- Mortgage Pre-Approval
A Mortgage pre-approval is essential and one of the first steps to take when you are thinking of purchasing a property. Not only will this pre-approval help you, the prospective buyer, but also your Realtor during the negotiation process. Here are a number of benefits of getting pre-approved:
- Lock in a mortgage rate for as long as 6 months to hedge against any potential interest rate increases.
- Determine your budget and affordability based on your income.
- Figure out if you qualify for the amount you are looking for.
- Learn the true costs of home ownership. Know your facts before you put in an offer.
- Learn the home purchase process from A-Z.
- We will recommend the best in the business for a Realtor, Lawyer, Insurance Advisor, Home Inspector and more.
- Your mortgage pre-approval will help you and your Realtor in the negotiation process.
Lock In Your Mortgage Interest Rate
When you become pre-approved, your mortgage interest rate is set in stone for a certain period of time. If mortgage interest rates increase during your home search, you have peace of mind knowing this does not affect you. On the other hand, if mortgage interest rates decrease, you will always benefit and receive the lower rate. Let Maria Titarenko explain the differences and process so you can make the best financial decision for you and your family when choosing your mortgage.
- Mortgage Refinance
Canadians will typically refinance to consolidate and payout debts, improve cash flow or to access home equity for investment opportunities and/or renovations. A mortgage refinance can be done on your maturity date or prior depending on the situation. A mortgage refinance may entail staying with your existing lender or switching. Either way, it is important to speak with a mortgage professional to see what your options are and to ensure it is beneficial to your financial situation.
Here are just a few mortgage refinance scenarios to consider:
- Debt consolidation to lower your overall cost of borrowing and improve monthly cash flow.
- Equity take out for investment opportunities, renovations or other circumstances.
- Spousal buyouts in the event of a divorce/separation.
- Having access to a home equity line of credit.
- Refinance plus improvements mortgage.
- Switching lenders and breaking your existing mortgage for better cash flow, extending amortization and lowering our interest rate
- Credit repair including paying out a consumer proposal.
- Mortgage Transfer
A mortgage transfer is when a home owner switches their existing mortgage to a new lender but is not adding on any additional funds (penal ties, discharge fees, accrued interest, legal fees do not apply). In this scenario, someone will typically switch their mortgage at maturity for a better interest rate and mortgage product or switch prior to maturity and cap penalties into the new mortgage. Different rules and guidelines apply, depending on the mortgage product and lender so it is very important to talk to a mortgage professional to navigate you through the process. A mortgage switch/transfer can be extremely beneficial because in most cases the legal fees and appraisal costs are paid by the new lender and the mortgage remains insurable or securitized, meaning a lower interest rate for the borrower. Many home owners may not even realize they are eligible for a mortgage transfer but instead are told to refinance which can lead to unnecessary costs and higher interest rate.
- Alternative & Private Mortgage Lending
With the recent mortgage rule changes, many home owners and potential mortgage borrowers no longer qualify for traditional bank or "A" mortgage lending. If a borrower cannot get financing through a bank or a traditional "A" lender, then there are many other options to consider. Alternative or B Mortgage Lending could be beneficial for those with bruised credit, self-employed borrowers or a buyer/homeowner looking for financing on a unique property. Alternative Mortgage Lenders are still very reputable and large financial institutions but may charge a slightly higher interest rate and/or a lending fee. Private Mortgage Lending is recommended for short-term financing situations whether it be a few weeks or a year when all other options are off the table. The interest rate and lender fees are typically much higher in this case.
Speaking to a mortgage professional about alternative or private lending is extremely important as these products and lenders may not be suitable for everyone. If alternative and private lending is an option for mortgage financing, it is important to have a short and long-term plan in place so that one day you can hopefully switch your mortgage back to a traditional "A" lender.
- Self-Employed Mortgage
Attaining financing can be hard enough these days, but when a borrower is Self-Employed there can additional qualifying challenges. Dominion Lending specializes in Self-Employed Mortgage Financing and Financing for those who are Self-Employed.
In many cases, self-employed borrowers show much less income on their tax returns than what they actually make so qualifying under normal "A" lending and debt service ratios can be difficult.
Maria Titarenko works with lenders that will allow income to be grossed up and/or use the true cash flow of the business through bank statements to qualify. The Self-employed Mortgage doesn't have to be private or alternative lending and in many cases borrowers can still get "A" rates with major banks and prime lenders.
- Mortgage Renewals
Mortgage Renewal time is sometimes the best time for home owners to check their Mortgage financing options. This is because making changes to your Mortgage at Renewal or maturity means no penalties will be charged.
In most cases homeowners will receive a Mortgage Renewal statement from their existing lender up to 6 months prior to maturity, with rate quotes higher then what the market is dictating.
Maria Titarenko shops various lenders to give homeowners the best mortgage rate and solution at Renewal time.
Furthermore, if the borrower is offered a great rate from their existing lender, then Maria will advise them to stay with their lender. We want to be 100% transparent at all times and provide our clients with unbiased advice.
Furthermore, more if the Mortgage renewal being offered by the borrowes’ existing lender is a deal,Maria Titarenko will be the first to let them know. We want to be 100% transparent at all times, honest and truly give our clients unbiased advice when it comes to mortgage financing and their mortgage renewal.