26 Mar

New Home Purchase Program

General

Posted by: Diana Diamond

Big news in NL! The Newfoundland and Labrador Government announces the New Home Purchase Program today.

This program will allow first time home buyers to apply for a loan to be used as down-payment on their first home. The government also announced that a small part of that loan will now be in the form of a grant. (Free money!)

Eligible households can receive 5% of the purchase price of up to $250,000 for a new or existing home. If the home is more than $250,000, the buyer can make up the difference of course with their own resources. Click here to read the government’s news release. There will be more information released on April 1st on the Newfoundland and Labrador Housing Corporation’s (NLHC) website – I will update ASAP.

This is a fantastic initiative since the biggest hurdle for first time home buyers is saving enough money for a down-payment.

We are sending applications for pre-approval right now! The program opens April 1st and there is only a certain amount of funds available. Don’t hesitate! Call today for a confidential discussion of your mortgage options.

Diana Diamond

Mortgage Professional, DLC Smarter Choice Mortgages

dianadiamond@dominionlending.ca

709-727-9976

16 Mar

Keeping Your Credit Score Healthy

Credit Score

Posted by: Diana Diamond

credit score

If you haven’t seen your credit score, you’re not alone. Many of our clients don’t know about their credit score or even know what it is when we first meet with them. During our initial consultation, we go over your complete credit report with you. As an added bonus, we’ll even teach you how to read it.

So, how can you make sure you have a great credit score? Here are a few tips to get you started.

  1. You need to have credit. It may be surprising – but your credit score goes up as more credit is available to you. We recommend at least two facilities: a credit card and a line of credit (or 2 credit cards).
  2. You also have to pay your bills when they are due. That goes for your internet, cell phone and even parking tickets.
  3. It also helps to start as soon as possible. The longer you have a clean record of paying your credit card, loans or other credit facilities, the better your credit becomes.
  4. Finally, make sure to carry a low balance. One of the least known ways to hurt your credit is to have high utilization.

Don’t hesitate to contact a Dominion Lending Centres mortgage professional about your mortgage related needs when you’re buying a property anywhere in Canada.