Construction Mortgage Part 1 – Serviced vs Unserviced Lots 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 […]

10 First Time Homebuyer Mistakes If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes. 1. Thinking you don’t need a real estate agent You might be able to find a house on your own but there are still […]

Bank of Canada Takes Action The Bank of Canada raised the target overnight rate another 25 basis points to 1.0% making it two hikes in a row following seven years of increasing monetary stimulus. The outsized 4.5% growth in GDP in the second quarter precipitated this action, despite two offsetting factors: the recent surge in […]

Why So Many Mortgage Documents? 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. […]

What is a cash back mortgage? Every once in a while, a bank will advertise a cash back mortgage. It sounds great but there are a few things to consider. When you purchase a home, you may find that you need some extra cash. You may want to renovate, purchase some furniture, or start on […]

Is it time to lock in a variable rate mortgage? Approximately 32 per cent of Canadians are in a variable rate mortgage, which with rates effectively declining steadily for the better part of the last ten years has worked well. Recent increases triggers questions and concerns, and these questions and concerns are best expressed verbally […]

Strength in Turbulent Time – Impacts of Canada’s New Mortgage Rules Mortgage brokers have become an integral part of Canada’s financial landscape. Rather than deal directly with banks, about 30 per cent of Canadians turn to independent brokers to help them secure the best terms for their loan. But as residential real estate markets continue […]

The easy option isn’t always the best For those of us looking for mortgage financing options for our first or next home, the prevailing attitude is, ‘easiest is best’. For most of us, myself included, applying for any type of financing is a stressful event; its always easier to, when you’re in your local branch, […]

OSFI mortgage changes are coming As many of you may remember, this past October the Office of the Superintendent of Financial Institutions (OSFI) issued a revision to Guideline B-20 . The changes will go into effect on January 1, 2018 but lenders are expecting to roll this rules out to their consumers between December 7th – 15th, and will […]

But They Said It Was Portable… The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: Moving (upsizing or downsizing) Locking a variable-rate mortgage into a fixed-rate product … […]