Mortgages
We've got a mortgage for that!
A home is typically the largest purchase people make in their lifetime. Now, more than ever, financial institutions are regularly launching new products and programs, making it easier to get that first home sooner.
Today, interest-only loans, self-employment programs, rental purchase programs, vacation property programs, and a host of other innovative financing alternatives are dotting the home purchase landscape, making homeownership a reality for more people than ever.
Whether you are first-time buyer or a longtime property owner with excellent credit, you have access to superb products and rates from across Canada by way of Dominion Lending Centres. Give us a call — we think you will be pleasantly surprised!
Mortgage renewals are one of the most neglected decisions made during the life of a mortgage.
Renewals and Transfers
Many homeowners stay with their existing mortgage lender because they either assume their existing rate is the best one out there, or they figure it is not worth the hassle of shopping around for a better rate.
The truth of the matter is banks and other lenders will not necessarily offer you the best rate available, and that shopping around need not be a hassle.
Without any negotiation, simply signing up for the market rate on a renewal unnecessarily costs homeowners a lot of money on their mortgage. Experience shows that most banks offer renewing clients a discount of 0.25 percent off posted rates; as well, negotiating a rate discount with the branch can often be a time-consuming process and will often not lead to the best rate.
As mortgage professionals, all of our time and effort is focused in the mortgage market. Our clear advantage is working with dozens of lenders in order to obtain the best mortgage solutions for our clients.
When your mortgage is nearing renewal (that is, when the term is complete) remember these two significant opportunities to save money:
Refinancing
Refinancing a mortgage can help you unlock the power of your home equity.
There are many reasons for refinancing a mortgage. These include:
- Stabilizing payments by changing from a variable to a fixed rate mortgage
- Qualifying for a better mortgage thanks to improved credit
- Asset enhancement
- Combining first and second mortgages
- High-interest debt consolidation
- Covering expenses such a college tuition
Requirements for refinancing include:
- Acceptable loan purpose, including the purposes mentioned above
- Eligible properties: these include owner-occupied properties (with a maximum of four units with at least one unit occupied as the principal residence); secondary homes or investment properties (maximum two units); and existing properties (not for new construction)
- Loan-to-value ratio limits. The maximum loan to value ratio allowed is 80 percent.
Home equity is an easy and affordable way to access money you have accumulated in your home, especially if you have a good first mortgage in place. If you plan to remove equity from your home, you should be aware of the benefits and possible risks. Talk to a licensed mortgage professional and financial planner to discuss how you can make home equity work for you.
Home Equity Line of Credit (HELOC)
A home equity line of credit (HELOC) allows you to use the equity in your home to obtain a secured line of credit for paying down outstanding debt or making additional investments.
The HELOC is attached to a chequing account and simple to use. You can access the funds through direct payment purchases via debit card, cheque, or cash withdrawal.
You will receive a monthly statement, allowing you to easily manage your finances. Your account can also be linked to your Internet or telephone banking services, ensuring your account information is always close at hand.
How much can you borrow? Equity-based borrowing is regulated by federal guidelines. A HELOC can be combined with a regular mortgage for a maximum of 80 percent of your home’s appraised value, whereupon you can only borrow up to 65 percent of your home’s appraised value.
First-Time Home Buyer
Purchasing your first home is a major commitment, you will want a mortgage broker to help walk you through it and plan for your future. We are here to offer guidance through each step of the process.
New to Canada Program
Newcomers to Canada play a major role in Canada’s population growth, we can help realize the dream of homeownership.
Purchase Plus Improvement
This program enables buyers to make improvements immediately after taking possession of a new home, with the associated costs rolled into one easy-to-manage mortgage payment.
Vacation Properties and Cabins
In 2003, a new mortgage insurance product was introduced to make vacation properties more attainable, let us tell you more about it.