Welcome to the April issue of my monthly newsletter!
This month’s edition discusses Purchase Plus Improvements renovation mortgage options, as well as offers tips about maintaining your best credit score. Please let me know if you have any questions or feedback regarding anything outlined below. Thanks again for your continued support and referrals!
Since home refinancing has been limited to a maximum 80% of the value of your home, an increasing number of buyers are looking at Purchase Plus Improvements products to meet their home financing needs.This may be an option worth examining if you would like to buy a new home that needs updating. Whether you’re purchasing a home that needs just a small renovation or a major redo, a Purchase Plus Improvements mortgage can help you transform an ordinary house into your dream home.How Purchase Plus Improvements worksConditions of the program include:
As a borrower, you must provide a list of improvements with quotes at the time of application. As a result, more time may be required for Subject Removal
The initial advance of funds at time of closing will be up to 95% of the approved value of the property minus the cost of improvements
he balance of the funds will be held in trust by the solicitor until completion of the approved improvements (time limits may be imposed), which is confirmed via:
An inspection report, or
Confirmation from a certified appraiser or
An invoice from the contractor who completed the improvements
Usual sub-search and Construction Lien Act requirements are to be adhered to at the time of release of holdback
Some restrictions may apply depending on the lender
As always, if you have any questions about the information above or your mortgage in general, I’m here to help!
Your credit score is a number that illustrates your financial health at a specific point in time. It’s also an indicator of how consistently you pay off your bills and debts.Your credit score is one of the factors lenders consider when qualifying you for a mortgage. A good credit score, for example, can help improve your chances of being approved.To find out your credit score, contact Canada’s two credit-reporting agencies: Equifax Canadaand TransUnion Canada. These agencies can provide you with an online copy of your credit score as well as a credit report – a detailed summary of your credit history, employment history and personal financial information.If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately.Tips for improving your score
There are several ways to improve your credit score, including:
Always pay your bills in full and on time
Pay off your debts as quickly as possible
Never go over the limit on your credit cards
Try to reduce the number of credit card or loan applications you make
Ensuring your credit score is in good shape better enables me to negotiate with lenders on your behalf to obtain the best mortgage possible to meet your unique needs. If you have questions about your credit score, answers are just a phone call or email away!
DID YOU KNOW…The Home Buyers’ Plan (HBP) is a program for first-time homebuyers that allows you to withdraw funds from your RRSPs to buy or build a home. You can withdraw up to $25,000 tax-free ($50,000 for a couple). Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You’ll have to repay an amount to your RRSPs each year until your HBP balance is zero. If you don’t repay the amount due for a year, it will have to be included in your income for that year. Click here for more information from Canada Revenue Agency.
HOMEOWNER TIPS – Selecting New Windows: Windows can be one of the most important components of any home. In addition to enhancing the style and beauty of a house, windows provide fresh air and ventilation, bring sunlight into interior spaces and keep harsh weather outside where it belongs. Thanks to technologies developed over the past few decades, new windows can also improve the energy efficiency of a home and significantly lower your monthly energy bills.
About DLC Leasing Inc* DLC Leasing is the leasing division within Dominion Lending Centres Inc.
* Our leasing programs provide up to 100% financing on business-related equipment.
* Leasing options include new equipment leasing; used equipment and vehicle leasing; customized solutions through vendor finance programs; and lease-backs –where the lender buys equipment from a business owner and the owner leases it back.
* Technology, heavy equipment and trailers, furniture and hospitality equipment, and manufacturing and industrial equipment are just a few examples of available leasing options.
* With access to multiple lending sources, Dominion Lending Centres’ Lease Professionals can cater to leasing deals for a variety of credit scenarios ranging from A to C credit quality.
* Because many of our Lease Professionals are also licensed mortgage agents, we can offer standard equipment leases and creatively structured solutions for seasonal, new or growing companies.
* Working with someone who is both a lease and mortgage expert enables you to even use commercial and residential mortgage and property credit line products, alone or in combination with lease financing, to help achieve the best solutions for your equipment acquisition needs.
* Our Lease Professionals can even break up large-dollar transactions into multiple leases across a number of funders to ease and simplify the approval process.
We are Canada’s largest and fastest-growing mortgage brokerage!
We have more than 2,200 Mortgage Professionals from more than 350 locations across the country!
Our Mortgage Professionals are Experts in their field and many are ranked among the best nationally.
We work for you, not the lenders, so your best interests will always be our number one priority.
We have more than 100 mortgage programs, making it easy to choose the best fit for your unique situation.
We close loans in all 10 provinces and 3 territories.
We can process your mortgage in as few as 7 days.
We are the preferred mortgage lender for several of Canada’s top companies.
Dominion Lending Centres’ Mortgage Professionals are available anytime, anywhere, evenings and weekends – and we’ll even come to you!