Owning a home can be expensive. Genworth Financial understands this and, in order to better help support their mortgage insurance clients, they’ve created Homebuyer Privileges™. When you are a customer of Genworth’s you are automatically made a member. The benefits are savings and discounts. Some of the companies who have teamed up with Genworth include, but are not limited to:

• General Electric Appliances
• Targetvacations.ca
• Hertz Car Rentals
• Danamark Watercare

Find out more in the article "Valuable Savings Available Through Genworth Homebuyer Privileges™"

Nick is a valuable member of the casaGURU team who acts as liason between associations, brands, companies, etc. He's also an all around good guy! If you'd like to contact him, add him as a friend and write on his wall.

Make Energy Efficient Upgrades and Receive a 10% Insurance Rebate from CMHC or Genworth!

Making energy efficient upgrades will save you money in energy costs. It makes sense to do whether you plan on staying in your home for many years or are looking to place it on the market.

If you are preparing for a sale, ensuring that your home is energy efficient has proven to bring in top dollars. There is a 10% rebate for families who pay an insurance premium for financing, and it is this added incentive I want you to know about.

Almost every first time homebuyer needs to obtain insurance from CMHC or Genworth at the time of purchase. This fee can range from 0.50% to 7.00% depending on your employment status and initial down payment.

Confirm with your lender what your insurance premium was at time of financing and obtain the account number for your refund application. In my many years of lending experience, I have seen premiums range from $5000 to $30,000. A 10% refund is worth taking the time to investigate, especially if you intend to make those energy efficient upgrades to your home.

The FIRST and MOST important step in this process is having your home’s energy efficiency audited by an NRCan qualified energy advisor. They will provide your rating as well as a list of suggested energy efficient upgrades that will be beneficial to your specific home needs.

After you have decided which upgrades to complete and have them completed, you must obtain a SECOND energy audit by the NRCan qualified energy advisor. This report is proof that you have met the criteria to apply for the 10% refund.

For further information, check out the Energy Rebate Policies from CMHC and Genworth.

Stephanie Desa, CFP, is a financial GURU who provides insights to help homeowners better handle their finances. To learn more go to $MARTdollars.ca or to ask Stephanie a finance question, shoot her an email.

Did you know that you can lend yourself, your children, or a third party funds for a mortgage using your RRSP? This is not for everyone, but if you have saved up at least $75,000 in your RRSP, this is definitely an option for you.

It is called a Self Directed Mortgage, you can use your RRSP funds to fund your mortgage. Let’s say you have saved $100,000 in your RRSP and at the same time still owe about $200,000 on your mortgage to the Bank. I’ll show you a simple calculation just for illustration purposes. Currently, you pay the bank 4% on your $200,000; that is $8000 per year you pay in interest. You have the ability to structure your mortgage as follows:

• $100,000 conventional mortgage with the Bank, approximate rate of 4.00% annually. You now pay the Bank $4000 per year in interest.
• $100,000 self directed mortgage to your RRSP, approximate rate of 4.00% annually. You now pay yourself $4000 per year in interest.

There are set up costs and annual admin fees, but the interest savings over the amortization of the mortgage outweighs the set up costs tremendously. This works best when you lend yourself the funds for the mortgage, but you can also lend to a family member or a third party.

Contact me if you would like more details on how this can work for you.

Stephanie Desa, CFP, is a financial GURU who provides insights to help homeowners better handle their finances. To learn more go to $MARTdollars.ca or to ask Stephanie a finance question, shoot her an email.

When shopping around for a mortgage rate, always give your existing institution the opportunity to match a competitors rate. Maintaining your mortgage with the same institution will save you money on discharge and legal fees. Another hidden money saver will be the credit protection (or Life Insurance) attached to your mortgage if you have signed up for it. Often when you switch mortgage providers, you are a few years older and your premium will be higher. If you stay with your existing mortgage provider, the insurance cost should remain the same. You need to verify these details and terms when renewing or transferring your mortgage.

Stephanie Desa, CFP, is a financial GURU who provides insights to help homeowners better handle their finances. To learn more go to $MARTdollars.ca or to ask Stephanie a finance question, shoot her an email.

Before you start comparing the various rewards cards that are offered across Canada, first you have to look at how you will use the credit card.

Do you Carry a Balance ?

Like every financial expert, I agree that carrying a balance on your credit card is not the wisest financial decision. There are steps you can take to save yourself money in interest cost.

You will have to ask your credit card provider for a LOW interest card, every company should offer a Low Interest card. You can transfer your balance from the existing card to the new Low Interest Card and this should not involve applying for more credit.

You may also be able to set up a line of credit and transfer your high interest card balances to a lower interest unsecured line of credit, the rates can range from 6-10%. Most importantly, ensure your debt is under control.

No Reward card is going to pay you more in rewards than what you pay in interest when you carry a balance.

Do you pay off the balance every month?

So now, if you are one of those people who do pay off their balance and use their credit card as their primary spending vehicle, let’s review how to determine the best card for you.

1. What type of Rewards would be the best for you? Travel, cash back, and points.
2. What is the annual fee of the Rewards cards?
3. Are you eligible for a fee rebate based on your checking account service plan?
4. How much will you spend every month on the card? This will help estimate the value you can earn in the Rewards Program. Example, when you spend $10,000/year on average will earn $100 in value. If your annual fee is $135, you have not earned any Rewards!
5. Understand how the value of the Rewards is calculated, this is the most challenging part in comparing cards. Some cards give you 3 point for $1; some are 1 point per $1. Some are 1000 points for $1. Review how many points you earn per dollar spent. Then compare!

Once you have determined the best Reward card for you, use your reward card for everything! Gas, groceries, repairs, pre-authorized bill payments. Just please make sure your PAY off your balance every month within the interest free grace period, otherwise you will pay MORE in interest than you will earn in Rewards.

Stephanie Desa, CFP, is a financial GURU who provides insights to help homeowners better handle their finances. To learn more go to $MARTdollars.ca or to ask Stephanie a finance question, shoot her an email.