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A discount point is a fee paid at closing to lower your interest rate. One point equals 1% of the loan amount, reducing long-term interest costs.
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In most cases, the services of a mortgage expert comes at no cost to the homeowner or home buyer! There are some exceptions, such as securing a mortgage through a private lender. For more information, contact your mortgage expert! #mortgagefaqs #roadtohomeownership
Once your offer has been accepted, you will need to provide a minimum document package with current income documents, purchase agreements, MLS details, confirmation of down payment and strata docs, if applicable. Contact your DLC Mortgage Expert for more info! #mortgagefaqs
A lender will consider the 5 C's - Credit, Capital (income), Capacity (income to debt-ratio aka whether or not you can afford the loan), Character (past credit history) and Collateral (condition of the property, location, history, etc.). #mortgagefaqs #roadtohomeownership
Great question! We work with Monoline lenders who specialize in a single type of financial service. These types of lenders do not have branches but can be accessed through your DLC Mortgage Professional. #mortgagefaqs #canadasleadingmortgagecompany #mortgages #roadtohomeownership
Closing costs are generally 1.5% to 4% of the purchase price of your home. #mortgagefaqs #canadasleadingmortgagecompany #mortgages #mortgagebrokers #roadtohomeownership
Reverse mortgages are designed to help 55+ Canadians tap into the equity of their home for comfortable financial living. With a reverse mortgage, borrowers are not required to make regular payments. Payment is only required when you sell or move out of your home. #mortgagefaqs
Please refrain from making any purchases until AFTER the mortgage closes! Lenders can pull credit 30 days prior to closing and making big financial commitments (new car or financing furniture) before closing on your home, may result in the deal going sideways. #mortgagefaqs
Your income dictates the size of mortgage. Adding a mortgage helper, such as an income suite, will add income to your application and increases your mortgage qualifying amount. #mortgagefaqs #canadasleadingmortgagecompany #mortgages #mortgagebrokers #roadtohomeownership
No. It is critical that income, properties, debts, assets and your financial past are accurate. If you have been through foreclosure, bankruptcy, consumer proposal, there are still options but only if you disclose it to your mortgage professional right away!#mortgagefaqs
If you’re putting anything less than 20% down when purchasing a home, mortgage default insurance is mandatory in Canada and allows consumers to purchase homes with a minimum of 5%. #mortgagefaqs #canadasleadingmortgagecompany #mortgages #mortgagebrokers #roadtohomeownership
Most transactions include a lender’s title insurance policy, which protects the loan and help the deal close faster. However, only an owner’s policy will protect against title fraud, survey and title issues, or even pre-existing defects. #mortgagefaqs #roadtohomeownership
Yes! If self-employed, you will need to submit additional documents including: 2 years notice of assessment, 2 years of T1 and Generals Proof of being in business for yourself for 2 years (i.e.: business license). #mortgagefaqs #canadasleadingmortgagecompany #roadtohomeownership
Yes! You will need to make arrangements for a Lawyer or Notary to draw up the mortgage documents for you to sign. If you don’t have a legal professional, ask a DLC mortgage expert if they can make a recommendation! #mortgagefaqs #canadasleadingmortgagecompany #roadtohomeownership
Nearly 60% of borrowers sign and send back their renewal without ever shopping around, but this is the best time to check out your options! A DLC Mortgage Professional can help find you the best rate and mortgage product at renewal. #mortgagefaqs #roadtohomeownership
Refinancing allows you to access a lower interest rate if rates have changed, helps you consolidate your debt into a single payment, allows you to utilize your equity and modify your mortgage.#mortgagefaqs #canadasleadingmortgagecompany #mortgagebrokers #roadtohomeownership
Refinancing your mortgage can be great, but always consider the penalty associated with breaking your mortgage should you opt to refinance during your term. To find out if refinancing is right for you, contact one of our mortgage experts! #mortgagefaqs #roadtohomeownership
A lender looks at credit history to determine how effective you are at managing and paying debt. You should aim for a credit score of 680 for at least one borrower (or guarantor), especially with under 20% down. #mortgagefaqs #canadasleadingmortgagecompany #roadtohomeownership
A fixed rate locks you in, allowing you to know your monthly payment and have it stay the same. Variable rates are often lower than fixed rate, but fluctuate with the BoC posted rate so you can benefit from interest rate drops, but also pay more if it rises. #mortgagefaqs
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