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In addition to the standard programs, Dominion mortgage professionals offer you a wide range of programs that correspond to your particular situation. Whether you are self-employed, a newcomer to Canada or if you are having trouble with debt, we have a program for you.
Traditional Mortgage Products
As its name suggests, a closed mortgage is one that cannot be fully paid off, refinanced or re-negotiated before the end of the term you agreed to, that is between 1 to 35 years, without incurring prepayment penalties.
Interest rates for closed term mortgages are generally lower than for open term mortgages. There is always the possibility to make a prepayment. The percentage varies depending on which financial institutions you deal with.
Open term mortgages, as its name implies,may be repaid, in part or in full, at any time during the term without any prepayment costs. Their main advantage lies in payment flexibility.
Fixed Rate Mortgage
A fixed rate mortgage means that the interest rate does not change during the entire mortgage term, that is between 1 to 35 years. It eases budgeting anxiety and offers stability without hiding any surprises.
Variable Rate Mortgage
A variable rate mortgage is a mortgage where the interest rate fluctuates in accordance with the prevailing market prime rate during the mortgage term.Variable rates are generally lower than fixed rates. There are generally two options for variable rate mortgages: 3-year and 5-year variables. The second option is usually the most advantageous.
Home Equity Line of Credit
The home equity line of credit enables you to come up with liquidity quickly at a much lower interest rate than a traditional line of credit.
Products that will help you save for a down payment
Borrowing your down payment
Borrowing money for your down payment can be an option to consider when buying a home.Eligible home buyers can use personal loans, line of credit or credit cards, or even loan from close extended family source of fund for their down payment. Ask your Dominion Financement Commercial mortgage broker for advice!
Buying a home with only 5% down
Canadians have the possibility to qualify for the Home buyer 95 program and own a home with as little as 5% down payment of the value of the property rather than the 20% usually required.
Moreover,qualified home buyers who have immigrated to Canada within the past 5 years are eligible to buy a home with as little as 5 %down payment of the value of the property. Ask your Dominion Financement Commercial mortgage broker for advice!
The Home Buyer’s Plan (HBP)
The Home Buyer’s Plan, commonly known as HBP, is a program allowing a borrower to withdraw funds up to $25 000from his RRSP savings to purchase his first home.
Products for Unique Financial Situations
Being a business owner, you get to deduct from your income a portion of your expenses related to your work in order to bring your income down to a low tax bracket. It is a considerable advantage compared to salaried employees, but it nevertheless entails some downsides. As conventional lending institutions fix a lending limit based on the borrower’s net income, it may be harder to qualify for a mortgage, even seem impossible. However, there exist great products suited for you.
If you have been self-employed for more than one year and that you can pay a 10% down payment, you may be eligible for self-employed mortgage products. Contact your Dominion Financement Commercial mortgage broker!
Self-Employed Home Equity Loans
Your Dominion Financement Commercial mortgage broker will be able to tell you: you can get a mortgage if you have a good credit score and a large down payment regardless of your annual income. Some lenders agree to provide mortgage financing based on criteria other than the income and the debt ratio.
Having Financial Problems?
Issue scan occur at any time. Despite financial problems that may arise, you can qualify for a mortgage. Whether you are experiencing bankruptcy, bad credit, dismissal, judgments, late payments, unpaid taxes or foreclosure, your Dominion Financement Commercial mortgage broker can help you find a mortgage matching your needs. They will be able to find the best program and financing options to suit your financial situation. Learn more!
Mortgage Productsto Enjoy Life
CHIP Reverse Mortgage
Converting part of the equity in your home into cash has never been easier with the CHIP Reverse Mortgage. Indeed, this program allows senior homeowners to access up to 50% of the value of their home and use this money right now.
The CHIP Reverse Mortgage is a loan secured against the value of your home.There are no interest or principal payments due until you choose to move or sell. It is a smart way to keep your home and get a loan!Find out more by contacting your Dominion Financement Commercial mortgage broker.
Home Renovation Financing
When buying a home, renovations are sometimes necessary before moving in, whether it is for some improvement renovations. There are mortgage products that are specially conceived for this situation allowing home buyers more flexibility in managing their loan.A minimum down payment of 5% is required.
Progress Draw Mortgage when Building your Home or for Renovation
When building or renovating a home, contractors sometimes require advances as construction progresses.Funds that are advanced allow the borrowers to pay home builders in fixed installments as the house is being built.
The eligible amount is based on the lesser of the market value of the work in place and the cost to complete.
Secondary/Vacation Home Program
Ever dream of having a second home in the city, or a cottage at the lake for weekend getaways? Make that dream come true! Buying a second home has never been easier with your Dominion Financement Commercial mortgage broker. The Secondary/Vacation Home Program provides great advantages, including affordable monthly payment with as little as 5% down payment.