Home Insurance

Today I met with a member of my EFG (Entrepreneurial Focus Group). He is a certified Insurance Broker. It was over our meeting that I learned some of the many serious changes that are happening in his industry of home insurance.

Like most of us homeowners, we know the mandatory aspect of house insurance particularly if we have a mortgage and even to those who do not have a mortgage.  Many of us work from home adding liability to the property. Are you fully covered now?

Over the years, in my industry, I have heard from the many customers that have either placed claims and/or negotiated the cost of such claims or coverage with insurance companies mostly while trying to find “the best deal” and reducing their household overhead.

Sorry folks, this is precisely a situation where you don’t want to money pinch!!!

Just like you don’t want to money pinch with the safety standards of your car, the same goes for your house insurance!  

If anything were to happen and you end up making a claim, you’ll find out that due to neglect your coverage is not 100%. Even worse, you’ll find out you have no case and you’ll have to cope with the full expense of whatever situation you are experiencing.

For more information about home insurance, please check out my Referral Directory on my website; 

                                              http://www.lauragutierrez.com  

Are you achieving your goals?

Sometimes we set ourselves up for failure! Since we are fast approaching a pivotal time in the year, where many of us tend to set goals for the new year, it is important to be realistic, practical and honest with your goal setting.

Remember this acronym: S.M.A.R.T. It is applicable to short, mid and long-term goals. Short-term goals are tasks that are achievable within a brief amount of time such as a couple weeks. For the most part, these goals are stepping stones for the mid to long-term goals. With that said, mid-term goals are usually attainable inside a few months, while long-term goals are bigger, more challenging and can take more time to complete. For example, if your long-term goal is to buy a house, a short-term goal may be to (ideally) reduce or eliminate your debt simultaneously open a savings account for your down payment or closing expenses or simply to be ready for opportunities that will come your way...only if you have savings!

S.M.A.R.T. Goal Setting

S.  Specific & written

M. Measurable in progress & completion

A.  Achievable outcome

R.  Realistic in time & skill

T.  Time based achievement

Goal setting can be an intimidating process and there are plenty of reasons why people avoid making them. Things to avoid;

1. Setting impractical goals. Set your criteria on reality! For example, be professionally qualified for a mortgage. Know where you stand and stick with that number. If you know you are only able to spend a certain amount of money....don't go over that!

2. Fearing Failure. While some people  set the bar too high, others set the bar too low or don't set the bar at all to avoid let downs. Don't let fear of failure paralyze you. Studies show that the additional effort and motivation required to achieve challenging goals makes them more rewarding than easier goals.

3. Not having a plan. A major part of goal setting is creating a plan of action to initiate, substantiate and complete the task.To improve the chances of reaching your goals, give yourself a deadline and stick to it. Deadlines will hold you accountable to your goal and help you track your progress.

FINALLY!!!!

I have been patiently waiting for this day to come. This is the day where I get to welcome my new partner to my team. Not only is does she have an amazing background in marketing, she is also incredibly vibrant with a lot of passion and energy.

I would like to introduce to you Paula Margulis.

A Business Marketing graduate, Paula has worked at Toronto's prestigious real estate marketing firm P+B Marketing, where she participated in a myriad of high-end projects, including Yorkville Corporation's high profile MuseumHouse, Channington Developments' Electric City, Sentex Developments' Waterways of Muskoka and BrightStar Corporations' Crates Landing. Since then, Paula has worked in retail marketing representing prominent clients such as Proctor & Gamble, Johnson & Johnson, Walmart, Shoppers Drug Mart and Loblaw Company Ltd., as well as online advertising and as a marketing consultant for Realtors.

The icing on the cake? She happens to be my daughter. Double whammy! I really couldn't be more proud or excited to be working with her. With that said; Welcome to the team Paula!

The Magic Number....620+!!

What does this mean?

This is the credit rating that you should have in order to get AAA rates with lenders. How to achieve this? Here are a few pointers;

First of all, you should get familiar with your own credit score. Equifax is one company that keeps track of  your score. This should be checked regularly...every 6-9 months.

You should have at least 2 active trade lines in good standing (meaning no late payments or at least not later than 2 months on making a payment also known as an R2 rating). A trade line is a credit card, line of credit or a loan where you are establishing your credibility at repaying money in a timely and consistent manner.

Don't be afraid to have credit, it is not a bad thing! Even if you prefer to deal with cash, you should establish some type of credit history. Take out a credit card with a small limit and use it once a month for a gas purchase or something to that affect and pay it off immediately at the end of the month.

Lenders don't like you to have multiple cards of the same type so mix it up; Visa, Master Card, AMEX. Don't carry all Visa (for example) or all department store type cards, they like variety.

Most lenders don't like to see clients get MAXED out on their credit line. They don't want you living at the "edge" of your margins...so we strongly advise that people stay under the 75% mark on the available credit limits. An example of this would be; your available limit is $1000, do not spend over $750 as a monthly balance.

Be consistent in repaying. Always repay at least the minimum payment every month, even if it is just $15. It is recommended that people set up an automatic payment system with their banks so they can stay consistent and they never forget to pay at least the minimum balance. Note: minimum is usually 3% of the overall balance on your statement.

If your credit limit is up to the max, it is recommended paying it down ASAP. Doing this would increase your score immediately and / or call up the credit card company (the number is on the back of the card) and ask for an increased limit AS WELL as a decrease in interest charged. Note: most credit cards have a 19 - 21% monthly interest calculation. You have the right to ask for it to be reduced. Don't hold back!

Times are changing! VERY EXCITING!

I couldn't be happier to share with you that my business is expanding and by that I mean I have recruited a new affiliate.

Today I want to introduce you to my network's new addition; Teresa Martin Grier, Federally Licensed Mortgage Agent with Dominion Lending Centers, the largest brokerage across Canada. She has worked in the Banking industry for the past 6 years and the last 2 years as an Industry Train Expert Mortgage Negotiator.

Working with Dominion Lending Centers, the fastest growing and largest brokerage in all of Canada, gives Teresa great privileges and access to full market products. She has access to RATE discounts that no other Brokerage Brand can claim. It is her job to KNOW what is available in the entire mortgage market as well as how to package your deal for quick approval by the lender.

As your "personal Mortgage shopper", Teresa will do all the leg-work in turn saving you time, money and worry. Her service to you will be to present you to lenders allowing them to compete for your business. After all, you compare prices for a vacation so why not compare prices for your mortgage?

The benefits of working with Teresa are two fold:
1. There is no cost for her services - She is a performance based professional paid by the lender who wins your business and trust.
2. Access to exceptional discounted rates - not available to the public for the RIGHT product your personal situation requires.

I am pleased to welcome her to my network and even more so to give you, my highly regarded clients, friends and family...yet another reason to be as comfortable with your real estate decisions as possible.