How It Works
Simple solutions to satisfy your relocation and mortgage. needs.
As one of Canada’s largest mortgage shopping services, Dominion Lending-YBM Group can help make relocating fast, easy and affordable. We have instant electronic access to Canada’s leading lenders so we can shop around for the best package of rate and features in no time at all.
Here’s how easy it is:
- Click Apply Now and you will automatically be redirected to the online application of your local DND relocation specialist.
- Complete the secure application, which will go directly to the Dominion Lending-YBM Group office serving your area.
- Fill in the appropriate information and click ‘submit’. A specialist will contact you to complete the application and start the pre approval process.
- A mortgage application will be completed and transmitted to Canada’s leading lenders who compete for the opportunity to fund the mortgage.
- Your specialist then outlines the options and provides unbiased advice. Once the choice is made, the pre-approval is complete (subject to applicable conditions being met).
- After the house hunting trip, once a home has been selected, your Dominion Lending-YBM Group specialist keeps in contact with the real estate agent and lawyer to ensure all details are finalized.
That’s it! The whole mortgage shopping and approval process has been reduced to hours instead of days.
| Mortgage Required | $200,000 |
|---|---|
| Default Ins. Premium | $5500.00 |
| (95% financing 25 year am) | |
| Total Mortgage | $205,500.00 |
| Starting interest rate prior to buy-downs – 4.39% | |
| Personalized Funds | $5,170.00 |
| Custom Funds | $2,785.00 |
| OUR Way After all calculations | |
| Balance of Mortgage after the 5 year term | $175,805.98 |
| Mortgage Required | $200,000 |
|---|---|
| Default Ins. Premium | $5500.00 |
| (95% financing 25 year am) | |
| Total Mortgage | $205,500.00 |
| Starting interest rate prior to buy-downs – 4.39% | |
| Personalized Funds | $5,170.00 |
| Custom Funds | $2,785.00 |
| THEIR Way After all calculations | |
| Balance of Mortgage after the 5 year term | $178,159.67 |
Our way……………………………………………..$175,805.98
Their way…………………………………….$178,159.67
You SAVE………….$2353.69
*OAC Rates subject to change.
Mortgages Subsidies 101
- Under Canada Revenue Agency (CRA) guidelines, a mortgage subsidy is a tax-effective interest rate buy-down for a maximum period of 5 years.
- When funds are properly utilized, interest rates can be brought down below the Prescribed Rate.
- Lower mortgage payments and carrying costs for the Transferee can be achieved through a mortgage subsidy.
- Additionally, if the Transferee is in a 5 year mortgages and transfers again after 3 years, the subsidy may be moved to the Transferees new property, pending the employers approval.
- Mortgage subsidies are invoiced on a monthly basis.
- Net Interest Rate can be calculated as follows: actual mortgage rate minus mortgage subsidy
- A mortgage subsidy is a 100% tax-free benefit if the net interest rate stays at or above the Prescribed Rate.
- If net interest rate is below Prescribed Rate, than a partial taxable benefit occurs.