Flaherty considering measures to cool housing market. What does it meen for Kelowna

If our federal finance minister Jim Flaherty follows through with his warning to cool off the housing market; more people will have a tougher time getting into the housing market in Kelowna.

He is worried that homeowners may find it too difficult to cope with their mortgage payments if the rates have gone up by the time they renew their mortgages in 5 years.

He is talking about raising the minimum down payment needed and possibly lowering the amortization period.

I for one hope he does not do anything. The housing market is one of the brightest segments of our sagging economy at the moment and only 4% of mortgages originated each year are with clients using only 5% as a down payment and taking the longest amortization at 35 years.


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Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

RRSP HOME BUYER PROGRAM

You can withdraw RRSP money “tax free” as part of your down payment…..
Highlights:

Each purchaser may borrow up to $20,000 from their RRSP to use as a down payment.

Available to homebuyers that have not owned in the last 5 years or never owned.

Repayment of the funds to your RRSP must be made within a 15-year period, 15 annual installments is the usual practice.

If the amount is not repaid in a year, the year’s repayment amount will be added to your income and taxed.

Example:

$15,000 is borrowed for a down payment on December 31, 2007. The first $1,000 becomes due but is not paid. The borrower must declare the $1,000 as income in 2008.
The home must be located in Canada and is used as your principle residence.

This program may be used with the CMHC/GE 5% First Time Buyers program.

The program has been extended indefinitely.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

SOME MORTGAGE BASICS FOR KELOWNA HOME PURCHASE

You will get the best potential rates with a minimum of 5% down payment from your own resources (not putting on a credit card) or that from an immediate relative. There are products available that don’t require a down payment, or allow you to put it on a credit card; however, the rate will be higher because the risk to the lender is higher.

Anything less that 20% down is termed a high ratio mortgage and must have either CMHC (Canada Mortgage and Housing Corp) or Genworth mortgage insurance. This is paid by the borrower for the benefit of the lender. In case of default where the lender cannot recoup their money from the borrower through sale of the home; the lender will get their money from one of the above mentioned corporations. The cost graduates from 2.75 % of the value of the mortgage for 5% down to 1 3/4% of mortgage value for those that put down 15%. The insurance premium can be added to the mortgage and doesn’t have to be an out of pocket expense. There is also a .2% increase for each five year period added to the amortization.

Traditional lenders work with two equations. The first is 32% of the family’s gross income for those that are T-4’d. For those that may be self employed, it is of their net income. For example, if a couple’s income is 60,000 then 32% of this would be $19,200. This is the maximum allowed and covers the mortgage payment (principal and interest), property taxes, heat, (minimum of $600 annually and up depending on the size of your house), and ½ of any applicable condo or strata fees.

The next equation is 40% and above. This leaves 8% for the other debts such as loans and credit card payments. Again based on a household income of $60,000, this would amount to $24,000. Let’s say you have a personal loan and you are paying $200 a month for it ($2400 annually) and a car loan of $350 per month ($4200 annually) and have $10,000 of credit card debt with minimum payments of 3% or $300 per month ($3600 annually). These debts add up to $10,200 which must be deducted from your $24,000 allowable. This leaves $13,800 (instead of $19,200) to pay for your mortgage, heat property tax and applicable strata fees.

If you have very good credit (score of 680 or higher), you may disregard the 32% and use a TDSR (total debt service ratio) or 44%. This would encompass your entire debt load.

There are non traditional lenders that will allow higher debt service ratios, however, as the risk increases, so does the rate.

There are many programs available for those that are in business for themselves or run a business on the side. Some of them don’t require the borrower to prove their income and are called “stated income” mortgages. This means the borrower can purchase just about anything they wish. All that is needed is a minimum of 5-10% for a down payment. Again, the downside is the rate is slightly higher than with provable or verifiable income.

Traditional lenders require the borrower to have 1.5% of the value of the property in their bank to cover closing costs (such as legal fees, the property transfer tax if applicable, interest and tax adjustment to name a few). 1.5% often isn’t enough to cover all the closing costs but that’s all the lenders require you to have. This means that coming up with 5% as a down payment is a little misleading. It would be better to say 6.5%

It is important to note that almost all mortgages are not the same. Lenders all have their particular idiosyncrasies and surely every borrower is different. Don’t be afraid to talk to me to find out exactly where you stand. I’ll explain to you all of the options open to you and if you can’t get the mortgage you want today, I’ll offer suggestions on how to improve your situation for a future application.


Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Canadian Mortgage Market Optimisim

Canadians are emerging from the recession confident that the value of their homes is rising and optimistic about their local housing markets. The Canadian mortgage market is rebounding and will surpass the $1 trillion mark in 2010, reports the Canadian Association of Accredited Mortgage Professionals (CAAMP) in the fifth edition of the Annual State of the Residential Mortgage Market, released in late November.

Canadians are positive about house prices, and attitudes about whether this is a good time to buy a home have never been higher in the three years that CAAMP has surveyed on that question. The overwhelming majority of those surveyed (40%) expect house prices to go up, which is more than double the opinion of those surveyed in spring 2009 (18%).

In past surveys, negative house price sentiments were most evident in British Columbia, Alberta and Ontario – provinces that, in retrospect, were hardest hit by the economic downturn. On a 10-point scale (where 1 is very negative and 10 is very positive), attitudes in these provinces have sharply rebounded to 6.44 from 4.77 in fall 2008, 6.24 from 5.00, and 6.30 from 5.11, respectively, and are now in line with the 6.25 national average.

Most Canadians are optimistic and believe now is a good time to purchase a home, setting a record-high national average of 6.56 out of 10, up almost a full point from 5.58 last fall. Ontarians are most positive at 6.82, while Saskatchewan residents, who have seen house prices increase rapidly, are most negative at 6.05.

As interest rates remain low, it is not surprising that Canadians continue to be satisfied with their mortgages. Of those who renewed in the last year, 73% received lower rates than their original mortgage term.
“Mortgage consumers have been busy, and have effectively capitalized on low interest rates to shop and renegotiate,” said Jim Murphy, President and CEO of CAAMP. “CAAMP’s survey found that, on average, negotiated rates were discounted by 1.23 percentage points lower than typical advertised rates for five-year

mortgages, and we see this discounting trend continuing. ”In spite of continued job loss concerns, Canadians’ mortgage debt load remains reasonable. Homeowners have close to three-quarters (74%) of the value of their properties in equity and for those with mortgages, equity is more than one-half (52%) of the value of their homes. Fewer Canadians took equity out of their mortgages this fall (down to 18% from 22% last year). The primary motivator was, once again, debt consolidation or payment (approximately $17 billion), followed by home renovations (approximately $12 billion, down from $14.5 billion in 2008). One third of respondents who took out equity to fund home renovations said the Home Renovation Tax Credit had influenced their decision.
Significant Statistics from the Study
• Overall, Canadians remain very satisfied with their current mortgage, with 77% either completely satisfied or satisfied. The top reason cited is the mortgage rate, which averaged 4.55% this past year – a dramatic decline from 5.41% last year.
• Canadians in provinces that have felt the greatest effect of the recession are also the most optimistic about the increase in house prices – 42% of people in Ontario, 43% of people in Alberta and 47% of people in British Columbia feel that house prices will increase in the next year.
• Two-thirds of all mortgages are fixed for terms of four or more years, with five-year terms remaining the most popular at 56%. But many people who took out a mortgage in the past year chose a shorter term, with 20% at one year or less.
• 68% of mortgage holders have fixed-rate mortgages, while 27% have variable- and adjustable-rate mortgages. Fixed-rate mortgages are the most popular among people between the ages of 18 and 34, while those in the 55+ age group are more likely to opt for variable-rate mortgages.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Planning ahead for Holiday Spending in Kelowna

Many people have faced tough times in lieu of the recession, and with the high-cost holiday gift-buying and entertaining season quickly approaching, this may be the perfect time to refinance your mortgage and free up some money instead of relying on high-interest credit cards.

You may find that taking equity out of your home will help bring joy back into your holiday season – and start the New Year off on a debt-free note, as you may also be able to use some of the equity in your home to pay off high-interest debt such as your credit card balances. This will enable you to put more money in your bank account each month.

And since interest rates are hovering near historic lows, switching to a lower rate may save you a lot of money – possibly thousands of dollars per year.

There are penalties for paying your mortgage loan out prior to renewal, but these could be offset by the lower rates and extra money you could acquire through a refinance. I can sit down with you and work through all of the equations to ensure this is the right move for you.

With access to more money, you will be better able to manage both your holiday spending and existing debt. Refinancing your first mortgage and taking some existing equity out could also enable you to do many things you’ve been longing to accomplish – such as purchasing an investment property, taking that well-deserved vacation, renovating your home or even investing in your children’s education.

By refinancing, you may extend the time it will take to pay off your mortgage, but there are many ways to pay down your mortgage sooner to save you thousands of dollars in interest payments. Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20% 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), which, in turn, saves you money.

You can also increase the frequency of your mortgage payments by opting for accelerated bi-weekly payments. Not to be confused with semi-monthly mortgage payments (24 payments per year), accelerated bi-weekly mortgage payments (26 payments per year) will not only pay your mortgage off quicker, but it’s guaranteed to save you a significant amount of money over the term of your mortgage.

If, for instance, you have a $100,000 mortgage, an interest rate of 5% and an amortization period of 25 years, your monthly mortgage payment would be $581.60 and your total payments for a year would be $6,979.20 ($581.60 x 12).

To understand the savings accelerated bi-weekly mortgage payments can make, take the monthly mortgage payment of $581.60 and divide it by two ($581.60 ÷ 2 = $290.80). Next, take that payment and multiple it by 26 to arrive at your total payments for the year ($290.80 x 26 = $7,560.80).
As you can see, by using the monthly mortgage payment plan, you’ve made payments totalling $6,979.20 for the year, while using the accelerated bi-weekly mortgage plan you’ve made payments totalling $7,560.80 – a difference of $581.60.

By opting for accelerated bi-weekly mortgage payments, you’re making one additional monthly payment per year.

Using this example, you would reduce the amortization on your $100,000 mortgage from 25 years to just over 21 years and your total savings on interest over the life of the mortgage would be just over $12,000.

By refinancing now – before the holiday season is in full swing – and planning ahead, you can put yourself and your family in a better financial position.

As always, if you have any questions about refinancing, reducing debt or paying down your mortgage quicker, I’m here to help!


Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Preparing Your Kelowna Home for Winter

Now is a good time to prepare your home for winter, with the temperatures beginning to dip, your home will require maintenance to keep it in tip-top shape throughout the winter.

Here are ten tips to help you prepare your home for the upcoming months:

1) Furnace Inspection
Call an HVAC professional to inspect your furnace and clean ducts
Stock up on furnace filters and change them monthly.
Consider switching out your thermostat for a programmable thermostat.
If your home is heated by a hot-water radiator, bleed the valves by opening them slightly and when water appears, close them.
Remove all flammable material from the area surrounding your furnace.

2) Get the Fireplace Ready
Cap or screen the top of the chimney to keep out rodents and birds.
If the chimney hasn't been cleaned for a while, call a chimney sweep to remove soot and creosote.
Buy firewood or chop wood. Store it in a dry place away from the exterior of your home.
Inspect the fireplace damper for proper opening and closing.
Check the mortar between bricks.

3) Check the Exterior, Doors and Windows
Inspect exterior for crevice cracks and exposed entry points around pipes; seal them.
Use weatherstripping around doors to prevent cold air from entering the home and caulk windows. Replace cracked glass in windows and, if you end up replacing the entire window, prime and paint exposed wood. cIf your home has a basement, consider protecting its window wells by covering them with plastic shields.
Switch out summer screens with glass replacements from storage. If you have storm windows, install them.

4) Inspect Roof, Gutters & Downspouts
Adding extra insulation to the attic will prevent warm air from creeping to your roof and causing ice dams.
Check flashing to ensure water cannot enter the home.
Replace worn roof shingles or tiles.
Clean out the gutters and use a hose to spray water down the downspouts to clear away debris.
Consider installing leaf guards on the gutters or extensions on the downspouts to direct water away from the home.

5) Service Weather-Specific Equipment
Drain gas from lawnmowers.
Service or tune-up snow blowers.
Replace worn snow shovels.
Clean, dry and store summer gardening equipment.
Sharpen ice choppers and buy bags of ice-melt / sand.

6) Check Foundations
Rake away all debris and edible vegetation from the foundation.
Seal up entry points to keep small animals from crawling under the house.
Seal foundation cracks. Mice can slip through space as thin as a dime.
Inspect sill plates for dry rot or pest infestation.
Secure crawlspace entrances.

7) Install Smoke and Carbon Monoxide Detectors
Some cities require a smoke detector in every room.
Install a carbon monoxide detector near your furnace and / or water heater.
Test smoke and carbon monoxide detectors to make sure they work.
Buy a fire extinguisher or replace an extinguisher older than 10 years.

8) Prevent Plumbing Freezes
Locate your water main in the event you need to shut it off in an emergency.
Drain all garden hoses.
Insulate exposed plumbing pipes.
Drain air conditioner pipes and, if your AC has a water shut-off valve, turn it off.
If you go on vacation, leave the heat on, set to at least 55 degrees.

9) Prepare Landscaping & Outdoor Surfaces
Trim trees if branches hang too close to the house or electrical wires.
Ask a gardener when your trees should be pruned to prevent winter injury.
Plant spring flower bulbs and lift bulbs that cannot winter over such as dahlias in areas where the ground freezes.
Seal driveways, brick patios and wood decks.
Don't automatically remove dead vegetation from gardens as some provide attractive scenery in an otherwise dreary, snow-drenched yard.
Move sensitive potted plants indoors or to a sheltered area.

10) Prepare an Emergency Kit
Buy indoor candles and matches / lighter for use during a power shortage.
Find the phone numbers for your utility companies and tape them near your phone or inside the phone book. Buy a battery back-up to protect your computer and sensitive electronic equipment. Store extra bottled water and non-perishable food supplies (including pet food, if you have a pet), blankets and a first-aid kit in a dry and easy-to-access location.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Residential Mortgages Kelowna

This is the largest portion of my business. Owning a home has proven over time to be a tremendous investment plus people have to pay something for housing, either rent or a mortgage.

With residential mortgage rates at historic lows, one can often get a mortgage with a smaller payment than a rent payment.

Why pay a landlord a payment when you can make your own equity grow and grow. With as little as 5% down (which can even be a gift from a family member), you too may be able to purchase your own home.

There are lenders that will give you the 5% down payment needed, however, their interest rates are higher because their risk is higher plus they need to recoup the initial 5% they have given you.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Equity Take Out Mortgage Kelowna

An equity take out mortgage is exactly that; you are taking equity out of your home.

The best time to do this is at the end of your current “term”, thus eliminating any penalty for getting out of your current mortgage early.

If you are in the middle of your current term, let me advise you which option may be best for you.

It may be best to collapse your existing first mortgage (and pay the penalty for doing so) or perhaps get you a “second” mortgage while leaving your first mortgage in place.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Line of Credit Mortgages Kelowna

A line of credit mortgage is a way some people increase their cash flow (often for other investment opportunities) because the payment each month can be an interest only payment.

The mortgage is often referred to as a HELOC or home equity line of credit.

It is not for the feint of heart as the mortgage balance does decrease unless you specifically apply extra monies towards the principle.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Refinance Mortgages Kelowna

Your Okanagan home can be a source of extra financing to help meet your goals, whether you want to renovate or repair your home, help pay your child's college tuition, take that dream vacation, consolidate high interest rate credit cards or purchase an investment or vacation property.

I can help you refinance your home to 95% of your home’s value.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Kelowna Home Purchase Information

HOME PURCHASE MORTGAGE OPTIONS
The purchase of a home is the largest purchase most people make during their lifetime. At Dominion Lending Centres White House Mortgage I want to make each and every purchaser is aware of the many mortgage options available to them prior to their purchase and closing date.

First Time Home Buyers
About 50 years ago you needed to have a down payment of 25% before a bank would give you a mortgage. The government wanted more Canadians to own homes so they set up an insurance agency called CMHC (Canada Mortgage & Housing Corp). This enabled Canadians to purchase a home with little down payment (currently 5%) as CMHC ensured payment to the lender thru high ratio insurance.

Since then the government has a program that allows a client to borrow money from their RRSP to use as a down payment and also waives the BC Property Transfer tax if the first time home buyer purchases a home for $425,000 or less. This is letting more and more Canadians purchase homes.

Today, interest-only loans, self-employment programs, rental purchase programs, vacation property programs, and a host of other innovative financing alternatives are dotting the home purchase landscape, making homeownership a reality for more people than ever.

I can assist you with a mortgage pre- approval, understanding fixed rate vs., variable rate mortgage, understanding your credit score, determining the right mortgage term, self employed solutions and help you pay off your mortgage faster.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

About Dominion Lending Centres Kelowna - Dave Lytton

Dominion Lending Centres is a national mortgage brokerage and leasing company with more than 1,200 mortgage professionals offering free expert advice across Canada - taking the hassles out of the mortgage process and simplifying your life.

With access to more than 90 lending institutions, including big banks, credit unions and trust companies, our licensed team of mortgage professionals is familiar with a vast array of available mortgage products - ranging from first-time homebuyer programs to financing for the self-employed to financing for those with credit blemishes.

And, best of all, Dominion Lending Centres' mortgage professionals work for you - not the lenders - to ensure you receive the best rates and products available in today’s marketplace.

Whether you're looking to purchase your very first home or upgrade to a new home, renew your existing mortgage, refinance your mortgage to free up some equity, purchase investment properties or a vacation home, or lease business-related equipment, Dominion Lending Centres has a variety of products available to meet your unique needs.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Why use Dave Lytton as your Kelowna Mortgage Broker?

• Great Listener: There are a multitude of mortgage options available. I will discuss and analyze your wants and needs to ensure you get the mortgage that’s right for you.
• Great Communicator: I cover every aspect of your mortgage in detail to ensure there are no unpleasant “surprises” anywhere along the line.
• Unsurpassed service: From meeting you at a time and place that is convenient for you and getting your approval back to you fast. Sometimes as fast as 4 hours.
• Professional integrity: Sometimes talking about what you owe and own can cause embarrassment. I’ve been there. I’ll show you empathy and sensitivity.
• Think Win-Win: If you’re renewing or re-financing, you may already have the best deal available from your lending institution. If that’s the case, I will tell you so. It’s this type of honesty that brings in many referrals.
• Innovative: As a specialist in mortgages of all types I will look at your situation from all angles. This comprehensive thoroughness ensures the best mortgage for you.
• Passion: I love what I’m doing. Let me put my high energy enthusiasm to work for you!
• Truly like to help people: Purchasing a home is likely the largest purchase of your life. I get great enjoyment assisting clients like you seeing your dreams becoming a reality. Please let me assist you.
• Introduction to other professionals: If you need assistance finding a lawyer, appraiser, realtor, accountant, insurance professional or financial planner, I can certainly help you here.

Dave Lytton specializes in Residential Mortgages, Refinance Mortgages, Line of Credit Mortgages, Equity Take out Mortgages, Construction Mortgages and Commercial Mortgages.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Home Building Construction Mortgages Kelowna

Are you planning on building your own home and need a construction loan?

Lenders are not typically interested in raw land; they are interested in bricks and mortar. So, up front, you are going to need 25% of the completed value to get a construction mortgage. This often is the value of the lot. Once you have completed construction, you can then remortgage your completed home to 95% loan to value.

There aren’t many lenders that give construction mortgages. This is why you should use the services of Dave Lytton, your Kelowna mortgage broker. He knows who is lending for constructions mortgages and knows the ins and outs of each lender.

Whether you are building a home for your own use or for rental, our construction loan program is designed to make your building project easier.

To find out more about our owner builder construction loan mortgage or financing your log home construction project; please call or e-mail me. I will be happy to answer all of your construction finance questions

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Getting a mortgage pre-approval.

Getting a mortgage pre-approval. The last thing you want to do is to fall in love with a home you cannot afford. Getting a pre-approval from me will send you shopping with utmost confidence in knowing how much you can afford to spend on a home.



Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Self employed mortgage solutions Kelowna

Self employed mortgage solutions. For those business owners that "write off" or expense as much as possible to pay the least amount of income tax, a mortgage professional is crucial in finding the best mortgage available.


Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Using home equity to your advantage

Using home equity to your advantage. You can pay off high interest credit cards. You can upgrade your home with renovations. You can take that dream vacation. You can buy an investment property.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Determining the best mortgage term for your BC home.

Determining the best term. From 6 months to 25 years; which term best fits your needs? Should you get an "open" mortgage or a "closed" mortgage? I will explain the differences to you.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Fixed vs variable mortgages in Kelowna

Fixed vs variable. Variable usually offers a better rate than a fixed mortgage but it fluctuates with the prime rate of Canada and could climb to a point that is more expensive than a fixed rate. You can always lock into a fixed rate at any time, but no one knows what that rate will be in the future.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Understanding your credit report

Understanding your credit report. Your credit report is one of the most important pieces of the mortgage puzzle. Your credit score is an indication of risk lenders are willing to take.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Commercial Mortgages Kelowna

Commercial Mortgages are designed for businesses and investors who wish to purchase or refinance commercial, income producing properties and offer a flexible way to raise capital.

Some common commercial mortgage products by Dominion Lending Centres White House Mortgage provide funding for:

• Income properties
• Multi-residential properties
• Bridge financing
• Restaurants
• Industrial properties
• Office properties
• Self storage
• Retail malls
• Raw land financing
• Debt consolidation

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

How to find a mortgage professional in Kelowna

How to find a mortgage professional. You really want to make sure the mortgage broker you pick is licensed by the province. Don't hesitate to check them out by looking at their website and/or testimonials from past clients. Go to my website.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/

Paying off your mortgage faster in Kelowna BC

By paying weekly or bi-weekly or by making lump sum payments or simply increasing your monthly payment, you can shave many years off your mortgage amortization.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca

http://www.davelytton.com/

Kelowna Mortgage Life Insurance Explained

Mortgage life insurance will pay off the mortgage in case of death. The upside to this insurance is that the cost never increases. The downside is that the payout decreases as you pay down your mortgage. With regular life insurance, the policy amount doesn't change but the cost increases as you get older.

Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca
http://www.davelytton.com/