HOW TO VERIFY YOUR DOWN PAYMENT WHEN BUYING A HOME by Kelly Hudson Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. To fulfill the conditions of your mortgage approval, it’s all about what you can prove (hard to believe – but some people have […]

MORTGAGES 101 – WHAT YOU NEED TO KNOW ABOUT MORTGAGES By Kelly Hudson Mortgage [ˈmôrɡij] NOUN With a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the […]

6 THINGS ALL CO-SIGNORS SHOULD CONSIDER by Geoff Lee Co-signing on a loan may seem like an easy way to help a loved one (child, family member, friend, etc. ) live out their dream of owning a home. In today’s market conditions, a co-signor can offer a solution to overcome the high market prices and […]

WE CAN FIX YOUR CREDIT PROBLEMS by David Cooke Many people do not realize that Dominion Lending Centres mortgage professionals can help you with your credit and get you to a point where you will qualify for a mortgage. We have been doing this for years. New to Canada or Just Graduated – both of these […]

26 MAR 2019 INTEREST RATE CUT MORE LIKELY THAN HIKE IN 2019 When the Bank of Canada decided this month to keep its benchmark interest rates stable at 1.75%, it signalled the weakening economy makes it unlikely a rate increase is anywhere on the horizon. Inflation is not where it should be, we’re not in […]

BROKERS MAKE A DIFFERENCE While many people will go to their bank to obtain a mortgage or line of credit, they often feel betrayed by their favourite bank if their application is rejected. One big advantage that we have over banks is that we can send underwriter notes along with the application. Our questions and […]

16 NOV 2018 4 FACTS ABOUT USING A GUARANTOR by Geoff Lee A Guarantor, when it comes to mortgages, is exactly what it sounds like—they “Guarantee” the mortgage for another person if they are unable to pay back the loan. Guarantor’s or co-signers are often used if someone has: • Damaged or poor credit • […]

MORTGAGE BROKERS HAVE SOLUTIONS A lot of people are getting stressed out by Canada’s new mortgage stress test. In the past, if you had a good sized down payment (ie 20%) someone with a low income could purchase a home even if they did not meet the debt level guidelines for insured mortgages of 32/40 […]

With all of the rule changes imposed by the federal and provincial governments around mortgage financing and real estate it may be more difficult to access financing. But don’t take it personally – sometimes it’s not you it’s the property. When lenders underwrite your application for approval they look at you as a borrower but […]

5 ways you can kill your mortgage approval So, you found your dream home, negotiated a fair price which was accepted. You supplied all the needed documentation to your mortgage broker and you are waiting for the day that you go to the lawyer’s to sign the final paperwork and pick up the keys. All […]