Mortgages with Dominion Lending Centres Mortgage Office May Save you Thousand in Interest
Start your home buying journey with a Dominion Lending Centres Mortgage Professional and let us guide you through your mortgage process.
Being on the path to purchasing your first home is one of the most exciting and most rewarding moments in life! While people don’t always dream of the perfect mortgage, we do grow up dreaming of a white picket fence and our dream home. Even if you imagined your dream home as a 6-bedroom mansion, we all have to start somewhere!
This first-time home buyer section will take you through the important steps and considerations for your first home, including:
Determining whether you are ready for home ownership
Costs of home ownership
The process of buying your first home
Securing your down payment
Mortgage pre-qualification and pre-approval
Let’s get started.
When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is around 3 months remaining on your term. While nearly 60 percent of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, this is actually the best time to check out your options.
Since your term is ending, this is a great time to shop the market or redo your mortgage WITHOUT PENALTY! If you have been wanting to switch your mortgage from fixed to variable-rate (or vice-versa), or want to move to a different lender or try for a lower rate, your DLC Mortgage Professional can help!
Do be advised, if you are considering switching lenders, you will need to inquire about any existing life insurance or other policies that you have, as this could be affected if you change lenders. You should also be aware that and NEW insurance could be more expensive as you are re-applying and your circumstances (age, health) will have changed since your initial mortgage term and insurance plan was signed.
A Dominion Lending Centres Mortgage Professional can help answer all your refinancing questions – and more – as well as shop the market to find you a better rate! With access to over 90 lenders, they are able to quickly compare mortgage rates and products and help you make the switch!
Our primary objective is to offer you options at a reduced interest rate. Lenders offer new client incentive rates to attract you business. Your lenders competitors are serious about bringing your new business over which may save you thousands of dollars in interest.
Approximately 90 days prior to renewal you will receive a offer from your current lender. Seldom is this the best rate. We encourage you not to sign until you have spoken with a professional to determine if in fact you can do better. The majority of times one does improve their financial affairs. It is an excellent time to reevaluate your mortgage plans.
Ask a DLC Mortgage Professional if refinancing is right for you!
Life happens. Whether you are facing financial emergency, wanting to improve your financial situation, put more into your investment portfolio or simply wanting to spoil yourself with a long overdue trip, mortgage refinancing can be the answer – when done properly!
ACCESS A LOWER INTEREST RATE
As mentioned above, one reason to refinance your mortgage is to get a better rate – this is especially true when done through a mortgage professional. On average, a DLC mortgage professional has access to over 90 lenders! This allows them to find the best mortgage product for your unique needs, versus traditional banks that only have access to their own mortgage offerings. Plus, using a mortgage expert allows you to benefit from their advice at typically zero cost to you.
CONSOLIDATING YOUR DEBT
There are many different types of debt from credit cards and lines of credit to school loans and mortgages. But, did you know that most types of consumer debt have much higher interest rates than those you would pay on a mortgage? Refinancing can free up cash to help you pay out these debts. While it may increase your mortgage, your overall payments could be far lower and would be a single payment versus multiple sources. Keep in mind, you need at least 20 percent equity in your home to qualify.
MODIFYING YOUR MORTGAGE
Life is that it is ever-changing and sometimes you need to pay off your mortgage faster or change your mortgage type. Maybe you came into some extra money and want to put it towards your mortgage or maybe you are weary of the market and want to lock in at a fixed-rate for security. Always be sure to talk to your mortgage professional about potential penalties.
UTILIZING YOUR HOME EQUITY
One of the biggest reasons to buy in the first place is to build up equity in your home. Consider your home equity as the difference between your property’s market value and the balance of your mortgage. If you need funds, you can refinance your mortgage to access up to 80% of your home’s appraised value!
New to Canada.
Get approved with a DLC Mortgage Professional
Canada has seen a surge of international migration over the last few years and, with all these new faces in town wanting to plant roots in this great country, we wanted to touch base on some of the details surrounding mortgages and how new immigrants can qualify to be homeowners!
Buying a house is an exciting step for anyone, but it is especially so for individuals who are new to the country. As daunting as it may seem, purchasing a home is completely possible with a little knowledge and preparation.
If you are new to Canada and looking to get a mortgage, connect with our DLC Mortgage Professional today for expert advice and options that best suit you!
Get ready to make your next property purchase.
This is an incredible opportunity and we are here to help provide you with the keys to success to expand your financial portfolio and ensure stability for the future.
Before you launch into this purchase there are a few things you should know, such as how to purchase a second property by tapping into existing home equity, the differences in requirements for vacation vs. rental or investment properties and who can qualify. Please contact us direct to discuss your plans.
Buying Land and Building a House we at DLC have you Covered with all the Details
Buying land and building a house means planning many steps. Whether you are contracting the process or hiring a general contract we have information that will assist you.. We work direct with the banks structuring the draw process if a construction mortgage is what you require. These process can take up to a year to complete. Call our DLC team today to secure your rate and bank realationship.