Angie Mohr Investopedia.com Published Friday, Jun. 03, 2011

Homeowner’s insurance is one of the most common types of insurance and one of the least understood. Many homeowners believe that their policies will cover them for practically any damage sustained to the house or contents. The reality is that homeowner’s policies contain many exclusions and restrictions on coverage that can leave you with a coverage gap. Here are five common myths about homeowner’s insurance. (For related reading, also take a look at The Beginner’s Guide To Homeowners’ Insurance.)

1. Loss-of-Use Coverage

If you have damage to your home severe enough that you cannot live in it while it is repaired, you likely expect that the insurance company will put you up in a hotel while the work is being done. However, that is not necessarily true. Not all policies include a loss-of-use provision. If you have to pay for a hotel, meals and other services out of pocket, it can add up quickly and put you at financial risk. If loss-of-use is covered, it will be stated explicitly in your policy, along with any limits of coverage. For example, your policy may state a maximum per diem amount or restrict the length of time the expenses will be paid for.

2. Replacement Cost

Replacement cost in a homeowner’s policy refers to valuing the loss at the amount it will cost to replace the item. For example, if your four-year-old computer is lost in a fire, replacement cost coverage would allow you to purchase a new one with similar features. Most homeowners believe that is what will happen if they have a claim, however, the bulk of policies do not carry this clause. If not included, losses will be valued at what they were worth in their condition before the calamity. The four-year-old computer might be valued at $250 – not enough to purchase a new one. Replacement cost clauses are a valuable inclusion in a homeowner’s policy.

3. Flood Coverage

Almost all homeowner’s policies exclude flood coverage, along with earthquakes and other natural disasters. Floods can occur from a number of causes, such as a hurricane, burst pipes or sewer backup. A flood is one of the most common causes of home damage and the destruction of contents. There are companies that specialize in flood coverage, and, if you live in a susceptible area, look into having a separate flood policy. Your mortgage company may require this additional coverage as well. (For more information, see Understanding Lender-Required Flood Insurance.)

4. Termites

Termites live all over North America but are most destructive in southern climates, where their lifecycles are not affected by cold weather. Termites eat wood – lots of it – and can eat the supports in your house as easily as fallen leaves in the forest. They live in large colonies and, collectively, can destroy the structure of your home. Repairing termite damage and eradicating them can cost thousands of dollars. Most policies exclude termites and other pest damage. If you live in a susceptible area, the best insurance is to have the house regularly checked and sprayed by a professional.

5. Valuation of Loss

When you have a house insurance claim, the insurance company will send out an appraiser to determine the extent of the damage and the best way to fix it. The appraiser will assess a value to the loss which will be the minimum the insurance company can pay in order to meet their contractual obligations. However, you do not have to take that value as final. If you can prove your loss should be valued higher, you can negotiate the settlement with the company. Keeping receipts and pictures of valuable items will help you back up your claim.

The Bottom Line

To really know what is in your homeowner’s policy, you should read it thoroughly. Look for exclusions to coverage and decide how you will cover those risks. In some cases, your insurance company will have separate add-ons that they can attach to your policy or you can get specialized insurance from another company. For those risks that cannot be insured, analyze how you will financially cover those risks if they should happen. (For additional reading, also see Insurance Tips For Homeowners.) http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/five-myths-about-homeowners-insurance/article2034273/

Five Myths about Homeowner’s Insurance You Need to Know! is a post from: Real Estate Experts Blog

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Here are some obvious facts:

1. There are many house buyers that CAN NOT currently qualify for mortgages.

2. Many homeowners want/need to sell but are stuck for various reasons.

As you may know …

Not all prospective buyers are currently qualified borrowers.

Many homeowners want to sell but are stuck.

Do you happen to know of any family or friends who are making payments on vacant properties? How many can’t or won’t list their homes simply because they can’t afford the mortgage payout penalty or don’t have enough equity in the property to pay Realtor commissions?  What about the ugly houses that just won’t sell? 

There are solutions for people in these situations

It’s called selling homes via vendor-supplied financing, and often goes by names such as Rent-to-Own, Lease-Purchase, Agreement for Sale, or Vendor Take Back mortgage.  Set up correctly and using the services of a well qualified mortgage broker who has knowledge on how to structure these deals, this can be a win-win for all parties.

Benefits of Vendor-Supplied Financing:

*      Offer solutions to sellers who can’t otherwise sell. We can help create a solution to a problem that many home owners find themselves in today.

*     Buyer gets to move into a property they like immediately, do their own renovations, increase their equity, and instantly feel the pride of home ownership.

*      Partnering with a mortgage broker provides the necessary comfort to the seller that the future buyer has been properly screened and comforts the buyer that – if they do what they are supposed to do – they should qualify for their own mortgage (down payment, credit, etc.) when the time comes.

Take advantage of our FREE 24-week specialized mortgage preparation programs in which we refer you to a qualified mortgage broker, Chris Richards, who will go over your credit, debt, down payment, and employment situation absolutely free. Chris will determine the gaps between where you are now and what you need to do to qualify for a mortgage and create a custom action plan to get you there. 

As part of his buyer service, Chris can often make some great suggestions to ensure you are properly prepared when the right property does come up and he offer’s a ton of free resource material to help with home buying and mortgage education.

As part of the program Chris offer’s:
•Free Credit Report Review
•Free Credit Evaluation
•Free Ongoing Counseling
•Free Credit Checkups
•Free Debt Ratio Consultation & Optimization

There is no risk on your part, no cost, and nothing for you to do except to call or email Realty Experts Group today to set an appointment to begin. The programs last 6 months in which his team helps you put your finances and credit in order to ultimately buy a home!  Get started today on your process!!

This information has been brought to you by:

Chris Richards
Mortgage Intelligence
403.877.9556
chris.richards.mi@gmail.com

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 Finance Minister Jim Flaherty announced new rules for Canadian mortgages on Monday morning that he said will “protect the stability of the Canadian economy”.

 The announcement comes from a recent warning that the Bank of Canada said that Canadians’ debt levels are too high and are the highest on record.

 There are three new rules for the mortgage industry that will take effect on March 18th:

 -Mortgage amortization periods will be reduced from 35 years to 30 years.

 -The maximum amount Canadians can borrow to refinance their homes will be  lowered from 90% to 85% of the value of their homes.

 -The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.

Flaherty said, “The new changes are intended to ensure that Canadians don’t slip into unmanageable debt, which could throw the economic recovery off the rails”.

 The government says that consumer debt is the issue and that some are borrowing at the maximum amount of their income levels, and that those non-prudent Canadians that are buying at those levels won’t be able to manage their debts once renewal time comes around, because interest rates are going to inevitably rise.

 A few short years ago, the government followed the US to increase amortizations on homes to 40 years from 25 in a short period of time. And now it seems that year by year they are lowering the amortizations back to the 25 year level…but we’ll have to wait until next year for that prediction to come true.

 Traditionally homes are supposed to go up in value, and they are the cornerstone of the economy that gets it back on track after a recession and now they are limiting Canadians again on what they can purchase. But they admit that the real problem herein is consumer debt and they’ve made some minor changes to payment structure on credit cards but the real problem there is the amounts these companies provide to the consumer, without any security, and barely any income confirmation yet making homes more difficult to finance for the prudent and non-prudent, but yet this client is allowed to have as many credit cards as he wishes with a 19% interest rate. How does this make any sense?

 I’ve helped many Canadians buy their first homes, upgrade their homes and also refinance their homes. Whether they’ve taken a 20 year or 35 year amortization all of my clients are educated on the prepayment privileges and the benefits of accelerated weekly or bi-weekly payments and 95% of them choose one of these cost saving structures that lowers their total repayment time by more than 15% and saves them thousands of dollars by doing so.

 During Flaherty’s question period on CTV he mentioned that most Canadians are very prudent and that defaults on mortgages are only at 0.4% of total mortgages outstanding and that figure didn’t change from the year previous. So my question to Flaherty is, did the big 5 banks say something to the effect that they’ll concede to these changes on mortgages as long as you don’t touch their highly profitable 19% interest rate credit cards?

This information has been brought to you by:
Jean-Guy Turcotte is an Accredited Mortgage Professional with his partners at Dominion Lending Centres- Regional Mortgage Group and can be reached for appointments at 403-343-1125, texted to 403-391-2552 or emailed to jturcotte@regionalmortgage.ca.

Three New Rule Changes for the Mortgage Industry is a post from: Real Estate Experts Blog

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CREA & the Competition Bureau come to an agreement! is a post from: Real Estate Experts Blog

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The new fire codes are there to ensure the safety of all occupants, but the challenge with alot of home owners was with the costs of getting their properties up to the new codes.  Because of the fee to file for an application, plus the expenses to get the suites up to code, many home owners simply decided not to proceed with this new process of getting a permit.  So, with this all said this means that as an investor looking to purchase a property with a legal secondary suite, your options may be limited.

BUT HERE’S AN OPPORTUNITY TO PURCHASE A SINGLE FAMILY HOME WITH A LEGAL SUITE!!!

This property was just listed on the MLS System today!

Single Family home in Westpark.  Upstairs has a 2 bdrm suite that rents out for $825/M + utilities (lease expires April 30.2011)  There is a 1 bdrm legal suite downstairs that rents for $600/M (lease expires Sept 30.2011)

Current List Price $249,900 – Single Detached Garage- Includes all Appliances- Back Lane, Fenced, Landscaped, Park & School Nearby, Close to RDC, ** 24 Hour Notice to View

CURRENT MONTHLY INCOME = $1,425
Purchase Price $249,900
20% Down Payment $50K
Approximate Mortage Loan Amount based on 35 Year Term, 3.8% Interest Rate, Current list price - $858.20 P.I
+ $200 for property taxes and insurance
= $1,052 /M for P.I.T and insurance
= $373/M of potential Cash Flow Income

THIS IS A FANTASTIC INVESTMENT OPPORTUNITY!!
ACT FAST AND CALL ME, NICOLE TODAY FOR FULL DETAILS AND A COPY
OF THE MLS FEATURE SHEET

CALL NICOLE AT 403-505-SOLD(7653) or EMAIL ME AT: Nicole@RealtyExpertsGroup.com

Approved Secondary Suite Single Family Home For Sale!! is a post from: Real Estate Experts Blog

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 Post- Briefing Update on the Competition Bureau case On September 30th, the Canadian Real Estate Association’s (CREA) Board of Directors issued an announcement that it had approved a settlement with the Competition Bureau. That agreement is subject to member Board/Association approval at a special general meeting, which will be held in St. John’s, Newfoundland, on October 24.

Since then, CREA and its lawyers held their first in a series of meetings with the leadership of Boards and Associations in Canada. Several members of our Board of Directors attended one of those meetings in Calgary on Wednesday October 13

The proposed agreement:

• Does not give the public direct access to the MLS® system or to REALTOR.ca; the Membership Pillar has not changed and the MLS® system remains a member to member service;
• Does not require brokerages to change their business models;
• Does not preclude Boards or CREA from having rules for the efficient operation of an MLS® System which are not contrary to the Agreement;
• Does not impact the Compensation Pillar; and
• Does not impact the responsibility of members to ensure the accuracy of MLS® listing content. The agreement specifies that CREA and Boards/ Associations cannot prevent or discriminate against “mere postings” or against members who offer mere postings. CREA has always maintained its rules do no such thing.

   

The agreement recognizes that seller contact information is limited to the member-to-member portion of an MLS® System and recognizes seller contact information will not be published on REALTOR.ca.

Typically when an agreement is reached between two litigants, the deal is complete once it is signed by both parties and filed with the court. In this case the agreement with the Bureau will only be final if members vote in favour at the Special General Meeting. Until that time the agreement is in escrow. In the event the agreement is not ratified, the litigation would continue its course, with Tribunal hearings beginning in April. For these reasons, CREA cannot publicly disclose the proposed agreement.

This Post-Briefing update information has been written and provided by:

Update on the MLS System- CREA VS. the Competition Bureau is a post from: Real Estate Experts Blog

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This is where I come in.  My expertise is working with First Time Home Buyers.  I have a step by step process that I use in order to create a relationship with them, find out what it is they are looking for, educate them along the way, and refer them to other professionals which they will need when purchasing a home.  I can set you up on a Private Client Services (PCS) account, where I enter in your search criteria and you will automatically receive listings that match what you are looking for!  This tool helps to keep you up-to-date with relevant, real-time information regardless of when you are going to buy a home.  Not only that, but because I believe that education is such an important step in this process, at Realty Experts Group, we facilitate our Essential Home Buyer Seminar throughout the year.  This is an educational event which can be very valuable to any one who is thinking about buying a home in the future or ready to take the leap now!  So how do you get to know, like and trust me?  It’s simple!  I offer a Home Smart Consultation to all my clients, where I meet with you for about a half hour and discuss your real estate needs with you.  I will also provide you with ‘Your Essential Home Buying Guide’ full of information and tips to assist you and keep you organized during this process.  Also, I am so excited to announce to you that Realty Experts Group is now offering an exclusive Authentic Rent to Own Program to home buyers.  If you have a down payment, but bruised credit and cannot qualify for conventional lending, we may be able to help!  So many options, so much service and all of this for FREE!  That’s right!  Did you also know that when you are buying a home there are no direct costs to you to use my services?  I receive a remuneration from the seller of the home you purchase.  WOW!  So, feel free to call me at 403-505-SOLD(7653) or send me an email to Nicole@RealtyExpertsGroup.com and let my expertise guide you each step of the way.

Thinking about buying a home? This is where it all begins! is a post from: Real Estate Experts Blog

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Save Time & Money!

Feel confident and informed when you attend The Essential Home Buyer Seminar! 

Take advantage of this evening event and start off your home buying journey with education and knowledge of the process. Whether you’re a first time home buyer or a current home owner, this seminar will benefit you in different ways!

Key Topics you will Learn:

1. The 7 Steps to a successful home purchase with fun and ease!
2. Ways to save money and what to look for when viewing a home.
3. How using a team of experts can save you time and make your home buying process less stressful.

Plus… You will

Receive tips and advice from different experts which you may require when buying your home.  Here’s a list of our presenters, who will bring you valuable information and address any questions or concerns you may have, right at the seminar!

Brad Mulder – Real Estate Lawyer
Alexander Fuhr - Mortgage Broker
Bert Bruinsma – Professional Home Inspector
Nolin Maurier & Nicole Maurier – Licensed Realtors in the Province of Alberta

In addition… You will

Receive a copy of Your Essential Home Buying Guide FREE!

Announcing this unique and exclusive buyer guide designed just for you! We have compiled every detail commonly experienced in the buying journey. This first-rate guide is all you need for buying a home now, or in the near future.

TESTIMONIALS

1) Nolin, your presentation was very well planned and delivered.  Very informative and most definetely beneficial for the ‘first time buyer.’   Anita Adrain

2) Very educational especially for first time home buyers.  I wish I had known this when I purchased my first home.   Scott Smith

3) Excellent presentation providing valuable steps in buying a home.  They are important for buyers who don’t have the knowledge and expertise in buying real estate.   Cyril Brass

4) We learned a lot at the seminar and got our questions answered.  It is an information night and no pressure on anything else.  We feel comfortable to call Nolin with questions and receive a good answer.   Luella Foulston & Toan Le

Act Fast to register your seat today by calling Alexander Fuhr at 403-848-1606

Date: Wed. Oct 20, 2010
Time: 6:30-9:30 Pm
Location: RBC Royal Bank Red Deer Main Branch in Down town RD

Seating is Limited!!

We invite you to join us at this evening event where we assist you in making

Your Dreams Your Reality

The Essential Home Buyer Seminar in Red Deer, AB! is a post from: Real Estate Experts Blog

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Are you thinking about buying your first home?

Not sure where to start?

Let my expertise guide you each step of the way!

 Home Ownership is Possible & Here’s How:

Do you have Decent-Good Credit but no down payment?
It’s okay!  There are lenders who will provide you with the 5% down payment at closing.  Some conditions apply in order to qualify for this program such as having a minimum 650 credit score, and the lender will offer you posted interest rates.  I can connect you with a professional mortgage broker who will discuss with you the options available with this program.

Do you have a down payment but blemished or no credit?
Realty Experts Group offers an Exclusive Authentic Rent to Own Program!  To find out more information visit: http://www.firsttimebuyer.realtyexpertsgroup.com

             Do you have Decent-Good Credit PLUS your Down payment?
This could mean potential savings with a lower interest rate!  Many lenders are offering fantastic interest rates and great products to their consumers.  With a good credit rating you can benefit by receiving the Best Rate as opposed to the Posted Rate.  For current interest rates click HERE

 “Nicole was very helpful!  For a first time home owner she was fantastic and very informative.”  
Mia Husted

 Take Advantage of These Amazing Services When You Choose Realty Experts Group to Assist You with Purchasing Your Home!

Home Smart Consultation-Meet with one of our associates today and get started on your home buying  journey!

• Identify with clarity your true persoonal needs in buying a home
• Understand the 7-Steps to buying a home which will save you an enormous amount of time & money!
• Become market wise quickly and understand what you need to do to become successful in this market

Your Essential Home Buying Guide- Announcing this unique and exclusive buyer guide designed just for you!  We have compiled every detail commonly experienced in the buying journey.  This first-rate guide will be all you need when you are going to buy a home now, or in the near future.  Complimentary when you work with us!

Exclusive Buyer Associate- Nicole is an exclusive buyer associate, meaning she only works direclty with home buyers.  She is laser focused when it comes to finding the right home for you! 

Did You Know:

•  You only need to work with one realtor!  Our buyer associates can provide you with information or show you any property listed on the MLS system.  This saves you time having to call every listing realtor of the property you are interested in.
• There are NO DIRECT COSTS to you when you use our services!  We get paid by the seller of the property you purchase!  This saves you money!
• We can create a Private Client Services (PCS) account for you!  You will receive any properties that match your search criteria via email!  Easy & Convenient!

Education First!
The Essential Home Buyer Seminar!- Save Time & Money!

Feel confident and informed when you attend this seminar!  Take advantage of this evening event and start off your home buying jouney with education and knowledge of the process.  This seminar will benefit you in different ways. 
For full details visit http://www.homebuyerseminar.realtyexpertsgroup.com

 Dillon              Nicole            Nolin               Robyn
Adrain,            Maurier,       Maurier,        Orom

Attention First Time Home Buyers! Home Ownership is possible! is a post from: Real Estate Experts Blog

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 Home Buyer Benefits:  Education-Guidance-Information

 Take Advantage of our Amazing Services when you choose Realty Experts Group to assist you with purchasing your home!

 Home Smart Consultation- Meet with one of our exclusive buyer associates today and get started on your home buying journey!

-          Identify with clarity your true personal needs in buying a home

-          Understand the 7 Steps to buying a home which will save you an enormous amount of time and money

-          Become market wise quickly and understand what you need to do to become successful in this market.

 Your Essential Home Buying Guide- Announcing this unique and exclusive buyer guide designed just for you! We have compiled every detail commonly experienced in the buying journey. This first-rate guide will be all you need when you are going to buy a home now, or in the near future. Complimentary when you work with us!

 Exclusive Buyer Associate- Our exclusive buyer associate only works directly with home buyers.  Nicole is laser focused when it comes to finding the right home for you!

 Did You Know:

-          You only need to work with one realtor!  Our buyer associate can provide you with information or show you any property listed on the MLS system.  This saves you time having to call every listing realtor!

-          There are no direct costs to you when you use our services!  We get paid by the seller of the property you purchase!  This saves you money! 

-          We can create a Private Client Services (PCS) account for you!  You will receive any properties that match your search criteria via email!  Easy & Convenient!

 Our Gift Give-A-Ways!

 * Receive $50 Off a professional home inspection with Home Alyze

* Save $100 on your legal fees if you use Brad Mulder’s services

* Choose from any of our business alliances and you will receive a $350 Gift Voucher upon closing.  For futher details visit: http://giftvoucher.realtyexpertsgroup.com

 Rent to Own!

Have a down payment but unable to get conventional financing?  We can help make home owner ship possible for you!  Inquire about our exclusive Rent to Own program today to hear about your options!

 Education First!

The Essential Home Buyer Seminar!- Save Time & Money!
Feel confident and informed when you attend The Essential Home Buyer Seminar! 
Take advantage of this evening event and start off your home buying journey with education and knowledge of the process. Whether you’re a first time home buyer or a current home owner, this seminar will benefit you in different ways!

 Upcoming Seminar:

Tue. Oct 5/10 from 6:30-9:30 Pm @ the Red Deer Chamber of Commerce

Call today to register, seating is limited!  403-342-1059

 New to Red Deer or Relocating here?

Receive our Complimentary Relocation package!  Call us today to receive your package at 403-505-SOLD(7653)

 ACT FAST- GET STARTED TODAY!

Call 403-505-SOLD(7653)

Meet with our exclusive buyer associate today and find our how Realty Experts Group can assist you during your home purchase!

www.RealtyExpertsGroup.com

Full Services & Tools available for the First time Home Buyer! is a post from: Real Estate Experts Blog

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