Author: Kirsten Mason

Kamloops Mortgage Info: Don’t Renew Your Mortgage with Your Eyes Closed

Mortgage Information

Kamloops Mortgage Broker Real EstateWhen your mortgage comes up for renewal, your lender will send you a letter suggesting you renew at their current offer. If you do, you’ll be renewing your mortgage with your eyes closed! This is your moment of opportunity to negotiate the best possible deal, either with your current lender or with a new one. Do you know if the same lender remains your best choice? If you don’t, you aren’t alone.

At the end of 2011, Manulife Bank of Canada released the results of their latest consumer debt survey.  They found that two-thirds of homeowners (65 per cent) did not compare products from several different lenders to make sure they were getting the best deal the last time their mortgage came up for renewal. Twenty per cent stayed with their current lender and did not negotiate, while 45 per cent stayed and negotiated but did not shop the market.  Interestingly, the youngest age group surveyed (30-39) were the most likely to shop around (41 per cent) but also the most likely to stay with their current lender and not negotiate (24 per cent). This age group is in the most hectic period of balancing work and children, which often causes things to be left to the last minute and it’s easier to follow the path of least resistance.

You could save a considerable amount of money if you renew at a lower rate.  A half percent difference on a $225,000 mortgage with a 20 year amortization can mean over $5,200 in interest savings over five years.  Wouldn’t it be better to put that amount towards reducing your mortgage principal?

You also need to consider that your mortgage needs may have changed.  This may be a good time to roll your high-interest credit cards and other debt into your mortgage to get one lower payment, boost your cash flow and save on interest costs. Or you may want to take some equity out for renovations, a second property or for investing.

Keep in mind that there are some administrative details and costs when switching your mortgage to another lender, but don’t let this discourage you from finding out more. It doesn’t cost you anything to investigate your options or get a second opinion. When you switch your mortgage to a new lender, you will go through an approval process similar to when you took out the original mortgage. You can either assign your existing mortgage or you can apply for a new one should you want to borrow a larger amount to consolidate your high interest debt or complete some renovations.

Your lender may charge a discharge fee, and you may need to pay legal and appraisal fees if you are getting a completely new mortgage instead of switching your existing one. At that point, you should assess if the money you will save by switching to a better interest rate offsets those costs. The cost for you mortgage life insurance may also change. You won’t have to pay for your mortgage broker’s service (oac) because the lender selected pays compensation for the services and mortgage solution provided to you.

If a renewal is in your financial future, bring us your renewal notice four months prior to your renewal date. There are some great options out there; we’ll help you look around.

Brenda Colman, AMP, Mortgage Consultant, Invis Kamloops
P. 250-318-8118  E. ac.sivni@namlocadnerb W. www.BrendaColman.ca

Kamloops Home For Sale: 359 St Paul Street West, South Kamloops West End, B.C. $288,000

South Kamloops

South Kamloops West End Real EstateFunky west end home with lots of updates. Updates include windows, flooring (tile and laminate), paint, baseboards, countertops, insulation in the attic and walls & more! There are 2 bedrooms but could have 3 easily (basement rec room could be a bedroom). This property includes 3 lots totaling over 32,000 square in size. Great opportunity & future development potential so bring your ideas! Beautiful unobstructed views of the North and South Thompson Rivers and city. Nice private yard with in-ground sprinklers. Walking distance to downtown amenities, TRU and transportation. Great location sitting at the end of a cul-de-sac. Some notice for showings appreciated. Sellers motivated.

To view all homes for sale in Kamloops click here.

Kamloops Home For Sale: 40-1570 Freshfield Road, Sahali, B.C. $194,900

Sahali

Sahali Town House Kamloops BC PropertyThree bedroom and two bathroom townhome in a desirable area close to shopping, schools, and transportation. The main floor features a large living room and dining room area, kitchen and half bathroom. Some updated flooring on the main floor. All 3 bedrooms are on the 2nd level. There is a large unfinished basement area great for a rec room or additional storage. Single car garage, nice patio space off of the dining room. All offers must include a Schedule A. Unit needs TLC and reflected in price.

To view all homes for sale in Kamloops click here.

Kamloops Assessments Hold Steady It’s an Indication of a Stable Economy, Deputy Assessor Says, Kamloops Daily News

Kamloops Real Estate News

This article appeared in the Kamloops Daily News on January 2nd, 2013 and was written by Michelle Young.

From a Real Estate perspective there are a number of areas of Kamloops where the assessed value put on a property is much higher than the true value of that property. Home owners should ensure that they know the true market value of their property if they are considering selling their home. I have come across a number of sellers who have thought that their assessed value was a good representation of the value of their home only to find out it was overestimated in excess of $50,000 in some cases. If you feel that your home’s assessment is incorrect make sure you appeal it as you have until the end of January to do so.

Article:

Call it the five-per-cent stability. Kamloops and surrounding communities have seen their property values rise and fall, but most are within a range of five per cent up or down.

That indicates a fairly stable economy as far as real estate properties are concerned, deputy assessor Graham Held said Wednesday.

Property values in Kamloops, with the exception of Barnhartvale, fluctuated up or down by less than one per cent for 2012, he said. Barnhartvale defied the trend, with values jumping 6.15 per cent.

City administrator David Trawin said the reason for that could be that larger lots are in more demand and there are a limited number of them.

Barnhartvale still has most of the remaining large lots, mainly because the City hasn’t allowed subdivision there due to a restricted water supply in that area.

Trawin said once the new water meters have been in use for a couple of years, there might be more subdivision allowed if the water pressures ease up. “It depends on what the impact is on water usage,” he said.

The assessment roll shows $173 million in new construction, subdivision and rezoning, which will add $1.2 million to City coffers. The overall assessment picture shows minimal fluctuation — and that’s good for residents, businesses and the City, he said. “It’s a positive sign given the economic times,” said Trawin.

“The stability is good. You don’t want to see properties dropping, but you don’t want to see them going up 10, 20 per cent at a time, either.”

Held said the trend in Kamloops is similar to many of the other communities in the region, including Merritt, Logan Lake, Ashcroft and Chase.

Even that $173 million in new growth in 2012 is similar to what Kamloops had in 2011. “We’re really close to last year in terms of construction. We’re not off much from the previous year for new construction,” he said. “We’re seeing a lot of consistency with previous years. I guess it does speak to the stability and strength of the economy in the region.”

Kamloops Real Estate Association president Dave Peressini said the number of property sales was up two per cent in 2012 compared with 2011.

Again, it’s not a huge jump, but no one’s expecting that in real estate these days. “At the beginning of the year, our chief economist was joking flat will be the new up this year,” he said. “I don’t see much change coming in 2013, at least in the first part of the year. We don’t have great economic changes on the horizon, we’re not looking at interest rate hikes and other things that will trigger a change in the market.

“The general wisdom is we’ll be a little bit better in 2013 in the first (two) or three quarters. And in the end of the year, the economic situation in places like the U.S. should improve and filter into Canada. There’s no excitement here. It’s actually good for the buyers and sellers.”

The median price of a house sold in Kamloops last month was $359,500. One year before, it was in the $353,000 range. While prices haven’t seen any dramatic change, the expectations of buyers and sellers have, Peressini said.

Sellers have to price close to what they’ll accept, not buffer their selling figure with several thousand extra for additional negotiation room, he said. “You have to be close to the mark because there is competition out there.”

Where you live in Kamloops makes a difference to your property assessment. Here are B.C. Assessment’s changes for 2013:

Going up:

* Sahali, 0.56 per cent
* South Sahali, 0.19 per cent
* Westmount and Bachelor Heights, 0.38 per cent
* Juniper Heights, 0.32 per cent
* Barnhartvale, 6.153 per cent

Going down:

* North Shore, 0.20 per cent
* Valleyview, 0.60 per cent
* Aberdeen, Dufferin, 0.51 per cent
* Westsde 0.33 per cent

Average property value changes by community for residential and business:

* Kamloops, 0.93 per cent, 3.92 per cent
* Barriere, 1.67 per cent, 3.99 per cent
* Clearwater, 4.73 per cent, 1.79 per cent
* Merritt, -0.26 per cent, 3.16 per cent

* Ashcroft, 0.23 per cent, -0.14 per cent
* Cache Creek, 0.57 per cent, 3.84 per cent
* Chase, -2.11 per cent, 2.45 per cent
* Clinton, 1.77 per cent, 0.55 per cent
* Logan Lake, 2.12 per cent, 5.21 per cent
* Lillooet, -2.22 per cent, 9.11 per cent
* Lytton, -0.13 per cent, 1.07 per cent
* Sun Peaks, -0.60 per cent, 0.43 per cent

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