Pink Shirt Day 2017

31st March 2017

 My goodness, where has the time gone?! It seems like just yesterday that I updated you on the recent accomplishments of Bullying Ends Here but it has been almost two months. I’m not going to bore you with every specific detail (so much has taken place as always), but will share some of the highlights. […]

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The Glass Houses of Parliament

30th March 2017

 A sincere thank you to our regulators, Ministers, MP’s, etc. for your concern about my personal debt figures. And thanks for channeling this concern into recent deep and drastic cuts to my personal (home financing) purchasing power. Although certainly chopping Canadian families’ ability to buy a home in today’s rising market by a whopping 20% […]

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Debt-To-Income: a Meaningless Metric

29th March 2017

 The human brain struggles with distinguishing between a real or imagined threat. Is it a snake? Or just a shoelace? One may kill us quick, and so we react fast and think it through later… or maybe never. Is the often cited, rarely critiqued, ‘debt-to-income’ ratio a snake or a shoelace? A killer lying in […]

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Whiskey, Wine, and Weakness In Ottawa

28th March 2017

 Our Government has concerns about their role with CMHC — essentially a mortgage insurance company — a role in which taxpayers are technically liable for their clients’ actions and behaviour (despite current CMHC premium reserves on hand to withstand up to a 40% market devaluation). These concerns were apparently part of justification used regarding recent […]

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Consumer Debt vs Mortgage Debt

27th March 2017

 During a recent trip to our nation’s Capital with folks from Dominion Lending Centres and other mortgage groups, an Ottawa insider made an interesting comment: “We don’t care about consumer debt, because we don’t guarantee it.” This comment was made in an effort to justify recent increased restrictions placed on borrowers taking out insured mortgages […]

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Construction Mortgage Part 1 – Serviced vs Unserviced Lots

24th March 2017

 On several occasions we have had people ask us at Dominion Lending Centres about construction mortgages. Every lender has their own guidelines and rules when it comes to construction mortgages. That’s because there are many details involved in the process of construction, let alone the mortgage that actually funds it! Below is part 1 of […]

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Summary of the New Mortgage Market

23rd March 2017

 There have been a lot of changes in the mortgage market over the past few months so many Canadian’s plans regarding homeownership may have shifted quite a bit from last year. First, new qualification rules came to pass in October where even though actual contract rates are sitting at about 2.79% all Canadians have to […]

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Budget 2017 – A Step Towards Stronger Potential Growth

23rd March 2017

 Budget 2017 continues the government’s commitment to support the middle class by enhancing Canada’s long-term growth potential. Investments to foster innovation, skills and the ability to attract top talent from around the world are included. An important and growing competitive advantage is Canada’s openness to trade and immigration, having a broader range of free trade […]

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4 Steps To a Financially Fit You in 2017!

22nd March 2017

 Well, you have likely noticed that it is time for resolutions according to the plethora of fitness equipment and organizational plastic bins on sale in every flyer you open. It seems fitting that we take a 4 step approach to positioning yourself for financial fitness in 2017 as well. So first of all, I am going […]

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Why So Many Mortgage Documents?

21st March 2017

 Documents, documents and more documents. Yes that’s right you will need to provide your Dominion Lending Centres mortgage broker with as many documents that we request upfront as possible. Why? Because the more supporting documentation you have available will help us as brokers to find you your best mortgage options. If you don’t have everything […]

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How a DLC Mortgage Broker Can REALLY Help You!

20th March 2017

 While it’s certainly easy to be intimidated by the prices that you might see as you browse MLS into the wee hours of the night, mortgage interest rates are still at a historical low.  If you’re looking at purchasing for the first time, you’re thinking, “What does that mean?!” With rates as low as they […]

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Now Is the Time To Get Pre-approved For Your Mortgage!

17th March 2017

 So 2016 was an exciting year in the mortgage world! The problem is that we mortgage professionals really hate it when things get exciting in our world. Between the economy and the federally mandated mortgage rule changes and their ensuing fallout, it is now more important than ever to get a solid pre-approval in place. […]

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Startling Gap Between the Lifestyle Expectation and Reality of Canadians 40+

16th March 2017

 Over the last few years, we have seen many retired Canadians outliving their retirement savings and requiring a financial solution to help them live the rest of their retirement. In the media alone, there is a constant outpouring of articles relating to retirement planning, preparing enough savings for retirement, as well as numerous articles around […]

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5 Common Mistakes To Avoid When Shopping For a Mortgage

15th March 2017

Avoid these 5 common mistakes, and you will have no problem getting your mortgage faster, more efficiently, and with a clear understanding of the process: 1. Thinking banks are the first and best place to go for a mortgage Mortgage brokers can often beat the bank rates by using different lending institutions. The bank is […]

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Home Financing Solutions – Purchase Plus Improvements

14th March 2017

Are you on the hunt for a new home but can’t find exactly what you are looking for? You’re not alone. House hunters experience this scenario every day. With real estate prices increasing you may not be able to buy your dream home the first go-round. Think about buying a fixer-upper. There are many potential […]

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How Your Credit Score Affects Your Purchase Price

13th March 2017

Your Credit Score that the lenders use, not to be mistaken by the Credit Risk Score you see when you check your own credit, is one aspect of determining your borrowing power. The better your score, the length of established credit and your payment history the better when it comes to mortgage financing. Let’s assume […]

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Is Today the Right Day To Buy Yourself A Home Or Not?

10th March 2017

Q. Is today the right day to buy yourself a home or not? A. Today is the right day assuming one has found a specific property that works for them on all levels. This question arises on a near daily basis within our social circles and most of the chatter around the topic is largely […]

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RRSP Contributions: To Preserve or Not To Preserve? That is the question…

9th March 2017

 A recent BMO study shows that the number of Canadians withdrawing money from their RRSP increased to 38% from 34% last year, and on average these Canadians are taking out larger sums of money. The government requires RRSPs to be converted to a RRIF when a Canadian turns 71. After 71, withdrawals begin and they […]

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How To Not Qualify For A Mortgage

8th March 2017

If you have no desire at all to qualify for a mortgage, here are some great ways to make sure you don’t accidentally end up buying a house and taking out a mortgage to do so. One of the best ways to ensure you won’t qualify for a mortgage is to be unemployed. Yep, banks […]

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4 Critical Questions You Must Ask Your Mortgage Broker

7th March 2017

We have often talked about understanding the personalities of your mortgage on our blog, but another part of that is working with your Dominion Lending Centres mortgage broker to ensure that you are getting the best product and sharpest rate possible. Asking critical questions will help you to not only understand your mortgage, but to […]

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Inside and Outside the Box Mortgages in Today’s Market

6th March 2017

As we truck along in 2017, Mortgage Brokers and Lenders are adjusting to the new risk based mortgage rate pricing that came into play after the Finance Minister changed Government backed mortgage default insurance regulations in late 2016. Lenders often choose to pay for mortgage default insurance on mortgages where the borrower was not required to […]

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Stuck In a High Rate 10 Year Fixed Mortgage?

3rd March 2017

  With low rate offerings over the past several years and a struggling economy, some homeowners chose to lock into a longer term mortgage even if the interest rate was a bit higher. If you are one of those people who feel stuck in a high rate 10 year fixed mortgage you may be wondering […]

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Prepare, Prepare, Prepare

2nd March 2017

Every year since October 2008 it’s become more and more difficult to obtain a mortgage. The government claims to be casting a safety net over the Canadian housing industry via stiffer mortgage regulations. What do you need to know to help prepare yourself for a home purchase, refinance, debt consolidation, or even a simple renewal? […]

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What Happens When a Home Sale Falls Through?

1st March 2017

Every home buyer eagerly anticipates closing day. With the home purchase process completed, ownership of the property transfers from the seller to the buyer – you! Closing date is negotiated as a condition of sale. You’ll typically have several weeks between the date that your agreement to purchase (sales contract) is signed and your closing […]

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