Mortgage Corner: What’s Your Best Rate

This article is provided by Julie Jeffery of Elevation Mortgage, conveniently located inner city in Marda Loop at 111, 3411 – 20 Street SW  direct: 403.828.4832  julie@elevationmortgage.ca

Elevation Mortgage is part of Dominion Lending Centres. Dominion Lending Centres has worked to create an exclusive in-house line of mortgage products that will meet the needs of most Canadians. Julie Jeffery takes it one step further by personally walking you through all the available mortgage products and find the perfect product for you.

We love this question – What’s Your Best Rate?

First – We need to learn as much as can about the client and property, our commitment is to then source the best rate available! 

Second – we truly appreciate referrals and we do not put our clients through any haggling or negotiation regarding rates.

Third – For clients who have already been pre-approved by their bank branch or a bank mortgage  specialist there are always rate options to beat these offers along better terms including penalties that are 75% lower! 

Here is our answer:Are you a first-time home buyer or repeat buyer?How much is your down payment? Less than 20% or more than 20%?

  • What is your credit score? What is the co-buyer’s credit score?
  • Have you ever missed payments, do you have high credit card or line of credit balances, collections?
  • What is your employment status, annual income, and is the income salary or self-employed?
  • What field do you work in? Do you receive overtime or bonus pay?
  • What is the address of the property you are buying?
  • What is the condition of the home – the age, physical condition, urban or rural, flood zone?
  • Is the home a condo, town house or single family?
  • Principle residence or revenue property?
  • Are you working with a realtor or is this a private sale or purchase?
  • What are you future plans – employment changes, family changes, children? 
  • What is your preference for the term – fixed or variable rates, one to ten year term?
  • Do you prefer a mortgage with a bank, credit union or a non bank lender? 
  • Do you know the differences between a bank and a non bank lender?
  • If you needed to sell the home year three of a five year fixed rate term would you have issue with paying a bank penalty ranging from $10,000 to $25,000? 

We work with over twenty-five lenders. This gives us the edge over the bank branches or mortgage specialists. If the first, second, or even third lender declines the application we can move on and continue find a solution. 

If we find out important information during the application regarding a client’s credit, income taxes owing to CRA, or a unique property issue like post tension cables on a condo we can find a solution because we have so many lender options! 

Give us a call, and let us find the right solution for you to get you into the home that you want.