Dominion Lending Centres: 5 Questions Mortgage Borrowers Should Ask But Often Don’t

1. If I have mortgage default insurance do I also need mortgage life insurance?
Yes. Mortgage life insurance is a life insurance policy on a homeowner, which will allow your family or dependants to pay off the mortgage on the home should something tragic happen to you. Mortgage default insurance is something lenders require you to purchase to cover their own assets if you have less than a 20 per cent down payment. Mortgage life insurance is meant to protect the family of a homeowner and not the mortgage lender.

2. What steps can I take to maximize my mortgage payments and own my home sooner?
There are many ways to pay down your mortgage sooner that could save you thousands of dollars in interest payments throughout the term of your mortgage. Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20 per cent of the principal (the true value of your mortgage minus the interest payments) per calendar year. This will also help reduce your amortization period (the length of your mortgage). Another way to reduce the time it takes to pay off your mortgage involves changing the way you make your payments by opting for accelerated biweekly mortgage payments, which will not only help you pay off your mortgage more quickly but will also save you a significant amount of money over the term of your mortgage. Visit me to find out which strategy suits your specific needs.

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Close to Home

Cristina Piccirillo’s journey in the world of finance began 15 years ago. As a reputable mortgage broker with Dominion Lending Centres, she has developed a devoted clientele that depends on her expert advice for their most important purchase. “Helping my clients achieve their goals is truly rewarding,” says Piccirillo, who’s committed and dedicated to achieving client goals and satisfaction.

Whether you’re buying or refinancing a home, weighing the pros and cons of a vacation property or managing your home during a difficult time, Piccirillo delivers first-rate service in a timely, professional manner. “Your mortgage is one of your biggest expenses, which is why we’re here to help provide people with the best interest rate and mortgage terms that we possibly can,” she says, adding that clients can save a substantial amount on the term of their mortgage by Read more

Advice on the House

Mortgage broker Cristina Piccirillo of Dominion Lending Centres brings hot topics home.

Q: I am thinking of purchasing a property in Florida. Is pulling equity from my home the right thing to do?

A: The answer to this relies on the circumstance. If, for example, you are thinking of purchasing as a rental income property, then yes, it could be beneficial to pull equity from your home. This will help carry the costs to maintain the property, such as mortgage, property taxes, condo fees (if purchasing a condo), property management, etc. If, on the other hand, you plan on buying a vacation home for pleasure, be mindful of the additional costs to maintain the property, which could run up to $20,000 annually. It’s important to think about what your intention is and ensure that you have the money at your disposal to Read more

Make the SmartChoice with a Mortgage That Moves

SAL D’ANGELO Broker Licence No. M08000186 SMARTCHOICE MORTGAGES INC. FSCO Broker Licence No. 10610

Finding the home of your dreams can be exciting, but it’s a life-long investment that involves a careful examination of the health of the economy, the state of interest rates, and how many years it will take to pay off a mortgage.

Without having to get off your seat, Sal D’Angelo will lift you through this decision-making process.

A broker with more than two decades of experience, D’Angelo, owner of SmartChoice Mortgages Inc., offers the advantageous mobile mortgage and rates as low as 2.65 for a five-year variable, in an economy with interests rates at a generational low. “SmartChoice Mortgages will come to your place of business or home so you don’t have to go to your local bank,” explains D’Angelo. “We have 30 lenders that we deal with, Read more

Money Issues — Moving into the Right Mortgage

Some say luck breeds success, but Alex Haditaghi knows nothing of that. The fortune of his company hails from savvy business acumen and a driving spirit that is triggering his triumphs at every turn. Lifting his company to smouldering heights, Haditaghi is the chairman and CEO of MortgageBrokers.Com (MBC), which revealed late last year a mouth-dropping revenue growth of 4,000 per cent over the span of just three years. “I am very confident for where we are and where we’re going. MBC was Canada’s fastest-growing merchant company last year, and we’re going to continue with the tremendous growth we have,” says Haditaghi, 34. Read more