4. Be prepared to prove your down payment
Those anti-fraud rules require buyers to verify the source of their down payment. Whether you’re using savings, a gift from family or friends, some of your RRSP savings, or the proceeds from selling another house – we’ll discuss the back-up that’s needed for your mortgage approval. Learn more about it here.
5. Remember – Tomorrow can be different then today
70% of mortgages don’t go to term because we can’t see 5 years into the future: job loss, relocation, new child, marriage separation, a parent moves in… anything can happen. Yet, most buyers sign their mortgage with terms and restrictions that will work against them if they need to end their term early. We’ve got your back, and we’ll make sure you understand all the conditions of your mortgage. Read on…
6. Understand the mortgage terms and conditions
Of course, you want that really low advertised rate, but it’s important to read the fine print: big penalties to make changes or payout early, or the unknown registration of a collateral mortgage can end up costing you a lot in the long run. We’ll take you through it all to ensure you know what you’re signing, or find another option. Or, read on – Dominion Lending Centres offers a great overview here.
7. The lowest rates are low for a reason
Variable rates are the lowest lenders offer. However, your payments may go up if the prime rate fluctuates. Fixed interest rates are a bit higher, but they are locked in for your term – reducing your risk. Learn more here. Together, we’ll explore your comfort with risk and the possibility that your costs may go up.