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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Stress Free Switches & Renewals
Stress Free Switch/Renewal Overtime, the mortgage switch/renewal market is much larger, and lower stress, than the purchase market. There’s no pressure, subject free offers or down payment documents to deal with. No need to worry about tight timelines, and often...
Trigger Rates & Trigger Points
Trigger Rates & Trigger Points It is no secret that interest rates are continuing to rise. The Bank of Canada has done a super-sized rate increase the past few times with interest rates increasing by half a point or more. Many people who are in a variable-rate...
Steps and Documents Required for Pre-Approval
Steps and Documents Required for Pre-Approval When looking into getting a mortgage, you may also wonder, what are the most important pieces to getting pre-approved? Before getting pre-approved, you’ll have to, know the maximum amount of the mortgage you can qualify...
Why Entering The Real Estate Market is Still A Great Idea
Real Estate is always a great conversation starter. Earlier this year we did a blog on the statistics of first time home buyers and the challenges that come with being a first time home buyer. Today we are going to discuss the reasons why getting into the market is...
Mortgage Refinancing For Pensioners
Mortgage Refinancing For Pensioners Refinancing Your Home Investment in BC means that you are simply replacing your existing mortgage with a new mortgage on different terms. There are three options to refinancing, a traditional mortgage, Home Equity Line of Credit...
GLM Workflow Process
GLM Mortgage Group Workflow Process At GLM Mortgage Group (powered by Dominion Lending Centres) we pride ourselves in providing excellent customer service and responding to phone calls, texts, and emails within 90 minutes. The process with GLM Mortgage Group is...
Fixed vs Variable Rates Today
Fixed vs Variable Rates Today As you may have noticed, rates have been increasing due to inflations. This leads people to go back and forth with if they should go with a fixed rate or a variable rate. In this blog, we will go through both rates and which rate would be...
Mortgage Refinance
A refinance is an important part of the mortgage process. You will hear us say it a lot and you will likely see many more blogs about it in the future. In simple terms, a mortgage refinance is a new mortgage on your home. It involves paying out your existing...
Pre-Qualified VS Pre-Approved
The Difference Between Pre-Qualified & Pre-Approved Not everyone get’s pre-qualified first. Usually, the mortgage broker will go through a 50/50 state, where they decided whether being pre-qualified is the best fit for the client or if they should move straight to...
How Much Down Payment Is Needed
How Much Down Payment Do I Need? A down payment is the amount you put towards the purchase of a home. Then your lender deducts the down payment from the purchase price of your home. Your mortgage then covers the rest of the price of the home. The minimum down payment...
Late Mortgage Payments
Late mortgage payments are not a fun topic on top of the pandemic that has been a source of worry for people in a variety of different ways. It has brought up health concerns, anxiety increases, financial concerns and much more. Inflation is up to 6.8%, gas prices are...
Guide To Getting A Mortgage In 2022
Guide To Getting A Mortgage A mortgage is a type of loan that is used to purchase or refinance property. A few basic features of a mortgage include the purchased property, which is always used as collateral, and regular payments to the lender are required. Mortgages...
How Do 2 Interest Rates Affect Your Mortgage
How Interest Rates Affect Your Mortgage Mortgage Interest Rates have been increasing for the last couple of weeks. Making it more challenging for people to afford a mortgage, and perhaps get the rate they wanted or saw weeks prior to the changes. These changes are...
What is an Appraisal and What Happens if the Value comes up Low?
There are a lot of factors that go into buying a home. It is important to understand what happens when an appraisal value comes up short and how it can affect you. Before we dive into what happens when an appraisal value comes up short, let’s discuss what a bank...
2022 Federal Budget
The 2022 Federal Budget is the first budget presented since a federal election took place that saw Justin Trudeau form a minority government in the fall of 2021. Since then, the Liberal government has joined in a sort of coalition with the NDP to keep them in power...
Home Refinancing FAQs
Home Refinancing FAQs Mortgage refinancing may offer lower interest rates but entering into this type of agreement is ONLY beneficial or advantageous to the borrower under certain circumstances. Therefore, you must do some research about the current value of your...
14 Home Purchase FAQs
14 Home Purchase FAQs To get an idea of how much you can afford, you'll need to know your taxable income, along with any outstanding debts and monthly payments. First (for purchasing a principal residence) calculate 39% of your income for use toward a mortgage...
The Mortgage Pre-Approval – Important Items to Understand
The Mortgage Pre-Approval Becoming a homeowner is a life-long dream for many. With all new experiences, there’s uncertainty, and you may second-guess yourself once or twice. You’ll be interviewing realtors, looking at homes, worrying about bidding wars, and of course,...