Welcome to Dominion Lending CenterWelcome to Dominion Lending Center

Mortgage Provide Services:

➢➢ Home EquityHome Equity

➢➢ Home PurchaseHome Purchase

➢➢ Mortgage RenewalMortgage Renewal

➢➢ Mortgage Life InsuranceMortgage Life Insurance

➢➢ Commercial Mortgage FinancingCommercial Mortgage Financing

Contact us at:Contact us at:Gurmit SinghGurmit Singh

Mortgage Broker Brampton Mortgage Broker Brampton Tel: 647-780-7422 Tel: 647-780-7422

Toll Free Fax: 1-866-528-7170 Toll Free Fax: 1-866-528-7170

8 Things To Review Before Heading To Mortgage Renewal8 Things To Review Before Heading To Mortgage Renewal

Mortgage renewal time renders you a great opportunity to review your needs andmortgage that works best in your favor. There are chances that the situations now havechanged from when you get the first mortgage. Thus, you need to seek the mortgageoptions that easily blend in with your current situation. Numerous mortgage renewalBrampton experts are of the view that mortgage renewal mean starting the mortgagefrom scratch with new mortgage rates and terms.

Mortgage Renewal Process

The process generally commences when the lender sends mortgage renewal statement.This statement is send about 30 to 45 days before the existing mortgage matures. Youneed to review each and every financial factor to ensure that you don't end up with acostly mistake. The renewal letter may hold the better rates and terms for you. But,negotiating a rate is a must to strengthen your financial position. If your lender showsdisinterest in any kind of negotiation, you can look for some other lender as you are notobliged to them.

Things to Review Before Renewing

1) Before signing the new mortgagedeal, it is advisable to pay down asmuch as economically feasible.This will significantly save you alot of interest over the mortgage.

2) Banks can negotiate on rates andterms but their products restrictthem to do so. On the contrary,mortgage brokers are direct dealersof mortgage underwritingdepartment and can render lowestinterest rates.

The new mortgage must meet your specific needs rather then meeting the currentheadline news. Interest rates keep on fluctuating and really hard to predict overlong terms.

3) If you are provided with the renewal rate that is lower than previous one and youare still comfortable in making these payments, keep the payments same in lowerrate. This will reduce the amortization period of the mortgage.

4) There are numerous mortgage types forhomeowners that confuse them often.Lenders can offer you various terms rangingfrom short-term open to long-term closedand locked-in rates. If you are planning tosell your home, make sure to get the short-

term mortgage or the one offering flexible terms to avoid any penalty charges.

5) The amortization period of your mortgage can be increased or decreased. It isadvised to seek long repayment period to reduce your monthly payments. On theother hand, short amortization period help you get over the mortgage sooner.

6) Renovation can be an ideal option to enhance the value of your home. As, homeimprovement projects are expensive, add a line of credit to the mortgage by usingcurrent equity or reducing mortgage payments.

7)Refinancing is the option that people consider during mortgage renewal time. For

refinancing, you need to pay out full mortgage and get a new mortgage with sameor new lender. It is considered a new mortgage and you will have to pay extrafees.

You can be mortgage-free only if you plan out the things prior they happen. Mortgagerenewal must also work in your favor, so that you can enjoy all the benefits of homeownership.

We, at Gurmit, offer commercial and residential mortgage at lowest rates and flexibleterms. We have thousands of satisfied clients across Canada. Our strong bond with banksand financial institutions help us offer you an array of real estate financial solutions.=============================================================

What Is Mortgage Refinance And Why To Go For It ?What Is Mortgage Refinance And Why To Go For It ?

Buying a home is cherished dream of every individual. But this dream is madetough by the drifting socio-economic conditions. People manage to reciprocatethis dream into reality with the help of a mortgage. Mortgage Refinance is

consider to be a crucial financial step. This transaction happens when one swapsout one's old loan with the new one at better rates. Benefits of mortgagerefinance are lower mortgage interest rate, eliminate high risk mortgage, anamortizing loan instead of an interest only loan and to restructure debt optimally.

Examine that how long it will take before you recover the closing costs and beginto save money. Bank and mortgage lender charge refinance mortgage cost. Somemortgage costs are loan origination fees, processing fees, administration costs,inspections fees and appraisal fees. It also enable one to purchase large realestate without paying the entire value of the purchase front.

Steps To Avoid Negative Equity

When the house marketslumps during the lifetime ofa mortgage negative equityis applied. The amount youborrowed is larger than themarket price of a similarhouse. Try to pay more onmortgage as it will reduce thedebt and cut the interest. Payall your payments on time toavoid loosing youraccommodation. Homeimprovement can make adifference in the value of thehouse. Avoid secondary borrowing of money.

Variable Rate Mortgage

The interest rate fluctuates over time and is termed as an adjustable rate. Ratesare fixed for a short periods but they are reset according to the current marketcondition. When there is a boom in the market, interest will be higher. And withthe down fall in the market the interest will be lower, in attempt to get buyers topurchase homes. In case of too high interest rates, house is refinance. Banks offerdifferent interest to different people.

Different Aspects Of Fixed Rate Mortgage

A fixed mortgage rate is one in which the interestremain stable over the entire term. Buyer as wellthe lender, as the interest is fixed and don'tfluctuate with the market condition. Protection arelargely in favor of the buyer with a fixed ratemortgage. It is a safer option as there payments arepredictable. People can afford the large expensivehome with the help of fixed rate mortgage. Handyfor those who are planning to own homes for a longperiod of time.

Analyzing Amortization And Its Process Of Working

Amortization is a way of paying off debt over a period of time using regularintervals. With every payment, certain part is used in reduction of the principleloan and rest to pay of the interest. Principal loan decreases over the years andthe homeowner does not fall behind.

Gurmit is consistently delivering superior commercial and residentialmortgage solutions to Canadians. They have developed trusted relationshipwith the banks and financial institutions which allows them to deliver a wide rangeof financial services.