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Category Archives: Fintech and Real Estate

EQ Bank and FundMore Partner to Optimize Mortgage Lending

Release | Jun 19, 2024

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FundMore and Equitable Bank Announce Partnership to Improve Mortgage Lending

FundMore, an artificial intelligence-powered mortgage underwriting platform, has scored a partnership with Equitable Bank, Canada's seventh-largest independent Schedule I challenger bank. This collaboration intends to streamline and improve the mortgage process, making it more efficient and accessible to borrowers across Canada.

  • The major purpose of this collaboration is to use FundMore's innovative technology to improve Equitable Bank's mortgage operations.
  • FundMore's platform uses artificial intelligence and machine learning to automate and improve mortgage underwriting accuracy, saving time and effort on mortgage approvals. This integration is expected to benefit both borrowers and lenders by reducing response times and improving risk evaluations.

See:  FundMore x Senso AI Launch Solution to Transform Lending

  • Quicker decision-making will also improve the overall customer experience while reducing the paperwork often involved with mortgage applications.
  • Initially, the new services will be provided in major markets such as British Columbia, Alberta, and Ontario. There are intentions to expand further depending on the success of the initial rollout and market demand. This strategic expansion aims to meet the needs of various customer groups, including owner-occupied purchases, refinances, and rental property investments.

Mahima Poddar, SVP and Group Head of Personal Banking at Equitable Bank, stated:

“Partnering with FundMore to implement the new LOS is a natural extension of Equitable Bank’s challenger commitment to drive change in Canadian banking. This AI-enhanced tool will allow us to unlock new levels of turnaround time, satisfaction, and engagement for our mortgage broker partners and employees. We are excited to work alongside a like-minded organization in FundMore as we continue to advance our innovation agenda and set new industry standards for excellence in mortgage lending.”​

See:  Fintech Fridays EP43: Taking the Mortgage Process From 40 Days to Minutes

Conclusion

By integrating the latest AI tech together with robust banking services, we can expect to see efficiencies and improvements in the near future.


NCFA Jan 2018 resize - EQ Bank and FundMore Partner to Optimize Mortgage LendingThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Eco-Friendly Patio Doors: Merging Sustainability with Innovation in Home Design

May 22, 2024

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Ottawa house owners are now turning to green doors are fashionable patio doors as they look for sustainable alternatives. Ottawa has sliding patio doors that provide the best and most convenient views as well as access to external spaces and at the same time are good for the environment These doors have been designed to experience minimum energy consumption through the utilization of materials with superior insulation and minimal impact on the environment.

Eco-friendly sliding doors are not only a stylish and practical element but also contribute to the reduction of your home's carbon footprint makes the living place comfortable. These doors serve the purpose of styling the home and they are also vital in the move toward more sustainable and eco-friendly home design.

What Are Eco-Friendly Patio Doors?

Eco-friendly patio doors are exactly what their name suggests—a type of door designed to minimize environmental impact while maintaining functionality and style. These sliding patio doors Ottawa consist of sustainable materials that contribute positively to ecological conservation efforts, such as glass made from recycled materials and wood sourced from sustainably managed forests. The attention to detail is evident throughout the production process, from the choice of materials to the final product, ensuring that each door is crafted with the environment in mind.

Components and Architecture

Typically, properly maintained trees or other flora or plants, or materials recovered from secondary sources, make up the environmentally friendly patio doors. items like glass that has been collected and repurposed, as well as timber that is certified by forest stewardship organizations. By employing these resources, unneeded waste loss and forest clearing are prevented. It improves the health of the world.

Energy-Efficient Design

Such doorways are not primarily about the materials used to build them but also how they are put together. With energy-efficient technologies such as double or triple glazing, weather-stripping, and thermal breaks being widespread. These features of maintaining your home with comfort each and every season you do not have to use heating and cooling systems that translates into less energy consumption.

Eco-Friendly Sliding Doors Come With Numerous Upsides

These doors, being well insulated, are a good way of saving your home's energy bills as they would decrease the amount you use. They additionally improve indoor air quality by doing it using non-toxic materials and finishes. In addition, they might be the major factor for the growth of your home value, making it more attractive for buyers who support this idea.

Design Trends in Eco-Friendly Patio Doors

Eco-friendly living has become more popular; developers of patio doors now offer diverse designs that conform to both aesthetic and environmental standards. Here are some of the latest trends:

  • Currently, ecological patio doors are becoming thinner, and the glass areas look even larger, which leads to an increase in natural light and a decrease in materials used for construction. Aside from this, the daylight will also serve as a natural lighting source, hence reducing the use of artificial light.
  • Besides, there is a tendency towards the use of doors with natural finishes that do not apply dangerous chemicals. These colors not only bring out the beauty of you and your home but also protect your health and the environment.
  • Plenty of new opening accessories types have been created using sliding, and bi-folding mechanisms in order to optimize space and minimize heat loss. However, the options of these layouts give you the freedom to use your area as you wish with energy saving in mind.

How to Choose the Right Eco-Friendly Patio Door

Before diving into the purchase, think about what you really need from your patio door. Consider the size of the doorway, the direction it faces, and your local climate. These factors will influence the type of door that best suits your home. For example, doors facing north in colder climates might need better insulation to prevent heat loss.

Making eco-friendly material choices is essential. Seek for doors composed of fiberglass, recycled aluminum, or wood that is grown sustainably. Every material has advantages, such as maintenance needs and longevity. Make sure the door design complements the aesthetics of the rest of your house by taking into account other design components like the kind of glass—double or triple-glazed.

Installation Tips for Maximizing Efficiency

It’s important to pay attention to the installation process if you want to enjoy all the benefits that come with an eco-friendly patio door. Here are some tips to make sure your new door works as efficiently as possible:

  • A salaried professional who has environmentally friendly knowledge will make sure that the door is installed perfectly and that there are no gaps that would cause an air leak.
  • Provide that each seal is well set and the door frame is well insulated and that way the energy loss is minimized.
  • The overall energy efficiency of the door depends on which way it is placed. Such as if the door is located in the south of the house in the northern hemisphere it will get solar gain in winter, however, if a door located in the north of the house then it needs more insulation.
  • Maintain a clean track of the door and periodic checking of seals to ensure that the efficiency and longevity of the door are achieved.
  • Suggest smart thermostats that change the room temperature according to whether the glass or the door is used or automated blinds that regulate the amount of sunlight entering a place through the window.

Embracing Future Innovations in Patio Door Technology

Similarly, looking at the advancement of technology and materials will open up possibilities for additional improvements to energy efficiency and sustainability long after installing the eco-friendly patio door. Stuff like smart glass, which could adjust the level of transparency according to the actual sunlight intensity, is expected to be one of the future technologies that will help your home become much more energy-efficient.

See:  Eco-Friendly Bathroom Renovations: Trends and Tips for Canadian Homes

What you need to keep in mind is that installation of a "green" patio door is not only about a home improvement, rather it's a step that will complement your values and help you to move towards a more sustainable planet. Besides, they will lower energy consumption and also lead to the creation of a healthier home environment. Such a decision brings with it not only the value of your home but also you as a contributor to the game of saving our environment. Earth deserves the best from us, let’s go to work to find the balance between the conveniences of home and the care our planet needs.


NCFA Jan 2018 resize - Eco-Friendly Patio Doors: Merging Sustainability with Innovation in Home DesignThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Importance of eNotes In The Digital Mortgage Ecosystem

April 23, 2024

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A decade earlier face-time was just taking off, and everyone was not into video calls. Today, influencers go live and interact with their audience, business meetings happen across time zones, applications for loans are filled any time of the day through omnichannel service options, and we even scan the menu card in a restaurant. All this is a result of digital living, supported by AI-driven tools and applications. Artificial intelligence, post first industrial revolution through machines and the second one through computerization, can be termed the third prominent revolution that will change the normal course of business and general life.

AI drives up convenience and reduces the burden on work-laden employees, freeing up their time and efficiently delivering the work. Digital mortgage refers to loans approved through loan software that features eNotes for Mortgages to ensure proper completion of the loan documentation process. An eNote is an electronic promissory note that contains all the necessary information found in a physical version. It is securely stored in an eVault with encryption features that grant access only through authorization. Promissory notes are crucial legal and financial obligations that guarantee repayment of the loan according to the agreed terms of the document.

Digital Mortgage Must Include eNotes

The digital mortgage ecosystem promises a streamlined, efficient, and secure experience for lenders, borrowers, and servicers alike. However, without the critical inclusion of electronic notes, this ecosystem remains incomplete. Here's why eNotes are essential for a truly robust and functional digital mortgage landscape:

  • Enhanced Security And Fraud Reduction

Traditional paper notes are vulnerable to loss, theft, and physical damage. eNotes reside on secure, tamper-proof digital ledgers, significantly reducing these risks. Additionally, with a clear and immutable audit trail, eNotes makes fraudulent activity far more easily detectable. This translates to greater peace of mind for all parties involved in the mortgage process.

  • Improved Efficiency And Streamlined Processes

Time and resources are wasted in tracking down, copying, and physically mailing paper notes. eNotes eliminate these inefficiencies. With eNotes, the entire mortgage lifecycle, from origination to servicing, becomes faster and smoother. Loan approvals can be expedited, documents can be accessed and transferred instantaneously, and communication between lenders, borrowers, and servicers becomes effortless.

  • Reduced Costs

The reliance on paper notes translates to significant costs for printing, storage, and transportation. eNotes eliminate these expenses, leading to substantial cost savings for lenders and ultimately benefiting borrowers through potentially lower interest rates.

  • Greater Transparency And Accessibility

eNotes provides a secure and centralized repository for all loan documents. This fosters greater transparency throughout the loan lifecycle. Borrowers can easily access their loan documents at any time, and servicers can efficiently retrieve critical information whenever needed.

Conclusion

Going forward, businesses have to address community needs and reduce their carbon footprint.

See:  The AI Revolution in Personal Digital Banking

Paperless modes of transactions are now accepted legally in most developed countries and are a more secure medium to store information. Piles of paper will not go back to landfill once the loan cycle is completed when you decide to go digital.


NCFA Jan 2018 resize - Importance of eNotes In The Digital Mortgage EcosystemThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Top 5 Outsourced Services for Real Estate Agents

March 18, 2024

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Outsourcing means taking on a task vital to the survival of your company and deciding to find someone from outside of your business to handle it. The reason why this is done is because it’s simpler (less administrative tasks and bureaucracy for you), cheaper (in the short-run especially), and more efficient (you get specialists instead of generalists on the task).

One of the industries that heavily benefit from outsourcing (even though it’s present in virtually every field) is the field of real estate. Here are the top five outsourced services for real estate agents to help you understand what we’re talking about a bit better.

1.  Data entry specialist

Every modern business depends on data, and in order to be made available for use, this data first needs to be entered into your database.

Just think about it for a second; if you don’t get an outsider to handle it, you’ll have to assign someone to do this task. This means that hiring a data entry specialist means freeing internal resources. Data entry is a full-time job, and since it’s so menial, by assigning someone to it part-time, you could damage their focus during their core tasks. So, the key thing lies in prioritizing.

On the other hand, by assigning it to a specialist, you can increase the efficiency of curating data. Even AI tools are only as good as the data they’re working with. This is something that, sadly, AI still cannot control the right way.

You don’t have to hire an agency. Just find a freelancer with the experience handling these tasks and you’ll already be better off than you were before.

2.  Management assistant

A real estate agent or manager has too much on their plate already. This is why they need some help, and in the modern era, they can even hire assistance remotely. The concept of virtual real estate assistants is becoming increasingly popular within the industry for its convenience and efficiency.

First, with the help of an assistant, you’ll achieve far better operational efficiency. You’ll have someone to tend to your schedule and handle all the menial tasks throughout the day. This will allow you to focus on all the core tasks, those that no one but you can handle.

Since an assistant acts as an unofficial customer support representative, hiring an assistant will inevitably improve customer satisfaction. Instead of having to respond to all the inquiries personally, you can have an assistant take care of it for you.

In a scenario where you’re also handling rental properties, you would be surprised at how many tasks there are on a daily basis. This way, both landlord and tenant relations will be improved, and the job will become, overall, a lot easier.

3.  Market research specialist

In modern real estate, the customer has access to basic tools similar to those of a real estate agent. When they reach out to you, they already know what similar homes in similar neighborhoods go for, so you won’t be able to convince them as easily.

No, where you win them over is in the research stage. By being able to dig out the best deals and present them to your customers, you’ll be able to increase the chance of actually making the sale. You’ll also set yourself apart from the competitors.

So, you need someone who’s skilled at this task and someone who’s on this task full-time. This is a major reason to outsource to market research specialists.

Not only that, but by having all the data and all the properties on demand, you’ll improve your decision-making process. This is one of the biggest myths of the real estate world - the idea that a lot of decision-making is somehow intuitive or random. In reality, it was always data-based, only the data was less available.

4.  An accountant

Outsourcing your accounting processes is incredibly important. First, there are so many transactions (on average) in this industry that it will take one of your permanent members full-time just to sort them out.

First, there’s the payroll processing. In the real estate industry, this can be a nightmare. You have several different employees operating on different payment model. In the same firm, you have people working on a fixed wage and people working on a commission. Needless to say, outsourcing simplifies the payroll profile, as well.

Tax preparation is too much hard work, even if you have accounting software, so it’s better to have someone on the task rather than having to remove one of your staff members and give them this responsibility.

If you’re also managing properties, tenant and landlord invoice processing can get out of hand really quickly. By outsourcing the task, you’ll ensure that everything is done in a timely manner.

5.  Marketing specialists

Ultimately, there’s no real estate without marketing. You need to make sure that your site ranks the best, as well as that your outreach teams are as proactive and efficient as humanely possible.

This is probably something that requires a team, and unless you’re willing to start a marketing department, the only way to get it is to outsource.

First of all, you need someone to take care of your site. Site maintenance and on-site optimization will ensure that you rank well. Still, you also want to start a blog, an SEO campaign, and perhaps even set aside a bit of marketing budget for a brief PPC campaign.

Next, you need someone to take charge of your social media profiles. In the real estate industry, Instagram, Facebook, LinkedIn, and even Pinterest can make a world of difference when it comes to your reach.

See:  Real Estate 3.0: How Affordability and Fintech Are Driving the Ownership Revolution

Lastly, there’s no field where outreach is more important. So, you need someone in charge of your email marketing, perhaps even someone making cold calls the old-fashioned way (but with a VoIP twist).

Wrap up

Ultimately, outsourced tasks are usually handled more efficiently. The only downside is the lack of direct control. Still, even this can be countered through efficient communication. There’s really no difference between a report from your team leader and a liaison at the agency you’ve outsourced to. It’s all psychological, and outsourcing gives you too many concrete advantages to ignore.


NCFA Jan 2018 resize - Top 5 Outsourced Services for Real Estate AgentsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Sustainable Property Management: Strategies for Eco-Friendly Operations and Cost Savings

Feb 15, 2024

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When we talk about managing buildings or homes in a way that's good for the planet and saves money, we're talking about sustainable property management. It means making smart choices that help the environment and cut down on costs. Let's look at simple but effective ways to make buildings greener and why it's a win-win for everyone.

The Role of Sustainability in Property Management

Why is sustainability critical in property management? Sustainability is all about taking care of our planet and living in a way that's better for our future. For buildings and homes, this means using less energy, wasting less water, and making sure we don't throw away too much stuff. Doing this helps the Earth and saves money on bills, which is great for everyone who lives or works in these places.

So, sustainable practices in property management can lead to reduced energy consumption, lower utility costs, and minimized waste. But the impact doesn't stop there, it extends to improving property values, improving tenant satisfaction, and even contributing to the broader fight against climate change. Let’s check sustainability practices:

1.  Green Building Practices

Green building practices form the cornerstone of sustainable property management. These practices encompass:

  • Eco-friendly Construction Materials: Using recycled, renewable, or sustainably sourced materials reduces environmental impact during the construction phase and throughout the life of the property.
  • Sustainable Design Principles: Architectural designs that maximize natural light, improve air quality, and encourage energy efficiency are pivotal. Features like green roofs, rain gardens, and efficient landscaping not only beautify properties but also contribute to their sustainability.
  • Certification Standards: Adhering to recognized green building standards, such as LEED (Leadership in Energy and Environmental Design), provides a framework for achieving sustainability goals and demonstrates a commitment to eco-friendly operations.

2.  Energy-Efficient Upgrades

Implementing energy-efficient upgrades is a straightforward yet impactful way to enhance sustainability. Consider these upgrades:

  • LED Lighting: Switching to LED lighting from traditional incandescent bulbs can significantly reduce energy consumption and costs.
  • High-Efficiency HVAC Systems: Modern, efficient heating, ventilation, and air conditioning systems adjust to maintain optimal indoor temperatures with minimal energy use.
  • Smart Thermostats and Energy Management Systems: These technologies allow for automated, optimized energy use throughout properties, further cutting down costs and environmental impact.

3.  Water Conservation Measures: Every Drop Counts

Water conservation remains a vital component of sustainable property management, even in the context of protecting metal buildings against extreme weather. Implementing measures such as installing low-flow toilets and faucets, incorporating rainwater harvesting systems, and integrating efficient irrigation systems for landscaping can significantly diminish water consumption and utility costs. These strategies not only contribute to environmental sustainability but also enhance the overall resilience of metal buildings against extreme weather conditions. By conserving water resources, building owners can mitigate potential risks associated with water damage during storms or floods, thus further safeguarding their properties against the impacts of extreme weather. Here are some ways to save water:

  • Collect Rainwater: Set up systems to catch rainwater. You can use this water for watering plants or flushing toilets.
  • Smart Watering for Gardens: Use drip irrigation or timers for watering lawns and gardens. This makes sure plants get just the right amount of water without wasting any
  • Educate Tenants: Sometimes, people use more water simply because they don't realize it's being wasted. Sharing tips on saving water can make a big difference.

By taking these steps, we not only cut down on water use but also contribute to a healthier environment.

4.  Waste Reduction and Recycling: Towards Zero Waste

Encouraging waste reduction and recycling among tenants can significantly reduce a property's environmental footprint. Providing accessible recycling bins, composting options for organic waste, and engaging in community clean-up events are great ways to promote a culture of sustainability. Let’s check the details.

  • Donate What You Don't Need: Encourage tenants to donate items they no longer need instead of throwing them away. This could be clothes, furniture, or electronics.
  • Set Up a Sharing Corner: Create a space where tenants can leave items for others to use, like books, tools, or kitchen gadgets. It's a great way to reduce waste and build community.
  • Provide Accessible Recycling Bins: Place recycling bins in easily accessible locations throughout the property. This includes common areas, near entrances, and in parking lots to ensure tenants and visitors can recycle without inconvenience. Use clear and simple signs to show what materials can be recycled. Pictures and colours can help people quickly identify the right bin for each type of waste.
  • Composting Options for Organic Waste: Offer compost bins for food scraps and other organic waste. This can be particularly effective in properties with communal kitchens or gardens. Provide information on what can be composted and the benefits of composting, such as reducing landfill waste and creating nutrient-rich soil for gardens.
  • Engage in Community Clean-Up Events: Plan events where tenants can come together to clean up local green spaces, beaches, or even the property itself. This not only helps the environment but also builds a strong sense of community. Collaborate with environmental groups or municipal programs to support larger clean-up efforts. This can provide additional resources and increase the impact of your events.

The Role of Residential Property Management

When it comes to residential property management, the need for sustainability is high. Integrating eco-friendly practices in residential settings directly affects the quality of life for tenants, making sustainable property management an attractive proposition for prospective tenants. Here's why:

  • Healthier Living Environments: Sustainable buildings often have better air quality and less toxic materials, contributing to the well-being of occupants.
  • Lower Living Costs: Energy-efficient upgrades and water conservation measures can significantly lower utility bills for tenants.
  • Community and Well-Being: Green spaces and communal areas that follow sustainability principles promote a sense of community and well-being among residents.

If you could choose a living space that saves you money, supports your health, and contributes to the planet's well-being, wouldn't you?

Benefits for Property Owners and Tenants Alike

Adopting sustainable property management practices brings a plethora of benefits:

  • Cost Savings: Reduced energy and water usage translate to lower operating costs.
  • Increased Property Value: Properties with green certifications and sustainable features often command higher market values and rental rates.
  • Improved Tenant Satisfaction and Retention: Eco-friendly initiatives improve tenant satisfaction, leading to higher retention rates.
  • Positive Environmental Impact: Every sustainable practice adopted contributes to the broader goal of environmental conservation.

In conclusion, sustainable property management is a win-win strategy that not only benefits the planet but also improves the financial performance and attractiveness of properties. By investing in green building practices, energy-efficient upgrades, and promoting a culture of sustainability, property managers can lead the way toward a more sustainable, cost-efficient future in real estate.


NCFA Jan 2018 resize - Sustainable Property Management: Strategies for Eco-Friendly Operations and Cost SavingsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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10 Things to Look for in a Home Warranty

Feb 12, 2024

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A home warranty is a wise investment that protects homeowners from the high cost of system repair or replacement. Every plan is different, and some are better than others. In this guide, we’ll explore ten factors to consider when choosing a warranty plan.

The Extent of Coverage

The depth and breadth of coverage is one of the most crucial considerations when buying a home warranty. Comprehensive plans should cover systems like electrical wiring, HVAC, appliances, and plumbing. Understanding the extent of coverage ensures adequate protection from a range of issues.

Service Call Fees and Trip Charges

While a warranty’s initial cost may be low, service call fees can add up quickly. A service call fee is the amount paid for each visit, and it is separate from the cost of repairs. When selecting a plan, strike a balance between service fees and coverage value.

Plans and Pricing

Next, compare the plans and pricing offered by home warranty providers. Plans with flexibility and transparent pricing are more likely to meet homeowners’ needs. Read each plan’s terms and conditions carefully and be skeptical of those with hidden fees.

Plan Terms, Conditions, Limitations, and Exclusions

Thoroughly review each warranty plan’s terms, conditions, limitations, and exclusions as they’re outlined in the contract. Some plans exclude certain systems, poor maintenance, and pre-existing conditions. Knowing a plan’s limitations helps you set realistic expectations and avoid costly disputes.

The Claims Process: How Easy Is It?

An efficient and user-friendly claims process is part of a positive warranty experience. Before choosing a plan, learn how claims are filed, how long it takes to receive a response, and how claims are resolved. Warranty providers with accessible, streamlined claims processes tend to offer smoother experiences.

Customer Reviews and Company Reputation

Research the warranty provider’s reputation by reading customer testimonials and reviews. A reliable provider will offer positive feedback from homeowners who have received timely, satisfactory resolutions to their problems. Online reviews offer valuable insights and give an idea of what to expect.

Contract Length

Understanding the duration of a home warranty contract is a crucial step. Some warranty providers offer yearly plans, while others have shorter or longer terms. Consider your long-term plans and choose a warranty plan that meets your needs.

Provider Choice

Check whether the warranty plan allows you to choose a provider or if they use a preferred network. The ability to select a contractor is a significant advantage, especially if you’ve established a working relationship with a trusted local professional.

Transferability

If your plans include a home sale, consider a warranty that’s transferable to a new owner. This increases the home’s resale value and offers buyers additional assurance.

Extra Benefits

Some warranty plans offer benefits beyond basic coverage, like discounts on preventive maintenance and appliance upgrades or coverage for specialty items. Assess the availability of these perks to determine a home warranty plan’s overall value.

Consider These Factors and Make an Informed Decision

Buying a home warranty plan is an investment in the longevity and protection of your home. By considering these ten factors, you can easily navigate the warranty market and choose a plan that meets your needs. When chosen properly, a home warranty offers financial security and makes it easier to enjoy all the comforts of home.


NCFA Jan 2018 resize - 10 Things to Look for in a Home WarrantyThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Vaughan Real Estate Agent Foresees a Path to Recovery and Stability in the Housing Market for 2024

Feb 8, 2024

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In the light of 2024, a sense of optimism emerged among many homeowners with the Bank of Canada's declaration marking the cessation of its interest rate hiking cycle. This announcement fostered widespread expectations of a forthcoming decrease in interest rates, potentially triggering another upturn in housing prices. Nonetheless, the economic environment suggests a different scenario, one that Vaughan's real estate experts are advising homeowners to approach with caution.

Despite the halt in interest rate increases, neither the U.S. Federal Reserve nor the Bank of Canada has provided a clear timeline for when rate cuts might occur. Initial speculations hinted at a reduction as early as March, yet predictions have now been adjusted to the middle of the year. This extended period of elevated borrowing costs has led numerous families to contemplate selling their homes, particularly those who have been awaiting an opportune moment after a long-term hold. The spring market is expected to experience an influx of new listings, especially within the condominium sector where inventories are significantly large.

The market is currently characterized by a cautious stance from buyers, especially noticeable in light of recent multiple offer situations. The high cost of mortgages has led many prospective buyers to act with restraint, refraining from making offers that surpass the market value. This was illustrated by a bidding event mentioned by a distinguished Vaughan real estate agent Alan Zheng, which drew eight offers but concluded at a price that was reflective of the market value. This caution among buyers persists despite traditionally lower inventory levels in winter and a noticeable demand backlog.

While the demand for housing continues to be strong, a considerable number of potential buyers need to sell their existing homes before they can commit to purchasing anew. This requirement adds a layer of complexity to the market dynamics, particularly in the condominium market, which remains subdued in comparison to freeholds and condo townhouses.

Analysts forecast a possible slight increase in housing prices for 2024, though a substantial rise seems unlikely. Specifically, the condominium market is expected to languish until interest rates fall to more manageable levels for first-time buyers and investors, who are essential in driving demand.

A top GTA real estate agent has offered a hopeful perspective, stating, "2023 has been fraught with challenges, yet 2024 promises some alleviation of these issues. By the end of 2024, we expect to see a significant easing." This sentiment suggests that 2024 may be a pivotal year, paving the way for a more vigorous real estate market in 2025 as interest rates stabilize.

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In summary, Vaughan homeowners are encouraged to manage their expectations regarding the short-term trajectory of housing prices. The real estate sector is navigating a series of complex challenges; however, there is a glimmer of hope on the horizon. Patience and strategic planning will be crucial for those aiming to buy or sell in this unpredictable environment.


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