IMPORTANT UPDATE - BRGS is making some long overdue changes effective December 1, 2017 to the relocation progress. Check out the following link for details
Posted to or from CFB Trenton or any other military base in Canada? You've come to the right place.
There is more to a great mortgage than just rate. Is the mortgage portable? What are my prepayment options? What are the penalties if I get posted before the end of my term? Can I buy down the interest rate?
Canadian Military Familes are often presented with challenging financial situations, as they don't always have a choice when or where they are moving to. Making sure your mortgage and mortgage advisor have options and advice to make this as stress free as possible.
As CMI's resident relocation expert, I have helped hundreds of families make sound financial decisions when transferring to or from CFB Trenton (or any other base) with the Canadian Military. With amortizations up to 30 years (25 years for insured mortgages), 120 day rate guarantees and low downpayment solutions for purchases, I have a solution for most mortgage needs. I understand how overwhelming a house hunting trip can be and the time constraints you are often under. In most cases, I can have your mortgage approved (leaving you able to waive your financing clause) in less than 24 hours. Chances are you can have your mortgage paperwork signed before you even head home so you are 100% comfortable with waiving the conditions on your new purchase (That is one of the advantages of dealing with a local Trenton mortgage broker instead of some anonymous person over the internet or at a bank call centre). Contact me today at (613)394-5810 to make your HHT a success!
Unlike your local banker, I can meet evenings or weekends around your schedule to make sure you secure the best deal possible for your new mortgage. I will also be happy to take the time to properly explain your options regarding such issues as interest rate buydowns (and tax considerations of not buying down the rate), mortgage portability, and interest rate strategies.
Call Craig Nickerson today at (613)394-5810 for truly independent advice regarding the most important investment you will make in your lifetime - your home.
How can a mortgage broker (that's me!) save you money?
Consumer studies have shown that borrowers that deal with a mortgage broker save on average 0.4% vs borrowers who negotiate directly with their own bank. Doesn't sound like a lot, or does it? Let's work through a scenario to find out.
You are in town on a house hunting trip with the military and you find a home that is absolutely perfect but is priced $10K more than you were planning on spending. Your realtor figures the list price is really fair, however, and that a low ball offer simply wouldn't even be considered. What do you do?
Your bank offered you a pre approval at a 5 year fixed rate of 3.19% to maximum $200,000 with 5% down. Based on a 25 year amortization, this would give you a payment of $946/month.
However, if you had given me a call, you would have ended up with a rate (on average) 0.40% lower than your bank. If you had a 5 year fixed rate fo 2.79% and purchased the home for $210,000 with 5% down (25 year amortization), your payment would work out to exactly the same amount - $946/month.
This is information your real estate agent will rarely share with you - the services of a mortgage broker are much more important in saving you money than their help in negotiating a good price on a home.
To start saving money and increase your purchasing power, please give me a call at (613)394-5810. Most times I can preapprove your mortgage in as little as 5 minutes.
Military Relocation Packages
Your relocation package will consist of three envelope components Core, Custom and Personalized. The Core component covers items that are considered essential for your move such as cost to sell your existing property or dispose of your rental unit, cost of your House Hunting Trip (HHT) etc. The Custom component cover items that enhance your move such as marketing incentives on your existing property to help it sell, bridge financing and costs associated with your extended family. The last component is non essential but attributable to your move such as a Movement Grant, Posting Allowances and others. Below is a description of the components and examples of what the component covers.
Envelope 1 - The CORE
Core benefits are essential to a move. All core benefits are funded directly by the Department. A member is not required to use these benefits, however any unused benefits cannot be exchanged or assigned any monetary value to pay for any other benefits or expenses.
Example of Items Covered:
· Disposal of your rental unit. Pay for getting out of lease
· Pay for costs to sell your residence, all real estate commissions and legal fees, mortgage breakage (if porting the mortgage is not an option)
· Costs associated with your house hunting trip such as travel and hotels
· Cost to purchase new house including legal fees, inspections
· Cost to move such as moving expenses, travel etc.
Envelope 2 - The CUSTOM
Custom benefits enhance a move. Custom funding is based on the factors of type of accommodation, distance traveled and family size. The custom funding formula is used by the member to pay for these custom benefits only and cannot be used for any other type of benefit.
Examples of Items Covered:
· Building Inspection on your existing property
· Marketing Incentives such as decorating allowances, early closing incentives
· Cost to have someone take care of your children on HHT
· Dependant and Extended Family Travel
· Bridge Financing
· Interest on $25,000 Home Relocation Loan
· Miscellaneous Expenses for Extended Family such as transportation, lodging and meals
· Car rental when primary vehicle shipped
· Shipment of – Second Vehicle, Pets, Boats, Antiques, Artwork, RV's, Trailers
· Miscellaneous Shipping Expenses
· Spousal Employment Search expenses
Envelope 3 - The PERSONALIZED
Personalized benefits are non-essential expenses but are attributable to a move. It is within the member’s discretion to use personalized benefits. The personalized funding formula is available for use in three ways:
It can pay for any personalized benefits;
It can pay for additional custom benefits beyond what can be covered by the custom-funding formula; and
Remaining funds can be cashed out and paid directly to the member.
Examples of Items Covered:
Movement Grant: Members receive a non-accountable grant in an amount of $650. This allowance is intended to offset various losses or expenses incurred but not specifically provided for because of the move. Members must sign a statement verifying that these expenses were incurred. Receipts are not required.
Posting Allowance: Members who elect not to sell their home receive an incentive equal to 80% of the pre-negotiated corporate real estate commission rate based on the appraised value of the home. It shall not exceed $12,000. Members can generate Personalized Funding as a result of savings on HHT.
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