35% Down… The New Conventional Mortgage?

26th June 2017

If you’re looking to buy a new home, one of the most difficult things can be putting together a down payment for the mortgage. So how much do you really need to put together before you can get into the home of your dreams? Let’s take a look at some of the different options, with […]

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Keeping your economic future on the right path

20th June 2017

 Most working Canadians have an income range in the middle class. This income class includes teachers, firefighters, plumbers, engineers, nurses, construction managers and chefs – workers from across the economic spectrum. They provide and consume the bulk of services that keep society afloat, driving economic growth and investment with every purchase. The middle class also […]

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Are you looking for a mortgage as if it were a commodity?

19th June 2017

 I’ve heard brokers say more than once that mortgages are a commodity, by definition a commodity is a basic good used in commerce that is interchangeable with other commodities of the same type. That doesn’t sound like mortgages to me. While the core product is always the same, money lent that is secured by real […]

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Mortgage-Geek History

15th June 2017

 The average person if stopped on the street and asked; Are today’s low interest rates driving up house prices? Would likely say ‘yes’. They would be wrong. And we can let their lack of understanding pass, after all we can agree that math mostly sucks. However to ask a Realtor, banker, or your Mortgage Broker […]

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How to Interview a Mortgage Professional

14th June 2017

 This is the second part of a series over the next few weeks of things the average mortgage professional wished people knew so that they would not be held back by inadvertent missteps. There is so much information about everything these days and quite frankly it is overwhelming to say the least. You want to […]

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A fresh start-Our House Magazine Spring 2017

13th June 2017

 The following is from the Spring issue of Dominion Lending Centres’ Our House Magazine. Cara Brookins built a new home for her family from the ground up A house is often considered more than just a place to live. It’s a place of memories, stability and safety. No one understands this sentiment more than Cara […]

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Industry Initials Explained

12th June 2017

 Many of us will remember the television show, Mork and Mindy. Imagine that you have just moved to Canada and you overhear a conversation, “ I was watching NBC and they said that the FBI arrested a criminal at IGA.” You probably wouldn’t understand what they said because we all use acronyms. We often replace […]

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Things Mortgage Professionals Wished Young Adults Knew

8th June 2017

So we are going to do a series over the next few weeks of things the average mortgage professional wished people knew so that they would not be held back by inadvertent missteps. This week we will look at young adults just starting out. Let’s outline five things you really need to be aware of […]

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Where I work matters as much to you as it does to me – The DLC Difference

7th June 2017

When I made the decision to become a mortgage broker, I was cautioned by friends already in the field to choose wisely where I would plant my flag. After a bit of deliberation, I chose a franchise that was very familiar to me – the owners were people I had worked with in my previous […]

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How does the growth of our aging population affect Canadians?

6th June 2017

According to the latest Statistics Canada’s 2016 census data released last month, Canadian seniors now outnumber children for the first time, with 5.9 million Canadian seniors compared to 5.8 million Canadians 14 years of age or younger. The number of Canadian seniors is expected to continue to grow because of the gains in life expectancy. […]

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“Mr. Mortgage Broker, please give me the best rate!”

5th June 2017

In the past, it was easy to give our clients the best mortgage rate available. Unfortunately, new government regulations have created a fragmentation of interest rates that make “giving you our best rate,” more complex. It’s important to distinguish between what is “insurable” and “uninsurable.” An “insurable” mortgage is approved at 25 years amortization and […]

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Bullying Ends Here Update for June 2017

2nd June 2017

Well, what a year it has been. Of course I refer to ‘year’ being the school year. With June now upon us, schools are winding down, just as Bullying Ends Here is about to take a few months to catch our breath and plan for an amazing 2017/18. To wind down this year, Dominion Lending […]

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Find your perfect home type

1st June 2017

Single-family detached homes are the most popular choice of Canadian homeowners, but aspiring first-time homebuyers should consider all their options before starting their house hunt. Don’t overlook the perfect option for your family – you may be surprised by what’s out there, at or below your budget. According to Statistics Canada, over half (55 per […]

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Purchase Plus Improvements – You just found your dream home… sort of.

31st May 2017

In a competitive real estate market or a market that is suffering from a lack of available listings, the Purchase Plus Improvements mortgage could be your saving grace. Regardless of whether you’ve just started your search for a new home or if you’ve been hunting for months, this is something that you should be thinking […]

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What is refinancing and how it will change your credit?

30th May 2017

The need to refinance your mortgage can be for many reasons. Whichever the reason you are refinancing, there are a few things to consider. One of the top questions we are asked as a Mortgage Broker is “will refinancing hurt my credit?” The answer to this question brings cause for a closer look at the […]

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Thinking outside of the box – blanket mortgages

29th May 2017

When someone calls me up out of the blue for a mortgage , I often ask them, “Why did you call me?” Often the reply is that a family member suggested it. I then ask, “Do you know what I do?” Once again , I will get a reply that they aren’t sure. I will […]

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How mortgage rates work

26th May 2017

Ever wonder how your mortgage rate is determined? What factors make it jump from percentage to percentage? We are getting down to the nitty gritty today and giving you the facts on what impacts mortgage rates. What affects a Mortgage Rate? There are 10 factors that affect a mortgage rate: 1. Location Depending on which […]

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This Vs That 8: Renew or switch lenders

25th May 2017

Renew (the mortgage industry meaning): to remain with the current lender by simply signing the renewal letter that comes in the (e)mail. Switch (again, the mortgage industry meaning): to move from the existing lender to a different lender without leveraging any additional funds/equity; the outstanding balance remains the same. Is renewing your mortgage with the […]

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Mortgage facts to know before you buy this spring

23rd May 2017

Buying a home can be a really exciting time, so the last thing we want is for you to be hit by any surprises. Let’s take a look at five things to keep in mind before you write an offer. Get your mortgage in place before you write an offer. Meeting or speaking to an […]

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Stuck In a High Rate 10 Year Fixed Mortgage?

19th May 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 if […]

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Prepare, Prepare, Prepare

19th May 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?

17th May 2017

Every homebuyer 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 date. […]

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Inside and Outside the Box Mortgages in Today’s Market

16th May 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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So You Want To Port Your Mortgage?

11th May 2017

 Recently a video appeared on Linkedin and a few other places singing the praises of porting your mortgage and making it seem like a walk in the park. If you have ever done one, then you would know that it is anything but that scenario. Porting is not much different than qualifying for a new […]

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Getting Strict On Documentation

10th May 2017

 With an increase in concern about fraud, lending institutions are getting strict on documentation for mortgage approval. As part of the mortgage approval process, your mortgage broker will ask for documents to show proof of your income, down payment and possibly other items such as proof of permanent residency and other identification. Since most of that […]

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Reading This Could Save You Thousands of Dollars!! (AKA How to renew your mortgage in 5 easy steps)

6th May 2017

    What is a mortgage renewal you ask? Each mortgage has a set term which can vary from 1-10 years. Just before the end of your term you will receive an offer from your current lender and you have 3 options: Sign and send back as is. Check the market to make sure you […]

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Emotional Homebuyers Can Lose Out On the Best Deals

5th May 2017

 Buying a home is financial decision, but also an emotional experience. Before we’ve explored every room, we often start imagining our new lives there. Where our furniture will go. The parties we’ll host in the open-concept living-dining space. The mornings we’ll spend at the breakfast bar overlooking the garden or skyline… When a home speaks […]

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Hey Landlords! You Need To Read This!

4th May 2017

 If you have not yet found yourself skimming the news online today, you may not have heard yet about the Provincial Government’s announcement regarding the Ontario Housing and Rental Markets. The Provincial Liberal Government, laid out for the Province their plan to address issues in key aspects of the Real Estate and Rental Property Markets […]

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Reverse Mortgages – No, We Don’t Want Your Home!

3rd May 2017

 Reverse Mortgages have had their share of misconceptions. In fact, we are often approached with false assumptions and unfounded facts about the product that steer the public to think of the product in a negative light. This article will cover one of the most common myths and the real facts behind this myth that has […]

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Getting a Mortgage After Consumer Proposal or Bankruptcy

2nd May 2017

 Life can definitely throw some challenging financial situations your way. As mortgage professionals, we can provide solutions and strategies during or after these challenging times in order to get you back on track. We have access to banks, trust companies and mortgage companies that specialize in this transitional period to help you move forward with […]

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