Marie-France Lavigne and Michele Quinn – Dominion Lending Centres The Mortgage Source 10145 | Blog
162
paged,page-template,page-template-blog-masonry-date-in-image,page-template-blog-masonry-date-in-image-php,page,page-id-162,paged-5,page-paged-5,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,qode-theme-ver-10.1.1,wpb-js-composer js-comp-ver-5.0.1,vc_responsive
 

Blog

Iseela Ibrahimi wanted wow. The successful Dominion Lending Centres mortgage broker had purchased numerous homes in the past, but she wanted her latest home in Caledon, Ont. to be something special. Ibrahimi bought the brand new 4,500 square-foot home in 2014, but quickly had her heart set on a major renovation. “I knew the end product from a typical builder would never make me happy,” she said. “I wanted to create something that, no matter what your style is, it would still have that statement and it would still have that wow factor.” By 2016, she was ready to take her vision to...

So, you found your dream home, negotiated a fair price which was accepted. You supplied all the needed documentation to your mortgage broker and you are waiting for the day that you go to the lawyer’s to sign the final paperwork and pick up the keys. All of a sudden your broker or the lawyer calls to say that there’s a problem. How could this be? Everything has been signed and conditions have been removed. What many home buyers do not realize is that your financing approval is based on the information the lender was provided at the time of the...

DISCLAIMER: This post is written for buyers, in other words people who do not currently own a tenanted property. This post is not suggesting in any way that the rights of an existing tenant be infringed upon Purchasing a residential property? Two words that matter this Spring; Vacant Possession Your contract had best contain a ‘Vacant Possession’ clause. Why? Mortgage lenders will not concern themselves with your best intentions; it is not about what will be – it is purely about what is. And if the property is tenanted at the time of possession, then you are effectively applying for a rental mortgage. This means a minimum...

Do you have a mortgage? So do I! Looks like we have something in common. Did you know that 6 out of 10 consumers break their mortgage 38 months into a 5-year term? That means that 60% of consumers break a 5-year term mortgage well before it’s due…but do you also know what the implications are of this? Let’s take a look! People need to break a mortgage for a variety of reasons. Some of the most common include: · Sale and purchase of a new home *without a portable mortgage · To take equity out/refinance · Relationship changes (ex. Divorce) · Health challenges or...

Closing costs are a necessity when it comes to purchasing a home. They are not included in down payments, they are not included in monthly mortgage payments, nor are they included in the purchase price of a home, but you are still responsible for paying them, in full. Knowing they exist is half the battle, and correctly budgeting yourself to pay them when the time comes can be a huge weight off your shoulders, especially when the alternative is finding out a week before you close on the purchase of a home that you still owe thousands of dollars. Lenders will...

Looking back at predictions from 50 years ago of what a home would look like and be able to do today, it’s almost laughable. Back then, the home of the future would include rooftop pools that act as air conditioners and a garage for our airplane automobile that has folding wings. Fast forward 50 years from now and depending on where you live in the future, a garage for your car may not even be needed. Dave Pedigo is the VP of Emerging Technologies with CEDIA, a North American association representing the home technology industry. In 50 years from now, he...

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. For those people I give you a short list of potential reasons why you might need to get out of a mortgage early. 1. Sale and purchase – maybe you get an offer you...

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...

Apparently, as per the weather experts, March has a lot of snowfall and surprisingly so does April! Hearing this on the radio gives you a wave of emotions: holy cow, oh great, I wonder how many vacation days I have left and when can I take down my Christmas lights. Good news, those same weather experts are predicting a hot summer and you know what that means! Buy your fan(s) now before they run out and check out a pool, size and budget appropriate, for the backyard. So glad we have a compressor to blow that thing up every year; three rings...

Finding the best realtor for you involves doing some leg work. It can be overwhelming, kind of like choosing which ice cream you want to try! You go to the ice cream store and they have over 50 flavours and after you have contemplated, you opt for vanilla, just because it was easy. Finding the best realtor for you is not “vanilla.” Here are five questions you should always ask your potential real estate agent: 1. How does your experience benefit my real estate transaction? Where the agent just completed a course on negotiation skills or sold a home in your neighbourhood, they...