Marie-France Lavigne and Michele Quinn – Dominion Lending Centres The Mortgage Source 10145 | mortgages
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mortgages

mortgages / 27.11.2018

I am often asked if it’s hard to compete with the banks. While they may offer competitive rates at times, right now we have much better rates than the banks. However, we have certain advantages which allow us to blow them out of the water most of the time. More Choice – banks are limited to around 5 products that they can offer you. They will try to fit you into one of their products even if the financial institution next door has a better one for you. Brokers have access to banks, credit unions, trust and mortgage companies as well...

home purchase, mortgages / 22.11.2018

Over the last month, as the big banks and many of our monolines mortgage lenders wind down their fiscal year, we are starting to see some very obvious changes in what your credit score can get you. I heard a few months ago that 720 beacons were going to become the new 650. The 650 beacon credit score for many years was the mid-range norm for most mortgage lenders. Today on many of the sites we use, we are seeing that the primary borrower must have a credit score of 720 and the secondary beacon can’t be below 650. It’s a...

mortgages / 14.11.2018

As many of you already know, Canada just became the second country in the world to legalize marijuana for medical and recreational purposes. Of course, this historic moment in Canadian history has cannabis activists jumping for joy while others are not s-toked on the idea. With legalization comes the realities of growing your own pot at home which already has Global News giving Canadians a step-by-step guide on how to do so properly and legally — sorry Manitoba and Quebec! We always have clients contacting us for restructuring advice on their current mortgages. However, through our initial discussions, we have found out that some...

mortgages / 07.11.2018

You may have already seen the more technical BANK OF CANADA RATE ANNOUNCEMENT on October 24th, or you may not have. The Coles Notes (the simplest version) are as such: Global economy remains strong, the USMCA will reduce trading uncertainty Canadian economy is balanced for the foreseeable 2 years Household spending will increase, but backed by income growth Housing activity across Canada is stabilizing   On October 24th the Bank of Canada did what we all expected, they increased the Overnight lending rate by 0.25% to 1.75%. This equated to a PRIME being increased by 0.25% to 3.95%. All variable rate mortgages and lines...

mortgages / 01.11.2018

Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the mortgage broker has reviewed and approved ALL your income and down payment documents (as listed below) prior to you going house hunting. Many bankers will say you’re approved; you go out shopping and then they  say ‘sorry you not approved’ due to some factor. Get a pre-approval in writing! Excited! Of course. You are venturing into your first or possibly your next biggest loan application and investment of your life. What documents are required to APPROVE your mortgage? Being prepared with...

mortgages / 25.10.2018

Self-employed individuals are quickly becoming one of the most common clients that we handle. Daily we have successful business owners come into our offices who enjoy the perks of being an entrepreneur. One of these includes fantastic write-offs that allow them to bring their income down to a low tax bracket. However, this benefit can also mean that the same business owner may have a hard time qualifying for a mortgage all because their income is significantly reduced on paper… how frustrating ‘eh? But these savvy business owners know that there is advanced planning that is involved in being able to...

home purchase, mortgages / 16.10.2018

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 to Toronto from Regina five years ago to pursue her career. And over the years, she’s moved around quite a bit. Steponchev lived on her own for a while, and loved it, but paying the bills was tough and she needed to be more reasonable. She...

home purchase, mortgages / 05.10.2018

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 rules are you must pay for Mortgage Default Insurance which covers the lender should you default on your mortgage payments. There are three mortgage default insurers in Canada – Canadian Mortgage & Housing Corp. (CMHC), Genworth or Canada Guaranty) The purchase of this insurance solely benefits the bank/lender. Mortgage...

home purchase, mortgages / 25.09.2018

There are generally three different situations you can find yourself in when it comes to living situations; living with parents, renting, or owning. A lot of the times the first decision someone will need to make is whether they buy a home to live in, buy a home to rent to someone else, or buy a home to live in while also renting out a portion of it. There are lots of pro’s and con’s to both. Below are some of the numbers and things to consider when looking at each of them. Buying with The Intention to Rent Buying a property for...

mortgages / 06.09.2018

Step 1: By the numbers. First up, we looked at the numbers we would be working with to make this happen. Purchase price of dream home: $600,000 Requested Mortgage Amount: $570,000 Loan to Value: 95% Credit Score: 699 and 768 Step 2: Collect documentation. For this particular mortgage we collected: ● Lease agreements for two suites (loft and basement) ● Notice of assessment and T1 generals from the last two years ● Standard income documentation for full-time employment ● Confirmation of self-employment for the last two years Step 3: Calculate the total debt services ratio. We took the above numbers and worked with them to present a debt service ratio that started out...