Dominion Mortgage Team

Explore These Links for More Useful Mortgage Tips

Would you like to learn more about paying off or refinancing your mortgage? You can discover additional information about our latest blog topics with the resources below. If you would like to learn more about the mortgage services that Edmonton’s Dominion Mortgage Team can offer, call us today at (888) 570-4197.

• This article from The Globe and Mail provides additional information about the benefits of paying off your mortgage.
• Take a look at this information from the Canadian Bankers Association to find out more about making mortgage payments.
• To learn more about the refinancing process in Canada, check out this article from FinancialPost.com.
• For more information about the mortgage refinancing process, read through this blog from TheMoneyMonkey.org.

Reasons to Consider Mortgage Refinancing

If you own a home and are still making mortgage payments, you may be interested in finding ways to save money on your mortgage. Refinancing your home’s mortgage may be the right solution for you.

You can learn about the benefits of mortgage refinancing with this clip. The speaker in the video describes the reasons why you should consider refinancing, whether you have a fixed-rate or adjustable-rate mortgage. Watch this clip to find out when it is a good idea to refinance.

The Dominion Mortgage Team can help you refinance your mortgage to get a better interest rate. To learn more about refinancing, call the Dominion Mortgage Team in Edmonton today at (888) 570-4197.

Should You Pay off Your Mortgage Ahead of Schedule?

If you have purchased a home within the last three decades, you are probably still paying off your mortgage. You may be interested in paying off your balance so that you can reduce your level of debt. However, paying your mortgage ahead of schedule may have some drawbacks. Take a look at the information below to learn about the pros and cons of paying your mortgage off early.

Pros:

• Less Interest
  Even if you have a low interest rate mortgage, you can save a significant amount of money by paying off your mortgage early. Paying your mortgage off with bigger or more frequent payments will allow you to decrease the amortization period of your mortgage and the amount of interest that can accrue during that period.
• Peace of Mind
  Paying off your mortgage early allows you to relax in your home without worrying about mortgage payments. This is particularly beneficial for those who are nearing their retirement and will soon have a decreased or fixed income.

Cons:

• Prepayment Penalties
  Some mortgages have prepayment penalties that you will be charged if you pay off your mortgage early. By paying off your mortgage early, you reduce the amount of time that a lender can charge interest. The penalty is meant to offset this loss for the lender.
• Opportunity Costs
  The extra money that you put into your mortgage to pay it off early may yield a better return if invested. If you have a low interest rate, the amount that you will save by paying your mortgage off early could be less than you would earn by investing your extra funds.

The mortgage brokers of the Dominion Mortgage Team can help you determine if paying off your mortgage early is the best decision. If so, we can work with you to negotiate the terms of your mortgage. To learn more, call our office in Edmonton today at (888) 570-4197.

Don't Go To The Bank, If You're Buying a House and Here's Why!

Deciding to purchase a home can be a timely and tedious process; however, the best option for you and your home in the long-term would work with an independent mortgage broker versus a bank. An independent broker isn’t tied to a financial institution.  To read more about the reasons why you should use an independent broker versus the bank, click here.

If you’re a first-time home-buyer in the Edmonton area, contact Dominion Mortgage Team. Our experts will gladly help you secure a favourable mortgage, refinance an existing mortgage, or take out a home-equity loan. If you have any questions, then call us today at (888) 570-4197.

Take Advantage of Current Low Interest Rates!

If you obtained a fixed-rate mortgage when interest rates were high, you may be wondering what you can do to take advantage of the current low interest rates. You may also be interested in applying for a lower interest rate if you have an adjustable-rate mortgage. Refinancing your mortgage is a great option which allows you to obtain a new interest rate, receive a home equity loan, or renegotiate the terms of your mortgage.

• Finding a Lender
  When you refinance, you can choose to stay with the lender who provided your original mortgage or search for a new lender. Be sure to check the terms that different lenders have to offer before choosing to refinance your mortgage. Staying with your original lender can make the refinancing process easier, as you will have less paperwork to file, but a different lender may offer better terms.
• Applying for Mortgage Refinancing
  Applying to refinance your mortgage is similar to applying for an initial mortgage. You will have to fill out paperwork, and the lender will perform checks of your credit background and employment status before extending the refinance offer. The information obtained during these checks may be used to determine the interest rate of your refinanced mortgage.
• Receiving New Loan Terms
  By refinancing your mortgage, you will have the chance to renegotiate your mortgage terms. In addition to receiving a different interest rate, you may be able to increase or decrease your monthly payment amounts or establish a bi-weekly payment plan that allows you to pay off your mortgage sooner. When the application process is complete, the lender will offer the terms of the refinanced mortgage and, once the paperwork is finalized, your previous mortgage will be discharged.

You can learn more about refinancing your mortgage by contacting the Dominion Mortgage Team in Edmonton. We will work with you to determine if refinancing is your best option and to identify the best mortgage terms for your financial situation. Call us today at (888) 570-4197 to learn more.