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

financing tips, home purchase, mortgages, real estate, Uncategorized / 22.02.2018

Your credit score is a big factor when you apply for a mortgage. It can dictate how good your interest rate will be and the type of mortgage you qualify for. Mortgage Professionals are experienced helping clients with a wide range of credit scores so we can find you a mortgage product even if your credit is far from perfect. The good news about your credit score is that it can be improved: Stop looking for more credit. If you’re frequently seeking credit that can affect your score as can the size of the balances you carry. Every time you apply for...

financing tips, home purchase, mortgages, real estate, Uncategorized / 20.02.2018

Ask people this question and you will get a variety of answers.  Most home owners will say 10% is what you should put down. However, if you speak with your grandparents, they are likely to suggest that 20% is what you need for a down payment. The truth is 5% is the minimum down payment that you can make on a home in Canada. If you are planning on buying a $200,000 home then you need $10,000. It all can be explained by the creation of the Canadian Mortgage and Housing corporation (CMHC) by the Canadian government on January 1st, 1946. Before...

mortgages, real estate, Uncategorized / 15.02.2018

Ask pretty much anybody about mortgages and the first, sometimes only thing they want to talk about is the interest rate. In my business as a Mortgage Professional, my job is to educate clients that while interest rate is definitely a cornerstone of your mortgage decision, it is not the only factor to consider when agreeing to sign a mortgage commitment. In many cases, the lowest interest rate does not represent an ideal fit, especially when the actual mortgage isn’t aligned with customer’s stage of life, priorities, or long-term outlook. Rental properties are a prime example of mortgage situations where...

financing tips, mortgages, Uncategorized, Variable Rate Mortgages / 13.02.2018

Are you in a Variable Rate Mortgage? Me too. If you’re in a fixed rate mortgage, this news does not impact you. Mind you ‘impact’ is too strong a word to use for the subtle shift that occurred Jan 17, 2018. Short Version The math is as follows: A payment increase of ~$13.10 per $100,000.00 of mortgage balance. (unless you are with TD or a specific Credit Union, in which case payments are fixed and change only at your specific request) i.e. – A mortgage balance of $400,000.00 will see a payment increase of ~$54.40 per month Personally, we are staying variable, for a variety of...

financing tips, mortgages, Uncategorized / 08.02.2018

With 47 per cent of homeowners scheduled to renew their mortgages this year, 2018 is a year of change for lots of Canadians. Here are the top 8 things you can do to get the best renewal: 1. Pull out your mortgage renewal now, and start early. When you are proactive instead of reactive you can see if there is anything on your credit score or lifestyle that we can modify to ensure you are positioned for the best renewal. You are only in a position to do this when you start early- in the last year of your mortgage you will...

financing tips, home purchase, mortgages, Uncategorized / 06.02.2018

There have been a lot of discussions around the new mortgage rules and I have had a few clients ask about what that means for them. Since stress testing on mortgages began last year, the biggest change this January will be for people who are putting more than a 20% down payment on their new homes. What do the new mortgage rules mean for them? The impact of the new mortgage rules as of January 1, 2018, will require all uninsured mortgage borrowers to qualify for their mortgage using the Bank of Canada five-year benchmark rate, or at their current rate plus...

home purchase, mortgages, Uncategorized / 01.02.2018

Did you know that 60 per cent of people break their mortgage before their mortgage term matures? Most homeowners are blissfully unaware that when you break your mortgage with your lender, you will incur penalties and those penalties can be painfully expensive. Many homeowners are so focused on the rate that they are ignorant about the terms of their mortgage. Is it sensible to save $15/month on a lower interest rate only to find out that, two years down the road you need to break your mortgage and that “safe” 5-year fixed rate could cost you over $20,000 in penalties? There are a variety...

home purchase, mortgages / 30.01.2018

As was widely expected, the Bank of Canada announced another quarter-point interest rate increase this morning, saying that more hikes are ahead. According to Governor Stephen Poloz, the “big cloud” over the Canadian economy is the uncertainty associated with NAFTA and he cautioned that it would be some time before interest rates return to normal levels as some monetary stimulus remains warranted. The Bank of Canada increased the target overnight interest rate to 1.25%, its highest level since the global financial crisis marking the third rate hike since July. The move comes in the wake of unexpected labour market tightening and...

home purchase, mortgages, real estate, Uncategorized / 23.01.2018

he January 1 implementation of the new OSFI B-20 regulations requires that uninsured mortgage borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that home sales rose in advance of the new ruling in November and December. Even so, activity remains below peak levels earlier in 2017 and prices continued to fall in the Greater Toronto Area (GTA) and in Oakville-Milton, Ontario for the eighth consecutive month. Prices also fell last month in Calgary, Regina, and Saskatoon–cities that have suffered the effects of the plunge in...

home purchase, mortgages, Uncategorized / 19.01.2018

Ask any mortgage broker and they can tell you that there are a handful of misconceptions that the public has about working with a mortgage broker. From questioning their credentials (we all are regulated and licensed with in our own province, and are constantly re-educating ourselves) to assuming that the broker does not have access to the same rate as the banks (we do in fact—plus access to even more lending options) mortgage brokers have heard it all! With the recent changes to the B-20 guidelines taking full effect as of January 1, 2018 the mortgage landscape is changing and we...