3 Sep

All About Pre-Approvals

Mortgage basic's

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ALL ABOUT PRE-APPROVALS

Why is a pre-approval important to people who live in Grande Prairie? Well why wouldn’t you want to make your home buying process simpler?

If your in the market for a new home, that’s great – but if you’re not already pre-approved from your mortgage broker, be sure to read on.

Pre-approvals are very important for two reasons.

They give you confidence in knowing that a specific amount of financing is available for you.
A pre-approval can put you in a positive negotiating position against other home buyers who aren’t pre-approved.
Not all pre-approvals are the same, though. There are essentially three different kinds.

  • The first occurs when you meet with a mortgage professional and tell them how much you make. They’ll say something along the lines of “Great, you’re pre-approved.” The mortgage professional has only looked at your income. There is no real pre-approval.
  • The second kind is when a mortgage professional asks you how much you make and then pulls your credit bureau. This allows a mortgage professional to lock in your mortgage rate for up to four months. This pre-approval still isn’t a sure thing.
  • The third kind of pre-approval – and the one that we do – is a lot more encompassing. We get all of your papers prepared right off the bat, which allows us to eliminate any unforeseen issues with your approval. Sure, it’s more work up front – but we do this because it’s the right thing to do.

If you’d like to get a pre-approval, contact a Dominion Lending Centres mortgage professional! We’re here to help.

Eitan Pinsky

EITAN PINSKY

Dominion Lending Centres – Accredited Mortgage Professional
Eitan is part of DLC Origin Mortgages based in Vancouver, BC.

16 Apr

Darren Ward, A good time to switch lenders?

Darren Ward

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Our mortgage agent of the week is Darren Ward, coming to us from a corner office 700km away in Calgary. Over 80% of Darren’s business is still being done here in Grande Prairie and the surrounding areas.

Darren was born in Grande Prairie and raised in La Glace so he’s ready to answer your local questions!

Q – Can I switch from my current mortgage lender and when is a good time to do this?

Darren – Great question, you can switch from your current lender and the best time to do this is at your mortgage renewal date. If you have a standard mortgage (no HELOC attached) you can switch and the new lender will cover the costs, plus you get yourself the best possible rate out there. Even if you do have a HELOC, there will be a processing fee involved but this can still be done.

Are you wondering if a switch is good for you? With 47% of all mortgages in Canada coming up for renewal in 2018, this may be a good time for you to check!

 

Regards,

 

Darren Ward

Mortgage Agent

Dominion Lending Centres HT Mortgage Group

Office: (780) 513-6611

Cell: (403) 805-5322

 

2 Apr

Daina Stringer – April 2018 Spring Clean here in Grande Prairie

Daina Stringer

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Daina Stringer, our mortgage associate of the week gives us mortgage tips for spring in Grande Prairie:

Jill – Daina springs just around the corner, have you been noticing an increase in people looking for mortgages?

Daina –Yes!! We definitely have. Spring is always a good time to start looking.

Jill – Well any tips for people here in Grande Prairie who are looking to purchase a home this spring? What can they do to make everything go smoothly?

Daina –Save for your down payment, pay down debt and file your taxes to make your financing a smooth process.

Jill – Any big plans for spring this year? Ready to clean all that clutter?

Daina- No big plans since this is a busy time of year for those of us in the mortgage industry, but it is a great time to paint that room, clean up your yard or simply do some Spring cleaning.

Daina Stringer Dominion Lending Centres HT Mortgage Groups associate of the week! She makes moving in the spring easy, so give our office a call today to start your spring move!

Our office: 780-513-6611
Daina’s Cell: 587-343-1612

26 Mar

Chanele discuss’s Fixed vs Variable mortgage rates

Chanele Langevin

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This week Chanele Langevin is our broker of the week here in Grande Prairie at the Dominion Lending Centres HT Mortgage Group. Here she is to answer your questions!

Should I go with a Fixed Rate or a Variable Rate on my mortgage?

Well, let’s talk about each type of mortgage in a little more depth.

What are the benefits and drawbacks of a fixed rate mortgage?

Your interest rate and your mortgage payments won’t change until it’s time to renew your mortgage. The security and comfort of knowing your payments won’t change is valuable to many people. That said, you will likely pay a slightly higher premium to enjoy that peace of mind and, in the event of contract disruption, your penalties may be steeper.

What are the benefits and drawbacks of a variable rate mortgage?

The interest rates offered by variable rate mortgages are typically lower; however, there is no guarantee that your rate won’t change. Therefore, you might save money on interest but that’s not a certainty as rates are unpredictable. That said, keep in mind that your interest rate can often be locked at a fixed rate at any time during your term.

Essentially, your choice to lock in a fixed rate or gamble and take the chance to save thousands of dollars in interest is a personal preference. Your main concern should be: how comfortable am I with uncertainty, and what does my budget allows if the rate floats?

And that is why we’re here! We guide and inform our valued customers so you get the best mortgage product for your family’s needs.

Chanele Langevin, Mortgage Agent
Dominion Lending Centres Ht Mortgage Group
101 10001 100 Ave
Grande Prairie, AB
T8V0V2

1 Aug

How Does Downpayment work in Northern Alberta?

Downpayment

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This week Jodi Scotton our broker of the week talks about down payment. How much do you need?


DID YOU KNOW

5% down payments are not just for first time home buyers.

This is a question I hear a lot. Everyone wants to know how much money they need to purchase that next house!

If the home your purchasing is going to be your primary residence, you can do 5% down no matter how many times you’ve been in and out of the home market. So when whether your upgrading or downsizing into your new primary residence you can still do a minimum 5% down payment. (On approved credit)

Keep in mind that any mortgage with less than a 20% down payment will be required to pay a default insurance premium. This means that most people can do just 5% down on their next home, but it does cost you a little more. On the other hand, what would the time it takes to save that extra 15% cost you?

Have more questions about down payment? Give me a call or facebook message me!