18 Oct

WHAT SHOULD COME FIRST, THE HOUSE OF THE CAR?

General

Posted by: Patti MacLennan

So you just got a shiny new car, and now you want a shiny new home to go with it. Will that new car payment affect your mortgage pre- approval? The short answer… absolutely it will. Recently, I have encountered many people looking to pre-approve for a home purchase that do not qualify. While it […]

Read More
17 Oct

A BRIDE AND A MORTGAGE BROKER-OUR HOUSE MAGAZINE

General

Posted by: Patti MacLennan

Dominion Lending Centres’ leading lady in the new national commercial campaign has a few questions of her own. As a young Canadian looking to get into the housing market, Laura Steponchev has a candid Q&A with one of our pro’s. You could say Laura Steponchev is a pretty typical Canadian millennial. The aspiring actress moved […]

Read More
13 Oct

THE DOWNSIZING DILEMMA

General

Posted by: Patti MacLennan

With almost 50% of homeowners ready to retire and wishing to stay in their home and 30% of those people with most of their money tied up in home equity, the downsizing dilemma is real. Can they afford to stay in their home or is downsizing the better option. In the past, retired couples or […]

Read More
10 Oct

CASH BACK AND DECORATING ALLOWANCES ON NEW BUILD OR PRE-SALE PURCHASES

General

Posted by: Patti MacLennan

As the market shifts, developers will increase their incentives to buyers with cash back and decorating allowances on new build or pre-sale purchases. It is very important to review those options with your real estate agent representative and vital to consult with your Dominion Lending Centres mortgage broker. Although these offers may seem attractive, they […]

Read More
5 Oct

MORTGAGE INSURANCE 101

General

Posted by: Patti MacLennan

For a first-time home buyer, the types of insurance surrounding a mortgage can be confusing, so it’s important to know what insurance covers what. There are 3 main types of insurance to know about when buying a home. Mortgage Default Insurance – If you put less than 20% down on a home you are buying, Government […]

Read More
4 Oct

WHAT TO LOOK FOR IN A MORTGAGE BROKER

General

Posted by: Patti MacLennan

Are you on the hunt for a mortgage broker? Or you need a mortgage broker but just don’t know it yet! Either way, this article is for you! First up, where do you find a Mortgage Broker? The easiest (and one of the best places to start) is with referrals from a realtor, family, friends, […]

Read More
2 Oct

THE MORTGAGE INSURANCE MARKET & WHOLESALE LENDERS

General

Posted by: Patti MacLennan

The Canadian mortgage market used to be very simple. We had the big banks, credit unions, and trust companies. However, almost 20 years ago, the Canadian government made three major changes to the Canadian mortgage industry. First, the government and CMHC put their weight behind Canadian mortgages by guaranteeing an insurance payout to lenders in […]

Read More
27 Sep

MORTGAGE PROTECTION PLAN

General

Posted by: Patti MacLennan

Insurance coverage is something that everyone is “pitched” at some point or another in their life. Unfortunately, a lot of us have a negative attitude towards insurance or warranty as it is perceived as being a cash grab. Yes, if you are purchasing a flat screen T.V., that extra 2-year warranty for $100 might be […]

Read More
26 Sep

IS YOUR LINE OF CREDIT KILLING YOUR MORTGAGE APPLICATION?

General

Posted by: Patti MacLennan

Some of the last round of changes from the government regarding qualifying for a mortgage were that if you have a balance on your unsecured line of credit, then to qualify for mortgage the lenders require that we use a 3% payment of the balance of the line of credit. Simple math is,  if you […]

Read More