Dara Somel - Your Mortgage Expert
How I Can Serve You
Purchasing a Home
Purchasing a home is one of the most important financial decisions you will make in your lifetime. For most people, it will be the largest investment you will ever make, and one that will impact your life for many years to come.
It is important to surround yourself with trusted professionals to guide you through the process, and we will be there from your first call through to your congratulations call and beyond to ensure a smooth and seamless experience – taking care of the details so that you can focus on finding your new home!
The first thing we'll do is determine how much you can qualify for, so that you are confident you’re looking at the right homes, and that you are comfortable with what the monthly cost of your new home will be. We will help you determine this amount by discussing your hopes and future vision, as well as your current situation and lifestyle.
Renewing your Mortgage
While most Canadians spend a lot of time and expend a lot of effort shopping for their initial mortgages, the same is generally not the case when looking at their mortgage renewals. By not reviewing all of their options at the time of renewal, this practice costs Canadians thousands of dollars every year.
Nearly 60% of borrowers simply sign and send back the renewal letter that is offered to them by their lender, without ever shopping around for a more favourable interest rate and mortgage product. Most spend more time comparing shoes before buying than they do reviewing their absolute largest investment!
Homeowners should never accept the first renewal offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a considerable amount of money on their mortgage. It is also wasting a great opportunity to review whether they are in the right type of mortgage with the right terms for their next 5 or 10 year life plan.
Refinancing your Home
Refinancing your mortgage means that you are changing either the amount or the amortization of your mortgage. You are able to refinance with a new mortgage up to 80% (or more if needed) of the value of your home if you can show you qualify for the new mortgage payment.
In today’s environment, refinancing your mortgage can be an excellent solution for a large variety of reasons:
Improving cash flow.
Renovating your home
Buying a vacation home.
Supporting your family.
Consolidating higher interest debt
Financing your future
We will speak with you to understand your current situation and goals, and together will determine which approach and product will work best for you.
Self-employed Canadians are often concerned about how they will qualify for a mortgage because of how their income is structured, and how it is reported for taxation purposes. Half a million Canadians become self-employed every year, and CMHC estimated in July of 2019 that 15% of Canada’s workforce are now self-employed!
We have extensive experience with self-employed borrowers and know how best to structure your mortgage application and where to submit it to your greatest advantage. Whether you own your own business or are in a partnership, are a sole proprietor or are incorporated, a commission salesperson, a tradesperson, or run a part time business from your home, we have the right product and mortgage for you.
Various lenders and insurers offer different programs for the self-employed, depending on how you declare your income, how long you have been in business, and your credit situation. Three Canadian mortgage insurers (CMHC, Genworth, and Canada Guaranty) have specific programs to help self-employed people achieve their home ownership goals.
Saving enough for your retirement in Canada can be a challenge. As the average life expectancy continues to rise, the cost of living continues to increase, and interest on investments remain low, retirement savings are being stretched further over many more years.
Today, many Canadians are looking for ways to supplement their income as they enjoy their golden years. All too often, retirees are not fully aware of all their financial options and consider downsizing their home and leaving the community they love in order to make ends meet. Others end up using expensive LOCs and credit to sustain their lifestyle, or cashing out their investments too early to help out their loved ones.
The age of ‘55’ no longer means retirement for many Canadians, as they continue to work either out of interest or out of need. Just as their lifestyle choices, relationship and family situations, and dreams for their futures are varied, there is no ‘one solution fits all’ for every senior.
Fortunately, there are many options and solutions that will let you stay in the home and community that you love, that will help you with cash flow should you need it, and that won’t put you in a financially distressing situation in the long term. I am happy to sit down with you to discuss what your hopes and dream situations are, and make a plan to help you get there!
New to Canada
Purchasing your new home is an important step when settling into your new life in Canada. We are here to guide you through the process, handling all of the details so that you can focus on finding your new home!
If you have emigrated to Canada within the last five years and are a Permanent Resident, or if you have a work permit and have applied for your permanent residency, you may be able to purchase your home with as little as 5% down.
Once we know the type of mortgage and your down payment amount, we will then work with you to determine how much you can qualify for, so that you are confident you’re looking at the right homes, and that you are comfortable with what the monthly cost of your new home will be. We will help you determine this amount by discussing your hopes and future vision, as well as your current situation and lifestyle.