January 2014
 
Callum Greig
Franchise Owner

DLC - Prime Mortgage Works Inc.

Phone: 250-708-2063
Cell: 250-580-5626
Fax: 1-866-845-8513
E-mail
Website

 
DID YOU KNOW...

Dominion Lending Centres has a great line of Visa cards that you can apply for directly through my website or by calling/emailing me today. The Dominion Lending Centres Classic Visa card provides a competitive interest rate, as well as the option of securing a lower interest rate for $30/year. There are no annual fees with this card, and you receive three-day travel insurance at no charge. You also have the option of receiving 1% of purchases credited as BONUSDOLLARS (1 BONUSDOLLAR = $1 Canadian) for $30/year.

Wishing you a healthy, happy and successful 2014 filled with cherished memories!

HOMEOWNER TIPS

Let the Heat Reach You:

Dust or vacuum radiators, baseboard heaters and furnace duct openings often and keep them free from obstructions such as furniture, carpets and drapes.

Replace/Clean Furnace Filters:

Check and clean or replace furnace air filters each month during the heating season. Ventilation system filters, such as those for heat recovery ventilators, should be checked every two months.

About DLC Leasing Inc

* DLC Leasing is the leasing division within Dominion Lending Centres Inc.

* Our leasing programs provide up to 100% financing on business-related equipment.

* Leasing options include new equipment leasing; used equipment and vehicle leasing; customized solutions through vendor finance programs; and lease-backs –where the lender buys equipment from a business owner and the owner leases it back.

* Technology, heavy equipment and trailers, furniture and hospitality equipment, and manufacturing and industrial equipment are just a few examples of available leasing options.

* With access to multiple lending sources, Dominion Lending Centres’ Lease Professionals can cater to leasing deals for a variety of credit scenarios ranging from A to C credit quality.

* Because many of our Lease Professionals are also licensed mortgage agents, we can offer standard equipment leases and creatively structured solutions for seasonal, new or growing companies.

* Working with someone who is both a lease and mortgage expert enables you to even use commercial and residential mortgage and property credit line products, alone or in combination with lease financing, to help achieve the best solutions for your equipment acquisition needs.

* Our Lease Professionals can even break up large-dollar transactions into multiple leases across a number of funders to ease and simplify the approval process.

 
Welcome to the January issue of my monthly newsletter!

This month’s edition discusses the differences between collateral and standard charge mortgages, as well as looks at the benefits of heat recovery ventilators. Please let me know if you have any questions or feedback regarding anything outlined below.

Thanks again for your continued support and referrals!

With some lenders moving towards collateral charge mortgages, it’s important to understand the differences between a collateral and a standard charge mortgage.

The primary difference is that a collateral charge mortgage registers the mortgage for more money than you require at closing. For instance, up to 125% of the value of the home at closing with TD Canada Trust or 100% through many credit unions, instead of the amount you need to close your transaction (as is the case with a standard charge mortgage).

The major downside to a collateral mortgage becomes evident at your mortgage renewal date. For borrowers who want to keep their options open at maturity and have negotiating power with their lender, this isn’t the best product feature because collateral charge mortgages are difficult to transfer from one lender to another.

In other words, if you want to change lenders in order to seek a better product or rate in the future, you have to start from the beginning and pay new legal fees, which range from $500 to $1,000. With a standard charge mortgage, in most cases, the new lender will cover the charges under a “straight switch” in order to earn your business.

In addition, with a collateral charge, it could be difficult to obtain a second mortgage or a home

 

equity line of credit (HELOC) unless your home significantly appreciates in value.

Lenders offering collateral charge mortgages promote the benefit that it makes it easier and more cost effective to tap into your equity for such things as debt consolidation, renovations or property investment. There’s no need to visit a lawyer and pay legal fees – the money is available as your mortgage is paid down. Yet, if you read the fine print, you may still have to re-qualify at renewal.

A standard charge mortgage gives you the ability to move to another lender at renewal should you want to without incurring legal fees, and many borrowers find it more beneficial to keep their options open. If you need to borrow more with a standard charge mortgage, you have the option of a second mortgage or a HELOC, which also enables you to take money out as your mortgage is paid down.

Navigating through the mortgage process alone can be tricky. Working with a mortgage professional who has access to multiple lenders will help ensure you receive the product and rate catered to your specific needs.

As always, if you have any questions about the information above or your mortgage in general, I’m here to help!
 

Stale air, lingering odours and high humidity can happen in the best of homes and, sometimes, simply opening a window can bring relief. When it’s mild outside and there’s a breeze, opening a window can be beneficial. But in Canada’s hot and cold climate, this is not always practical or possible.

Leaving a window open in mid-winter will add to your space heating costs, cause uncomfortable drafts and the window may freeze open. You also can’t filter the dust out of the air nor can you recover any of the heat that flows out an open window. Sometimes leaving a window open is a security or noise concern. Finally, you can’t control how much air enters through an open window or where it goes once it’s in your house.

Heat Recovery Ventilation

Fortunately, there is another way of bringing fresh air into your home that is energy efficient, secure and highly effective – a heat recovery ventilator (HRV). HRVs are suitcase-sized appliances that typically have one fan to bring in outdoor air and another fan to push out the stale air. Heat is transferred from the outgoing air to the incoming air by passing the two air streams through a heat-exchange core, helping to reduce heating costs. As the two air streams are kept separated, only the heat is transferred to the incoming air. In a sense, an HRV can act as the lungs for your home.

In houses with baseboard or radiant heating, the fresh air from the HRV is delivered directly to the bedrooms and the main living areas through a dedicated duct system. At the same time, the HRV draws stale air from the kitchen and bathrooms and sends it outside.

In houses with furnaces, it’s not uncommon to find HRVs connected to the furnace ductwork system. The furnace then operates continuously to circulate the fresh air around the house, while bathroom fans and kitchen range hoods provide back-up ventilation as needed. HRVs have multi-

 

speed settings to deal with varying ventilation needs. Automatic controls are available as well to modulate the operation of the HRV as needed.

HRVs are built into energy efficient new houses to reduce air leaks, and heating and cooling costs, and keep your home more comfortable. Cutting down on uncontrolled air leakage also helps protect your roof, walls and basement from moisture damage. The better sealed a house is, however, the more it needs controlled, energy efficient, mechanical ventilation to provide the indoor-outdoor air exchange required to maintain healthy indoor air quality. By eliminating random air leaks in existing houses and adding heat recovery ventilation, you reduce your heating bills while maintaining as good, or better, indoor air quality.

Installation

Although you can buy an HRV at some home improvement stores, it may be preferable to have it designed and installed by a qualified contractor certified by the Heating, Refrigeration, Air Conditioning Institute of Canada or other training organizations in accordance with current building codes and standards. It’s very important to measure and balance the supply and exhaust airflows to ensure the HRV does not potentially create dangerous house depressurization or pressurization problems. This should be carried out when the HRV is first installed and should be checked regularly afterwards by a qualified contractor in accordance with the manufacturer’s instructions. Look for units with lower energy usage and high energy efficiency in the heating season, preferably choosing from those with an ENERGY STAR® rating.

To learn more about other sustainable technologies and practices that can improve the performance of your home as well as information on owning or buying a home, call Canada Mortgage and Housing Corporation (CMHC) at 1-800-668-2642 or visit www.cmhc.ca.
 
 
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