TOTAL MORTGAGE AND LEASING
Immigration Seminar
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TOTAL MORTGAGE AND LEASING
Outline
• Who is Dominion Lending Centres?
• Ways To Get a Mortgage
• Why Choose a Mortgage Broker?
• Role of a Mortgage Broker
• The Mortgage Process
• Mortgage Basics
• Kinds of Mortgages
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TOTAL MORTGAGE AND LEASING
Who Are We?
Dominion Lending Centres is a national mortgage brokerage and leasing
company with more than 2,000 mortgage professionals offering free
expert advice across Canada - taking the hassles out of the mortgage
process and simplifying your life. I own a Dominion Lending Centre
franchise called DLC Total Mortgage and Leasing and you can view my
website at wwww.mypowermortgage.com
With access to more than 90 lending institutions, including big banks,
credit unions and trust companies, I am familiar with which lenders will
be interested in applicants that are new to Canada who are either
Landed Residents or in Canada on work permits or off-shore investors.
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TOTAL MORTGAGE AND LEASING
Two Ways To Get a Mortgage
From your bank or from a licensed Mortgage
Broker.
The problem with going to a bank:
Banks can only offer products from their
financial institution.
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TOTAL MORTGAGE AND LEASING
Why Choose a Mortgage Broker?
I have access to Canada’s largest banks, Credit
Unions, Trust Companies and Financial
Institutions.
You have access to hundreds of products
offering you much more choice.
I offer a structured approach to your mortgage
needs which can begin before you arrive in
Canada thus removing much stress.
I am independent – I work for you, not the bank!
MY SERVICES ARE FREE!
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TOTAL MORTGAGE AND LEASING
My Role as a Mortgage Broker
To provide exceptional customer service.
Walk you through the entire mortgage process
and educate you with regards to your mortgage
options so that you can become comfortable
with the mortgage process and equip you to
make informed mortgage decisions.
Tailor your mortgage to suit your unique
financial needs.
Save you time, money and effort.
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TOTAL MORTGAGE AND LEASING
Lending Categories for “New To Canada” Applicants
1.
Landed Residents
A.
With employment
B.
Without employment
2.
Work Permits/Provincial Nominee Program
3.
Offshore Investor
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TOTAL MORTGAGE AND LEASING
Lending Categories for “New To Canada” Applicants
1.
Landed Residents
A.
•
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•
•
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With employment
Employment letter on company letterhead
• Start date
• Position held
• Gross annual income
Recent paystub
Previous job reference letter confirming tenure and position
Bank status report confirming account tenure in good standing
UK credit bureau (good to have)
Source of down payment
Maximum LTV = 95% upon qualification
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TOTAL MORTGAGE AND LEASING
Lending Categories for “New To Canada” Applicants
1.
Landed Residents
B.
•
•
•
•
•
•
Without employment
Previous job reference letter confirming tenure and position
Bank status report confirming account tenure in good standing
UK credit bureau (good to have)
Source of down payment
Max LTV = 65%
Lender may ask for 6 – 12 months hypothecated funds for
principal and interest payments
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TOTAL MORTGAGE AND LEASING
Lending Categories for “New To Canada” Applicants
2. Work Permits / Provincial Nominee Program
•
•
•
Same requirements as those who are Landed Residents with
employment
Max LTV = 90%
Copy of work permits
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TOTAL MORTGAGE AND LEASING
Lending Categories for “New To Canada” Applicants
3. Offshore Investor
•
•
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Max LTV = 65%
Full disclosure of income, assets and liabilities in UK
Rates are at a premium
Bank status report confirming account tenure in good standing
UK credit bureau (good to have)
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TOTAL MORTGAGE AND LEASING
The Mortgage Process
1. Mortgage Pre-approval
2. Mortgage Approval
3. Product Selection
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TOTAL MORTGAGE AND LEASING
Mortgage Basics
Income
Credit score
Short term debts
Source of down payment
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TOTAL MORTGAGE AND LEASING
Two Kinds of Mortgages
Conventional
High Ratio
Down payment is at least 20% of
the purchase price.
Down payment is less than 20%
of the purchase price.
No mortgage default insurance.
Mortgage must be insured
against default.
Minimum 5% down payment.
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TOTAL MORTGAGE AND LEASING
Useful Websites
Canadian Mortgage and Housing Corporation (CMHC)
cmhc.ca
Genworth
genworth.ca
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Take Home Messages
Complete an online application at www.mypowermortgage.com/keith
Get pre-approved before you start house-hunting!
• You learn what purchase price you qualify for
• Rate hold in place for up to 120 days
• Take your time, do things at your own pace
• Arm yourself with the knowledge to make informed financial
decisions that you feel comfortable with
Let me help guide you through each step of the mortgage process!
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TOTAL MORTGAGE AND LEASING
Questions?
For more information please visit my website
www.mypowermortgage.com/keith
604.723.5363
kbaker@mypowermortgage.com
Thank You
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Dominion Lending Centres Total Mortgage and Leasing
Office Address, City, Province, Postal Code