Dubord Brokers specializes in hard to place loans, unsecured personal loans, business loans, consolidate debts or for a 1st, 2nd, 3rd home, commercial or marine mortgages including credit line for Montreal, Quebec, Canada.
Dubord Brokers specializes in hard to place loans, unsecured personal loans, business loans, consolidate debts or for a 1st, 2nd, 3rd home, commercial or marine mortgages including credit line for Montreal, Quebec, Canada.
Dubord Brokers specializes in hard to place loans, unsecured personal loans, business loans, consolidate debts or for a 1st, 2nd, 3rd home, commercial or marine mortgages including credit line for Montreal, Quebec, Canada.
Dubord Brokers specializes in hard to place loans, unsecured personal loans, business loans, consolidate debts or for a 1st, 2nd, 3rd home, commercial or marine mortgages including credit line for Montreal, Quebec, Canada.
Dubord Brokers specializes in hard to place loans, unsecured personal loans, business loans, consolidate debts or for a 1st, 2nd, 3rd home, commercial or marine mortgages including credit line for Montreal, Quebec, Canada.
General FAQ
Why should I use Dubord Brokers?
How much can I afford to pay for a home?
What is the minimum down-payment needed to buy a home?
What is Mortgage Loan Insurance
What is a high-ratio mortgage?
What is a conventional mortgage?
How much does it cost to work with a Dubord Consultant?
Does paying my mortgage bi-weekly really cut years off my mortgage?
How does bankruptcy affect my ability to qualify for a mortgage?
How will child support and alimony affect my mortgage qualification?
Can I get a mortgage to purchase a home and make improvements?
Can I use gift funds as a down payment?
What is a pre-approval and how do I get one?
Should I wait for my mortgage to mature?

Why should I use Dubord Brokers?
Financial institutions sell only their own products to the public through their own sales force. As a result, they are not able to provide unbiased advice or selection, as by doing so they risk losing your mortgage to a company whose products may provide more value to you. Dubord Brokers, on the other hand, sell a variety of mortgage products and services as they deal with multiple Lenders, not just one. Because of this advantage, Dubord Brokers are able to search for products from a variety of Lenders (including banks, trust companies, insurance companies and credit unions), for the one that offers the best product, rate and terms for your particular needs. Thus, they can be totally objective in their recommendations to you.

Dubord Brokers are qualified to negotiate on your behalf, structuring deals to meet the criteria of Lenders, and therefore getting you a mortgage solution that works for you. Remember, a Dubord Consultant works for you!

To gain market share from mortgage broker companies and individual brokers, the majority of Lenders pay a finder's fee for referred business. Due to the volume of business done by Dubord Brokers, fees are paid by the Lender, and Dubord Brokers receives fast approvals in order to gain their business. This allows the Dubord Consultant to shop among the various financial institutions for the best mortgage rate and product to suit the needs of the client. In almost all cases, there is no cost to the client for these services.

When you deal directly with a financial institution and your mortgage is declined, whatever the reason, you have to begin the application process all over again with another Lender. When you deal with Dubord Brokers, the application can quickly be redirected to another Lender, or even several other Lenders, for consideration.

For more information on how we can help you, contact Dubord Brokers today!

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How much can I afford to pay for a home?
To determine 'affordability', your Dubord Consultant will first need to know your Taxable Income, along with the amount of any outstanding debts and their monthly payments. Assuming it is your principal residence you are purchasing, your Dubord Consultant will then calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation.

Second, your Dubord Consultant will calculate 40% of your Taxable Income and deduct all of your monthly debt payments, including car loans, credit cards and lines of credit payments. The lesser of the two calculations will be used to determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on usual guidelines set by Lenders.

In addition to considering what the ratios say you can afford, calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income, you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don't leave yourself in the poor house. Structure your payments so that you can still afford simple luxuries.

To calculate the amount of a mortgage you qualify for, contact Dubord Brokers today.

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What is the minimum down-payment needed to buy a home?
Mortgages with less than 20% down must have Mortgage Loan Insurance provided by either the Canadian Mortgage and Housing Corporation (CMHC) or Genworth Mortgage Insurance Company.

Although most Canadian homebuyers save for a down payment, with selected Lenders the minimum five percent (5%) of the purchase price can come from sources other than your own resources. These lending arrangements are subject to certain restrictions based on income level and credit score.

The 5% down-payment can come from borrowed funds (i.e. from a line of credit or family member). Remember, however, that the amount borrowed for a down-payment is factored into debt service ratios (which determine how much you are eligible to borrow).

The 5% down-payment can come from a ‘cash back’ feature of the mortgage. Keep in mind that in this case, the posted rate (that is, an undiscounted rate) will be required by the lending institution.

In addition to the down payment, according to CMHC and Genworth rules, you must have 1.5% of the purchase price available to cover the applicable closing costs (including, but not limited to, legal fees and disbursements, appraisal fees and a survey certificate, where applicable).

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What is Mortgage Loan Insurance?
Mortgage Loan Insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), which is a crown corporation, and Genworth Mortgage Insurance Company, which is a government approved private corporation. This insurance is required by law to insure Lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from .50% to 3.10%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as Mortgage Life Insurance.

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What is a high-ratio mortgage?
A high-ratio mortgage is one where the amount to be borrowed by way of a mortgage is greater than 80% of the purchase price, or the appraised value, whichever is less. High-ratio mortgages generally require Mortgage Loan Insurance, provided by either Canada Mortgage and Housing Corporation (CMHC) or Genworth Mortgage Insurance Company.

The Mortgage Loan Insurance premium is paid to CMHC or Genworth, and protects the Lender in the event the mortgage is not repaid and the bank has to repossess the property. The benefit to the borrower is that it allows them to purchase a home with less than 20% down-payment. The insurance premium is paid by the borrower and can be added directly onto the mortgage.

Mortgage Loan Insurance premiums range from .50% to 3.10% of the mortgage amount, and are calculated based on the overall loan to value ratio. For instance, borrowers with a 5% down payment and a loan to value ratio of 95% would pay a premium of 2.75%, while those with a 20% down payment and a loan to value ratio of 80% would pay an insurance premium of 1.00%.

Mortgage Loan Insurance is not the same as Mortgage Life Insurance.

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What is a conventional mortgage?
A conventional mortgage is usually one in which the down payment is equal to 20% or more of the purchase price, a loan to value ratio of 80% or less, and does not normally require Mortgage Loan Insurance.

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How much does it cost to work with a Dubord Consultant?
The vast majority of mortgage clients do not pay a fee for the services of a Dubord Consultant. To gain a larger market share, the majority of financial institutions pay a finder's fee to Dubord Brokers, and at the same time offer them their best discounted rates and fast approvals in order to gain their business. This allows the Dubord Consultant to shop among the various financial institutions for the mortgage rate and product that best suit the needs of the client. In almost all cases, there is no cost to the client.

In situations where traditional Lenders will not approve a mortgage because of poor credit, and where the application must be placed with a private or non-traditional Lender, a brokerage fee may be charged to the client. This cost must always be disclosed to the client up-front, and must be authorized in writing by the client before it can be charged.

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Does paying my mortgage bi-weekly really cut years off my mortgage?
Payment frequency is not the major factor in reducing the amortization period of your mortgage. Principal reduction is! But what about all the talk of bi-weekly payments taking five years off your amortization period? Although, yes, you will save some interest making your payments bi-weekly, ultimately it is the fact that your total payments each year are higher that result in the significant reduction in amortization.

For instance, when a client chooses a bi-weekly payment of $500 over a monthly payment of $1000, they are in fact choosing to pay an extra $1000 annually. In most cases, a bi-weekly payment is simply a monthly payment divided in two. This means that instead of paying $12,000 in monthly payments, you are now paying $13,000 in bi-weekly payments. That extra $1000 is what ultimately cuts the years off your mortgage.

However, you can achieve almost the same end by increasing your monthly payment, if a monthly payment frequency is more convenient for you. Taking an accelerated semi-monthly payment is also an option. Most people find that a payment frequency tied to how often they earn their income makes the most sense. And when possible, increase your regular payment amount or make periodic lump sum payments, as both will help reduce the length of time it will take to repay your mortgage fully.

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How does bankruptcy affect my ability to qualify for a mortgage?
Depending on the circumstances surrounding your bankruptcy, some Lenders would generally consider providing mortgage financing. If you have been discharged from a previous bankruptcy, the best way to determine whether or not you qualify is to discuss your situation with a Dubord Consultant. We know the right Lenders to approach based on your circumstances. For more information on how we can help you, contact Dubord Brokers today!

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How will child support and alimony affect my mortgage qualification?
Where child support and/or alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you qualify for.

Where child support and/or alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you qualify for (provided proof of regular receipt is available for a period of time determined by the Lender).

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Can I get a mortgage to purchase a home and make improvements?
Subject to qualification, yes. In fact, even purchasers with 5% down may qualify to buy a home and make improvements to it. For high-ratio financing, at both CMHC and Genworth, insured mortgages are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or improvements that the purchaser may wish to make to the property. This option eliminates the need to finance the renovations or improvements separately. Some conditions apply.

Where the improvements are cosmetic, the Mortgage Loan Insurance Premium is unchanged from the standard schedule. Where the improvements are deemed to be structural, the Mortgage Loan Insurance Premium is increased by .50% over the standard schedule. For information on Mortgage Loan Insurance Premiums, see ‘What is a high-ratio mortgage?’.

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Can I use gift funds as a down payment?
Most Lenders will accept down-payment funds that are a gift from family, as an acceptable down-payment. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. Where the mortgage requires Mortgage Loan Insurance, the Canada Mortgage and Housing Corporation requires the gift money to be in the purchaser's possession before the application is sent in to them for approval. When Mortgage Loan Insurance is provided by Genworth Mortgage Insurance Company, this is not a requirement. See 'What is Mortgage Loan Insurance?' for further information.

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What is a pre-approval and how do I get one?
A pre-approved mortgage provides an interest rate guarantee from a Lender, for a specified period of time (usually 60 to 90 days) and for a set amount of money. The pre-approval is calculated based on information provided by you, and is generally subject to certain conditions being met before the mortgage is finalized. Conditions would often include: written confirmation of employment and income, down-payment from personal resources, etc.

The easiest way to get a mortgage pre-approval is by calling Dubord Brokers. You will be asked a few routine questions to determine your financial situation, then your Dubord Consultant will calculate the size of mortgage you qualify for using this information. With your authorization, they will then proceed with arranging a pre-approved mortgage for you if you are planning to buy property in the near future. Most successful Real Estate Professionals will want to ensure you have a pre-approved mortgage in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range.

In summary, a pre-approved mortgage is one of the first steps a Home Buyer should take before engaging in the buying process. Contact Dubord Brokers for further information.

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Should I wait for my mortgage to mature?
No! Have a Dubord Consultant begin shopping around for an interest rate at least 90 days before your mortgage matures. Lenders will often guarantee you an interest rate as far as 90 days before your mortgage matures. Also, as long as you are not increasing your mortgage, they will cover the costs of transferring your mortgage as well. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. Plus, if rates drop before the actual maturity date, the Lender will usually adjust your interest rate accordingly.

Most Lenders send out their mortgage renewal notices offering existing clients their posted interest rates. Therefore, the rate you are being offered is usually not the best one. Be sure to ask a Dubord Consultant to investigate the possibility of a lower interest rate with either your Lender or another. Otherwise, you may end up paying a much higher interest rate on your renewing mortgage than you need to.

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Dubord Brokers specializes in hard to place loans, unsecured personal loans, business loans, consolidate debts or for a 1st, 2nd, 3rd home, commercial or marine mortgages including credit line for Montreal, Quebec, Canada.
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