you would not be able to provide at a new position. Another employment change that could hurt your financing approval would be if you decide to change from an employee to a self-employed contractor.

When it comes to financing, it is best to wait to make any major employment or life changes until after the deal has gone through.

DOWN PAYMENT SOURCE

As mortgage financing is based on the initial information provided, you will most likely need to do a final verification of the down payment source. If it is different than what the lender has approved, it could spell trouble for your financing approval. Even if you said that your down payment was coming from savings and, at the last minute, mom and dad offer  you the funds as a gift, it could affect your approval. This is an acceptable source of down payment, but only if the lender knows about it in advance and has included this in their risk assessment, but it can end a deal.

DEBT

A week or two before your possession date, the lender will obtain a copy of your credit report and look for any changes to your debt load. Since mortgage approval is based on how much you owed on that particular date, it is important not to increase your debt before the deal is finalized. Buying a new car or items for the new home must be postponed until after possession; even if they are “do not pay for 12 months” campaigns because you will need to fulfil those payments, regardless of when they start.

BAD CREDIT

One of the biggest roadblocks to mortgage approvals is credit card payments. When you enter the financing process, it is important that your credit score remains positive. If your credit score falls due to late payments, this can cause major issues with your financing. Even if you have a high-ratio mortgage in place which requires CMHC insurance, a lower credit score could mean a withdrawal of the insurance and removal of any financing approval.

MISSING IDENTITY DOCUMENTS

Before a deal is finalized, the lawyer must verify your identity documents and see that they match the mortgage documents. You may not think it needs to be said, but it is important to use your legal name when you apply for a mortgage. Even if you go by your middle name or a nickname, all legal documents should match.

Keep in touch with your Dominion Lending Centres mortgage professional right up to possession day. Make this a happy experience rather than a heartbreaking one.

The Backyard Wedding.

A lot of women spend their whole lives dreaming about their wedding day; the perfect venue, delicious food, the best flowers… and of course, the ideal husband! This, of course, results in a lot of pressure for the wedding day. Where will you host it? Will it be local or destination? Will you have it in a church or a backyard? Who will you invite?

For Kate Brady, an events manager by trade, the decision came easy when it was time for her to tie the knot in June 2015. Kate and her groom, John Muddiman, transformed his parents’ Oakville, Ontario backyard into their dream wedding! While it wasn’t particularly traditional, it was ideal for the couple who wanted something more personal. The reception (which included 100 close friends and family) involved a plexiglass dance floor over a pool and a few other unique touches along the way.

We caught up with her to see what she thought of the backyard environment – and if she had any advice for other women out there considering a more intimate celebration:

WHY CHOOSE A BACKYARD WEDDING?

Growing up, I always loved the “Father of the Bride” movie. I always thought it looked fun! For me, I’ve always wanted something different. During this process, I was at the age where we were the last of our friends to get married; I had been to several other weddings. What I learned from attending all these celebrations was that, it doesn’t matter what you do with it. At the end of the day, all weddings feel similar to what someone else has done… but that didn’t stop me from trying to create something unique! Since we decided to host in our backyard, it really limited our space and attendance, encouraging us to create a more intimate experience.

WHAT WERE SOME OF THE CHALLENGES?

When you’re in a backyard, one of the biggest challenges is the flow. The goal is to make sure the environment functions as if it were at any other venue. A few things we had to consider were bathrooms, to keep guests out of the house, and enough space for catering.

To tackle these challenges, we brought in nice Porta Potties to meet guests’ needs in the designated wedding area. When it came to housing the caterers, we were fortunate as my in-laws own a fairly large property and home. The size and open concept of the kitchen, allowed the caterers to utilize space in both the dining and living room. Another consideration for catering was to ensure the ovens were up to code from a cooking perspective, to ensure the chefs could produce the level of food we wanted.

Another challenge with backyard weddings, of course, is the weather. We were lucky the way the backyard was structured – and that we had no rain that day. If it had rained, the entire vibe and flow would have changed as everybody would have been forced into the tent. Then of course, you’re trucking out into the rain to go to the bathroom.

Lastly, with all these guests coming, parking is another consideration that can easily turn into a challenge. Of course, you can bus people in from the ceremony, but a lot of people chose to carpool on their own. However, this is also a concern to ensure people aren’t being ticketed. For us, it was also a concern how we make sure people aren’t drinking and driving and being responsible.

WAS IT MORE WORK TO HOST AT HOME?

A lot of venues will provide an event planner that can coordinate with the bride and groom, but when you plan a backyard wedding, you don’t get that benefit. However, if you have the budget, having an event planner to coordinate can bring peace of mind, especially on the day! As someone who has been an event manager for a large chunk of my career, even I hired an outside party so that I could just enjoy the day, and they were able to manage the vendors and ensure set-up went smoothly and that everything was taken care of.

WHAT ADVICE WOULD YOU GIVE OTHERS ABOUT BACKYARD WEDDINGS?

When it comes to any wedding, whether backyard, traditional or destination, the most important part is to trust your gut. Regardless of where you host your wedding, you want the event to truly reflect the people getting married. Also, I would say don’t sweat the small stuff; if it rains or something goes wrong, you need to just have fun with it. Don’t get caught up in the details.

The last piece of advice is to make sure you do your research and only engage with vendors that are trustworthy and reputable. These will be the pillars for your wedding! If they are reputable, they will give you the right advice and help guide you through the day.

WOULD YOU SUGGEST THIS?

Of course, it depends on the couple, but for me this was the perfect wedding. I was able to personalize every little touch and it really gave me room to be creative. I was fortunate to be able to envision the space and make it happen! In the end, it was everything we had expected – and so much more. After the ceremony, the first thing I did was step into the backyard and just take it all in. It’s amazing to be in an environment, where you might be every day! To be able to see that space come to life with your vision is such an experience.

Published by DLC Marketing Team