Issue link: https://canadawidemedia.uberflip.com/i/879023
PRO TIP: Make a double mortgage payment. Doing this once a year can shave over four years off the mortgage. If your payment is $2,000 a month, four years of no payments equals $96,000 in savings! W hen financing a home, make sure you're prepared to deal with any challenges that come up. These can include a loss of income, increased expenses or rising interest rates. The following tips can ensure you're financially stable through any ups and downs. Tips for Planning and Managing Your Mortgage Get a smaller mortgage than the maximum amount you can afford. This will keep your monthly housing costs lower and allow you to deal with sudden changes in your income or expenses. Evaluate the impact of higher interest rates on monthly payments. With a variable-rate mortgage, even a small increase in interest rates could have a big impact on your monthly costs. Taking time now to learn how changing rates could affect you may help you avoid financial problems in the future. Plan to be mortgage-free sooner. You can pay down your mortgage faster by making your payments weekly or every two weeks. You can also increase the amount of your regular payment or make additional lump-sum payments if your mortgage allows it. Be proactive and ask for help if you need it. If unexpected challenges affect your ability to make mortgage payments, contact your lender or broker as soon as possible. They can work with you to find a solution to any temporary financial setbacks. Dominion LenDing Centres OUR HOUSE FALL 2017 >> 45 Put in an offer once you have found the property that meets your needs, you'll put in an offer that'll be accepted or countered. this may go back and forth until you reach an acceptable price with the vendor. Offer is accepted » send DLC a copy of the contract and mLs listing. » An appraisal is ordered (if necessary). » send in any remaining documents required for financing (income confirmation, down payment confirmation, etc). » send an inspector in (if applicable) – your DLC broker can help you arrange this. » receive the lender's approval on property and final approval letter. Remove Subjects At this point, your financing is in place and you're ready to proceed with the purchase of the property. Lawyer's Office You'll be asked to provide any money that's to be used as your down payment, which is not already on deposit with your realtor. typically, you'll go in one to two days prior to the completion date.