Confused about what a Mortgage Agent can do for you? Well here’s your answer……

General Cindi McLean 26 Feb

I realized recently that there’s still some confusion surrounding exactly what we do and what services we have to offer as independent Mortgage Professionals.

With today’s uncertain economic climate, the record debt levels many Canadians now face and the fact that interest rates are beginning to rise, we’re fielding more questions than ever before.

We work with Canada’s leading Financial Institutions, including Banks, Trust Companies and Credit Unions. This includes Scotiabank, TD Canada Trust and many others. There is a complete list of all our lending partners available on my website.

Since our company, Dominion Lending Centres, sends these lenders more than $14 billion in mortgage volume annually, these lenders provide us with exceptional rates, fast turnaround times and flexibility with approvals.

When you use us to find you the best mortgage products and rates catered to your unique needs, we negotiate on your behalf and there is no cost to you. The lender pays us a fee for bringing business their way. Remember, this saves lenders from paying out the costs associated with additional employees in wages, vacations, training, office space and benefit. There is no cost to you, and we only earn a fee if we arrange the mortgage for you. The fee is the same, regardless of which lender I choose, and it’s not built into the rate. The rate is typically lower than if you went directly to the lender, and the process is much simpler.

We also have lenders available that specialize in providing mortgages for clients who are self-employed, contract employees, those who have seasonal income, have trouble proving income or lack some of the standard documentation. We are experts in negotiating the best rates for all Canadian, but understand that sometimes you may have challenges in your past that we can work through with you – and help get you back on track.

Many borrowers think their bank will automatically give them the best rates simply because they have been loyal customers for many years, have multiple accounts with them or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest.

I’m a fully licensed Mortgage Professional with a financial planner background that gets the job done. The safety and security of your personal information is of utmost importance and all discussions, documentation and file management are completely confidential at all times.

For a discussion on how I can help you, give me a call. I’m here to help!

Looking forward to hearing from you,
Cindi

5 SIMPLE STEPS TO OWNING YOUR OWN HOME. Contact me, I’m here to help. 705-783-8383

General Cindi McLean 22 Feb

Often, the route to owning your own home can seem like a trip to the moon and back.

Really though, it comes down to five key steps:

1 – Manage your credit wisely.
If there is one thing that will gum up the purchase of that perfect home, it’s an unwise purchase or extra credit obtained. Keep your credit spending to a minimum at all times, make every payment on time and most of all pay more than the minimum payment. Remember that if you just make the minimum payment on your credit cards, chances are you will still be making payments 100 years from now.

2- Assemble a down payment.
At first glance, the challenge of finding a down payment can seem insurmountable. In fact, you just need to consider all the sources for down payment funds. yes, you will have saved some but remember you can also, in some situations, use RRSP funds, grants ( BC Home Equity Partnership for example ) and non traditional sources like insurance settlements, severance and of course, gifted funds from a family member. Don’t forget that you’ll need to demonstrate that you’ve had the funds on deposit for up to 90 days and also that you have an additional one and a half percent of the mortgage amount for closing costs.

3- Figure out how much you can afford.
It’s at this point that most people usually stop and scratch their heads. Some even try and tough it out, using the raft of online calculators to figure it out, but new mortgage rules can make even that a challenge.
If you talk to a Dominion Lending Centres mortgage specialist ( like me! ) though, they can help you figure it out and even go as far as getting you a “pre-approval” from a financial institution. This can give you the confidence you need to actually start looking around.

4- Figure out what you want.
You’ll want to make a list of things your new home has to have and what the neighbourhood has to have. Things you want to think about are the things that are important to you now; is there access to a dog park? Is there ensuite laundry? Divide the list into things you can’t live without and things you’d like to have. It’s way easier to look when you know what you want to look at.

5- Look with your head, buy with your heart.
The final step is, with the help of a realtor, look at properties that meet your requirements. Yes, the market is a little frenzied at the moment, but remember, if your perfect property is sold to someone else, the next perfect property will soon appear.

When you do finally buy, chances are, you’ll buy with your heart. My sister Noona moved to London some years back and after settling in, decided to buy. Her list was fairly lengthy, one of the key elements was being able to walk to work. In a market similar to what we face now, she found a property that met most of her requirements. In the end though, she bought with heart, mostly because of the view from the balcony.

The decision which home to buy is a tricky thing, it should be made with your head and heart. Deciding, while balancing what you think and feel, really is rocket science.

I know that this may seem to be an oversimplification but really, the thing that complicates the process is your own emotions – all of the stress that comes along with making a life change can make the process challenging.

Article written by:

JONATHAN BARLOW

Dominion Lending Centres – Mortgage Professional
Jonathan is part of DLC A Better Way based in Surrey, BC.

Must read for First Time Buyers. Call me, I’m here to help! 705-783-8383

General Cindi McLean 1 Feb

10 FIRST TIME HOMEBUYER MISTAKES

Ten Things In a Real Estate Transaction That Can Affect Your MortgageIf you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes.

1. Thinking you don’t need a real estate agent

You might be able to find a house on your own but there are still many aspects of buying real estate that can confuse a first-time buyer. Rely on your agent to negotiate offers, inspections, financing and other details. The money you save on commission can be quickly gobbled up by a botched offer or overlooked repairs

2. Getting your heart set on a home before you do your homework

The house that’s love at first sight may not always be what it seems, so keep an open mind. Plus, you may be too quick to go over budget or may overlook a potential pitfall if you jump in too fast.

3. Picking a fixer-upper because the listing price is cheaper

That old classic may have loads of potential, but be extra diligent in the inspection period. What will it really cost to get your home where it needs to be? Negotiating a long due-diligence period will give you time to get estimates from contractors in case you need to back out.

4. Committing to more than you can afford

Don’t sacrifice retirement savings or an emergency fund for mortgage payments. You need to stay nimble to life’s changes, and overextending yourself could put your investments – including your house – on the line.

5. Going with the first agent who finds you

Don’t get halfway into house hunting before you realize your agent isn’t right for you. The best source: a referral from friends. Ask around and take the time to speak with your potential choices before you commit.

6. Diving into renovations as soon as you buy

Yes, renos may increase the value of your home, but don’t rush. Overextending your credit to get it all done fast doesn’t always pay off. Take time to make a solid plan and the best financial decisions. Living in your home for a while will also help you plan the best functional changes to the layout.

7. Choosing a house without researching the neighbourhood

It may be the house of your dreams, but annoying neighbours or a nearby industrial zone can be a rude awakening. Spend time in the area before you make an offer – talk to local business owners and residents to determine the pros and cons of living there.

8. Researching your broker and agent, but not your lawyer

New buyers often put all their energy into learning about mortgage rates and offers, but don’t forget that the final word in any deal comes from your lawyer. As with finding agents, your best source for referrals will be friends and business associates.

9. Fixating on the lowest interest rate

Yes, a reasonable rate is important, but not at the expense of heavy restrictions and penalties. Make a solid long-term plan to pay off your mortgage and then find one that’s flexible enough to accommodate life changes, both planned and unexpected. Be sure to talk your your Dominion Lending Centres mortgage professional to learn more.

10. Opting out of mortgage insurance

Your home is your largest investment so be sure to protect it. Mortgage insurance not only buys you peace of mind, it also allows for more flexible financing options. Plus, it allows you to take advantage of available equity to pay down debts or make financial investments.

Article written by:

Marc Shendale

MARC SHENDALE

Genworth Canada – Vice President Business Development