Getting the Best Mortgage
Each and every one of our customers has a unique situation. Our Mortgage Professionals will help you analyze your particular situation and help you make the decisions that will lead to the best mortgage for you. Here are some examples of how other people have used Dominion Lending Centres Westcor to secure the "best mortgage."
Case Study - Mathew & Emma
Mathew and Emma decided that they would like to own a home. But Mathew was a self employed plumber for the past two years and was previously declined while applying for loans because they did not have the provable income that the banks required.
To determine the mortgage that best suited Mathew and Emma, we asked them the following questions:
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How much did they have for downpayment?
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Credit history and repayment?
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Monthly income and other expenses?
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Future plans and goals?
Mathew and Emma had $17,500 down payment from their savings and were expecting a small inheritances from Mathew's father estate. They estimate that once the will was probated, then the money would be paid out in a month. This was to help with lawyer fees and moving costs.
Mathew worked very hard as a plumber and although he could not provide the traditional proof of income, he brought in $8,000 per month and was fully confident that they could easily meet the mortgage payment as well as credit card payment of $300.00 per month. Mathew provided Dominion Lending Centres Westcor with proof that he was self employed for 2 years and that was it for proof of income. No tax returns! No revenue Canada notice of assessments! Mathew and Emma always paid their monthly bills on time and it showed on their credit report.
This allowed Dominion Lending Centres Westcor to obtain an approval for $332,500, which was 95% financing based on their good credit and stated income.
After discussing the various terms that were available to them, they opted for a variable rate.
They also got better than bank rates!
8 simple steps and your home financing is in place!
Case Study - Joseph & Ashley
Joseph and Ashley were looking at refinancing their home to lower their monthly mortgage payments. Both had been working full time, but now Ashley decided to stay at home with their children.
When they called Dominion Lending Centres Westcor, several issues were discussed with Joseph and Ashley.
- Would Ashley be able to go back to work and revert the family income back to its original state.
- Were there any other debts with monthly payments to consider.
- Long term goals.
After discussing these points with the Mortgage Professional, both Joseph and Ashley agreed that it would be preferable for Ashley to stay home full time with their children and although eventually she might go back to work, they did not want the pressure of high payments. They also had several credit cards that were starting to fall behind, and to eliminate these payments would make the family income much more livable.
As they had good equity in their home, they decided to take money out to payoff their bills.
The mortgage interest rate was much lower than the high credit card interest rates and with the prepayment privileges they could actually pay lump sums on the mortgage each year up to 20% of the original mortgage balance.
It was decided that a 10 year term interest rate would be the best as Mary and John did not want to have to worry in the near future that the rates would go up. They ended up with one low monthly payment and were relieved that the money pressure was taken off them. Dominion Lending Centres Westcor obtained a 10 year interest rate with 1.2% off current rates, prepayments of 20% lump sums and the ability to increase monthly payments each year by 20%, if desired.
Since then Mary contacted Dominion Lending Centres Westcor and advised that she was able to start up a home base business that was originally a hobby. With the burden of monthly payments behind her, she felt confident that she could concentrate on making money on something that she loved to do. The business has been so successful that they have applied lump sums to their mortgage totaling $10, 000 in the first year and Mary does not have to find employment outside of the home.
7 simple steps and your home financing is in place!
Case Study - Jacob & Hannah
Jacob and Hannah, both young professionals, recently got married and were ready to look forward to their future together. One of their goals was to own a home however after wedding expenses they hadn't saved for a downpayment and didn't know where to start, a friend suggested that they talk to Dominion Lending Centres Westcor and get pre-qualified.
Jacob and Hannah were nervous at first, but once they started to discuss their goals with the mortgage professional they realized that Dominion Lending Centres Westcor could take them through the Mortgage process without the stress and worry.
The following questions were asked to determine the appropriate mortgage for them:
- How long have they been on their jobs and their income?
- What was their credit history?
- What cash was available for the purchase of the home?
- What were their future plans and goals?
Based on Jacob's and Hannah's income and the fact that they had been with the same employer for 2 years, they qualified for a mortgage for $390,000. They had enough money for closing costs (1.5% of the mortgage).
Jacob and Hannah always prided themselves in the fact that they paid their credit cards on time and the credit report showed the results.
Jacob and Hannah qualified for a 100% financing mortgage and were able to purchase their first home together.
7 simple steps and your home financing is in place!
Dominion Lending Centres Westcor will contact you when your mortgage term is up for renewal to counsel you on how to secure one of the best rates for extending the term of your mortgage. |
