Category Archives: MORTGAGE LENDING

Home Purchase Calculators

Gives you quick access to loan options and the difference they can make in your monthly mortgage payment.

Shave years off your Mortgage and save you thousands by using an accelerated bi-weekly mortgage payment.

Which mortgage provides you with the best value?

This calculator helps you determine just how much house you can afford.

Are you better off buying your home, or should you continue to rent?

Calculators

Whether you’re thinking about buying a new home, getting a home equity loan or line of credit, or refinancing an existing Mortgage, our Interactive Mortgage Calculators will allow you to explore your Mortgage options to make the right home financing decision.

Home Purchase Calculators

Gives you quick access to loan options and the difference they can make in your monthly mortgage payment.

Shave years off your Mortgage and save you thousands by using an accelerated bi-weekly mortgage payment.

Which mortgage provides you with the best value?

This calculator helps you determine just how much house you can afford.

Are you better off buying your home, or should you continue to rent?

Refinance Calculators

Find out how much interest you can save by refinancing your mortgage.

Shave years off your Mortgage and save you thousands by using an accelerated bi-weekly mortgage payment.

Which mortgage provides you with the best value?

Save thousands of dollars in interest by increasing your monthly mortgage payment.

This calculator helps you determine just how much house you can afford.

Home Equity Calculators

A Dominion Lending Centres mortgage professional will be able to answer whether you need a line of credit. Use this calculator to find how large a credit line you can obtain.

Planning

See how much you have left to save and where your money is being spent.

Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff.

Getting a consolidation loan can do more than payoff your debt. Use this calculator to see the results of paying off your debt and investing your payment savings.

This calculator helps you determine your net worth. It also estimates how your net worth could grow over the next ten years.

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you.

Gives you quick access to loan options and the difference they can make in your monthly mortgage payment.

Shave years off your Mortgage and save you thousands by using an accelerated bi-weekly mortgage payment.

Which mortgage provides you with the best value?

This calculator helps you determine just how much house you can afford.

Are you better off buying your home, or should you continue to rent?

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Commercial Mortgage Financing

Learn About Commercial Mortgage Financing

Commercial Mortgages are designed for businesses and investors who wish to purchase or refinance commercial, income producing properties and offer a flexible way to raise capital.

Some common commercial mortgage products provide funding for:

  • Income properties
  • Multi-residential properties
  • Bridge financing
  • Restaurants
  • Industrial properties
  • Office properties
  • Self storage
  • Retail malls
  • Raw land financing
  • Start ups financing
  • Debt consolidation





commercial mortgage financing

Learn About Commercial Mortgage Financing

Commercial Mortgages are designed for businesses and investors who wish to purchase or refinance commercial, income producing properties and offer a flexible way to raise capital.

Some common commercial mortgage products provide funding for:

  • Income Properties
  • Multi-Residential Properties
  • Bridge Financing
  • Restaurants
  • Industrial Properties
  • Office Properties
  • Self Storage
  • Retail Malls
  • Raw Land Financing
  • Start-Ups Financing
  • Debt Consolidation

commercial mortgage financing

Learn About Commercial Mortgage Financing

Commercial Mortgages are designed for businesses and investors who wish to purchase or refinance commercial, income producing properties and offer a flexible way to raise capital.

Some common commercial mortgage products provide funding for:

  • Income properties
  • Multi-residential properties
  • Bridge financing
  • Restaurants
  • Industrial properties
  • Office properties
  • Self storage
  • Retail malls
  • Raw land financing
  • Start ups financing
  • Debt consolidation





commercial mortgage financing

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Mortgage Life Insurance

Learn About Mortgage Life Insurance

Mortgage professionals can protect their clients’ families and their homes through a mortgage life insurance policy.

Who Does It Protect?

Mortgage life insurance is simply a life insurance policy on the homeowner which will allow their family or dependents to pay off the mortgage on their home should something tragic happen to them. This is not to be confused with mortgage default insurance, which lenders require to cover their own assets if you have less than 20% equity in your home. Mortgage life insurance is meant to protect the family of a homeowner and not the mortgage lender itself.

How Much Does It Cost?

While it is nice to think that if you were to pass away your mortgage would be paid off, is it really necessary for you to pay for this service? If you already have an adequate amount of life insurance then the answer might be no.

If you are the primary breadwinner in your home and your death would leave your family without the means to pay for the mortgage, then mortgage life insurance might be a good option.

How to Apply

When looking at mortgage life insurance policies, it’s important to know if the policy that you choose is portable, and if it’s backed by a large organization. A mortgage professional will take you through the ins-and-outs of mortgage life insurance. By evaluating what you really need, and the differences in coverage and costs, you can make the best decisions for you and your loved ones.






Mortgage Life Insurance

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Home Equity

Learn About Home Equity

Overview

Many people find that one of the easiest and most affordable ways to access money is through the equity that they have accumulated in their home. This is a very popular option, especially when you have an excellent first mortgage in place.

Using home equity to your advantage

Canadians purchase homes for a variety of reasons. Some want the stability of owning their own home, while others also look at home ownership as an investment vehicle. No matter what the reason, the truth is that home ownership has proven itself to be a good stable investment over time, and one which many Canadians are profiting from.

While many people have chosen to purchase their first home during these times of lower interest rates, there has also been a large movement to refinance home loans and pull out equity for home improvements, investments, college expenses, and even high interest debt consolidation. Canadians have been borrowing against their home’s equity in record numbers, taking out billions of dollars in cash each year.

In years past, many saw their homes as a shelter of safety, yet today, they are more than ever before, willing to borrow against the equity owned in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions. Where home equity was once sat upon, today it is often used to one’s advantage.

While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks. The best thing you can do is to consult a licensed mortgage professional and financial planner to discuss opportunities to make your home’s equity work for you.






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Mortgage Renewal

Mortgage Renewal

Shopping for a Renewal

mortgage renewal

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.

Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage.

Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.

Before you ever hear from your lender about renewing your mortgage term, have a licensed mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf!

Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of a licensed Dominion Lending Centres mortgage professional to ensure the lenders compete for your business.






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Refinance your Current Mortgage

Learn About Refinancing

Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.




Refinance

Learn About Refinancing

Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.

Refinancing refers to the replacement of an existing debt obligation with a debt obligation under different terms. The most common consumer refinancing is for a home mortgage.

If the replacement of debt occurs under financial distress, it is also referred to as debt restructuring.

A loan (debt) can be refinanced for various reasons:

1. To take advantage of a better interest rate (which will result in either a reduced monthly payment or a reduced term)

2. To consolidate other debt(s) into one loan (this will result in a longer term)

3. To reduce the monthly repayment amount (this will result in a longer term)

4. To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan)

5. To free up cash (this will result in a longer term)

Refinancing for reasons 2, 3, and 5 is usually undertaken by borrowers who are in financial difficulty in order to reduce their monthly repayment obligations, with the penalty that they will remain in debt for years longer.

In the context of personal (as opposed to corporate) finance, refinancing multiple debts makes management of the debt easier. If high-interest debt, such as credit card debt, is consolidated into the home mortgage, the borrower is able to pay off the remaining debt at mortgage rates over a longer period.

Refinance

Learn About Refinancing

Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.




Refinance

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How to Apply for a Mortgage

How to Apply






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