Here is a great article on different free items and apps that can help you take advantage of services that you may not realize exist in your new country.

Newcomers To Canada Are Eligible For So Many Free Services & It’s Not Hard To Sign Up (msn.com)

This weekend I decided to do a Women’s Clothing Exchange. I will be honest that it wasn’t my idea and one that I stole from a friend of mine. She had one last year and again this year at a friend’s art studio. She herself is a psychologist but it was so much fun I thought I would like to throw one for my friends and clients. I partnered with a Realtor friend of mine and did it in my back yard. I have a great back yard and a great house and didn’t see the point in spending money on another venue. I started weeks before preparing the invitations and getting a list together of what would be required. Everyone in my family pitched in to get this ready. My mom helped me source clothing racks, the kids helped with yard work and my boyfriend even resurfaced my concrete patio for cheap and sanded and restained my patio table. I used my birthday present for a house cleaning to get the house professionally cleaned.
We sent out the invitations two to three weeks prior to the event. We sent them out via Facebook, Evite.com and paper. I found a few vendors that could showcase their wares and an esthetician to perform waxing, manicures and pedicures. As it was potluck style I planned 5 dishes as well as beverages and figured the other ladies could look after the rest.
Throughout the week prior I sent reminders about the event and gave them updates. I kept watch on the weather because this was supposed to be a garden party. I made a backup plan just in case the weather took a turn for the worse. Two days before my make up lady cancelled due to an illness in the family. I scrambled to find someone else but no luck. The day before the event the weather was miserable. A crazy storm blew in. I was starting to worry this may become a basement party. Then my Epicure lady jammed because her childcare made other plans. I tried to replace her to but last minute is so hard.
In the morning when I woke up the sun was shining. The kids and I got busy putting tables out I borrowed from a friend’s tenant, a tent for people to change into and the last of the food prep. My daughter was so excited she started putting out her clothes and determined which tables would hold what. We had pants, shorts, skirts, shirts, dresses, shoes, jewelry, even some naughty wear.  My Esthetician cancelled because of food poisoning.  At 10:30 our guests started to arrive and my son and step son made themselves scarce. They only corresponded via text as previously agreed to for food and drinks. The ladies dropped off clothes, tried some on and took what they liked that fit. It was fun. Its like free shopping. Get rid of what you don’t like, take what you do. It costs nothing but a bit of time and a dish of food. We also had a lady actually selling jewelry.  She was the only vendor that turned up.  People came through the house all day long. It was a good day. As I decided it was a dry party I had everything else to offer for drinks but wine. Then my one lovely friend showed up with wine and a few of us had a glass. The day turned out fantastic. We ended up with 4 bags of ladies clothes and 2 bags for little girls that was donated to Women In Need.
If I was to do it again next year I would have a couple full length mirrors so that we can see what we look like in our found items. I would get lessons on how to set up some of the tables as I found some of them had little secret latches ect to make them go higher or lower. I would charge a $20 returnable fee for any vendors I book as long as they turn up. And next year I would include a glass or two of wine. It was a very nice touch.

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So now that you’re a home owner, what are your next steps? Well first, you will have to figure out exactly how you are going to get RID of that mortgage. Yes, that’s right. Now that you got it, here are four ways you can pay it off and be done with it!
1. ACCELERATE YOUR PAYMENT FREQUENCY
Making the change from monthly payments to accelerated bi-weekly payments is one of the easiest ways you can make a huge difference to the bottom line of your mortgage. A traditional mortgage splits the amount owing into 12 equal monthly payments however, an accelerated biweekly payment is simply taking a regular monthly payment and dividing it in two. Instead of making 24 payments, you will make 26. The extra two payments really accelerate the repayment of your mortgage!
Here is an example of what I’m talking about.
Bob currently has a $300,000 mortgage at a 4% fixed rate with a 25 year amortization period. He will save $32,000 just by moving to biweekly accelerated payments from biweekly. Go Bob!
2. INCREASE YOUR MORTGAGE PAYMENT AMOUNT
Unless you opted for a “no-frills” mortgage, chances are you have the capability of increasing your regular mortgage payment by 10-25%. This is a great option if you have some extra cash to spend within your budget. This money will go directly towards paying down the principal amount owing on your mortgage. The more money you can pay down when you first get your mortgage, the better. At the end of the day, you will pay less interest over the lifespan of your mortgage. By voluntarily increasing your mortgage payment, it is metaphorically like you are signing up for a long term forced savings plan where equity builds in your house rather than your bank account.
3.MAKE A LUMP SUM PAYMENT

Again, unless you have a “no-frills” mortgage, you should be able to make bulk payments towards your mortgage. Depending on your lender and your mortgage product, you should be able to put down anywhere from 10-25% of the original mortgage balance. Some lenders may be particular about WHEN you can make these payments, however if you haven’t taken advantage of a lump sum payment yet this year, you will be eligible.
4. REVIEW YOUR OPTIONS REGULARLY
As your mortgage payments are withdrawn from your account, it is easy to put your mortgage payments on auto-pilot especially if you have opted for a 5-year fixed term. Despite the term of your mortgage, it is highly encouraged to give your mortgage an annual review. This review gives you a conscious look at the overall stance of your mortgage which could rise to opportunities of refinancing or lowering your interest rate!
If you have any questions about your mortgage, how to get a mortgage, or how to get rid of the mortgage you have, please don’t hesitate to contact a Dominion Lending Centres mortgage professional today!

Chris Cabel
Dominion Lending Centres – Accredited Mortgage Professional

It never ceases to amaze me how many people I ask how much they make (gross income) and they answer me with a blank stare and respond: “I really don’t know.” They know how much their take home is (because let’s be honest in many ways that is what is important, that’s what we get to spend) but they have no idea what their actual income is.
What people don’t realize is, your income is what sets your tax bracket and what starts to set the stage for how much of a home you can afford (qualify) or what your minimum down payment is going to be. Let’s talk about income,what it means to you, what it means to a mortgage and what it means to your mortgage qualification.

Hourly – Where you are paid by the hour. You are only paid for the hours worked and there is no guarantee of a set amount of work. Most lenders require at least a two-year history of this type of income at the same employer as it is not guaranteed. Plus there is a risk that borrowers may not get the income required to pay the mortgage payment.

Guaranteed Hourly – You are paid by the hour and guaranteed a fixed number of hours each week, rotation, month ect. This means employees receive a relatively stable income. However, although your employer offers these hours, should you choose not to work you will not be paid.. So if you are lucky enough to have guaranteed hours and are considering purchasing a home, it is best not to take time off without pay.. This would mean that even though your letter of employment is going to tell a mortgage broker you get guaranteed hours, your paystub will raise questions and imply you are in fact on an hourly contract rather than guaranteed hourly.

Salary – You are lucky enough to be guaranteed the same wage each pay period, likely no matter the hours worked. You may have sick days or flex days to cover the time you can’t be at the employer for things like doctors’ appointments, the kids’ first day of school ect. Employers may even let you work flexibly and bank time if you have to work more than the agreed 40 hours/week. For a lender this is perfect. It is simple and straight forward as long as your paystubs confirm the same wage each pay period.

Salary plus Commission – This type of income gives a person that little bit of security with a little bit of risk to earn more for their work. It is the same as a salaried position with a guaranteed wage each pay period but employees also get extra income for reaching sales or work targets. The salary can be used immediately towards qualifying for a home, however, the commission portion of your wage packet usually requires a two-year history. If commission is a big part of your income, you will need to be at your employer for at least two years before expecting to purchase a home.

Commission – This income is not guaranteed. You only get paid based on a portion of what you earn for your employer. For some this can be very lucrative but definitely not for the faint at heart as the income can have highs and lows. As with salary plus commission incomes, the lender will likely require a two-year notice of assessment average.

Business For Self – This income is for those who are self-employed. They have taken the risk to open their own ventures and rely on their steam, knowledge and sometimes willpower to earn a living. Business owners are fully responsible for their income and collecting it. They have multiple write offs and often use those to pay as little tax as possible. These people are in a category of their own and really require a blog of their own as they are many different ways and programs to help with their purchase.

So now that you know so much about incomes and you are questioning where you fit, I suggest you call your favourite Dominion Lending Centres Mortgage Associate to start the process of pre-evaluation!

Last year I had clients that had the same collection reporting twice against their credit bureau and dragging their credit scores down plus impeding the possibility of their ability to purchase a home at an affordable rate at a mortgage institution and not a private lender.  After launching an investigation with the credit bureau they were able to get the error corrected within a few weeks and we were able to find them a rate with a secondary lender and not a private lender.  Please don’t get me wrong there is definately a need for private lenders in circumstances where one doesn’t fit in the conventional world or has special requirements.  This article reminded me of last year as I work with another client to try to help them get corrections on their bureau for duplicate reporting. 

http://www.thestar.com/business/personal_finance/2013/02/12/how_to_clean_up_errors_on_your_credit_record_roseman.html

Watch Jay and Kevin go up against the Dragon’s Den on February 17th.  These guys are hilarious and they want to teach your children about finances and how to get wealthy.  As a certified presenter I have spent time with these guys and they have found a way to make a very dry subject alot of fun.  If you see what you like click on the banner on my website to order a copy or if you would like to order multiple copies I will try to combine you with others so that you can get a discount. :o)

So while we were installing a fence this weekend I realized that I had some information that may be of use to those out there that have large summer projects such as fences or decks this summer and decided I should share it.  My findings may save you some time or even some money.  See below:

We had 160′ feet of fence material to purchase and I decided to shop it around to see where the best price would be for this monster undertaking.  I called all the major wood material suppliers in town I could think of.  The fence that we installed is what Rona calls the Estate fence although I think Totem calls it something else and Windsor Plywood calls it something else.  Here is how my findings ranked:

160′ of fence:

All prices included wood, screws, posts, concrete and brackets unless otherwise noted.

6. Home Depot came in highest at just over    $2,200

5. Windsor Plywood                                      $2,082.53

4. Totem                                                    $1,600 plus materials ie.concrete, fasteners, brackets

3. Timbertown                                             $1,896

2. Rona                                                      $1,876.14

1. Lowe’s                                                                     $1,876.04

So Lowe’s and Rona pretty much tied being only $0.10 difference, however, we decided to go with Lowe’s because there is a Home Depot across the street that rents equipment making it easy for us to pick up and return the auger that was used to drill the holes for the fence posts.  I hope this saves you some time and maybe even some money this summer.