ONTARIO MORTGAGE BROKERS

Are you searching for an experienced mortgage broker in Ontario? You don’t have to look anymore because Dominion Mortgage Brokers offer broker services in Ontario. Our location is filled with professional and knowledgeable mortgage brokers, who are prepared to help you with your mortgage needs.

Rely on the Expertise of an Experienced Mortgage Broker

Our mortgage brokers are experienced in getting people with all sorts of different financial situations approved. A mortgage broker will take the time to understand your financial situation to ensure you will qualify for a mortgage.

A mortgage broker will walk you through the steps of buying a new home, including applying for a mortgage, getting you approved, signing with the lawyer, etc.
It is very important that you remember to get pre-approved for your mortgage before getting your heart set on a home. There is nothing worse than falling in love with a home you can’t afford.
Your mortgage broker automatically shops around between many banks and lenders to ensure you are getting the best mortgage terms at the best possible rate.
Now the fun part! You can start hunting for your dream home! Once you find it, make the offer!
Then call your mortgage broker to figure out next steps.

Whether you are purchasing your first home, your next home, a vacation home, or a rental property – we can help!

First Time Home Buyer Loans

Buying your first home can be overwhelming, but by working with a mortgage broker in Ontario, the process is simplified, and all of that stress can go away! We will walk you through your purchase and get you the new home you want at a rate that you can afford. Working with a mortgage broker is absolutely free and can save you thousands in the long run.

1. Get Pre-Approved

What does a pre-approval do? Well, it shows you the highest possible mortgage that you can receive, outlines the price range that you can afford and tells you the current market interest rate. The interest rate can be locked in for 120 days or for up to 12 months if you are planning to build a home. This protects you against rate increases, but if the rates drop, you can take advantage of the lower rate!

Why not book a pre-approval appointment with us? It’s simple and we can suggest a mortgage that would fit your needs. All you would need to do is send us a few required documents so that we can talk to the possible lenders.

2. Set a Budget

Once you have been pre-approved, we can help you review your budget. You will have to consider a down payment, closing costs, mortgage payments, property taxes, insurance, maintenance, phone, and cable as well as utilities.
By using the formulas here, you can calculate the approximate price range, housing expenses, debt, and mortgage that you can afford within your budget.

What if I don’t have the 5% down payment you might ask. Well don’t worry, Dominion Mortgage Brokers have access to a product called the Flex Down Mortgage, which allows you to borrow the down payment. As part of the pre-approval process, through our network we can help you get a line of credit for the down payment, and then once that is done you are ready to start shopping for your new home.

3. Find the Right Home

Decide what you want out of your home, such as square footage, bedrooms and bathrooms, kitchen appliances, finished or unfinished basement, or storage space. Look at neighbourhoods and proximity to schools, transit, and other amenities. If you're planning to resell the home in the next few years, examine pricing trends for similar houses in the same neighbourhood.

Some first-time buyers appreciate a Realtor's help with the search process. We have a Realtor in our office, as well as several in our network that we can refer you to.

4. Make an Offer

You’ve found the perfect house, now what? Well, it is time for you to make an offer. Depending on the house, you will either purchase your new home through a builder, Realtor, or private seller.

Once you’ve agreed with the seller on a price, both of you will write and sign an offer to purchase the home, with conditions. Once the offer is accepted, make sure to send us a copy of your purchase contract and the property’s MLS listing so we can contact your lender and get your mortgage approved!

5. Sign the Papers

About 1-2 weeks before you take possession, meet with your lawyer to sign the mortgage papers and provide the rest of your down payment, as well as any legal fees. We know numerous lawyers, who we can refer you to.** Remember, before you can legally own your new home, you must meet with a lawyer.

6. Take Possession

All that’s left is for you to meet with the home’s builder, the Realtor or seller to receive your keys and make your new home yours! Yes, it really is that easy As your mortgage brokers, we handle all of the details so that you don't have to.

Learn More...

Home Equity Debt Consolidation Loans

Do you have equity built up in your home? You can use it to get funds to pay off high-interest loans and reduce monthly bills, finance a much-needed home renovation, and more! As mortgage brokers, we can help you figure out how much of your equity you can access.

Am I Eligible for a Home Equity Loan? There are a few things you should consider when looking at getting a home equity loan in Ontario, such as the payout penalty on your current mortgage. A mortgage broker can help you decide whether or not it still makes sense for you. A home equity loan may be an option for you if you find yourself in one of the following scenarios:

You need to make repairs or renovations that will add value to your home

You need to replace an expensive home necessity (eg. water heater, furnace, etc)

You are making only the minimum payments on your high-interest credit card and are struggling to pay it off

You have student loans or large personal loans such as a vehicle or RRSP loan that need to be paid off

Learn More...

Mortgage Refinancing

Today, there are many reasons why Ontarians like you are making the choice to refinance their mortgage. For example, they may have been working on improving their credit score and now qualify for a new mortgage with a better interest rate. Maybe they wanted to stabilize their payments by changing to a fixed-rate mortgage from a variable rate mortgage. Why don’t you make the same choice as many Ontarians have and refinance your mortgage? Mortgage refinancing is a great option to pull out equity for consolidating debt or for financing home improvements, making investments, paying for college expenses and more.

We are Here to Help You Refinance Your Mortgage

Regardless of the reasons you have for wanting to refinance your mortgage, as your mortgage brokers in Ontario, we will help you learn about the costs of refinancing and guide you through the steps so that you can get to a better place financially.

Obtain a lower fixed rate – A fixed rate mortgage that you received several years ago may have drastically decreased. As a result, refinancing your mortgage can allow you to take advantage of that newly reduced interest rate.

Convert a variable rate mortgage into a fixed rate mortgage – Your interest rate with a variable rate mortgage could initially be low; however, the fluctuation can be unpredictable. Switching to a fixed rate mortgage can secure your interest rate and help your budget in the long run.

Transfer a Home Equity Line of Credit (HELOC) into a fixed rate – The payments you make on a HELOC are interest only and make it difficult to pay off the balance in a timely manner. By locking into a mortgage, you can ensure that both interest and principal payments are made so that your principal balance decreases.

Consolidate multiple mortgages into one – You wanted to do those home renovations but to pay for them, you had to secure a high interest rate second mortgage. It can be difficult to stay on top of two mortgage payments on one property, so why not combine them? By doing so, there will be less of a burden on you, and you can be more financially responsible.

Pay off other debts – The funds received from refinancing your mortgage can be used to pay off high interest credit card bills and other expenses. For more information, take a look at our Home Equity Loans page.

Learn More...

Mortgage for Self-Employed

Being self-employed and trying to secure a mortgage can be a tough task since the rules are different than those for standard mortgages. Every bank has different rules on what documents are allowed and what income is allowable. Not to mention the qualifying process can be extremely difficult, which is why you need a mortgage broker on your side.

We are your professionals that will guide you through this challenging process. We have the experience needed when it comes to dealing with self-employed mortgages because we have helped many self-employed customers and business owners get mortgages and we know how to best navigate the differing policies of banks.

What to Expect When It Comes to Getting a Self-Employed Mortgage

Since we are self-employed ourselves, we know what to expect when it comes to getting self employed mortgages. Here is what you need to know when it comes to getting yourself a mortgage as someone who is self employed:

Extra documents. There is a lot of documentation we will need you to provide, not only so that we have everything that all the banks will require, but so that we can do our due diligence so we can help you get approved.

Different banks, different factors. There are a variety of factors that you will need to consider when it comes to getting a mortgage when you are self-employed, which we will make sure to discuss with you. One to keep in mind is that certain banks require larger down payments for purchasing a home because you are self-employed.

Bank approval varies. Certain banks are very good when it comes to approving self-employed mortgages. Given that we have worked with multiple banks numerous times, we know which banks are more likely to approve self-employed mortgages and how to put our best foot forward when sending in your application.

Learn More...