Can I get pre-approved before I have even found the property I would like to buy?
Yes, our lenders offer pre-approvals ranging from 60 to 180 days. In addition, in the case of new construction, many lenders allow an appropriate time frame for the proposed construction schedule. There is a definite advantage to getting your pre-approval: you will know your borrowing capacity and will be able to store with peace of mind. In addition, you will have reserved an excellent interest rate for yourself during the period when you are looking for or building a new home, in addition to being protected from any rate increases.
What are the advantages of owning rather than renting?
Owning a home means being able to enjoy a good quality of life. In addition, you are investing in a sure thing rather than always paying for a home that will never belong to you.
What are the requirements to apply for a mortgage loan?
In most cases, you must have :
– a stable income,
– a satisfactory credit report,
We will establish with you your ability to repay.
How much can I borrow to buy a home?
We will determine with you your borrowing capacity based on your financial situation. It is important that you know your personal payment limit. In fact, an individual’s maximum borrowing capacity is not always a “comfortable” payment zone in terms of quality of life. Taking this factor into account according to your budget will prevent you from finding yourself in an embarrassing financial situation. Examine your personal finances. Compare your income with your usual expenses and make sure you can pay off your debt without too much effort. It is also important to know that you can get an interest rate guarantee that can vary from 60 to 180 days depending on the lender.
What is the initial down payment to acquire a property?
5% of the purchase price was required to purchase a property. You must also prove that you have an amount equivalent to 1.5% of the purchase price to cover closing costs, i.e. legal fees such as notary fees, disbursements, appraisal fees and the issuance of the certificate of location, if necessary. In addition, mortgage loan applications with a down payment of less than 20% must be accompanied by default insurance provided by CMHC or GE Capital. Note that the higher the down payment, the lower the overall cost of the house in the long term.
Where can I find the money I need for my down payment?
– Your savings
– A donation from a member of your family
– Your RRSPs (With the Home Buyers’ Plan (HBP), you could withdraw up to $25,000 from an RRSP, per person, without penalty. For a couple who purchase a property jointly, this withdrawal can therefore represent a maximum of $50,000. The HBP beneficiary then has 15 years to repay the amounts withdrawn from his or her RRSP.
– Borrowing on another property with equity
– Borrowing on assets, such as stocks or bonds
How much will my mortgage payments be?
The amount you will pay each month for your mortgage will depend on several factors including the amount of your mortgage (total purchase price minus the down payment), the amortization period and the interest rate. Here is the payment simulator to determine the approximate amount of your monthly payments.
What can a mortgage financing consultant do for me?
We have all the promotions offered by the financial institutions, so you don’t have to waste time and hassle. He is able to offer you the solutions that best meet your needs. No more shopping around! The Dominion experience is simple, efficient and free for any residential mortgage! Using state-of-the-art technology, your advisor is connected to financial institutions by a computerized system that guarantees you speed and quality of service. He or she updates all mortgage rates, terms and conditions of repayment available on the market.
What are the fees of a mortgage consultant?
Our services are entirely free of charge for all residential mortgages. It is the financial institution that pays the fees for each loan application sent to it and concluded at the notary’s office. Note also that these fees are really absorbed by the financial institution, and this, from its profits; there are no hidden fees for the consumer. For more information, contact one of Dominion’s advisors.
What allows a mortgage broker to get a better interest rate than the one offered by my own bank?
We negotiate on your behalf with more than 20 recognized financial institutions to get you the best rates at the best conditions, according to your needs. As we generate a high volume of transactions with different lenders.
What is CMHC?
The Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation created in 1945 by the federal government, of which it is the exclusive property. Through its mortgage loan insurance, CMHC has been protecting the banks against payment default by adding its insurance premium to the loan for years.