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Frequently Asked Questions

At Dominion Lending Centres Vanisle, we believe that communication is key. We would like to offer as many answers to your questions as possible. In order to more easily navigate this page, choose a topic from this list, and you’ll be directed to the answer.

Should I wait for my mortgage to mature?

Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. And, as long as you are not increasing your mortgage, they will cover the costs of transferring your mortgage, too. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. And if rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well.


Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one. Always investigate the possibility of a lower interest rate with the current lender and/or another lender. Call us; we can do all the research for you!

What are the costs associated with buying a home?

First and foremost, you have to make sure you have enough money for a down payment – the portion of the purchase price that you must pay upfront.


To qualify for a conventional mortgage, you will need a down payment of 20% or more. However, most people can qualify for a high-ratio insured mortgage with a down payment as low as 5%.


Secondly, you will require money for closing costs (up to 2.5% of the basic purchase price).


If you want to have the home inspected by a professional building inspector—which we highly recommend—you will need to pay an inspection fee. The inspection may bring to light areas where repairs or maintenance are required and will assure you that the house is structurally sound. Usually, the inspector will provide you with a written report. If they don’t, you should request one.


You will be responsible for paying the fees and disbursements for the lawyer or notary acting for you in the purchase of your home. We suggest you shop around before making your decision on who you are going to use, because fees for these services may vary significantly.


There are closing and adjustment costs, interest adjustment costs between buyer and seller, and (depending on where you live) land transfer tax – a one-time tax based on a percentage of the purchase price of the property and/or mortgage amount.


Finally, you will be required to have property insurance in place by the closing date. And you will be responsible for the cost of moving.

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