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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Are Shorter or Longer Amortization Periods Better?
Why is it important: Amortization periods are such an important aspect to understand when looking at particular mortgage packages with lenders. It is important to understand the personalities of a mortgage, in which amortizations are one aspect. 25 year amortizations...
Porting and Extending: How Does it Work?
Porting and Extending How does this affect a borrower: Port and Extend, or what some people call a blend and extend, is a way to transfer your mortgage onto another property while increasing your mortgage amount. A non frill mortgage will not allow you to do that (a...
Porting a Mortgage: Can it save money?
How does this affect a borrower: The ability to port a mortgage means that you do not have to pay a penalty in breaking that mortgage since you are moving it from one property to another, providing that you qualify. One of the biggest misconceptions when porting a...
Breaking a Mortgage: Is it a Good Thing?
How does this affect a borrower: It is important to understand how breaking a mortgage can affect you based on your lender, because it can vary in cost and types of penalties. 7 out of 10 people break their mortgage, so you are likely to break yours at some point in...
Prepayment Options for Mortgages: What should you know?
Prepayment Options for Mortgages Rates, rates, rates. Mortgage Brokers answer a lot of questions, but one thing that rings very true is that people focus very heavily on rates. It would be unwise for us to say rates are not important, because they are very important...
Bank of Canada Kept Key Interest Rate At 4.5%: What Does this Mean?
Bank of Canada Kept Key Interest Rate To 4.5% Today the Bank of Canada launched their decision to keep the rates steady. This was widely expected as the Bank of Canada will want to continue to monitor the delayed effect of already completed hikes and see what...
Mortgage Relief: Federal Budget 2023
Mortgage Relief: Federal Budget 2023 Last week, Chrystia Freeland presented in the House of Commons to announce the Federal Government’s 2023 Budget. It was quite extensive and has a lot of moving pieces that will affect different walks of life across the country in...
First Time Home Buyer: Incentives You Want to Know About
First Time Home Buyer Part #3 This is the third edition of our First Time Home Buyers blog series. In this series, we want First Time Home Buyers to understand everything that they need to be prepared for but also understand tips for success. We want you to understand...
4 Common Types of Mortgage Fraud
Types of Mortgage Fraud With the adapting changes in technology, ways of life have changed in the way we work, keep in touch, earn money, and…. How people conduct fraud. March is fraud awareness month and we want you to be prepared as ever to understand what types of...
Costs of Buying a Home
Costs of Buying a Home Buying your first home for the first time is very exciting, whether it be an apartment, condo, townhouse or house. It could come at wildly different stages for people. For some, they want to buy a house as their first major purchase, as early as...
Buying Your First Home: What You Should Know
Buying Your First Home Buying your first home for the first time is very exciting, whether it be an apartment, condo, townhouse, or house. It could come at wildly different stages for people. For some, they want to buy a house as their first major purchase, as early...
Bad Credit History (300-574): What To Do?
Bad Credit History Approval this, approval that, the big words we all want to hear, but lately, we are hearing a lot of inflation, high interest rates, tough approval terms, student debt soaring, reverse mortgages increasing to pay off homes, and more money issues....
Popularity of Reverse Mortgages in 2023
Reverse Mortgages Ok let’s be real, you are probably tired of hearing about mortgage rates going up and what the options are for you when you purchase a home. It can look daunting and it can lead people to seek extra income sources or go for a lower valued house then...
Speculation Tax Notice 2023
Speculation Tax Notice 2023 An envelope is coming to your mailbox soon and it is in the name of the Speculation Tax Notice. There is also a potential you are reading this blog with the notice in your hand, already reviewed. What is a Speculation Tax Notice though?...
Canada’s Cost of Living
Canada’s Cost of Living January has been a tough month for many as we prepare for what could be a tough year ahead. Inflation has caused turmoil in communities and avid savers, interest rates have led to real estate worrisome and supply issues has caused food...
Final Bank of Canada Rate Increase? (#6)
Final Bank of Canada Rate Increase? You have likely recently learned that signs are pointing towards an ease of inflation with the economy softening. You may have heard this in a variety of ways, from watching some of your stocks start to go up, hearing the term...
Housing Shortage Problem
Housing Shortage Are you worried about the price of your home dropping even further then they have today? It is understandable but before you worry too much, let me try to ease your concerns as allow home prices are falling, they are likely not expected to fall much...
Foreign Buyers Ban
Foreign Buyers Ban On December 21, 2022, the Federal Government announced that it will be placing a ban on foreign purchases of real estate property, which took effect on Jan. 1st, 2023. The Federal Government has brought this Foreign Buyers Ban in to curb the cost of...