English Archives - Dominion Lending Centres NasaKasa

What is Mortgage Default Insurance?

Want to buy a house, but you just can't save that entire 20% for the down payment? Well, luckily for you, there is another way. You can purchase your first property with as little as 5% down. What’s the catch? The catch is that you have to pay a mortgage...

What Exactly Does it Mean to Refinance?

In simple terms refinancing your mortgage is like replacing your current mortgage with a newer and usually better mortgage. With a refinance, you can remain with the same balance as you currently have, or you can pull out some equity. There are tons of different reasons why individuals refinance. In...

Will Gig Workers Ever Rule the World of Mortgages?

Many individuals are tired of working on someone else's terms and schedules. We are seeing a continuous increase in gig workers and freelancers applying for mortgages. Traditional banks aren't always the most welcoming when it comes to loans for the self-employed. They need to see your last two years of...

Mortgage Approval Process 101

What do people expect when it comes to mortgages? They don’t expect anything because someone who hasn’t gone through the process doesn’t usually think about it! It’s at the stage where you feel you are ready to become a homeowner that you start to wonder, well, what does this process...

Pre-payment penalty, WHAT?!!

You might be wondering what a pre-payment penalty is? Yes, you read that correctly. A pre-payment penalty is a penalty the banks charge mortgagors for paying off their mortgage before the end of the term. If you pay your mortgage off partly or in whole, the lender will charge you...

How are Mortgage Brokers Compensated?

You might be curious about how a mortgage broker gets paid. Most consumers believe that they will have more costs associated with getting a mortgage through a broker than going to their bank. Not every broker, and certainly not for every deal mortgage brokers charge a broker fee. The banks...

Home Equity

Home Equity Do you know what home equity is? Do you know how to build equity in your home? Homeowners should know the answer to these two questions. That is why we are sharing that information with you. Home equity is the difference between your outstanding mortgage balance and the...

Do you have Mortgage Protection Insurance?

Are you a planner? And with that, I mean, do you plan everything out thoroughly and make sure that you have your t’s crossed and your i’s dotted in case of any emergencies? Well, then you may want to consider Mortgage Protection Insurance. Do you know what mortgage insurance is?...

What Is a Consumer Disclosure Report?

So you may have heard of your credit bureau report, but have you heard of a consumer disclosure report? Well, if you haven’t, you are in the right place. Your credit bureau report is what creditors will pull to check your creditworthiness when applying for a credit card or a...

Your Mortgage Payment

The mortgage application process can be intimidating for many people since they are unfamiliar with all elements. Most individuals frequently walk straight to their financial institution without examining crucial variables such as mortgage features, privileges, and prepayment penalties, all of which impact your mortgage payment and your financial future. Our...

Home Buyers Plan 

What is an RRSP? An RRSP is a registered retirement savings plan that you and your spouse/common-law partner can contribute. It is a government-approved account that enables Canadians to save for their future. Contributions to deductible RRSPs can help you save money on taxes. Any income you generate in an...

FICO Score Explained

A credit score is the number that summarizes your credit risk. It is determined by your credit data. A credit score assists lenders in evaluating your credit profile and impacts the credit accessible to you, such as loan, credit card approvals, interest rates, credit limits, and other factors. Is a...

Everything Amortization

When asked, most people had no idea what an amortization period was. We are here to educate you on all things amortization! The amortization period of your mortgage is the length of time it will take you to pay off your entire mortgage loan. Many people confuse the length of...

Approval Roadblocks

Individuals are often misled that once the offer on their dream home has been accepted, the rest is history, and that’s not the case. Even after your mortgage lender has approved your application, they still have every right to cancel the deal. That’s why we at Dominion Lending Centres Nasakasa...

How Firm is a Mortgage Approval

So you’ve put an offer on the home of your dreams, and then you get a call from your realtor, “OFFER ACCEPTED.” Well, doesn’t that call for celebration? Yes and no, because although you have won the home, you still need to arrange mortgage financing. So immediately, you reach out...

Down Payment Verification

Something you may not necessarily think about when planning to purchase new property is proving your down payment. You read that correctly; not only do you have to come up with the money, you also have to prove where that money came from. Now, why would the lender care where...

Reverse Mortgage Advantages and Disadvantages

A reverse mortgage, what is it, you ask? A reverse mortgage is a mortgage you can take out against your home, allowing you to borrow up to 55% of the property’s current market value. To qualify for a reverse mortgage, you must be at least 55 years old and a...

Boosting Your Credit Score and Mortgage Chances

You have just realized that it is finally time to become a homeowner, and that’s when you start doing some research. Most people, especially first-time buyers, don’t know the whole process, as they don’t teach you this in school. Not everyone will qualify for all lenders, rates, and terms. The...

Alternative Lenders

When most people think of mortgages, they think of big banks, like TD, RBC, CIBC, BMO, and Scotia Bank. Most consumers will go to their bank and apply for a mortgage pre-approval; soon as they get denied, they give up. These are not the only lenders available for mortgage financing....

You CAN Get Approved if You’re Self-Employed

Most people think that being self-employed means you can’t get a mortgage; we’re here to debunk that myth. The reality is that it is possible to get approved for a mortgage if you are self-employed; you just don’t see it happen as often. BUT this doesn’t mean it isn’t possible,...