Integrity Mortgage BC

Contact Us

Dominion Lending Centres Integrity Mortgage BC 4104 Wellesley Avenue Nanaimo, BC V9T 2B9 E-Mail: kims@telus.net Office: 250.729.3890 Fax: 866.298.2071 Apply Now

Frequently Asked Questions

What is a pre-approved mortgage?

A pre-approved mortgage is one of the first steps a home buyer shoud take before beginning the buying process. A pre-approved mortgage is an interest rate guarantee from a lender for a specified period of time (usually 60 to 120 days) and for a set amount of money. At Dominion Lending Centres Integrity Mortgage BC we go one step further with your preapproval. We collect all of your income documents upfront and pull your credit before telling you your purchasing power. This provides you with piece of mind when making such a big purchase. Most successful real estate professionals will want to ensure you have a pre-approved mortgage in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range. .

What is mortgage loan insurance?

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and Genworth, an approved private corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from 0.50% to 7.0%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance. A mortgage with mortgage loan insurance is called a high ratio mortgage.

What is a conventional mortgage?

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price; a loan to value of or less than 80%, and does not normally require mortgage loan insurance.

How will child support affect mortgage

qualification?

Where child support and alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for. Where child support and alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.

What is a fixed rate mortgage?

The interest rate on a fixed-rate mortgage is set for a pre- determined term - usually between 6 months to 10 years. This offers the security of knowing what you will be paying for the term selected.

What is a variable rate mortgage?

A mortgage in which payments will fluctuate month to month depending on prime. If prime goes up so does your payment.

How does bankruptcy affect qualification for a mortgage?

Depending on the circumstances surrounding your bankruptcy, generally, some lenders will consider providing mortgage financing.

How can you pay off your mortgage sooner?

There are ways to reduce the number of years to pay down your mortgage. You'll enjoy significant savings by:     Selecting a non-monthly or accelerated payment schedule     Increasing your payment frequency schedule     Making principal prepayments     Making Double-Up Payments     Selecting a shorter amortization at renewal
 kims@telus.net | P 250-729-3890
250 729 3890
Integrity Mortgage BC

Frequently Asked Questions

What is a fixed rate

mortgage?

The interest rate on a fixed-rate mortgage is set for a pre-determined term - usually between 6 months to 10 years. This offers the security of knowing what you will be paying for the term selected.

What is a variable rate

mortgage?

A mortgage in which payments will fluctuate month to month depending on prime. If prime goes up so does your payment.

How can you pay off

your mortgage sooner?

There are ways to reduce the number of years to pay down your mortgage. You'll enjoy significant savings by:     Selecting a non-monthly or accelerated payment schedule     Increasing your payment frequency schedule     Making principal prepayments     Making Double-Up Payments     Selecting a shorter amortization at renewal

What is a pre-approved

mortgage?

A pre-approved mortgage is one of the first steps a home buyer should take before beginning the buying process. A pre-approved mortgage is an interest rate guarantee from a lender for a specified period of time (usually 60 to 120 days) and for a set amount of money. At Dominion Lending Centres Integrity Mortgage BC we go one step further with your preapproval. We collect all of your income documents upfront and pull your credit before telling you your purchasing power. This provides you with piece of mind when making such a big purchase. Most successful real estate professionals will want to ensure you have a pre-approved mortgage in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range. .

What is mortgage loan

insurance?

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and Genworth, an approved private corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from 0.50% to 7.0%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance. A mortgage with mortgage loan insurance is called a high ratio mortgage.

What is a conventional

mortgage?

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price; a loan to value of or less than 80%, and does not normally require mortgage loan insurance.

How does bankruptcy

affect qualification for a

mortgage?

Depending on the circumstances surrounding your bankruptcy, generally, some lenders will consider providing mortgage financing.

How will child support

affect mortgage

qualification?

Where child support and alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for. Where child support and alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.
250 729 3890 Call Us Now
© Dominion Lending Centres Integrity Mortgage BC.