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

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...

financing tips, home purchase, mortgages, real estate, Uncategorized / 03.05.2018

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...

financing tips, mortgages, Uncategorized / 01.05.2018

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...

home purchase, mortgages, real estate, Uncategorized / 24.04.2018

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...

home purchase, mortgages, real estate, Uncategorized / 19.04.2018

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...

financing tips, home purchase, real estate, Uncategorized / 16.04.2018

Building a new home – It’s something that many couples dream of. It can be an exciting, stressful, joyful, crazy time period that many walk away from saying “never again” or “bring on the next one!” We scoured the internet and sorted through our own experiences to bring you the Top 5 things to consider when you are building a new home. 1) It’s All In The Numbers Just like house-shopping, building a home from the ground up requires you to know what you can afford. Most house plans offer a cost to build tool (usually for a nominal fee) to give you...

financing tips, home purchase, mortgages, real estate, Uncategorized / 11.04.2018

A HELOC, or, Home Equity Line of Credit, can be one of the greatest gifts you give yourself. Borrowing money against your home as you accumulate equity through a shrinking mortgage or an increasing property value- something almost many people in the Vancouver and Toronto markets can relate to. With all this increasing value and home appreciation, people are looking to cash in and utilize this new-found money. Unfortunately, one of the first things people think to do is sell! This can be counter-intuitive because you may of just sold your house for $150,000 more than what you bought it for...

financing tips, home purchase, mortgages, Uncategorized / 06.04.2018

If you haven’t seen your credit score, you’re not alone. Many of our clients don’t know about their credit score or even know what it is when we first meet with them. During our initial consultation, we go over your complete credit report with you. As an added bonus, we’ll even teach you how to read it. So, how can you make sure you have a great credit score? Here are a few tips to get you started. You need to have credit. It may be surprising – but your credit score goes up as more credit is available to you. We...