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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
How to Purchase A Pre-Sale Condo
How to Purchase A Pre-Sale Condo Pre-sale condo are brought to the market by a developer before the units are completely built. Buyers can choose to put money down on presales and own the rights to a future home. Buyers still pay the full price, but until the...
Breaking Your Mortgage in 2022
Breaking Your Mortgage in 2022 In our previous blog from 2020 on Breaking Your Mortgage, Vancouver's Top Mortgage Broker talked about how 6 out of 10 consumers will break their mortgage within the first 3 years of a 5-year term. That means that 60% of borrowers will...
Bank of Canada increased its target for overnight rate to 1%
On April 13th, the Bank of Canada increased its target for the overnight rate to 1%, with the Bank Rate at 1.25% and the deposit rate at 1%. The Bank is also ending reinvestment and will begin quantitative tightening (QT), effective April 25th. Maturing Government of...
Federal Budget Updates 2022
Federal Budget Updates 2022 This bright industry is constantly evolving and growing at a rapid pace. In our previous Federal Budget Updates blog from 2019, we had discussed updates that were made to the CMHC First Time Home Buyer’s Incentive Plan and Home...
Personalities of Your Mortgage- Blend & Extend
Personalities of Your Mortgage- Blend & Extend Asking the right questions is an important part of the mortgage process, it allows you to learn and understand which mortgage product is right for your situation! An important aspect of a mortgage is its...
The Benefits of Being a First Time Home Buyer
The Benefits of Being a First Time Home Buyer Being a First Time Home Buyer is an amazing accomplishment that comes with many responsibilities and incentives. Discussed in our previous blog The First Time Home Buyer’s Incentive Plan otherwise referred to as the...
Credit Medic For You & Your Mortgage
Credit Medic for You & Your Mortgage Your credit score is a huge factor in getting a mortgage, and it won’t go away. The first thing Lenders do when they look at your application is to look at your credit score. From there, they build your file. It is...
Home Price Declines Are Likely
Home Price Declines Are Likely The past two years have been very unpredictable as the COVID-19 pandemic has ravaged the globe. The pandemic has brought many differences with the economy in Canada, and one of them is the hot housing market that started in early 2020...
Stress Tests for Mortgages
The Stress Test You have likely heard the words “mortgage stress test” before when starting your real estate journey. In this blog we want to familiarize you with what a mortgage stress test is, how it works, what the current stress test rate is, and some other...
Hot Trend: Rent to Own Mortgage
Rent to Own Mortgage A Rent to Own contract could be the answer for someone who is renting but is also having a hard time getting their down payment together. Rent to Own contracts usually are between 1 and 5 years long and can give the client the time they...
Banks VS Credit Unions
Banks VS Credit Unions Finding somewhere to trust with your life savings and all personal information can be a big decision. Two of the most common types of facilities that are around to help are either Banks or Credit Unions. Banks VS Credit Unions… What is...
Mortgaging a Property via Assignment
Mortgaging a Property via Assignment Mortgaging a property via assignment is a contract provision included in some real estate transactions that allow the buyer to resell or transfer a property to another buyer before the deal’s closing date. As one of...
Bridge Financing
Bridge Financing Bridge Financing, also commonly referred to as a “Bridge Loan”, is a way to help literally bridge the gap between closing on your current house and your new place. This product allows you to carry the mortgage on two properties for a specified...
First Time Home Buyer Part 1
First Time Home Buyer Part A lot has changed in the past few decades. Those changes have shaped the way people live today and the new traditions that have been created. Unfortunately, one of those new traditions is first-time home buyers needing financial...
Our Discovery Call
Our Discovery Call A Discovery Call is our first touchpoint with your client. We make a quick 5–10-minute phone call to simply connect with the client and gather some basic information regarding a mortgage pre-approval. After we ask the client all necessary...
Bank of Canada and the Economic Recovery
At the end of January, the Bank of Canada held its target for the overnight rate at the effective lower bound of 0.25%, with the bank rate at 0.50% and the deposit rate at 0.25%. This means that the Bank of Canada rate stayed the same, which means variable rates will...
First Time Home Buyer’s Program
First Time Home Buyer’s Program The First Time Home Buyer’s Program otherwise referred to as the FTHBI is a Canadian Government program, which contributes up to 10% to the down payment for First Time Home Buyers. This is an effort to support borrowers in their...
How Mortgage Rates Work
How Mortgage Rates Work The topic of how Mortgage Rates work is a long, complicated series of moving puzzle pieces that work together perfectly. Today we are going to break it down as best we can. During the process of taking out your first mortgage, you will learn...