29 Nov

Would a Co-Signer Enable You to Qualify for a Mortgage?

General

Posted by: Lynn Nequest

Would a Co-Signer Enable You to Qualify for a Mortgage?There seems to be some confusion about what it actually means to co-sign on a mortgage… and any time there is there is confusion about mortgages, it’s time to chat with your trusted Dominion Lending Centres mortgage professional!

Let’s take a look at why you would want to have someone co-sign your mortgage and what you need to know before, during and after the co-signing process.

Qualifying for a mortgage is getting tougher, especially with the 2017 government regulations. If you have poor credit or don’t earn enough money to meet the banks requirements to get a mortgage, then getting someone to co-sign your mortgage may be your only option.

Click HERE To Read More
10 May

Why We Chose a Mortgage Broker

General

Posted by: Lynn Nequest

Why We Chose a Mortgage BrokerFor Arthur Dubreuil, the recent purchase of his new house will sound like a similar story for many homebuyers. Looking to upsize to meet the needs of his growing family, the Toronto area resident looked east outside the city for a more affordable option. What he found was a perfect affordable 2,000 square-foot home on an acre of land in the community of Cobourg, Ont.

“The price point and what you get for the value moving out of the city… we couldn’t have something like that in the city,” Dubreuil said.

So when it was time to get financing, he turned to a trusted source, a Dominion Lending Centres mortgage professional he used in the past.

Click HERE To Read More
3 May

What does a “Rate Hike” actually mean?

General

Posted by: Lynn Nequest

What does a “Rate Hike” actually mean?TD Bank has increased it’s posted rates and RBC did the same on Monday. This increase, from 5.14% to 5.59% at TD, is the “biggest move in years.” The change came because of the bond yields increasing. We do expect every other lender to follow suit.

But, actual interest rates have not changed… so what exactly is going on?

The banks have specifically increased something called the “posted” rate.

Click HERE To Read More
25 Apr

Subject to Financing- A Must!

General

Posted by: Lynn Nequest

Subject to Financing- A Must

Subject to Financing- A Must!With most people who are new to real estate and looking for their first home (or possibly second), one of the most significant times is when your offer to buy is accepted by a seller.
Unfortunately, that moment is quickly followed by stress, as not many people know what comes next- securing financing. 99% of the time a realtor will ask you if you have been qualified by a bank or a mortgage broker before they write an offer on your behalf. What should be told to you, the client, by the realtor and your mortgage broker is that you need to have a subject to financing condition in your offer.
Click HERE To Read More
23 Apr

Are mortgage terms more important than rate?

General

Posted by: Lynn Nequest

Are mortgage terms more important than rate?Why are the terms more important than rate when it comes to a mortgage?

Simple. Seven out of 10 Canadians break their mortgages prior to the renewal date.
Taking the wrong mortgage when you could have qualified for a better one- is a costly mistake.

The biggest mistake anyone can make is they don’t think they need to make a change, or they’re the three-in 10 that won’t break a mortgage.

Click HERE To Read More
16 Apr

The Flexible Down Payment Program

General

Posted by: Lynn Nequest

The Flexible Down Payment ProgramOne of the toughest challenges for homebuyers is being able to save money at the rate of property price increases.
We know many high-income renters would like to be homeowners, but they’re just unaware of how to make the transition and are unable to save fast enough.
There are several options which are great for a down payment if you can use a combination or one of the traditional methods
1. Savings
2. Gift from parents
3. RRSPs
4. Selling an asset
5. InheritanceKindly keep in mind this option won’t be for everyone as the following criteria must be met; it’s simply to illustrate the opportunity to go from renter to owner as soon as possible.
The Flexible Down Payment program allows homebuyers to use existing credit facilities as their down payment.
Click HERE To Read More
9 Apr

Top 5 Things To Consider When Building Your New Home

General

Posted by: Lynn Nequest

Top 5 Things To Consider When Building Your New HomeBuilding a new home – It’s something that many couples dream of. It can be an exciting, stressful, joyful, crazy time period that many walk away from saying “never again” or “bring on the next one!” We scoured the internet and sorted through our own experiences to bring you the Top 5 things to consider when you are building a new home.
Click HERE To Read More
6 Apr

Unique Homes Have Special Problems

General

Posted by: Lynn Nequest

Unique Homes Have Special ProblemsRecently one of the former members of the boy band New Kids on the Block expressed an interest in buying this lighthouse off the coast of Virginia in the U.S. Unique homes can be a lot of fun to own and to live in.
However, there are some things you should be aware of before you make an offer on a unique property. He probably paid cash for this property because unique properties can be difficult to find financing for.
Click HERE To Read More
29 Mar

Reverse mortgage – Some common misconceptions

General

Posted by: Lynn Nequest

Reverse mortgage - Some common misconceptionsCommon Misconceptions of Reverse Mortgages

The words reverse mortgage carry some negative connotation. What does it really mean? What makes reverse mortgage different than a regular or demand mortgage in Canada? There are no payments required if 1 applicant lives in the home. Payments can be made if they wish, they are truly optional.

No medical required and limited income and credit requirements.
Clients can receive up to 55% of the value of their home in tax free cash, depending primarily on their age, property type as well as location.

Click HERE To Read More