Using A Mortgage Professional – What To Expect
Qualified, unbiased advice you can trust
Why should I use a mortgage professional?
While banks can only offer the products from their particular institution, licensed mortgage professionals have access to Canada’s largest banks, credit unions, trust companies, and financial institutions; offering their clients more choice, and access to hundreds of mortgage products! As a result, clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.
Here’s how it works: After completing a mortgage application with you and discussing your personal and financial situation, I get to work to find the right mortgage options for you. If possible, I will present you with a few different options and help you choose the mortgage that makes the most sense for your situation. I have access to a number of lenders, from big banks to monolines to private lenders, each with their own set of mortgage products, so you really are getting the best options available. Once you’ve decided, I then submit your application to the chosen lender and gather all the necessary paperwork. I will keep you informed every step of the way so you never have to worry or wonder what is happening. I can even work with your real estate agent and lawyer to make sure everything is going smoothly! Even once the mortgage is complete, I will still follow up with you to make sure your payment is as expected and that you’re happy with the whole experience. If I spot an opportunity to make your mortgage even better or to get you a lower rate, I’ll be the first to let you know! I will be there for you throughout the entire life of your mortgage to make sure you’re getting the best experience possible!
How much does it cost?
From the first consultation to the signing of your mortgage, my services to you are free! A fee is charged only for the most challenging credit solutions, and it’s especially under those circumstances that a mortgage professional can do for you what your bank cannot. For most people, my mortgage expertise comes at no cost. The only costs you incur are typical of the mortgage process, such as lawyer fees, appraisal costs, home inspection fees, title insurance, etc.
How can a mortgage professional help me with my current mortgage?
If you are looking to refinance your existing mortgage, whether it’s to lower your payments, take equity out of your house to use for other investments or renovations, or to consolidate your other debt into one payment with a low interest rate, I have options for you! Whatever your situation, I can provide you with various options and help you choose the best route forward!
I can save you money at renewal too! 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 could be unnecessarily costing you a lot of money on your mortgage. Four to six months before your current mortgage term expires, contact me to start shopping around for you. 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, so be sure to track your mortgage term timeframe. Most likely, I can find you a better mortgage with lower rates and more flexible terms, but sometimes it just doesn’t make sense to switch lenders. In these cases, I will give you my best rates so that you can negotiate an even lower rate with your current lender!
Can I still get Mortgage Life Insurance?
Yes! Buying a home is one of the single largest purchases you will make in your lifetime. At Dominion Lending Centres we believe that your biggest investment needs to have adequate protection.
Mortgage Protection Insurance protects your investment while helping secure your family’s financial well being in the event of death of you and/or your spouse. Should something tragic result in the passing of you or your spouse, the mortgage on your home would be paid off, allowing surviving family members to use other existing insurance to carry on with life, maintain their lifestyle and recover from your loss.
The mortgage insurance offered through Dominion Lending Centres has some great features that traditional bank mortgage insurance doesn’t provide. That includes portability – so when it is time to renew your mortgage you won’t lose your coverage (or have to re-qualify) no matter how many times you change homes or lenders in the future – and premiums don’t increase with changes in health or as you get older. In addition, Mortgage Protection Plan includes two vital insurance products for your mortgage protection: Life Insurance and Total Disability Insurance. With this coverage in place, your mortgage is protected not just in the event of death, but also if a serious accident or illness leaves you unable to work. Most traditional term life policies only cover you in the event of death.
I can walk you through the ins-and-outs of mortgage life insurance, the applicable costs, as well as provide you with instant coverage and a money back guarantee, just in case you choose alternative coverage and cancel your policy within 60 days.
What if I’m self-employed?
Proving self-employment income, and income stability for the years to come, can be tricky for new business owners.
Many Canadians have successful small business ventures and would not trade the lifestyle for anything in the world. However, many begin to question their lifestyle and business choices when they first attempt to obtain financing for their home, or even something as simple as a new credit card or vehicle. The nature of self-employment income can sometimes leave the self-employed looking like poor credit risks, even though they may actually have a more stable source of income than those who are working 9 to 5 for an employer.
Thankfully, Canadian mortgage lenders are starting to understand the importance of self-employment in our culture, and are making great mortgage programs available to the self-employed to finance their homes.
Obtaining a mortgage if you’re self employed has never been easier, and you will be excited to learn that the mortgage products available today are structured to help you succeed in your business and your personal life. I can even offer competitive equipment leasing programs if you’re looking to grow your business. Contact me today to chat about what I can do to help you succeed!
Whether you’re purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it’s important that you are making an educated buying decision with professional unbiased advice. Contact me today to chat about what I can do for you!