The Real Estate and Mortgage Show - February 16
Steve, Frank and Paul take your real estate and mortgage questions. This week, the trio discuss fixing a bruised credit score, lines of credit versus mortgages, and tangible upgrades to add value when selling your home.
On this week's Real Estate and Mortgage Show, Steve Gregory sits with Frank Napolitano and Paul Rushforth to discuss Ottawa's current mortgage and real estate market. Topics on this week's show include how to pay your mortgage off faster, fixing your credit score, and what upgrades will add value when selling your home.
Spring is a busy season for mortgage renewals, and a common question is what happens when a mortgage is up for renewal and the client does not indicate to their lender how they intend to proceed. Normally, most lenders will automatically renew the mortgage for 5 years closed. Frank cautions home owners to be conscious not only of their current mortgage and terms, but their options as well. Auto-renewals don't provide the opportunity to negotiate a better rate, and with mortgage rates still very low, why let someone else decide?
Credit ratings and reports are becoming more and more important in the mortgage approval process. The guys take some time this week to talk about keeping credit scores in line. Just one missed payment can have a significant effect, and repairing a damaged credit score takes much longer than damaging it in the first place.
One call this week dealt with getting the most return possible from a renovation. It is a common belief among home owners that any repair will increase the value of a home. Paul reminds listeners that there is a difference between upgrades and the expected. Repairing a roof, for example is not going to generate a monetary return, as the buyer will expect a roof that is in good shape when purchasing the home. Examples of tangible upgrades that will add value include; finished basements, upgraded kitchens, granite countertops, hardwood floors and ceramic versus linoleum tiles.