How much home could your rent buy? Mortgage Agent I mortgageplannterW Buying a home is a big financial step, and if's hard ta know when you're really ready ta buy. Na wonder that mon>' Canadian renters are still sitting on the white picket fence when it cornes to home ownership. The exciting news is that it could be time ta make your move. There are a few reasons why. To begin, it's pre#y> simple math: if yos con afford ta rent, chances are that you con afford ta buy your own home. Your monthly mortgage payments ma>' be sirnilar ta your rentl That manthly rent cheque dloesn't need ta be rnoney out the windaw; it could be mane>' that's building you equity in your very own home. Let's take a look at how rent and mortgage payments rnight compare. if you're paying $1 ,250 in rent each monith, for example, you could be carrying a mortgage of $202,936. If you're paying $1,500, that's potentially a martgage of $255,510. Forking over $1,750 each month? You cauld bu paying off a rnortgage af $308,085! How are the martgage payments s0 affordable?' Firstly, right now you'ru benefiting from historically low mortgage rates. Secondly, you now have access ta longer-amortization rnortgages that lawer your monthl>' rortgage payrnent. (Thu examples abave were based on that combination: a 4% rate and 30-year arnortization, 5% dawnpayrnent and 2.95% insurance premium, property taxes and heat af $285 pur rnonth). Many first-tirne buyers opt for the longer 30-year arnortization rnartgage ta start, but then down the road, when cash flow and incarnes increosu, they know they can rarnp up thuir payrnents ta pay off their mortgages fasterl Think you can't buy a house bucouse you haven't savud up a downpayment? You con bey a home with 5% dlown and use somu of thu flexible options ta obtain the downpaynent, for example frorn gifts, throsgh borrowing, or cash bock incentives. Martgage insurers and innovative lunders believe that Canadians benufit fram horneawnership - and they're hulping ta rnake il mnore accessible. Evun if you'vu had past credit problerns, new credit repair mortgages con help transition you ta a brighter future. Titat's more good nuws for renters! Onu more hurdle that sorne renters worry about is showing enough incarne ta qualif>' for a rnortgage. If you're self-employed, for example, there are rnortgage options avoulable that don't require you ta verif>' your incarne. If you have ci good credit history and reliable incarne-earning capacity, then you ma>' qualify for a no-incarne verification rnortgage boan. time you sign a rentaI or lease agreemnent, you are signing a long- lasting contract that has no profit potential whatevur - at least, not for you. Whun you sign a mortgage boan agreenent, not anly do you sign onto horneownership, but you also sign up for a great equitymnaking opportunity tao. Buying a home rnakes bath financial and urnotional sensu. Theru are the intangible pleasurus that homeownership offers: ncreased frèedom, privacy, and a sense of comnunitý for example. Then there are the more tangible rewards: for decades, Canadian homeowners have buen able ta leverage their property purchase into a large financial return. You're at a moment of ruai opportunit>' right now: this rnay bu the perfect time for you ta get on the right side Stili sitting on the fence? Think about this: every of that oicket fencel John Cavan is an Approvcd Mort gagt' PIonner with Mortgagc Arc hitccts. Mort gage questions and conceris can be directecl ta John Cavans office, located at 14 Martin St., Milton. John can be reached by phone: 905-878-7213 or by eci til:ohn.cavan@mtgarc.a. John Cavans website is w.stressf reemorî gage.ca. Contact John îoday about your stressfree mortgage opportunities. Decorating basics: somne rues you dont want to break Somne rules we were neyer taught. When it cornes ta home décor, there are decorating basics that many of us are flot aware of. How bigb do you hang artwork on the wall and what about the new plasma TVs? How big a sofa should you purchase? Should you match your wmndow treatments ta the wall colour and what if you resu>' like that fire engine red? Décor expert Kari Lohnes and Sue Rainville, director of marketing for Hunter Douglas, Canada's leading window fashions manufacturer, offer the followlng mnput. Artwos* and TVs: "Neyer hang artwark in relationship ta the height of the ceiling," says Lohaes. "It should be hung in relation ta the anchor you're hanging it above or the floor. la a low-ceilinged room, ibis means you sbould hang your artwork about 8 inches above the anchor. In a room witb high ceilings, bang pieces 12 inches above the anchor." According to Lobnes, when banging art- work witbout an anchor, the basic rule is ta measure 66 inches from the floor - the mid- dle of your artwork should be at ibis beigbî. Tbis brings the artwork et approximate "eye level" - the normal qualification for hanging art. What about tbe plasma televisians? Advises Labnes: Tbey sbauld be bung about 40 ta 42 in ches from the floor ta the televi- sion's center. Wben banging art or a flat-screen television over a mantel, it should be placed three ta six inches above tbe top of tbe mantel." The sofa The rule for purchasing a sofa, says Lohnes, is that it sbould be na longer than twa thirds of the widtb of the room. This means that yaur sofa will be easy ta move around and you'll bave room for tables alongside of it. He alsa suggests that tight-back salas are the mest space-efficient as opposed ta deeper sofas wbicb take up extra space because of their large cushians. To make the room seem larger, consider purchasing a sofa witb exposed decorative legs that lets you see uaderneath it as ever. 3 3o opposed ta one with a skirted base. What More information is available anfime at Fk à d Q about for a ver>' amaîl space? -Make a small www.bunterdouglas.ca or toll-free at space feel as large as possible with a sofa 1-800-265-8000. Ktk under 38-inches deep and 80-inches long," wwwnewscanuada.com »ogy concludes Lobnes. " The wimdow treatnts and coloiur "First, look at the window space itself, then the area surrouading it and, finally, the room in its entiret'," says Rainville. "If you , coordinate the w*do fashio witb the wall colour it will help visuall>' expand the room because low contrasta keep the eye , moving around the room. Ta make the win- dow or room appear smaller and cozier, use dark, warm colours and high contrast between the window and wall." She also notes tbat it is good ta remember- that colour intensifies as you increase areas of coverage - s0 some brlghts might work best as an accent color. Wben combining colours in a room a good aile of tbumb, sbe advises. is that the primar>' calour sbauld he featured in up ta 75 percent of the mroom, the s econdar>' colour about 15 ta 20 percent and the third colour about 10 percent. Witb these simple ailes, ailing your rooms and your décor should be easier than Light up your outdoor nightlife When the* stars corne out, beasstifying your landscape, mrum visa impact, cl>oose Consider adding. llghts to a you don't have to head -Below are soine tips from anly one or two focal points, patio umbrélla or string faiy indoors. Wtsth the right ligh- The Home Depot onbhow to cre- Keep it gentie: Simnlar to llghts along thé aides and top aI îng, your backyanl can become ate an encbanted ouuloor space amblent light isndooms, area ligbt 'your gazebo ta sianulate a starry the perfect spot ta entertain Spodfgha ploaw. By illumi- lgeeal floodlighting that night. long after the sun goes, down. rnating objecta huom below, snch = lesarger spacea lu a sofrTf Ém< 11i Law-voltage snd TaIte the same 'approach to - as a nree or fountain, you can glow. Use it ta gently ihiminate enesVr-effbcient lights lite LEDs hightsng your exterlor as yau create dramatie focal points. sections af lawm, hedges, patios on a timer are a great way ta wotsld your interior. Combine The effec you achleve deqessd or conversation corners. illumànate your yard at nigt several types - amblent, on lte angle af, the l1*ht- For , *luWs enetbnn:Sotand keep costs in check. accent, task anddecorative - i instance, if yens w»* t> empWta lights tbat look like patio For more otdoor, lihtn set an intimate or ýdramuatic aize thte text= a tr r~unupit lante»s or are encased 'wlsbln uipe vinit wwnwamsedepotca or mood. Lighting sbould serve instaf hemnS' stiarbase.If you steppngstones, are cntative and your local The Htome Depoi both functIonal aud nesthetic, want ta iflinante thne leaves. âsezoraive ways ta llght your store,. purposea - ensnring safesy snd place lighting fiantier away. Tb yw for oatâcor enetmg wwnewsautda cme