Purchasing a home in Canada can be overwhelming and exciting. There are many lenders and lenders products that can be somewhat of a maze to navigate through. We specialize in residential mortgages and helping Canadian’s with their mortgage financial needs. We have several different mortgage categories and ownership options available to you.
- Residential home owner occupied
- Rental properties
- Mortgage helpers (legal suites)
- Leasehold properties
- Recreational properties
- Vacation properties
- Town homes
- Modular & Mobile Homes
- Condo Ownership
Please reach out to one of our mortgage professionals to discuss further your residential needs.
Not Your First Purchase
Regardless of how many homes you have owned you are able to purchase with 5%
down. The policies today have been written where you can only, at one time, owe
few homes under the CMCH umbrella. However if you recently sold a home, want to convert your current home into a revenue property and proceed to a new primary residence then your application for 5% down can be processed. We at Gotobrokers have been very successful with this mortgage product. Please speak with any of our mortgage professionals to assist you further.
Second mortgages are secured against your home behind the first mortgage. Often one will take a second mortgage to provide additional dollars for a multitude of reasons. The goal with a second mortgage is to ensure it matures at the same time as the first so they can be blended together for a lower rate. Speaking with one of our Gotobrokers mortgage professionals will help plan your success in arranging a second mortgage with a strategy.
A draw mortgage is when a lawyer will disburse to the builder a percentage of the mortgage at predetermined levels of the build. For example 33% would be advance at lock up then 20% more when the plumbing is completed and so on. Some draw mortgages are drafted as three to four draws. The majority of the time the builder will pay the cost of interest and inspections during this process. If you are requesting a lender to custom build you a home then he is likely to request a draw mortgage to facilitate the process. Our mortgage professionals will be happy to assist you in understanding and the preparation of your new mortgage as a draw process.
At Dominion Lending we have relationships established with the majority of private lenders in Canada. Those who elect to use a private mortgage generally have good solid reasoning’s varying from, short term monies, poorer credit individuals that require funds while waiting for the credit to re-establish, starting a business etc. Regardless of the reasoning Gotobrokers can assist you with arranging a private mortgage with Canadian lenders at very attractive rates. Private mortgages will have a fees associated with the arranging of these mortgages.
USING A COMMERCIAL MORTGAGE PROFESSIONAL
Dominion Lending Centres Commercial has established excellent relationships in the lending community with pension funds, banks, credit unions, life insurance companies, trust companies, private institutions and individual investors.
THESE RELATIONSHIPS ALLOW DOMINION LENDING CENTRES COMMERCIAL TO IDENTIFY THE SOURCE OF FUNDS WHICH WILL BE
MOST LIKELY TO MEET THE NEEDS OF ITS BORROWER CLIENTS.
Commercial real estate financing transactions are often very complex. At Dominion Lending Centres Commercial, we have extensive experience and we are experts at structuring transactions that work optimally for all parties concerned. Our professionals facilitate a smooth process which begins with initial discussions and ends with a timely and problem free funding.
In order to attract the best financing possible, each situation is presented as effectively and professionally as possible. Dominion Lending Centres Commercial has the resources and the knowledge to prepare and underwrite a broad variety of transactions, including computer modeling, visual aids, written presentations and ancillary information.
Heloc & Credit Lines
Heloc mortgages are mortgages that are interest only payments. They float at an interest rate above or below prime rate. Clients who use this type of mortgage generally are investing the monies into a registered plan and taking advantage of the interest being tax deductible.
Secured Credit Lines
The secured credit line is generally a less expensive credit line that is attached to the house. When one is using the monies from this type of credit it is not considered borrowed as it comes from ones equity. A second mortgage is registered on the home.
Unsecured Credit lines
This type of credit line is the more commonly used line. It reports to the credit agency as revolving charge and is not secured upon any assets. It is established based upon net worth and the ability to support the debt.