Marie-France Lavigne and Michele Quinn – Dominion Lending Centres The Mortgage Source 10145 | home purchase
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home purchase

home purchase, mortgages, real estate / 27.08.2018

Canada is made up of hundreds of thousands of people, and while some did not start here, they have made it their home. Buying a home, especially when you are new to Canada can be mind boggling, BUT, we have a mortgage for you! The New to Canada Program is designed to help new Canadians purchase their first home sooner and become established faster. What are the qualifications for this program? Firstly, you must have immigrated or relocated to Canada within the last 3 to 5 years to qualify for the New to Canada Program. You must have proof that you have been...

home purchase, mortgages, real estate / 10.08.2018

Living in the country has extreme appeal for some people. Space, peace and quiet, big home, big yard, place to raise your family… the list goes on. If you are considering buying a rural home, there are a number of things to consider, not the least being how different it is to get a mortgage. When lenders are considering your mortgage file it’s always about managing risk. Higher risk, higher rates. The risk that you’ll pay them back as agreed and they don’t have to seize the asset and sell it to recoup their investment. • Mortgage lenders don’t really want to...

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...

home purchase, mortgages / 18.07.2018

The purchase price you negotiate when buying or selling a home is just one part of the total cost for buying a home. In addition to the purchase price there are several other fees – known as closing costs – all of which you need to factor in to your purchase price. Closing costs tend to be hidden costs when buying a home. It’s not a set number, but a compilation of various administrative, legal fees and other one-time expenses associated with the purchase of a home that are due on the completion date. These costs can add up, so you’ll need...

financing tips, home purchase / 04.07.2018

To get out of debt, you need a plan and you need to execute that plan. That’s why I’ve created this simple, five-step, get-out-of-debt checklist that can help you leave that financial burden behind you. As you work on your plan, you’ll need to make all necessary adjustments to your budget along the way so you don’t overspend and slide back into debt. Plus, if you don’t have an emergency fund, consider setting some money aside in savings beforehand. Keep this checklist someplace where you’ll see it often (like your refrigerator door ), and make it your goal to check a task...

home purchase, real estate / 22.06.2018

After several years as a home owner, my friend was set to buy the home of his dreams. He always wanted to own an acreage outside of town. He had visions of having a few animals, a small tractor and lots of space. As a person with experience buying homes, he felt that he was ready and that he knew what he was getting into. Wrong. As soon as you consider buying a home outside of a municipality there are a number of things to consider, not the least being how different it is to get a mortgage. Zoning – is the...

home purchase, mortgages, Uncategorized / 25.05.2018

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...

home purchase, mortgages, real estate, Uncategorized / 22.05.2018

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...

home purchase, real estate / 10.05.2018

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...

financing tips, home purchase, mortgages, real estate, Uncategorized / 08.05.2018

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...