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Posted by: Gabriel Da Silva
Posted by: Gabriel Da Silva
The nation’s leading mortgage company is making it easier for consumers to navigate the Canadian mortgage landscape.
My Mortgage Toolbox is a new mobile app from Dominion Lending Centres designed to be a pocket-sized mortgage guide for everyday Canadians.
A first-of-its-kind for the industry, the app makes it easy for consumers to find a mortgage broker nearest them and get the best mortgage product at the lowest rate available.
“We’re really excited to launch what we see as a game-changing app for the mortgage industry,” said Gary Mauris, President and CEO of Dominion Lending Centres. “The idea behind My Mortgage Toolbox was to make it simple for Canadians to manage the mortgage process by putting all the information they need in the palm of their hand.
My Mortgage Toolbox guides the users while taking away all the stress of getting a mortgage.
Some of the features of the app include:
• Affordability Calculator
• Minimum Down Payment Calculator
• Total Monthly Ownership Calculator
• Closing Cost Calculator
• A Stress Test Tool to calculate affordability
• Beautiful graphs and illustrations
“We’ve listened to our mortgage professionals who are always looking for better ways to serve their clients, and again we are delivering industry-leading tools and technology,” said Dave Teixeira, DLC’s VP of Operations.
The app has also been translated into several languages including English, French, Spanish Chinese and Hindi.
The My Mortgage Toolbox app is available for Apple and Android devices, or by clicking the “My Mortgage Tool” box link on the on www.DLC.mortgage
Posted by: Gabriel Da Silva
How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. Maybe you know that tens of thousands of Canadians are using a reverse mortgage as part of their financial plan. But did you know that there are 7 common misconceptions when it comes to understanding reverse mortgages in Canada. As Canada’s leading provider of reverse mortgages, HomeEquity Bank can help set the record straight.
Nothing could be further from the truth. You always maintain title, ownership and control of your home – HomeEquity Bank simply has a first mortgage on the title.
Also, untrue. Every CHIP Reverse Mortgage from HomeEquity Bank comes with a No Negative Equity Guarantee(1) which states that as long as you – the homeowner – have met your obligations, the amount you will have to pay on the due date will not exceed the fair market value of your home. In fact, over 99% of HomeEquity Bank’s customers retain equity in their home when they decide to sell, with over 50% of the home’s value remaining after the loan is paid back (on average).
In Canada, the CHIP Reverse Mortgage is available to Canadian homeowners aged 55 and older. In fact, as you age you are more likely to qualify for a higher amount on your loan. A reverse mortgage is a lifetime product and as long as the property taxes and insurance are in good standing, the property remains in good condition, and the homeowner is living in the home full-time, the loan won’t be called even if the house decreases in value.
This myth is one of the most common when it comes to reverse mortgages. The CHIP Reverse Mortgage does not require any monthly payments, meaning you can’t miss payments in the first place.
This is also untrue. Much like a conventional mortgage, an appraisal of your property and independent legal advice is required, and your responsibility to pay for. The only remaining cost is a one-off closing and administration fee. When you compare this to the costs of “rightsizing” to another home, you will find a much more affordable option in a reverse mortgage.
While it’s generally true that interest rates are a bit higher than a traditional mortgage, the difference is not excessive. Plus, making monthly mortgage payments is simply not a viable option for many retired Canadians, and – even if it were – many would struggle to qualify for a traditional mortgage in the first place. For these reasons, many retired Canadians are choosing reverse mortgages over conventional solutions.
The idea that your children won’t be able to inherit your home is a complete myth. Your heirs will always have the option of keeping the property by paying off your reverse mortgage after you pass away. Plus, HomeEquity Bank’s No Negative Equity Guarantee, (1) states that if the home depreciates in value and the mortgage amount due is more than the gross proceeds from the sale of the property, HomeEquity Bank covers the difference between the sale price and the loan amount. Therefore, you will never owe more than the fair market value of the home.
[1] The guarantee excludes administrative expenses and interest that has accumulated after the due date.
Written by: Agostino Tuzi
National Partnership Director, Mortgage Brokers
HomeEquity Bank
Posted by: Gabriel Da Silva
Is it time to upgrade your
old business equipment to
something that is current and lets
you utilize the best business
solutions today?
We have been working with business
owners across Canada to provide
them with leasing services as they
upgrade their outdated equipment
to newest and most efficient
equipment for their business.
If you are getting new equipment
for your business, check with
Dominion Lending Centres as we are
experts at negotiating a lease
financing and we do all the work for
you as a matter of course, freeing up
your time and energy to concentrate
on your business.
Posted by: Gabriel Da Silva
The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments.
Fixed-rate mortgages often appeal to clients who want stability in their payments, manage a tight monthly budget, or are generally more conservative. For example, young couples with large mortgages relative to their income might be better off opting for the peace of mind that a fixed-rate brings.
A variable rate mortgage often allows the borrower to take advantage of lower rates – the interest rate is calculated on an ongoing basis at a lenders’ prime rate minus or plus a set percentage. For example, if the current prime mortgage rate is 5.5 percent, the holder of a prime minus 0.5 percent mortgage would pay a 5.00 percent variable interest rate.
As a consumer, the best option is to have a candid discussion with your mortgage professional to ensure you have a full understanding of the risks and rewards of each type of mortgage.
Posted by: Gabriel Da Silva
Commercial Mortgages are designed for businesses and investors who wish to purchase or refinance commercial income-producing properties and offer a flexible way to raise capital. Some common commercial mortgage products provide funding for:
-Income properties
-Multi-residential properties
-Bridge financing
-Restaurants
-Industrial properties
-Office properties
-Self-storage
-Retail malls
-Raw land financing
-Startups financing
-Debt consolidation
A Dominion Lending Centres leasing professional can help you in discovering multiple ways to structure lease financing for new equipment, a sale-lease back to extract capital from existing assets, or solve other equipment acquisition opportunities. Many of our lease professionals are also mortgage brokers who can use commercial and residential mortgage and property credit-line products alone or in combination with lease-financing to help you achieve the best solution for equipment acquisition.
Benefits of using Dominion Lending Centres Leasing.
As a franchise organization with local ownership of our street-front locations, you get committed, local-office presence with a team that understands your market is in your time-zone and has community-involvement and knowledge. Our national credit office offers the best tools, underwriting centre, and efficiency in the leasing business today.
With leading funding resources, we provide the best opportunity for approvals with the lowest monthly payments.
Why rely on only one or two lease-sources when you can have over 30 specialty lease-funding sources in Canada and the United States.
Creative and flexible, Dominion Lending Centres Leasing can break up large-dollar transactions into multiple leases across a number of funders to ease and simplify the approval process.
Exposure limits are not an issue as we simply move the lessee to additional funding resources when exposure-limits are imposed by each funding source.
Dominion Lending Centres Leasing provides a broad range of auto & equipment leasing programs which dramatically increases our capabilities at solving the most challenging equipment acquisition challenges.