Better Mortgages, Better Homes
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With 15 years of lending experience, I offer professional, ethical, and honest financial advice to help you achieve your goals. Let’s work together to make it happen.
How It Works
To begin, just click ‘Apply Now’ and complete my convenient online mortgage application.
I’ll contact you to discuss your objectives and concerns, offering an action plan tailored for optimal results.
I’ll collaborate closely with the lender to ensure a seamless process, keeping you informed every step of the way.
I’ll assist you throughout the final stages, addressing any inquiries and providing guidance even after the closing.
I’m Elvira Kurmisheva, a licensed mortgage broker with Dominion Lending Centers First Pacific Mortgage. I understand the importance of addressing all of your questions and concerns efficiently and with keen attention to detail, regardless of their complexity. Being in the financial services industry since 2009, I have developed strong interpersonal skills and the ability to analyze every case to find a personalized solution for every client. With a Bachelor’s degree in Economics, I bring a deep understanding of the financial landscape to provide you with the best possible mortgage options tailored to your needs. Contact me today, and let’s work together to find the ideal mortgage solution for you.
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Commonly Asked Questions
In Canada, a mortgage is a type of secured loan used to purchase property, residential or commercial. A legal contract is formed between a borrower and a lender, usually a bank or financial institution, where the lender provides funds and the borrower pledges the property as collateral. This process becomes valid once all paperwork is signed and all costs are paid. Borrowers must be at least 18 years old to enter a mortgage contract. Improving your chances of securing a mortgage can be achieved by building a solid credit history, maintaining stable employment, and saving for a substantial down payment. The life cycle of a mortgage involves initiation, repayment over years, and eventual removal or discharge upon full repayment. Mortgages have evolved over the centuries, with changes in laws, economies, and societal norms impacting their terms, types, and accessibility.
Calculating mortgage payments in Canada involves understanding the components: the principal amount, interest rate, and loan term. The standard formula is:
M = P[r(1+r)^n]/[(1+r)^n – 1]
– M is your monthly payment
– P is the principal loan amount
– r is your monthly interest rate (annual rate divided by 12)
– n is your number of payments (or the loan’s term in months)
This formula applies to fixed-rate mortgages. For adjustable-rate mortgages, calculations can vary due to the changing interest rates. It’s crucial to make timely payments as set by your lender to maintain a healthy credit score. Many financial institutions offer online calculators to help you estimate your monthly payments. Understanding this calculation helps you manage your mortgage and plan your finances effectively.
Getting preapproval for a mortgage in Canada involves a lender reviewing your financial health – your income, employment stability, credit score, and debt ratios. The process begins with an application where you provide the necessary documents like proof of income, debt and asset details, and proof of employment. You can apply directly with banks, credit unions, or through mortgage brokers. Preapproval improves your credibility as a buyer and gives you a clear idea of your budget. It typically lasts between 60 to 120 days but is subject to changes in your financial situation. Remember, preapproval is not a final mortgage approval; factors like property appraisal value and changes in your financial condition can influence the final decision.
In Canada, mortgage interest is typically calculated either simply or compounded. Simple interest multiplies your daily interest rate (annual rate/365) by the days between payments and the outstanding mortgage balance. Compound interest, more common in Canada, also factors in the interest that accumulates over time. The interest compounds semi-annually, meaning it is calculated and added to your principal twice a year, even if payments are monthly. The formula for compound interest is: A = P (1 + r/n) ^ nt. Knowing this helps you plan repayments, as more frequent payments can reduce your total interest. Remember, your mortgage payment includes not only interest but also principal repayment, property taxes, or homeowner’s insurance.
Mortgage refinancing in Canada involves replacing your current mortgage with a new one with different terms. Common reasons include securing a lower interest rate, reducing monthly payments, or consolidating higher-interest debts into the lower-interest mortgage. It’s usually considered midway through the mortgage term, especially when market conditions have improved. However, it involves potential costs, such as penalties for breaking the current contract, appraisal fees, and legal fees. To navigate this process, define your financial goals, compare offers from lenders, and consider professional help from a mortgage broker. Always weigh these factors against your financial situation and market conditions.
Refinancing a mortgage in Canada involves breaking your current mortgage and replacing it with a new one. This process could be undertaken for several reasons, such as consolidating high-interest debt into a lower mortgage rate, tapping into home equity for other financial needs, or taking advantage of lower interest rates. The process commences with defining your goals, shopping around for lenders, comparing rates, negotiating terms, and getting approval from a chosen lender based on credit score, home value, and repayment ability. However, refinancing often involves a prepayment penalty for breaking the current mortgage contract early. Hence, refinancing, while a potentially advantageous tool for bettering financial circumstances, requires careful cost-benefit analysis to ensure it aligns with financial goals and leads to optimized savings.