Rent-to-Own, Lease to Own, R2O. They may seem like good options, but watch out for these pitfalls. They are a good program as long as you have a mortgage planner ensuring you are following a plan to succeed. Rent to Own…what you NEED to know. My guess is you might check this option out if […]

You’re likely asking yourself, what is the dilemma that self-employed workers face? Well, with more and more Canadians joining the ranks of the self-employment every year, one has to ask themselves how they are going to tackle the age old question, how much does one write off vs how much income does one claim on […]

If you are considering building a new home, then you need to be educated on the difference between draw and completion mortgages. When you meet with a builder, there is tons of terminology and information you should be aware of so you are properly covered. Completion mortgage means that the builder does not expect any funds until […]

As the average age of our Canadian population gets older (according to Employment and Social Development Canada, our country currently has over 5 million people over 65 years old), it is no doubt that you or your loved one may be faced with growing concerns about the ability to live life without financial constraints or […]

A “Gifted” Down Payment is very common for first time buyers. Essentially, a buyer’s family member (usually very nice, warm and loving parents) will offer up money to go towards the down payment. Often this is done because their son or daughter doesn’t quite have enough funds saved up for the full 5% down payment. Or, […]

With 80% loan-to-value being the maximum you are now able to refinance your property, property for values increasing at a slower rate, and 25 years being the maximum amortization on high ratio deals, it’s not as easy as it once was to simply refinance and pull some money out of a home when it’s time […]

Okay, so here we are… we have worked together to secure financing for your mortgage. You are getting a great rate, favourable terms that meet your mortgage goals, the lender is satisfied with all the supporting documents, we are broker complete, and the only thing left to do is wait for the day the lawyers […]

Not long ago, someone contacted us wishing to refinance their mortgage. They presently held a mortgage from one of the big banks. When this homeowner originally obtained her mortgage, the bank offered her a discounted rate of 2.99%. It matured in July of 2016, however, when they contacted us at Dominion Lending Centres, they wanted […]

For those looking to purchase rental properties, the minimum down payment has historically been at 20% for some time, and so it remains. In years gone by, this down payment money had to be proven to have originated from the buyers own resources, it could not be gifted. In the case of an owner occupied […]

It may seem an odd question with a very obvious answer but you would be surprised how few people consider this question when approaching their bank for mortgage advice. When you deal with a bank employee or a mobile mortgage representative (also a bank employee), you need to know that their primary responsibility is to […]