The best place to start is to get connected with the right broker for you. The mortgage process is personal, and it can be daunting. Our Canadian mortgage experts will listen to your needs, assess your financial situation, and provide you with a plan to move forward.
STEP TWO Evaluate Options
Once we’ve had a look at your financial situation, we’ll consider a variety of mortgage options, We’ll outline what documents are necessary to qualify for a mortgage, negotiate with the lenders on your behalf, and arrange the mortgage that best suits your needs.
STEP THREE Rest Easy
Once we’ve arranged the mortgage product that best suits your needs, you’re not alone. We’re your mortgage professionals for life. If you’ve got questions in the years to come, we're always available to make sure that your mortgage is working for you, and not the other way around!
BECAUSE WE'RE THE #1 FRANCHISE WITH DOMINION LENDING CENTRES.
Our mortgage experts are the best in Canada (and we're not just saying that, check out the badges below). We have access to the best products at all lenders, which means if you're looking for a mortgage, you've come to the right place. You've got options and we'd love to work with you!
We're very excited to announce that three of our Dominion Lending Centres Canadian Mortgage Experts have been included in the Canadian Mortgage Professional (CMP) Women of Influence list. The list is put together by the Canadian Mortgage Professional magazine, with the idea to acknowledge women who are leading the way in what has traditionally been a male dominated industry.
What a great honour for our brokers to be recognized in this capacity. Congratulations to Christine Buemann, Illona Bronson, and Tonia Jacobson Marshall!
For some people, just owning one property and having a single mortgage is enough to handle. But for others, homeownership can be a gateway to owning multiple investment properties. You might be thinking: there’s no way I can turn the value of my modest home into a real estate empire. Ok, maybe not an empire, but you can take the equity of your home and, with the right investment, get a return far greater than a stock portfolio.
Most people are trained to stay out of debt and don’t want to consider using the equity in their home to buy an investment property. But they haven’t realized the art of leveraging.
If you’re using equity from your primary residence to buy an investment property, keep in mind that the interest you’re using is tax deductible. Consider you’re also buying an appreciating asset, and if you put a real estate portfolio to a stock portfolio side-by-side, they don’t compare.
Who is a good candidate? You might be surprised to learn you don’t need to make six figures to get into the game.
Essentially, you just have to be someone who wants to be a little smarter with their down payment.
Before you go down that road, there are some quick things you need to know.
With investment properties, the minimum down payment will jump to 20 or 25 per cent from five percent. Rental income from the property can be used to debt service the mortgage application, while some lenders will have a minimum liquid net worth requirement outside of the property.
Most lenders also limit the number of mortgages in a portfolio. Usually, after five mortgages, you’ll be considered a commercial file. However, a mortgage broker can work with other lenders to increase the number of investment properties.
Typically, when you’re considering a mortgage, you’re looking at the rate. But the rate is less important compared to your cash flow and future equity position. If it all sounds like a bit much, consulting a mortgage professional with an understanding of investment financing is the best way to start.
Most people who get into investment real estate think they’ll only end up buying one property, but that’s not usually the case. A broker will prep you for a 10-year plan of purchasing property and position you accordingly. A broker will also have a good understanding of the alt-side of lending and how you can benefit from that type of financing.
If this is of interest to you, contact any one of our Canadian Mortgage Experts, we'd love to walk you through all your options!
This article appeared as part of the DLC Newsletter from October 2018
If your mortgage is coming up for renewal, you’re probably keeping a close eye on rates. But it can be a little bewildering to see the banks offering a bunch of different rates.
If you’re left wondering why, the short answer may be a little harsh. The banks offer different rates because they can, and consumers are brainwashed to believe the banks have their best interest
So what can you do to get the best rate? To start, know that the bank does not have your best interest. Then, reach out to a mortgage broker for help.
A mortgage broker has no bias opinion on what lender they’re going to use. A reputable broker doesn’t care where they put the mortgage and has multiple lenders to choose from and compete for your business.
If you’re about to embark on the renewal process, you might want to try this approach. Tell your bank you’re working with a top mortgage broker and you intend to call them bank every day to get their best five-year fixed and variable rate.
If your mortgage broker can’t beat the rate, you’ll likely be advised to stay there. However, most of the time, your broker will be able to get you a better rate, just based on the number of different lenders in which they have access.
When you go back to your bank, and they decide to match the new lower rate, you have to ask yourself an important question: If they really valued your relationship, why didn’t they just offer you that rate in the first place?
With a bit of homework and proper broker, nine out of 10 times they can get you a better rate.
Lastly, you need to keep in mind a mortgage is more than just a rate. You need to consider the personality of your mortgage, and certain aspect like the penalties to break the mortgage and if it’s portable. These are things a mortgage broker can help you figure out. Contact any of our Canadian Mortgage Experts for more information!
This article was originally published as part of the DLC Newsletter in October of 2018.