What are "Mortgage Terms"?

Mortgages are available with either a fixed rate or variable of interest for various terms, ranging from 6 months to 10 years, with payments amortized over periods of up to 30 years.

Why deal with Dream Home Financial Services?

Our Professionals team, work for you, not the lender. We have access to many lenders, so can provide you with the best option as per your financial situation and needs. We seek out the best lender package to suit your specific situation, whether it’s with a chartered bank, trust or insurance company, or private funds. There is a wide assortment of options and features available to home buyers today. Shopping around takes a lot of time and effort. Our Mortgage Professional will represent you and ensure the mortgage you get is the one best option that suited to your needs. Choosing the wrong mortgage can cost you thousands of extra dollars.

What is the minimum down payment required to purchase a property?

The minimum down payment is 5% to purchase a home, subject to maximum price restrictions. However, you must be able to confirm that you can cover costs incurred to close your mortgage. These costs may include legal fees, appraisal fees, survey certificates, etc.

What is Insured Mortgage?

Insured Mortgage is a helpful tool for any buyer with less than 20% down payment. There are 3 providers, CMHC (Canada Mortgage and Housing Corporation), SAGEN, CANADA GUARANTY. These are the institutions that evaluates the client and property to allow the borrower to purchase a home with a lower down payment requirement. These providers. insures the mortgage on behalf of the bank, through a premium added to your mortgage. This way the banks are obligated to provide a mortgage for those with less than a 20% down payment.

What can I use for a down payment?

Accumulated savings, Sale of existing home sweat equity, Investments, Registered Retirement Savings saved over 90 days could be considered as Down Payment. Gift from immediate family member is an option for down payment funds.

Why do I need a property appraisal?

When you are buying a home, you will want to know two things: whether you are paying the right price and whether the condition of the home is as promised. To determine the value of the home you may need a professional appraisal. If you are taking out a mortgage loan the lender usually requires a professional third-party appraisal of the home to determine the lending value.

Am I still eligible for mortgage if I have bruised credit?

Yes, some lenders will consider your mortgage application depending on the circumstances surrounding your bankruptcy and your credit history since the bankruptcy has been discharged. The best way to determine if you can qualify for a mortgage after being discharged from bankruptcy is to call a mortgage professional.