What is an Employment Letter and Why Lenders Require One?

Obtaining a mortgage takes a lot of planning and patience to ensure things go smoothly throughout the entire transaction.  Preparing documents early on in the process will reduce your stress in purchasing a new home, or renewing or refinancing your current mortgage.  Obtaining an employment letter early on is particularly important for individuals with a job tenure of less than two years, if you have had a temporary promotion, or work on an hourly basis.  This will ensure there are no surprises later on.

What is an employment letter?

Your employment letter (aka job letter) is written by your employer to verify your position within the company, tenure, and income.  This is a very important component of qualifying for a mortgage.

What should your letter include?

Your employment letter should be written on company letterhead and should include: your position within the company, tenure, salary/wage (along with bonus info if applicable), hours guaranteed per week (if applicable), and be signed by the individual issuing it, along with their job title and daytime contact phone number.

Why do lenders require an employment letter?

Lenders require your job letter to verify employment as well as to have a contact number on file for any questions regarding your employment.

How do I get my employment letter?

Employment letters can be obtained through a simple request made to your employer, they generally will have a template on hand so it will take very little time to complete.

Bergens Auto Body is a local family collision repair business and from the moment you walk in the door you will be treated like family! 

They are proud to have an amazing 80 Years Auto Body Experience, and they have been serving Regina Auto Body needs for over 30 Years....they have a loyal customer base that simply wouldn't think of going anywhere else. Bergen's Auto Body are a  Trusted Regina Auto Body Shop, they offer courtesy cars to their clients and they specialize in foreign vehicles. In their latest Trusted Regina Auto Body Tip they share information on paint matching. 

BERGEN'S AUTO BODY SHARE A HANDY BACK TO SCHOOL VEHICLE CHECKLIST

Back to school checklists aren't just for school supplies of books and papers.  Bergen's Auto Body also wants to remind you that your vehicle needs to be back to school ready as well. 

Are you sending a son or daughter off to University with a car? Or will they be driving to and from high school?  Is your carpool schedule starting up, with your kids in the car, plus a few extras? Make sure you have our Back-to-School checklist for your vehicle completed as part of your school preparation this year, you’ll be glad you did!

Just a reminder to make sure all maintenance and safety items are checked and ready to go.  Look over this checklist and make sure your (or your child’s) car is ready to go!

• Check your oil level and condition. You have heard it before, but we all need a little reminder to keep up the maintenance on our cars (myself included!)  This is the most basic maintenance item to check off.  If you let go too long, having little to no oil can cause extreme engine damage (often requiring total engine replacement!).  All cars need adequate oil to keep moving parts lubricated and to keep engine friction to a minimum, so keep up on your oil changes!
• Headlights and brake lights. Be sure your lights are operational – brake lights that are burned out are a ticketable offence.  For safety, you need to be able to see and be seen.
• Brakes. Do they stop your car quickly and immediately?  Are you hearing any grinding during braking?  Brake pads or shoes (and the rotors or drums that they press against) are a “wear” item and are intended to be replaced when they become thin.  Extremely hard brake pads may last a long time, but they can be squeaky and noisy and could wear drums and warp rotors prematurely.  Brake pads should be replaced, and rotors machined, periodically to keep them wearing evenly and braking smoothly. Make sure you have them checked by an expert auto technician.
• Tires are your vehicle’s only contact with the road. Will they provide the traction you need to corner and stop in rain or slick road conditions and are they appropriate for the road conditions where you or your student will be driving?  Check the tread. If your tread is less than 2/32” the tire should be replaced. Check for correct tire pressure
• Not sure where to find your tire pressure? Look on the sticker on the driver’s side door jamb or in your owner’s manual.

•  Check your windshield wiper fluid. Visibility is vital to driving safety – be sure you are able to clean your windshield quickly if you are hit by a big bug or run into dust or (oh no!) snow.
• Fluid levels and condition. Coolant and transmission fluid keeps your engine and transmission cool and lubricated.  Levels should be checked periodically to make sure there is adequate fluid with no leaks in the system.  Coolant should be changed every 50-100,000 miles (or every 4-5 years).  Transmission fluid should be flushed and filled every 40-60,000 miles (please check your Owner’s Manual for recommendations specific to your vehicle).  Brake and power steering fluids should also be monitored and topped off or changed as needed.
• Test and clean the battery. Is the battery adequate to start your vehicle consistently, and run all of the electrical systems in your car?  Batteries may need to be replaced every 3-5 years and offer little to no warning that they are failing.  Check the date of the battery (located on top). Corrosion should periodically be cleaned off battery posts and cables to maintain an amperage level and a good electrical ground.
• Proof of insurance.  Make sure your student has the current auto insurance card inside the vehicle or in their wallet or purse.  You may want to add Roadside Assistance to the policy if they will be going to University out of town.
• Emergency kit for the car.  Get one inside the vehicle if you don’t already have one.  Find one with a set of jumper cables included in case a battery fails.  Many kits also include instructions printed on the bag for the cables.  Or if you have a kit already, be sure that it is updated with any medication, and other first-aid items that may have been used previously.  Be sure it is well stocked and with items needed for the part of the country you or your student will be taking the vehicle.

• Jack and spare tire.  Be sure they are in the vehicle and the spare is in good shape.  You don’t want to need either and find them missing if you have a flat tire. Also, make sure everyone driving  knows HOW to change a tire ( and where to find the spare)

Bergen’s Auto Body & Collision Centre, treat you like family and that means w work hard to give your vehicles back to you properly and most importantly safely!

Active Electric are Trusted Regina Electricians and they get it right the first time, delivering all electrical services including installation, upgrade, and repair solutions.

Active Electric are your TRUSTED REGINA ELECTRICAL EXPERTS

Experiencing Power Outages?  Active Electric Shares A Tip on Why You Should Install a Generator

When most people think of generators, they tend to think about things such as construction sites and those who are turning to off-grid solutions for everyday living. The fact is, however, that more and more people are choosing to install generators in their homes and businesses.

A generator will power your home through power outages caused by storms, other weather, or man-made problems.  Generator installation is on the rise, be a part of the community and be prepared.  Below are a few reasons home generators can be a practical, cost-effective solution at your home or business.

Emergency Preparedness

Storms not only have damaging wind and rain that can knock down power lines, in some cases, but they also spawn tornadoes that can do even more damage to the power grid.  Power generators ensure you have access to electricity in emergency situations. Storms, rolling blackouts, and damage to power lines are just a few of the things that can come about when you least expect them. Having a power generator in place before these problems occur means you never have to worry

Furthermore, if a disaster were ever to occur, scrambling to find a power generator may be the last thing you want to do.

Backup Power For Home Appliance & Medical Devices

When the power is out, appliances shut off. Usually, worst-case scenario is having to reset clocks and power devices back on when electricity becomes available. Some appliances however have consequences. Food storage for instance can constitute a problem if refrigerators and freezers become inoperable for any substantial amount of time, as many items can spoil in just a few hours at room temperature.  

A much more serious reason to have a power generator on standby is the need for home medical devices. Equipment such as a CPAP machine for those suffering from sleep apnea, electrical hospital beds and chairs for those with mobility issues, heart monitors, dialisis machines and more are all dependent on electricity without fail. When you depend on one of those, you cannot tolerate the risk of a power outage.

Using a generator in a storm can preserve food, it can keep damaging mold from growing in your house from a lack of air-conditioning. A generator can let you operate pumps to keep your home from succumbing to water damage from flooding. It can allow your business to keep running during a power outage and prevent profit losses.

In cases where these devices are present, it is a good idea to have a power generator on standby that is dependable and will not let you down. This is a situation where you will want a professionally installed system that you know you don’t have to worry about.

Safety and Security

As many security experts in Regina will tell you, one of the first things many home intruders often do with the increasing presence of home cameras and security is cut the power of a home. In the absence of backup power or batteries, this will not only turn off the lights but shut down cameras and alarms preventing anyone home or away from that there may be an intruder.

Permanent power generators that automatically turn on with power loss can mitigate these concerns, and ensure continued security and monitoring in the event of a blackout or loss of power.

What type of generator do you need?

If you are only interested in keeping a refrigerator going and perhaps a few small appliances, a portable generator is the best. If you have a home or business and want to keep the air conditioner and all the electric powered items going, then a stationary (standby) generator is best. This generator should be installed by a licensed electrician to ensure it works correctly when a power outage occurs.

Portable Generators

These types of generators are much less expensive than their permanent counterparts. However, they are completely dependent upon your presence.

You have to manually start the generator and, if you have to use it for any length of time, monitor the gas consumption. 

Furthermore, a portable generator must be no closer to your home than ten feet, because of the carbon monoxide emissions. At the same time, you will want to house it in an enclosure that keeps it safe from the elements but also allows for free movement of air.

If you are using a portable generator in an emergency situation, it’s likely that it will only be able to power the most important appliances in your home. They simply are not big enough to handle the brunt of everything from appliances, televisions, lighting and everything else. Plan to downplay your energy output if you will be depending on a portable.

Permanent Placement Generators

You can find these in many different sizes, but all in all the expense will be more. The main reason for this is that you are paying for more peace of mind. Should you need to leave your home for vacation or business for a few days, you can rest assured your generator will take care of any random power outages. 

They are very quiet, much safer than a portable generator and, should you decide to sell your home, they can bring about 50% of their original cost in the sale.

The downside to permanently placed power generators is that they need maintenance every two years. However, with that maintenance, the reliability can be determined, and if there are needs such as medical equipment involved, the peace of mind is absolutely priceless.

If you are considering a home generator, and need assistance with electrical or infrastructure to ensure the safety and reliability of your investment, feel free to contact us for cost estimates and recommendations. 

If you are ever uncertain about a potential electrical issue in your home please contact Active Electric and one of their qualified professionals would be happy to help.  They also provide Free quotes! 

ACTIVE ELECTRIC are TRUSTED REGINA ELECTRICIANS -  Check out his listing here in REGINA ELECTRICIANS on the Regina Directory of excellence!

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families. 

Canadian Home Prices Could Drop as Much as 5% Due to Coronavirus

Trusted Regina Real Estate Lawyer Robert MacKay shares some insight on the potential future of the Canadian Housing market.

Canadian home prices could fall a “relatively modest” five per cent by July as some owners are forced to sell in the face of the economic hardship brought on by COVID-19, Capital Economics said Monday.

While sales activity and price gains were firm in the first half of March, real estate boards from across the country are reporting a near halt in activity as government shutdowns and physical distancing have people staying home.

As April unfolded, it became innately clear that COVID-19 had already impacted the local housing market, with Toronto home prices declining for the first time in nearly two years.

But the pandemic isn’t just going to have an impact on a local level but on a national level as well, with some experts already predicting that Canadian home prices could fall in the months to come.

Capital Economics said Canada’s house price inflation accelerated to a nearly two-year high in March, but given the disruption already caused by the coronavirus outbreak, prices are set to decrease in the coming months.

Capital Economics senior Canada economist Stephen Brown said April will see “an even steeper fall” in sales activity to a “small fraction of their normal levels.”

“New listings also fell sharply in March, which meant the sales-to-new listing ratio continued to point to strong house price inflation ahead,” said Brown, however, he said 

“given the huge rise in unemployment and the cashflow problems that restrictions on tourism have caused investors in the short-term rental market, it seems likely that there will be some forced sellers in the coming months. Those sellers will inevitably have to accept lower bids from the few people willing to buy in the current environment.”  said Brown.

Last week, the Canadian Real Estate Association reported a 14 per cent drop in sales volume from February to March. New listings were down 12.5 per cent from February, while average prices were flat month-over-month and up 12.5 per cent year-over-year.

That dynamic has Capital Economics “penciling in a relatively modest fall in house prices of five per cent in the coming few months.”

Source: Greg Bonnell - BNN Bloomberg - April 20 2020 - https://www.bnnbloomberg.ca/home-prices-could-fall-5-amid-pandemic-capital-economics-1.1424090 
Source: Ainsley Smith - Toronto Storeys - April 20 2020 - https://torontostoreys.com/canada-home-prices-coronavirus-decline/

For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer Robert MacKay