We Deliver Solutions

Services

Purchasing Your Property

Mortgages

Items to Consider When Buying Your Home

Mortgage options. Mortgage terms or the “fine print” varies by each lender and an independent Mortgage Broker will help ensure you are getting the best mortgage option for your circumstance. Dominion Lending Centres Integrity Mortgage BC will work on your behalf to help you determine which mortgage is right for you.

Down payment. A minimum down payment of 5% is required to purchase a home. Down payments can be from your own resources such as savings, RRSP’s or a gift from an immediate family member or from borrowed sources for qualified borrowers. As a first time home buyer you can withdraw up to $25,000 from your RRSP for the purchase of your home without paying income taxes. Certain restrictions apply under the Home Buyers’s Plan however this can be a strategic way to save for your down payment on your first home.

Mortgage default insurance. If you have less than a 20% down payment, your lender will require that you obtain mortgage default insurance which can be rolled into your mortgage payments. The insurance rate varies and is based on your down payment amount and income source.  

No Obligation

Refinancing Your Mortgage

refinance your home

Reasons to Consider Refinance

Improved Credit rating. Over time your credit rating improves and you might be eligible for an improved interest rate.

Refinancing means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home's equity in order to finance a large purchase; and the desire to consolidate debt.

No Obligation