WHAT’S YOUR BEST RATE?

You know at one time I could give you a quote over the phone and not worry that I would be too far out. Today is a totally different story, here are some of the variables that come into play.

1. What’s your credit score? A 700 FICO score is the new 650 for many lenders as their investors demand better quality borrowers.
2. Where is the property located? Rural areas are getting harder to finance.
3. Is it an insured file, are you putting less than 20% down payment?
4. Is it insurable? Are you putting down more than 20% on the purchase but it can qualify under the stress test, currently 5.34%?
5. Is the loan to value going to be 65% or less? You get the same rate as the guy with 5% down and have to qualify with the same criteria.
6. Are you looking to refinance or buy a rental? Sorry both are uninsurable and have to qualify at 5.34% but you have to pay a higher interest rate.
7. So how about your employment; have you been on your job or at least in the same industry for the last 2 or more years?
8. Down payment requires a 90-day statement of where it has been kept, please be sure that it was in a bank as anything else seems to be picked to death. Larger gifts lately have required the giftor to show the money was in their account. God forbid they should have won it at a casino as they will want the print out from the cage boss, especially in B.C.
9. How fast is your deal closing, as there are quick close rates usually for insured deals.
10. While supposedly everyone is to be able to qualify at 44%TDS and 39% GDS, it’s not always the case as CMHC is still in some instances lower than a 680 FICO score and is wanting the client to be qualified at the old standard of 42% and 35%, which again cuts back the qualifying amounts.

As you can see what’s your best rate has a lot of things come into play today and anyone who gives you a rate over the phone has hopefully asked you at least some of these questions. The best rate today is more about what fits your situation but the old adage of who, what, where and how still apply. Once we have asked the questions, we have to audit the answers to make sure it’s the best fit for your situation. If you have any questions, contact a Dominion Lending Centres mortgage professional near you.

– by Len Lane

ACCESSING YOUR HOME’S EQUITY TO INVEST

To tap into your home’s equity, it all starts with refinancing your home. If you own a home, the equity you have built up in it is one of the most valuable assets you have available to you. It is also much more accessible than taking out a large loan. In many cases, home equity loans and lines of credit can offer you a lower interest rate as compared to other types of loans while providing you with access to credit for investment purposes. You can view an excellent comparison of loans here.

Often times we see clients who refinance in order to:
• Renovate their home
• Purchase a secondary property for investment purposes
• Debt consolidation
• Business Development
• Assisting their children’s post secondary education
• Financing thru a “life event” such as illness

In this particular article, we are going to highlight the value of utilizing your home’s equity to reinvest in other investments such as:
• rental properties
• stocks
• bonds
• mutual funds
• RRSP’s
• RESP’s
The first question that people ask is how much can I borrow? Generally speaking, you can borrow up to 80% of the appraised value of your house. For example, if your home value of $650,000 assuming one qualifies, they can access up to 80% of $650,000 which would be $520,000, if their current mortgage is $450,000 they may be able to get a home equity line of credit for $70,000 (totaling $520,000)

Working with your mortgage broker, you can go through the refinance and approval process if this is something you are interested in accessing. It is always a good idea to consult with your broker and understand the personality of your mortgage—there may be limitations of how much equity you can access and the conditions relating to the refinancing. There are also potential costs associated with this type of refinance including:
• Penalties to break your mortgage
• appraisal fees
• title search
• title insurance
• legal costs
Keep in mind that these potential costs can be rolled within your new loan amount and will not be “out of pocket.”
Now, if you have been approved and are utilizing your home equity for one of the above investments (after speaking to your financial planner/advisor first) and can expect to see a higher rate of return than the interest you are paying to borrow the money, then it is worth considering. We emphasize that you should always proceed with caution and get advice from sound professionals before choosing to invest your hard-earned money.

We have found that this type of investing works extremely well for many and is a safer and less risky way to access funds for further investment purposes. We recognize that this option may not be suitable or comfortable for some, but it is a viable way to capitalize on the equity sitting in your home and make it work for you! If you have questions or are interested in learning more, please do not hesitate to contact a Dominion Lending Centres mortgage professional near you.

– by Geoff Lee

PRE-APPROVALS & PRE-QUALIFICATIONS

Throughout the mortgage and home buying process, there are many steps and many checkpoints a buyer will need to complete before they can move on to the next one. A buyer will not be able to close on a purchase if they do not have a lawyer. Financing conditions need to be lifted after confirmation from a mortgage broker that a file is broker complete. A buyer should never write an offer on a home until they have a realtor working for them. Most importantly, a buyer should never be looking at property they are considering buying until they have been pre-qualified and pre-approved.

Now, one thing we need to make clear- pre-qualified and pre-approved are two different things. Pre-qualified is when someone completes a mortgage application with a mortgage broker or a bank representative and is told how much they can afford. Pre-approved is when someone has written confirmation from a lender stating they are willing to lend based on what is stated in an application and the applicant’s current credit history.

The difference?

Pre-qualifications are based solely on the knowledge and experience (sometimes even opinion) of a broker or bank rep. A pre-approval on the other hand is backed by the lender actually willing to give you the money. When someone says they are pre-qualified, that means they have taken an application with a mortgage broker or bank and in broker or bank rep’s opinion, they can afford “x” amount on a home. A pre-approval is a written letter from a lender stating based on applicants current credit history, declared income on application and current assets, we will lend “x” amount pending confirmation everything stated in the application is verifiable and the property meets all lender requirements.

As you can probably tell, one can be more reliable than the other, especially if you are working with a mortgage broker or bank rep that is inexperienced in the industry. Pre-approvals also usually come with a rate hold. What a rate hold does is guarantee you the interest rates that lender is offering today for a certain amount of time (usually 120 days), and if you put an offer on a place within that time period, they will give you that previous rate even if they went up. If rates go down, they will allow you to access the lower interest rate as well.

You must always get yourself pre-qualified before you begin looking at homes so you know what you can afford. Once you have and you are actively looking, it is very important you try and get a pre-approval before you write an offer. It will give you that extra confirmation your application is acceptable, and protect you against interest rate increases while you look.

If you require a pre-qualification, pre-approval, or want to speak with someone about your current situation, please give a Dominion Lending Centres mortgage professional a call.

– by Ryan Oake

THE FAMILY PLAN PROGRAM EXPLAINED

Genworth Canada, one of the three mortgage default insurers in Canada, offers a program called Family Plan. It provides you with a solution which only requires a 5% down payment to take advantage of its unique solutions to family problems.

In the past, I have used this with clients who want to purchase a home for their child or children who are going to a post-secondary educational institution in another city. Why pay high rent in residence or in a run-down over-priced rental property near the college when you can purchase a property? There are a number of advantages to owning the property your child is living in.

1- you control the maintenance and upkeep for the property ensuring a safe environment for your child.
2- You are allowed to purchase a property with 2 units – this allows you to collect rent and lower the total cost for you. You should be able to write off any renovations or improvements you make to the property- check with your accountant first.
3- when your child graduates you can sell the property for a profit , helping you to recover some of the costs for your child’s education.

Elderly Parents
If you want to find a safe and comfortable place for your parents to live, buying a property such as a condominium apartment or town home may be a solution for you. Often parents are retired on fixed income and can’t get a mortgage . Now you can help.

Providing a Home for an Adult Entrepreneur
So your adult child has decided to start their own business and they want a home. The problem is that you need to show 2 years of successful business financials to prove you can afford mortgage payments. This program allows parents to provide a home for their child right now. An exit strategy can be for them to take over the mortgage payments and then get the next mortgage term in their own name a few years down the road.
As you can see, Genworth’s Family Plan is a very useful program that can help out in a number of different situations. Let’s face it families are unique and we need programs like this to provide solutions to our problems and challenges. Be sure to call your local Dominion Lending Centres mortgage professional for more information on how you can take advantage of this program.

– by David Cooke

HOW TO IMPROVE YOUR CREDIT SCORE

When applying for any sort of loan, one of the most important metrics a lender is going to look at is your credit score.

But what really is a credit score, who keeps track of it, and most importantly, how can you improve yours?

There are a few simple ways to keep your credit score in good shape.

First off, prioritize paying your bills on time. Missing payments on your credit cards, lines of credit and so on, can have a very negative impact on your score.

You can spend an entire lifetime building up for good credit. All it takes is one mistake to negatively impact you.”
Second, try to keep your credit cards at no more than 65% of their limit. This is the sweet spot that credit scorers are looking for.

Thirdly, you should avoid the “free credit score” services out there because they’re just looking to sell you credit, or sell your information to someone who does.

When you’re looking for credit, what they’re going to ask you is, ‘What are you looking for credit for?’ And you’re going to say, ‘Well, I’m looking to get a mortgage, or I’m looking to get a car loan.’ And then what they’re going to do is they’re going to sell your information to banks and mortgage brokers and people out there who are able to supply you with credit.

Instead, what you should do is go directly to the credit scoring companies. They’re required by law to give you your credit information directly, without affecting your score. TransUnion offers an online form, found here. Equifax has multiple types of credit reports you can order here.

You also want to try to limit the number of credit inquiries by different lenders. When you’re shopping around at different banks, the number of inquiries can add up as each bank makes an inquiry to see what they can offer you.

But as a mortgage broker, we have access to multiple lenders all at once.

You could effectively come see a mortgage broker, get one inquiry done, and that inquiry is good for 20 financial institutions, As opposed to having to go directly to every bank. If you have any questions, contact your local Dominion Lending Centres mortgage professional near you.

 – by Terry Kilakos

BANK OF CANADA REDUCES PROSPECTS OF A RATE HIKE

A greater-than-expected slowdown in global economic activity has triggered a slowdown in the pace of interest rate normalization by many central banks. In response to these central bank policy changes and perceived progress in U.S.-China trade talks, global financial conditions and stock market sentiment have improved, pushing up oil and other commodity prices.

Oil prices have risen since January in response to improved market sentiment, a greater-than-expected output cut in Saudi Arabia and risks of falling production in Iran, Venezuela and Libya. In its projection, the Bank assumes that the prices of Brent and WTI oil will remain close to their recent average levels. Uncertainty around the future path for global oil prices, however, remains elevated. The most important considerations relate to OPEC policy and geopolitical risks to production. As well, U.S. shale output could increase at a faster pace than expected.

In Canada, growth during the first half of 2019 is now expected to be slower than was anticipated in the January Monetary Policy Report (MPR). In another very dovish statement, the Bank of Canada acknowledged this morning that the slowdown in the Canadian economy has been more profound and more broadly based than it had expected earlier this year. The Bank had forecast weak exports and investment in the energy sector and a decline in consumer spending in the oil-producing provinces. However, as indicated by the mere 0.1% quarterly growth in GDP in the fourth quarter, the deceleration in activity was far more troubling. Investment and exports outside the energy sector have been negatively affected by trade policy uncertainty and the global slowdown. Weaker-than-anticipated housing and consumption also contributed to the downturn.

As was unanimously expected, the Bank maintained its target for the overnight rate at 1-3/4% for the fourth consecutive time. As well, the Bank dropped any reference to future rate hikes, bringing its policy in line with the Federal Reserve and other major industrial central banks.

“The Bank expects growth to pick up, starting in the second quarter of this year. Housing activity is expected to stabilize given continued population gains, the fading effects of past housing policy changes, and improved global financial conditions. Consumption will be underpinned by strong growth in employment income. Outside of the oil and gas sector, investment will be supported by high rates of capacity utilization and exports will expand with strengthening global demand. Meanwhile, the contribution to growth from government spending has been revised down in light of Ontario’s new budget.”

Overall, the Bank projects real GDP growth of 1.2% in 2019 and around 2% in 2020 and 2021. This forecast implies a modest widening of the output gap, which will be absorbed over the projection period. Inflation is close to the 2% central bank target.

The central bank clearly stated that given all of these economic conditions, an accommodative policy interest rate continues to be warranted. The policy statement added that the Governing Council “will continue to evaluate the appropriate degree of monetary policy accommodation as new data arrive. In particular, we are monitoring developments in household spending, oil markets, and global trade policy to gauge the extent to which the factors weighing on growth and the inflation outlook are dissipating”.

Bottom Line: The Bank of Canada has revised down its estimate of the neutral nominal policy rate. The neutral rate is defined as the sum of two components: i) the real rate that is consistent with output at its noninflationary potential level, and ii) 2% to account for the target inflation rate. The Bank now estimates the neutral rate to be about a quarter percentage point lower than assessed in April of last year, in a range of 2.25% to 3.25%. The midpoint of the range for potential output growth is now estimated to be slightly lower than in the April 2018 MPR, at 1.8% on average between 2019 and 2021 and at 1.9% in 2011. It is likely that these reassessments are consistent with unchanged policy interest rates for the remainder of this year.

Housing Market Details in the April Monetary Policy Report

While housing is expected to stabilize at the national level, the Bank is aware of the risks to the outlook, particularly in the Greater Vancouver Area. For instance, the effects on growth of the revised B-20 guideline are expected to dissipate in many markets, although they could persist longer in areas with high house prices and that have been subject to other changes to housing policies. The stabilization of expectations for house prices in British Columbia and Ontario may indicate a forthcoming stabilization and subsequent increase in resale activity (see Chart 13 below).

The changes to local and provincial policies to address speculation, combined with the B-20 revisions, are having more pronounced effects in the Greater Vancouver Area (GVA) than in the Greater Toronto Area. Thus, while stabilization of activity is expected this year in the base-case projection, there is a risk that it could be delayed in the GVA.

Meanwhile, ongoing challenges in the oil industry are expected to continue to weigh on the Alberta housing market. In contrast, a strong economy and investor interest are expected to boost the market in Montréal.

The First-Time Home Buyer Incentive introduced in the 2019 federal budget is expected to support housing demand and may also lead to improving sentiment in the housing market. However, delays in purchases by homebuyers who want to take advantage of the new measure could influence the timing of resale activity in 2019.

After declining for two years, residential investment is expected to expand modestly in 2020 and 2021. Given the trend reduction in housing affordability, construction of multi-unit residences is expected to resume its trend increase to meet demand for less-expensive homes.

-Dr. Sherry Cooper

STOP THE AGEIST STEREOTYPE

As a society, we are continually evolving in our acceptance of past stigmas. But while we are evolving, why is ageism still so prominent and accepted. And what can we do to shine a light on this issue?

Overrepresentation of an underrepresented cohort

A recent research study with Brainsights reveals that many of us don’t know how to properly address the Canadian 55+ demographic. In fact, since only 6% of the advertising workforce is 50+, this cohort is highly misinterpreted causing many people to completely miss the mark when advertising or communicating with them. But why is this important? Firstly, this demographic is continuing to grow and is now the largest demographic in Canada (with 11 million Canadians falling into this segment), secondly a Yale University research found that older people with positive perceptions of aging lived seven-and-a-half years longer than those with negative perceptions. Knowing how to properly engage with Canadians 55+ not only make us feel better about aging ourselves, it can also help us live longer.

We’ve heard you loud and clear

Brainsights, in partnership with HomeEquity Bank, analyzed the brain activity of more than 300 Canadians, with an equal split between Canadians under 55 and over 55. These individuals were then showed 117 pieces of video content, including ads targeted at Canadians 55+, news clips, movie trailers etc. Their brain waves were recorded, measuring levels of attention, emotional resonance, connection and encoding.
This research reveals four key actions we can all take to bust the age bias.

1) Old Age Stereotypes alienate Canadians 55+
The media portrays Canadians 55+ as frail and helpless. The reality is, Canadians are living longer and healthier lives than ever before, and Canadians over the age of 55 are just as lively and adventurous as someone in their 30s. We all need to start viewing this cohort as vibrant, educated and enthusiastic.
2) Don’t underestimate the power of nostalgia
Many of the communications targeted at the Canadian 55+ demographic tend to focus on what lies ahead. But research shows that nostalgia can be very powerful especially for Canadians 55+. In fact, ads tagged with nostalgia as a theme worked well overall for the 55+ segment, driving 11% greater attention, 9% greater emotional connection, and was 13% more memorable than the average. Canadians 55+ may be experiencing anxiety or stress of not knowing what lies ahead, but nostalgia can give a sense of comfort by providing certainty and familiarity.
3) Positive recollection
Canadians 55+ have an inherent desire to leave the world in a better place, and they do so through the transfer of knowledge to their children. Leaving a legacy for future generations leads to a 27% increase in attention, 42% increase in connection and 31% increase in encoding. Canadians 55+ like to feel like they made a difference in the world and specifically in the knowledge they leave behind to their children. It’s this type of content that they connect best with.
4) Digestible chunks can go a long way

Science proves that as we age, we require more cognitive resources to process information. So, while the 55+ group likes information, it needs to be presented in smaller chunks. This may require multiple conversations or giving older Canadians time to digest what they heard. Sometimes written in an email can be better than spoken on the phone, since it provides time to review and digest the message.

In summary
By measuring the brain waves of both Canadians over and under 55, we now understand how we can all improve the way we communicate. Through this research study, HomeEquity Bank has also raised awareness to emphasize the prevalence of ageism and that Canadians are not just looking to retire in silence, but rather, retirement is a time to live a vibrant and active lifestyle in the home they love!

Why this matters to us
HomeEquity Bank is a proud partner of Dominion Lending Centres. As a 100% Canadian company working for aging Canadians, HomeEquity Bank has been in business for over 30 years as advocates for the Canadian 55+ demographic. They have been working to not only help empower the 55+ demographic, but they are always at the forefront of pushing back against stereotypes of aging. They are passionate about our aging demographic and what is needed in order to live a well-deserved retirement. It is through this, that they commissioned this research with Brainsights to further understand our aging demographic.
HomeEquity Bank is a proud partner of CARP, a non-profit organization that advocates on behalf of Canadians as we age. Under this partnership, HomeEquity Bank is now officially endorsed and recommended by CARP as a trusted financial solution during your retirement years. As a special offer, CARP members can receive a cash rebate of up to $250 on a home appraisal. Contact your DLC mortgage broker to find out more about this special offer.
Contact your DLC Mortgage Broker to find out if the CHIP Reverse Mortgage solution is the right one for you.

-Sue Pimento

BUYING YOUR FIRST HOME? – THESE TIPS WILL SAVE YOUR LIFE

So you’re wanting to buy a new home? That is some very exciting news. First question, are you prepared?!
We all know big-item purchases are scary. It’s expensive, you are fully committing to this household – there is no turn backing without that pricey consequence. We totally get it.
The ultimate first-step is to do your research. You are going to want to find out the essentials before you start hunting for those pretty houses listed on Pinterest!
Let’s start here.

Credit History 
• How many credit cards do you currently have under your name?
• Do you pay your bills on time?
• How many loans do you currently have?
If you own a credit card or have a loan with an established bank, you have credit history. This information is then transferred into a financial summary known as a credit report.

Credit Report
Your credit report states these vital pieces of personal information (DO NOT let other people in on your personal finances. This should be a give-in by now!)
• first and last name
• home address
• social security number (SIN)
• credit cards
• loans
• how much money you owe
• whether or not you pay your bills on time
All this ‘credit’ talk is important because it allows lenders to determine IF they will lend you money. Your lender, whoever you choose to go with, will be on your credit situation right away. The sooner you know what is on your credit, the better!
As for your credit score, it’s best to only have it checked once as having multiple credit check by different lender can cause it to change. Let us know. We’d be happy to help here.

Employment 
It is important to have a steady income and also proof of employment for the last two years. Any changes to your employment have to be explicitly explained. Gathering these documents a head of time can save headaches later.

Down payment 
In Canada, you need to show a 90-day history of the down payment to prove you have not borrowed the money. We will need to see any movement of that money within the 90 days so its best not to move it around. You are allowed to get a gift from family for the down payment but this money must not be repayable and we will need a letter from that gift giver explaining that!

Consult Your Wish List 
It’s good to know what you want in a home if you can do it realistically. Buying a house for two? Thinking of expanding your family? You need to consider what life will look like down the road before you commit and sign that paper. Nothing would be worse than to move into a house that eventually ends up being too small because a couple of kids came into the picture or in a similar situation those grown-up kids come back home from college, university – you get the picture.
It’s also reasonable to think about factors in your dream home such as maintenance, renovations, the longevity of your stay, etc. Cover all bases, it is way better to be safe than sorry.

Finding a Broker 
Who should you use to find the best mortgage for you? We think a Broker (like us), especially if you’re a first-time home buyer. There are many lenders in Canada and a broker will be able to sort through all your options.

Finding a Realtor
When it comes to a realtor, you want someone reliable. Makes sense right? A couple ways you can find out whether or not a certain realtor is legit is by doing some online research:
• Do they have a website/social media accounts? Go check it out!
• Double-check if their licence is registered and legitimate
• Look up their client feedback/disciplinary comments against them
• Check out their current listings – price range, are they a busy/relaxed business?
• Send them an e-mail with any questions! Do they have the appropriate knowledge?

Feeling better about buying that first Home? That’s exactly what we like to hear. If you have any other questions, call a Dominion Lending Centres mortgage professional today.

– by Chris Cabel

FLAT YIELD CURVE. BEST NEWS, OR BORROWER BEWARE?

A Flat Yield Curve
In our post entitled A Flat Yield Curve, we discussed the implications of a flat yield curve. At the time of the post, early summer 2018, rates were rising. The reverse seems now to be true, with rates recently softening, however the results are similar, a flat yield curve.

Typically a yield curve (returns one could expect on Government debt instruments) is positively sloped. That is to say that longer term yields, and by extension interest rates, are higher than shorter term yields and rates.

Why is this so?
Why? In simple terms, investors tying up their funds for an extended period, take on an extra element of risk, vs. short term investors. The risk is the uncertainty facing an investor. Economic conditions, namely monetary policy, inflation, and the general state of both the global and national economy, are difficult to predict in the short term, let alone for a period of years into the future. The result is a higher yield typically available to an investor for a longer term. Hence, a positive sloping yield curve.

At times over the past decade, the gap between short and long term yields have pushed as high as four percentage points, or 400 basis points in investment speak. Earlier this week, the difference was hovering around 10 basis points. Flat as a pancake.

What are the implications?
What are the implications of a flat yield curve, or even an inverted one (where long term yields dip below short term yields)? Quite possibly nothing at all, however inverted yield curves have historically occurred right before every single North American economic recession. Do they predict recessions, or do they simply accompany recessions? The jury is still out on that.

What are the implications for borrowers? Again, it likely depends on your investment strategy. If you are a buy and hold investor, perhaps consider going long with your debt. In absolute terms, rates are low by historical measures. You will not be penalized at today’s rate levels, for seeking a longer term for your debt.

– by Allan Jensen

SHOULD YOU PAY DOWN YOUR MORTGAGE ASAP?

One of the top questions we get asked: Should I pay down my mortgage as fast as possible? In theory, this makes sense. The faster you pay it down, the faster you get out of debt, right? For many people that is the case and it does make sense often times to take this route. After all—your home is truly an asset and can be used as an investment piece itself!

However, in certain situations, there are some cases where paying off your mortgage right away doesn’t make sense. Every person’s circumstances are different, and, in many cases, it DOES make sense to pay down your mortgage when you have funds available.

We cannot emphasize enough that there are numerous factors to consider before paying down any sizable debt (your mortgage included). Each person must make the choice that is right for them and consult with professionals who can help them make the right choice based on their current circumstances. With that in mind, today, we are going to highlight some considerations as to why you may consider not paying down mortgage:

You have a super low mortgage Rate
If you locked in at a great rate and have low interest on your mortgage, take advantage of it! Pay it back as you can but do not feel pressure to go above and beyond your monthly mortgage payment if it is not an option for you. We would advise in this instance, to speak with your financial planner or accountant to find out what your strategy is for debt repayment.

Having a solid plan can help set you up for future success and help you focus on paying down debts that have the highest interest amount first, thereby lowering the overall debt load you are carrying and paying out each month. We can definitely recommend some fantastic accountants and financial planners if you are on the lookout for one!

The Property is a rental or investment property or houses a home-based business
This may be a consideration for some people as a portion of the interest (on rental properties and homes with home offices) are tax deductibles. In these cases, aggressive payback could have a downside in relation to your tax right offs.

Again, this is an instance where an accountant’s guidance can direct you towards the best option. For some, the tax break is significant and for the circumstances, it makes sense to keep the payments as they are. For others, it would make more sense to increase the payment as the interest is minimal Talk to a professional to get the best advice on this particular area and consider all your options.

You have a better investment opportunity
If you have an opportunity that will give you a higher return on your investment, consider taking that avenue vs. paying down your mortgage. For example, if you put $100,000 into your 3.00% mortgage, you save $3,000 next year but if you made a 5% return on that $100,000 instead, you could put that $3,000 towards your mortgage next year and still have $2,000 left over.

With that said, there are many instances when an investment may seem excellent on paper, but in reality, is not ideal. Always seek advice from a professional first before making a financial decision.

These are just 3 examples of times it doesn’t make sense to pay down your mortgage right away. Ultimately though, you should consider what choice will be the right one for you. There are many instances where paying down your mortgage does make sense. As a Dominion Lending Centres mortgage broker, we are here to inform you of every option available to you and advise you on what we feel is the best course of action. We can work with you and your financial advisors/accountants to determine when and if paying down your mortgage is a good option for you—but at the end of the day, the decision is yours!

– by Geoff Lee