Tips To Paying Your Mortgage Down Faster

Tips To Paying Your Mortgage Down Faster

Everyone knows they should make extra payments on their mortgage, but life tends to get in the way and make it a low priority on the overall budget.  Most of us will have something they could pay towards the mortgage, yet it doesn’t seem like much compared to the balance, so we spend it on other things…and let’s face it, paying down your mortgage isn’t sexy!
So is it important?  Let me show you an example of the impact of even small extra payments on your mortgage.  For example on a $250,000 mortgage over 30 years at 3.99%, 2 years into the mortgage if you were to start making $100 extra payments alone, you would knock 3.7 years off your mortgage and save $23,468!

So how do make this happen?

One of the easiest ways is to have your Bank or Credit Union deduct a small amount from your pay and have it automatically added to your mortgage or a savings account.  This makes it easier than having to remember every time you get paid to make that extra payment.  If your mortgage is with another institution, you will likely have to use the Savings account to save it up and then contact them to have the money transferred to the mortgage.  Most lenders can take out the extra payment automatically from the account your normal payments come out of.
The other way is to ask the lender to increase your payment amount by $x amount…obviously this is a more permanent solution.
What about Biweekly Payments, or Weekly Payments?
The sooner you make your payment the better.  As well, by paying in an accelerated manner, more money is being paid onto the mortgage, reducing your principal and interest costs.  For example:
$1,000 x 12 (monthly payments) = $12,000/year
$500 x 26 (biweekly accelerated) = $13,000/year
$250 x 52 (weekly accelerated) = $13,000/year
If you can manage this, it makes a significant impact on your mortgage!
Here we see just changing from Monthly to Biweekly accelerated alone knocks 4.1 years off of a 30 year mortgage!

Please note!  Some Bank’s offer weekly & Biweekly payment options which are not accelerated!!  This is useless, as it does not reduce your principal any more than Monthly payments…beware!
Other ways to pay down your mortgage faster!
•    Use your tax return to pay down your mortgage…this can make a big impact on your mortgage over the long term!
•    When you get a pay increase, increase the payment on your mortgage by the same amount.
•    If you receive any “extra” payment or gifts, put them on your mortgage asap!
•    Instead of gifts or presents on your Birthday, your spouse’s Birthday etc, pay extra down…a free & clear home is a much better gift!
•    Check with your lender consistently and ask for a new Amortization Schedule based on your new balance and payments…when you start to see the end date is getting closer (What we call Mortgage Freedom Day!) you will be able to focus on it more.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Top 7 Mortgage Tips For Newcomers

After you have immigrated to Canada, making the decision to buy a home can be an exciting but perhaps unfamiliar journey. As a mortgage broker who has worked with many newcomers, here are my “top 7 tips” to help you on your way to home ownership:

1. If you have not done so already, apply for credit. It is very important that you establish a credit report. When considering a new mortgage application, Canadian lenders will look at your credit standing.

2. Gather relevant overseas documents. Depending on your immigration status, you may need to provide copies of your work visa/permit. Make contact with your overseas bank in the event that you may need to provide a bank reference letter.

3. Get organized. Canadian lenders will need a job letter, pay stub or other forms of proof of income like income tax documents. If you are planning to transfer money from overseas for your down payment, you should also allow plenty of time to complete this.

4. Become informed. Research the basic procedures of buying real estate in Canada. For example, are you aware of the rules when buying a stratified property like a condo?

5. Create a budget. Housing costs in Vancouver and Toronto, for example, can be high. A financing budget can ensure your anticipated housing costs are manageable.

6. Get pre-approved. By providing a short application, a banker or mortgage broker can let you know exactly how much of a mortgage you can qualify for. the loans officer will review the mortgage payments, the interest rate and a closing cost budget with you in advance.

7. Use professional services. Rely on professional guidance, not the advice of friends or family members. Buying your first home can be time-consuming and frustrating at times, and the right guidance from realtors, mortgage brokers/lenders and lawyers/notaries can reduce some of the stress and the risks.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

6 Tips To Get Approved Of A Mortgage

Go to any mortgage lending website and you’ll see images of smiling families and beautiful homes accompanied by text that makes it sound like lenders are standing by just waiting to help you find the loan that works for you no matter what your situation. (To learn more about mortgages, see Mortgage Basics.)

But the truth is that lending such large amounts of money is a risky business, and that money isn’t handed over to just anyone. If your home ownership fantasies have been rudely awakened by loan officers denying your application, it’s time to take control of your situation and learn what you can do to turn that rejection into an approval.

What Are Your Options?
Everyone’s financial situation is unique. With that in mind, here are six different options for making your homeownership dreams a reality.

1. Get a Cosigner

If your income isn’t high enough to qualify for the loan you need and if you can find a cosigner with enough disposable income, part of that person’s income can be considered toward your loan amount regardless of whether the person will actually be living with you or helping you pay the bill. In some cases, a cosigner may also be able to compensate for your less-than-perfect credit. Overall, the cosigner is guaranteeing the lender that your mortgage payments will be paid.

If you decide to go this route, just make sure that both of you understand the financial and legal obligations the cosigner takes on when he or she signs the loan documents. In the event that you default on your mortgage, the lender can go after your cosigner for the full amount of the debt. What’s more, not only will your credit score plunge, but your cosigner’s will too.

Of course, you shouldn’t take this route if you know you aren’t responsible enough to pay the mortgage on time or can’t afford the monthly payments, but if you have income that a lender isn’t willing to consider (such as self-employment income from a new business that has been very successful) and you and your cosigner are both confident that you can make the payments on your own, then getting a cosigner may be a good option. (Find out more in Getting A Loan Without Your Parents and Mortgages: How Much Can You Afford?)

2. Wait

Sometimes conditions in the economy, the housing market or the lending business make lenders less generous with loans. If you’re in a climate where everyone is panicking, then it may be best to wait things out. When conditions improve, lenders may become more accommodating.

In the meantime, you can work on improving your credit score, reducing your debt and increasing your savings. While you’re waiting, home prices or interest rates could drop. Either of these changes could also improve your mortgage eligibility. On a $290,000 loan, for example, a rate drop from 7% to 6.5% will decrease your monthly payment by about $100. That may be the slight boost you need to afford the monthly payments and qualify for the loan.

3. Set Your Sights on a Less-Expensive Property

If you can’t qualify for the amount of mortgage you want and you aren’t willing to wait, switching to a condo or townhouse instead of a house, accepting fewer bedrooms or bathrooms, or moving to a less attractive or more distant neighborhood may give you more options. As a more drastic option, you could even move to a different part of the country where the cost of home ownership is lower. When your financial situation improves down the road, you might be able to trade up to the property, neighborhood or city where you hope to end up.

4. Ask the Lender for an Exception

Believe it or not, it is possible to ask the lender to send your file to someone else within the company for a second opinion on a rejected loan application. In asking for an exception, you’ll need to have a very good reason, and you’ll need to write a carefully worded letter defending your case. Your letter should avoid excuses and sob stories and focus only on the facts. Explain how the incident that is preventing your loan from being approved, such as a charged-off account, was a one-time event that will never occur again. This one-time event should have been caused by a catastrophe such as a large and unexpected medical expense, natural disaster, divorce or death in the family. The blemish on your record will actually need to have been a one-time event, and you’ll need to be able to back your story up with an otherwise flawless credit history. (If your credit history could use some house cleaning, see Five Keys To Unlocking A Better Credit Score.)

5. Try a Different Lender

Sometimes one lender will say no while another will say yes. If the first lender you approach rejects you, there’s no reason not to try out a few other options. If every lender rejects you for the same reason, though, you’ll know that it’s not the lender that’s the problem, it’s your financial situation. Your only choice at this point is to fix the problem.

When shopping for a second opinion, don’t give lenders any inkling that you are feeling even remotely desperate for a loan or they may take advantage of you by tacking higher fees onto your loan or raising your interest rate. Of course, if you are a higher-risk borrower, you may encounter some of these fees no matter what.

Be careful to avoid loan sharks, too. Remember, you don’t want just any loan, you want a reasonable loan. One major potential benefit of homeownership is the financial security it can bring, but if you get a bad loan, that aspect of homeownership disappears. In a worst-case scenario, a bad loan could result in your losing the home, as it did for many who bought homes during the carefree lending days of the housing bubble. (To learn more about the housing bubble, see Why Housing Market Bubbles Pop.)

6. Team Up With Someone Else

Two incomes are better than one, so if you can’t qualify on your own, perhaps you have a family member or friend that you trust enough and like enough to make a major purchase with and live with. It won’t be enough to just put them on the loan, of course - they’ll need to actually help with the mortgage payments to make it work, and chances are they won’t want to pay half the mortgage unless they’re living in the new home with you.

Conclusion

To go from rejected to preapproved, it’s important to know what lenders are looking for in an applicant. If you’ve been turned down for a mortgage, make sure to ask the lender plenty of questions about things you could do in your specific situation to make yourself a more attractive loan candidate. With time, patience, hard work and a little luck, you should be able to turn the situation around and become a residential property owner.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Mortgage Rates Stay Flat to Begin Busy Week

Mortgage rates stayed in line with recent 4-month lows today.  In some cases, there was a slight movement in the closing costs associated with prevailing rates, but the rates themselves didn’t change.  The most prevalent Conforming 30yr fixed quote (best-execution) remained at 4.125%.

Every day since last week’s jobs report has been relatively calm for mortgage rates.  Even then, there was reason to believe that we could be lacking some direction until the next major round of economic data came in.  That culminates in next week’s jobs report (which is occurring so close to the previous report due to shutdown-related rescheduling), but the current week can certainly play a role.

Economic data is an important factor in mortgage rate movement for 2 primary reasons.  First, there’s the basic deductive logic that a stronger economy can support higher interest rates, thus stronger economic data tends to push rates higher, all other things being equal.

The second reason has to do with the Federal Reserve’s current role in bond markets.  While market participants no longer expect the Fed to reduce asset purchases soon, the longer-term assessment of Fed policy still affects rates.  If markets think the Fed will continue to push back the eventual end of their buying program, it gives rates more room to stay or move lower.

These two factors both suggest the same movement in the same circumstance, i.e. weaker data suggests lower rates and stronger data suggests higher rates.  But as far as the Fed policy component is concerned, some of the economic data is significantly more important than others—namely the big jobs report next week.

That’s not to say that the other data can’t have an impact, but it has to be fairly unified in its suggestion or the report has to be one of the more important ones.  Tomorrow’s Retail Sales data is a good example of a non-employment-related report that has the power to move markets.  It’s joined by several other reports that together, stand a much better chance to ensure we don’t end tomorrow in relatively unchanged territory for a 5th straight day.

Loan Originator Perspectives

"Good start to the week, auction today was well received, overall lack of any action is a net positive. Keep a close eye on the data Tuesday and Wednesday, auctions, and earnings for some of the big boys this week. FOMC on Wednesday is probably the most important piece of the week.  Safe to stay floating as long as you are closely monitoring the data.  Rates at multi month lows warrant strong consideration to lock." -Constantine Floropoulos, Quontic Bank

"Plethora of data unfolding this week, from Fed Statement on Wed to weekly unemployment, housing starts, and ADP’s October unemployment report (Labor Dept’s report released next week). Will be interesting to see Fed’s take on the DC drama’s impact on the economy and housing. By week’s end, we should have a decent indication on whether our two month bull bond market will continue." -Ted Rood, Senior Originator, Wintrust Mortgage

"Nothing has changed with my current outlook. I like floating loans and only locking when within 15 days of funding. Today’s rates opened pretty similar to Friday and MBS have gained since the weak housing data at 9am. I recommend to float all loans over night, unless your lender has repriced better today, then I would lock if within 15 days." -Victor Burek, Open Mortgage

Today’s Best-Execution Rates

30YR FIXED - 4.125%
FHA/VA - 3.75-4.0%
15 YEAR FIXED -  3.25-3.375%
5 YEAR ARMS -  3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

• Uncertainty over the Fed’s bond-buying plans and more recently over Fiscal Policy has been making for a tough interest rate environment.
• A lack of data due to the government shutdown caused rates to experience moments of paralysis while headlines suggesting the shutdown might/might-not end, as well as a seizing-up of short term funding markets caused unexpectedly high volatility—enough to be felt in longer term rates like mortgages.
• After a deal was reached to avoid going over the debt ceiling, funding markets thawed and rates returned to the same ‘wait and see’ range that existed before the Fiscal drama.  
• Markets continue to be most interested in economic data and it’s suggestions about the longer term trajectory of the economy.  This will shape expectations for Fed policy in the coming months, and thus inform the direction of interest rates.
• The stronger the data the more likely the Fed is seen as reducing asset purchases.  Rates would rise under this scenario, but the most recent FOMC Meeting (and more importantly, the Fed’s decision to hold off on tapering) suggests that they’ll attempt to keep the pace of rising rates moderate as long as inflation isn’t adversely affected.  The delayed release of the September jobs numbers on October 22nd helps confirm that.
• (As always, please keep in mind that our Best-Execution rate always pertains to a completely ideal scenario.  There are many reasons a quoted rate may differ from our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Canadian House Hunters, Weigh Your Mortgage Options

Before we move into our new house this summer we have a really big decision to make. Do we go with a fixed or a variable rate? The answer to this question varies for everyone depending on their financial situation and tolerance for risk.

According to a popular study by Moshe Milevsky, choosing a variable rate has saved home owners money nearly 90 percent of the time. Sounds like an easy decision then, right? Not exactly.

This Time it’s Different
Interest rates are still at historic lows, with most experts predicting that rates will increase at least 1-2 percent over the next two years. Five-year fixed rates are currently under 4 percent, which is definitely an attractive rate to lock into and protect against the risk of future interest rate hikes.

But if the math favors choosing a variable rate mortgage over time, why are people so divided on this issue?

The vast majority of Canadians still choose the five-year fixed term. Proponents of fixed interest rates enjoy the peace of mind knowing that their payments won’t change and they also feel that we are in one of those rare situations where locking into a five-year term will save home owners money.

Since variable rates are always initially cheaper than five-year fixed mortgage rates, the decision ultimately comes down to saving money now vs. the potential of saving money in the future if interest rates go up.

What Options To Consider?
Let’s take a look at some real numbers to help make our decision. These are the current interest rate options for us, along with some pros and cons to consider:

Five-year variable interest rate = 2.20 percent (prime minus 0.80 percent) – As I mentioned, this is likely the smart choice since the variable rate has saved money nearly 90% of the time vs. a fixed rate. However, this time could very well be different, and if interest rates climb quickly back to historic levels this can become a losing proposition.
Five-year fixed interest rate = 3.89 percent – All things considered, a five-year fixed term under 4 percent is extremely low and would give us the peace of mind knowing that our payments wouldn’t increase even if interest rates soared. On the downside, by choosing this option we would be paying $260 more per month than if we went with the variable rate.
Three-year fixed interest rate = 3.54 percent – This option would give us the flexibility of not locking into a five-year term and also benefiting from a 0.35 percent discount over the five-year term. The monthly payments would still be $200 more than the payments on the variable rate.
1 year fixed interest rate = 2.64 percent – This option might be the best for us if we feel this is still a period of uncertainty. We would maintain our negotiating power after just one year and we also benefit from a 1.25 percent discount off the five-year fixed rate. But if interest rates were to rise quickly over the next 12 months we would still have to renew our mortgage at a higher rate when it came due.
As you can see, the five-year fixed rate has a built-in premium of 1.69 percent over the best variable interest rate. If the Bank of Canada decided to raise interest rates fairly quickly and aggressively over the next few years, the five-year fixed rate would likely be the better option.

Economic Factors at Work
The Bank of Canada meets eight times a year to make interest rate announcements and historically will move the rate by 25 or 50 basis points (0.25 or 0.50 percentage points) at a time. There is definitely the potential for interest rates to move between 2 – 3% in a single year.

The problem is, we are not very good at predicting where interest rates are headed. When it comes to monetary policy, there are a lot of moving parts to consider. It’s not as simple as just trying to contain inflation or trying to prevent a housing bubble.

Think of the soaring Canadian dollar. If interest rates were to rise sharply, the loonie would continue to climb vs. the American dollar, which puts increasing pressure on our manufacturing sector that relies heavily on exports.

Interest rates are indeed at historic lows but, with the outlook of the world economy still very uncertain, it is likely that the Bank of Canada will continue to move cautiously to avoid triggering another recession.

The Affordability Factor
Ultimately, whatever we decide to choose will carry some risk. Often the fixed vs. variable interest rate question is more about affordability than anything. Can your budget handle a 2 percent – 3 percent hike in interest rates? If not, then the fixed rate gives you that peace of mind to know that your payments won’t change for five years. If you can handle an increase in mortgage payments then you might find a great opportunity to save thousands of dollars in interest over the life of your mortgage by choosing the variable rate.

In our case, I think we are leaning toward the five-year variable rate, but with a twist. We will set our payments as if we were paying a 4.5 percent interest rate. This way we will be knocking years off of the overall amortization of our mortgage while saving thousands of dollars of interest. And we will still have the peace of mind knowing that we have built in a 2.3 percent cushion into our monthly payments in case interest rates rise.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

5 ways to pay off your mortgage faster

Want to get relieve yourself of mortgage stress? Check out our tips for paying off your mortgage faster and saving more money.

Purchasing a home is a major accomplishment, but paying off your mortgage as early as possible will be the best investment you can make. A 2010 Canada Mortgage and Housing Corporation (CMHC) survey indicated that 68 per cent of recent homeowners felt there was a strong chance they could pay off their mortgage earlier than their current amortization schedule, and 27 per cent have either made additional lump sum mortgage payments or have increased their regular payment amounts.

How to pay off your mortgage faster
Ready to save some serious money? Here are a few easy ways you can pay off your mortgage faster:

1. Accelerated bi-weekly payments
Instead of paying your mortgage on a monthly basis 12 times per year, pay your mortgage every two weeks for a total of 26 payments each year.

Example: A $300,000 mortgage paid on a monthly basis with a 3 per cent interest rate over 25 years will cost you $125,920.44 in interest. However, if you increase your payment frequency to accelerated bi-weekly payments, you will shave nearly three years off of your amortization schedule, and save $16,058.57 in interest.

2. Round up your mortgage payments
Make no mistake: Every dollar counts when it comes to paying off your mortgage. The quicker you can pay off your loan, the more you will save in interest. A painless way to make your mortgage disappear faster is to round up your mortgage payments. So if your accelerated bi-weekly mortgage payments are $543, consider rounding up to $600 instead. The extra $57 will do wonders for your mortgage and chances are you will barely notice a difference in your monthly budget.

If you receive a raise, instead of increasing the cost of your lifestyle in the short term, consider throwing the extra amount you make onto your mortgage instead.

Example: Bi-weekly payments on a $230,000 mortgage with a 2.75 per cent interest rate over 30 years would be $468.53. Increase those bi-weekly payments by just $31.47 to $500, and you’ll shave nearly six years off of the amortization schedule.

3. Put ‘found’ money towards your mortgage payments
Unexpected sources of money such as a birthday cheque from a relative or a bonus at work are considered sources of ‘found’ money.

'Found' money can be easily applied to your mortgage without any impact to your budget because it wasn't money you were expecting or counting on.

Consider increasing your RRSP contributions, and then put your tax refund directly towards the principal of your mortgage.

Example: A one-time payment of $5,000 on a $250,000 mortgage at 3.75 per cent over 30 years will decrease your mortgage amortization by over 12 months.

4. Make a lump sum anniversary payment

Most banks will allow you to make an extra mortgage payment each year, which is applied directly to the principal. Taking advantage of this by making a lump sum payment — even if it’s as small as $50 a year — is a great way to chip away at your mortgage.

Example: An annual lump sum payment of $250 on a $400,000 mortgage at 3.50 per cent over 25 years, combined with a bi-weekly payment frequency will decrease your mortgage amortization by over 3.5 years.

5. Stay informed
Once you have a mortgage and start making your payments, it can be easy to just forget about it because it’s an automatic payment. But don’t stick your head in the sand. To be an informed homeowner, you need to keep up-to-date on interest rates and new mortgage options. You could potentially save a ton of money just by understanding what your options are.

Example: Let’s say that interest rates have dropped since you took out your mortgage a few years ago, but you are in the middle of a five-year fixed term with your bank. By understanding what the penalties are for breaking your mortgage, and reapplying for a lower interest rate, you could potentially save thousands of dollars over the long run.

While paying down your mortgage early will mean less interest paid over the lifetime of the loan, and a shorter amortization schedule, it’s not always the best decision for every homeowner. For example, if you have high interest debt on a credit card, no emergency fund savings, or haven’t started saving for retirement yet, the interest you would save on your mortgage will not be as beneficial to you as dealing with other financial issues.



Armed with information and commitment, these tips will help you pay off your mortgage faster. The freedom that being completely debt-free brings is a dream for many Canadians, so take the time to do some calculations and figure out what options are right for you.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Get The Best Home Mortgage Experience Possible When You Know How

Pursuing a mortgage is almost like a right of passage for adults. When the time comes to move from renter, or parents' home dweller, to home owner, you need to do some research. For example, the article below gives you some handy pointers which will assist you in the mortgage search process.

There are loans available for first time home buyers. These loans usually do not require a lot of money down and often have lower interest rates than standard mortgages. Most first time home buyer loans are guaranteed by the government; thus, there is more paperwork needed than standard mortgage applications.

Do not take on new debt and pay your old debts responsibly while awaiting your mortgage loan decision. A higher mortgage amount is possible when you have little other debt. Higher consumer debts may make it tough for you to get approval. Carrying a lot of debt will also result in a higher interest rate.

Regardless of how much of a loan you're pre-approved for, know how much you can afford to spend on a home. Write out your budget. Include all your known expenses and leave a little extra for unforeseeable expenses that may pop up. Do not buy a more expensive home than you can afford.

Try shopping around for a home mortgage. When you do shop around, you need to do more than just compare interest rates. While they're important, you need to consider closing costs, points and the different types of loans. Try getting estimates from a few banks and mortgage brokers before deciding the best combination for your situation.

If your mortgage has been approved, avoid any moves that may change your credit rating. Your lender may run a second credit check before the closing and any suspicious activity may affect your interest rate. Don't close credit card accounts or take out any additional loans. Pay every bill on time.

Have the necessary documents ready. There are a few documents that you'll be expected to have when you come in for a home mortgage. You'll need to provide bank statements, income tax reports, W-2 statements, and at least two pay stubs. Having these at the ready will help make your meetings go much quicker.

Whether you are moving out of your parents' basement or an apartment you've lived in for a decade, the time is now to become a home owner. As home prices continue to increase, you'll see your investment grow. Use the tips you've read today to help you find a great mortgage soon.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Great Advice About Home Mortgages That Anyone Can Easily Follow

When you realize the time has come to buy a home, many thoughts will cross your mind. One of the first is often the fact that you need to seek out a mortgage to fulfill your dream. The tips below will help you get the job done right so you can move quickly.

When you get a quote for a home mortgage, make sure that the paperwork does not mention anything about PMI insurance. Sometimes a mortgage requires that you get PMI insurance in order to get a lower rate. However, the cost of the insurance can offset the break you get in the rate. So look over this carefully.

Don't borrow the maximum allowed. The lender will let you know how much you can borrow, but that doesn't mean you have to use all of it. Consider your lifestyle, the way your money is spent and the amount you can reasonably afford.

Once you have chosen the right loan for your needs and begun the application process, make sure to get all of the required paperwork in quickly. Ask for deadlines in writing from you lender and submit your financial information on time. Not submitting your paperwork on time may mean the loss of a good interest rate.

Before you refinance your mortgage, make sure you've got a good reason to do so. Lenders are scrutinizing applications more closely than ever, and if they don't like the reasons you're looking for more money, they may decline your request. Be sure you can accommodate the terms of the new mortgage, and be sure you look responsible with the motivations for the loan.

Set a budget at the outset and stick to it to stay in good financial shape. This means limiting your monthly payments to an amount you can afford, not just based on the house you want. Keep yourself out of financial trouble by buying a house you can afford.

Never take out a new loan or use your credit cards while waiting for your home mortgage to be approved. This simple mistake has the potential of keeping you from getting your home loan approved. Make sacrifices, if need be, to avoid charging anything to your credit cards. Also, ensure each payment is received before the due date.

While the process of getting a mortgage can be daunting, the results are well worth it. As you move into your home, you'll realize your dreams are finally achieved. Home ownership brings great responsibility and rewards, so enjoy it all yourself by using the tips above and getting a great mortgage.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.