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Reliable Mortgage Firm to Guide You Through the Mortgage Process

Mortgages by Dennis Eng is a finance and mortgage firm that assists residential and commercial clients in Vancouver, North Vancouver, West Vancouver, Burnaby, New Westminster, Surrey, Port Coquitlam, Coquitlam and Richmond. Through a free 30-minute consultation, we can assess and understand your mortgage needs and determine the right type of mortgage suitable for your borrowing situation. 


A short 10-minute application will provide our team with further details about your financing request. We will discuss certain financing scenarios below so that you are better informed about the processes involved. Get in touch to schedule a free 30-minute consultation.

Pre-approval and Pre-qualification for a Mortgage

Before you start house hunting, the following must be considered: 

 

  • Your current credit score

  • Available savings and financial resources

  • Housing and non-housing budget

  • Your desired home

  • Emergency savings on hand

 

Getting prequalified for a mortgage can save you time, money and will make the buying process smoother. Getting prequalified ultimately determines your purchasing power as your financial goals and capabilities have been assessed by us. 

 

What you can borrow is determined by your income and credit. A general rule of thumb is that your purchasing power should not exceed 39% of your gross income. 

 

Your pre-approval and pre-qualification will tell you: 

 

  • If there is a lender that will consider your proposal

  • How much you can spend on a home 

  • An idea of how much you can borrow

  • What your monthly payments will be 

  • What your mortgage rate will be for the term

The real estate agent is explaining the house style
Hands holding a little house

Considering a Purchase in the Next 90 Days

If you are looking to purchase a home, we will require the following: 

 

  • Evidence of income 

  • A copy of your most recent notice of assessment 

  • Evidence of savings for a down payment 

  • Review of your credit

  • A budget showing the ability to manage household expenses

  • A purchase offer from a realtor or a review of the properties you are considering to purchase

  • Your void cheque

 

Your loan will not be considered by the lender if your real estate fails to provide the required collateral for the lender or your lack of ability to provide capacity to service the mortgage.

Refinancing Your Property to Release Equity in Your Home

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There are many reasons to consider refinancing your mortgage. Refinancing is an excellent, low-cost way to gain access to needed funds. If you are looking to refinance your mortgage, we will need the following: 

 

  • A copy of your current mortgage lender from the other institution

  • In case of a second mortgage, a copy of the mortgage agreement you signed with the lender is required

  • Evidence of land ownership like your most recent property tax bill 

  • Confirmation of your income 

  • Copy of your property insurance statement 

  • Your void cheque

An agent shaking hand with a happy customer
Through the window view of two cheerful young men using laptop

Five reasons refinancing makes the most sense: 

 

  • Consolidating your debt into one manageable payment can save you thousands of interest per month

  • Considering your dream home or cottage or build your new home

  • Renovating your home is less expensive than moving 

  • Wealth building by generating passive income from owned properties

  • Pay for large expenditures by tapping into the equity of your home via a line of credit

Transfer or Renewal

When your mortgage is up for renewal we will require the following: 

 

  • A copy of your renewal offer from the other institution

  • Evidence of land ownership such as your most recent property tax bill

  • Confirmation of your income

  • Copy of your property insurance statement

  • Void cheque
     

The rate we provide you will depend on the following: 
 

  • Whether your mortgage was transacted before November 2016 and after November 2016. This date alone will save you 30 - 50 or even 70 basis points (BPS) on your annual mortgage and will save you thousands per year in interest payments.

  • Your credit. If your credit score is different than when you applied for your mortgage initially, you will not receive the best rates possible.

  • Your property value and your current mortgage or your loan to value. If your loan to value is low, you may receive the best discounts possible.

Home agents talk to new home buyers and offer good interest rates

Looking to Buy Your First Home?

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