27 May

Moving with a Pet

General

Posted by: Jim Graszat

So the long anticipated moving day is here.  It can be an extremely stressful day for all involved.  But if you have pets, it will be stressful for them as well.  Unlike with children, you can not explain to pets what is happening to help reduce their stress.

The Old House

One way to help reduce a pet’s stress is to keep them as far away from the crazy moving process as possible.  Maybe leave them with friends or family, or in a familiar kennel for the day?  If that is not possible, isolate them from the excitement.  You could empty a room in an area of the house away from the activity and close the door.  A less desirable option may be to put them in a carrier or portable kennel in the garage or basement away from the action.  In any case, make sure fresh water and food is available at all times, and check on them frequently.  Even a small amount of normal routine will help them, so take time for short walks or tossing a ball in the yard.

The New House

When you arrive at the new house, ensure you have some dedicated time for them.  Introduce them slowly, and make sure they are secured.  A stressed animal may run away to try to find their home.  It is even a good idea to try to set up, to some degree, a room where the animal will recognize the furniture and fixtures to give them a sense of being home before letting them roam the new surroundings.

It can take several days for a pet to realize they have a new home, so be vigilant and help them adapt.  It is also a good idea to get advice from your local veterinarian before the move.

Our pets are like family, and we always want them to feel safe and secure.  I hope some of these tips and suggestions will help your pet settle in to its new home.

17 May

Access your Home Equity with a Home Equity Line of Credit…

General

Posted by: Jim Graszat

One of the greatest benefits of home ownership is the growth in value of the home over time.  The difference between your mortgage amount and the value of your house is called equity.  That equity can be leveraged in many ways, including for things like investments, home improvements, tuition, major life events, travel, or perhaps a new car.  Mortgage rates are usually less than a car loan, so why not take advantage of that lower interest rate?

A Home Equity Line of Credit, or HELOC for short, is a great way to leverage this equity.  This product uses the equity built into your house as collateral for a revolving line of credit.  Because it’s “revolving”, you have the flexibility to use all of it now, some of it now, or not utilize it at all but have the option in the future to use the funds (Need a new roof – no worries).  Payments are also flexible, and you can repay it at your own pace.  Once repaid, it’s available again for the next time you need it.

Scotiabank has a great product they call the Scotia Total Equity Plan, or STEP.  It has a mortgage component accompanied by a revolving line of credit, and you can even connect a credit card to the product.  With the STEP solution, you can have up to 3 different mortgage components, and each component can have different terms.  For example:

Current mortgage is $400,000 at a 5-year fixed rate.  You could choose the same type of mortgage, or you could have $200,000 in a 5-year fixed rate mortgage, and $200,000 in a 3-year variable rate mortgage.

So, continuing with the above example of a $400,000 mortgage, let’s say your house is worth $1,000,000.  You are allowed to have your STEP product utilize 80% of the value of your home, provided you qualify.  You can have up to $800,000 in secured debt based on this example.  So that would leave you with $400,000 in equity remaining that you can utilize in a revolving line of credit (HELOC), or perhaps a credit card, or a car loan.

To discuss this, or any other mortgage information, or if you have any questions please feel free to contact me at jgraszat@dominonlending.ca, or 705-730-8557.