Marie-France Lavigne and Michele Quinn – Dominion Lending Centres The Mortgage Source 10145 | Uncategorized
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home purchase, mortgages, Uncategorized / 07.05.2019

You know at one time I could give you a quote over the phone and not worry that I would be too far out. Today is a totally different story, here are some of the variables that come into play. 1. What’s your credit score? A 700 FICO score is the new 650 for many lenders as their investors demand better quality borrowers. 2. Where is the property located? Rural areas are getting harder to finance. 3. Is it an insured file, are you putting less than 20% down payment? 4. Is it insurable? Are you putting down more than 20% on the purchase...

financing tips, Uncategorized / 10.01.2019

Though credit scores aren’t always an indicator of financial health, they are used in a variety of ways that could have a major impact on your life. Interest rates (including mortgage rates) are almost always determined by your credit score. Some employers & landlords may require a credit check to see if you have past credit issues. Remember this is your credit report, not your “I’m Fiscally Responsible” report. Lenders want to know how you have historically handled credit in order to determine if you are a good credit risk. Higher risk = higher rates! The Rule of Two: • You should always...

mortgages, Uncategorized / 15.08.2018

Recently, two of my lenders came out with new products – Interest only mortgages. We have had these available from private lenders for many years but at much higher interest rates. They are useful for real estate investors and people who have consolidated debts and need six months to a year to get back on their feet. These new mortgages are not meant to be short term solutions but they are meant to be used for a minimum of two years and preferably for five years. So who in their right mind would want a mortgage for five years where the...

home purchase, mortgages, real estate, Uncategorized / 01.08.2018

Many homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a family member close to you has gone through the process—but do you truly know what it means to take out a second mortgage? We have taken all the questions we get asked about second mortgages and compiled it into four key points. A SECOND MORTGAGE IS BASED ON THE EQUITY IN YOUR HOME The total loan amount that the second mortgage lender will offer you will depend on the equity that has been built...

mortgages, real estate, Uncategorized / 26.07.2018

After you have purchased your new home, closed on your new mortgage, and are all moved in, what comes next? Well, when it comes to your mortgage, the next step is to either refinance, renew, or transfer your mortgage. This decision can be made one month into your new mortgage or one month before your new mortgage is set to mature. Below is a break-down on what a refinance, renewal, and transfer mean. Refinance Refinances are when you decide to access the equity in your home. When your home rises in value, say $400,000 in 2016 to $500,000 in 2021, you can request...

real estate, Uncategorized / 24.07.2018

With most of the summer still ahead, it seems like the best time for rest and relaxation. Or… it could mean the perfect opportunity to make those changes around the house that they have been waiting to do since the Spring! A renovation or remodel on your home could mean excellent returns on your investment. We’ve all seen the TV shows, like Fixer Upper or Love It or List It on HGTV, that demonstrate just how far a fresh coat of paint and decluttering can go to help raise the value of your home when trying to sell it. Sometimes a renovation budget can be...

financing tips, Uncategorized / 10.07.2018

Put yourself in a bank or lender’s shoes. Someone comes into your branch and asks you to politely loan them $300,000. You are a big bank, but $300,000 is still a lot of money. How do you ensure this person is going to pay back the money you loan them, on time, and in the right amount? Look at their record for borrowing other people’s money. This is why taking on different kinds of debt when you are young is a good thing, but it must be within reason. Credit Cards Lenders want to see a minimum credit limit of $2,000 as well...

financing tips, mortgages, real estate, Uncategorized / 20.06.2018

Have you spoken to a mortgage broker lately? When it’s time to renew your mortgage you have the freedom to do a number of things that are not possible at any other time without a financial penalty. Renewal time is an opportunity. Have you looked at your mortgage amortization lately? Let’s say that you started your present mortgage 10 years ago and you had a 30-year amortization. You now have 20 years left on your mortgage but your situation has changed. Your children have grown up and one is ready to leave for college and another one will follow in a...

Uncategorized / 13.06.2018

Nearly half of all existing mortgage in Canada will be up for renewal in 2018. Stated in a Financial Post article by Armina Ligaya, CIBC Capital Markets estimates 47% of all existing mortgages will need to be refinanced in 2018. All of this coming on the heels of rising interest rates and changes to key mortgage regulations. With this renewal number hovering around 50%, almost double from previous years, big banks will be fighting hard to keep their clients and handle their mortgage- as they should. However, is staying with the bank you got your mortgage with 1, 2, 3, even 5-years...

Uncategorized / 06.06.2018

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...