A pre-approval can be done on the spot and have an automatic response back within minutes of the application through some lenders if their rate is the best. This works great for clients where credit, ratios, and down payment are very straight forward. Otherwise, it takes about 24 hours to have a lender look and…
March
Does pulling my credit affect my credit score? …and how many times do you pull it? It does have an impact, but a very minimal one compared to the benefit of knowing your financial position and it can be gained back very quickly from good future payments. Mortgage brokers are not like financing departments at…
February
What fees will banks absorb for me? When it comes to Purchases, there are lenders that will pick up the appraisal cost if required. On Switches/Transfers all fees except for the discharge fee (approx. $250.00) are picked up by the new lender. On Refinances there are lenders that will pick up appraisal and legal fees…
February
I wish we could, but for accuracy, it’s really hard to do this. We can do a verbal application, but we need to pull a credit report which requires written consent. A credit report is much more than just a score, it’s a lifetime of payment history which can help get a deal approved or…
February
… and should I shop around for my best broker? Contrary to popular belief, mortgage brokers are not all cut from the same cloth so make sure you’re comfortable and your broker is qualified to earn your business. Every broker has a different experience level, employment background, and understanding of policy/procedure. Also, every brokerage is…
February
Thank you! Narish and his team at Dominion Mortgage Pros provided exceptional service for our mortgage needs. They were able to talk to several lenders to provide us a mortgage that works best for our current and future needs. Once the lender was decided, their quick responsiveness and superb follow-up kept us on track for…
January
We’ve never used a mortgage broker, but have been told to call one before we accept a mortgage quote from our bank. What is the benefit and what is the cost? The main benefits of a broker are that we can scan a large market place that consists of banks, credit unions, trust companies, and…
January
I shop the best rates and products from 30 different Banks, Credit Unions and Trust Companies including: TD Bank, Scotia, ING, and many others. My services are free as the bank pays me a finder’s fee. The Industry is changing and banks now have to compete for business, so they value our referrals. Keep…
October
We’ve seen a lot of interest rate activity this summer primarily in the longer term fixed rates. At one point the 5 year fixed rate was at 2.79% and now sitting at around 2.89% best rate. The golden question we keep getting asked is if it’s going to continue to go up. We wish we…
October
Choosing the mortgage term that’s right for you can be a challenging proposition for even the savviest of homebuyers, as terms typically range from six months up to 10 years.By understanding mortgage terms and what they mean in dollars and sense, you can save the most money and choose the term that is best suited…
September
Canadian home prices jumped in May from April as a spring rebound in real estate continued in most cities, offsetting a couple of weak markets, the Teranet-National Bank Composite House Price Index showed today. The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 1.1% in May – the…
June
June 2013 Market Update It seems a lot of lenders are moving up their 5year fixed rates in light of the Bank of Canada holding prime at 1% this quarter meeting and current bank prime staying at 3% as a result of the hold. That being said, mortgage rates are tied to the bond market…
June
Source: www.mortgagebrokernews.ca Date: May 22, 2013 “Many of the candidates aspiring to be CMP Top 75 brokers have gone back to the basics, with an emphasis on sales and not sidelines.” I am are very proud and humbled to be considered as a candidate for the top 75 Canadian Mortgage Professionals and featured in this…
May
This is a question I’ve been asked numerous times over the past 8.5 years. When I first entered the industry I used to answer this by informing clients a broker works for you and not the lender, better rates typically, and free to use. Now in my mind that should be enough to convince a…
May
Understanding mortgage differences Getting financing can be a daunting process. It’s time consuming (and sometimes intimidating) going from bank to bank, and can be disappointing when you can’t afford the home you were hoping for… Or when you are refused financing. All Canadian lending institutions follow national lending rules, but where they differ is with…
April
Mortgages can be a confusing subject. Buying or selling a home is an emotional decision and can be very stressful. As a mortgage expert, I will take the confusion out of mortgages and make the process as smooth as possible. In Canada, there are two major categories that mortgages fall into, either closed or open.…
November
In Canada, there are many benefits to owning your own home, here’s our list of the top five: 1. Tax breaks. The Canadian government offers a variety of tax breaks and credits for homeowners that you can take advantage of. 2. Gains Generally, in Canada, we’ve seen steady growth in land and home values year…
November
We’ve got plenty of great finance tips on this site, but here’s five that you may not have thought of for your first home Start budgeting – To help get a handle on your expenses now, and perhaps weed out unnecessary expenses to help you reach your down payment or mortgage payment goals, you should build…
November
Take a minute and think about what your dream home would be look like. Now, take into consideration your pre-approval amount. Let’s face it; very few people can afford their dream home as their first. Chances are you’ll have to make some sacrifices, but before you start your search it’s very important to consider the…
November
It’s a simple fact, many homebuyers place offers on homes without knowing how much they will be approved for. Seems silly right? Finding your home before securing financing is a waste of time and money. By the time you do secure financing, you may find out that your home was out of your price range,…
November
