A pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you.
With a pre-approval, you can:
- know the maximum amount of a mortgage you could qualify for
- estimate your mortgage payments
- lock in an interest rate for 60 to 120 days, depending on the lender
If you are not sure your buying power give me a call today to discuss your options!
- Second Mortgages
A second mortgage is an additional mortgage that is placed on a property with an existing first mortgage. Due to increased risks with second mortgages interest rates are typically higher than a first.
Second mortgages can be used to consolidate outstanding debt from other sources, renovate your house, pay for your child’s education or any other number of reasons.
- Private Funds
Most Ontario private lenders specialize in servicing hard to place mortgages that the banks turn down. Private lenders do not have to follow the same rules as the banks.
If you have been turned down by the banks a private mortgage may be the way for you to secure financing. Contact Dave Destefano today!
- Rentals and Investment Properties
Buying an investment property can be a great opportunity.
Whether it be a house, cottage, farm, condo, or plot of land, buying real estate is traditionally a sound and profitable investment, offering both rental income and capital gains.
Buyers must put down 20% when purchasing rental properties.
You must also be able to qualify not just for the mortgage on the rental property but also any mortgages you currently have as well.
If you are looking for information on your rental or investment options give Dave Destefano a call today!
- New to Canada
Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible to purchase a property with as little as a 5% down payment.
Genworth’s New to Canada program helps new Canadians purchase their first home sooner, making it easier for these families to become economically established in Canada.
This program provides up to 95% loan-to-value ratio (LTV) for qualified homebuyers. The LTV indicates how much of the property is being financed, so this high LTV is ideal for first-time buyers who may not have the necessary funds to pay a lot upfront for their new home
- Self Employed
When it comes to mortgages, it hasn’t always paid to be self-employed – because reducing your taxable income can make it difficult to qualify for the mortgage you deserve.
We understand business owners because we’re business owners, too.
What’s better, we have a long list of institutional and private lenders that offer excellent mortgage options for self-employed Canadians. These lenders in Canada understand that self-employed individuals have tax write-offs creating significant reductions in their declared income.
- Refinances and Debt Consolidation
Considering refinancing your home? Or maybe your circumstances have changed? Dave Destefano would be pleased to work with you to weigh the costs and benefits to ensure a refinance makes financial sense and most importantly that you will come out ahead.
Refinancing is also a good option to pull out equity for consolidating debts, home improvements, investments, college expenses and more.
Whether you’re a first-time buyer or an experienced buyer Dave Destefano has access to the very best products and rates available across Canada.
Your first home – What an exciting time! A milestone you will always remember. Why not make it fun and memorable by working with a Mortgage Broker that saves you time and money!
Experienced buyer – If you have already been through the home financing process than you already know that using a Mortgage Broker can help you secure the best rates and products available.
If your mortgage is up for Renewal make Dave Destefano your first call!
Simply signing back the first renewal offer costs Canadians thousands of extra dollars every year. Don’t make this simple yet expensive mistake.
Dave Destefano can help you negotiate the best rates and explore all your options, making sure you get the best deal from either your current lender or your new one.