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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
5 Steps to Keep Credit in Check
Credit is a tricky subject. It is a crucial factor when you are looking to get a mortgage. It is also one of the things that people struggle with most to keep in check! That is why we have crafted 5 tips to keep your credit in check and allow you to qualify for...
All In One Financing For Your Fixer Upper
Is 2017 the year that you look for a new home? You may find that your wish list verses what the market has to offer don’t exactly add up. Another issue you may run into is the current inflated house pricing that is (slowly) being corrected here in the lower mainland....
Construction Mortgages: The Budget, The Loan and the Key Points you need to Know!
The first of our Construction Mortgage Blogs covered the basics of what you would need to know for this complicated mortgage type. In this second part, we will cover three key areas: The budget, the loan, and key take-away points. 1. The Budget Step one...
Construction Mortgages-Part 1
On several occasions we have had people ask us about construction mortgages. Every lender has their own guidelines and rules when it comes to construction mortgages. That’s because there are many details involved in the process of construction, let alone the...
What Not to do Once Pre-approved
We have talked about this a few times on the blog, but in light of the new First Time Home Buyers HOME partnership program, here are a few steps to follow once you are pre-approved or approved for financing. Don’t Apply for New Credit The lender will calculate your...
What is Rent to Own?
Rent to Own (RTO) Rent To Own contracts are more than just paying rent to the Landlord and applying the rent toward the purchase of the property. There are details that you need to know when entering into a Rent To Own contract. What is Rent to Own...
Newly Announced Interest Free Loans
Thank to Kam Bansal for this update! A quick update on the BC Governments newly announced initiative for Interest free loans up to $37,500 for 1st Time Home Buyers. Here are a few updates that we have, but soon enough, we will be hearing from the individual...
Overcoming a Problematic Home Loan
When it comes time to get your mortgage, or perhaps look at investing in an investment property, income qualifying is one of the first steps you will have to take. This first step though can also be the most challenging. Let’s walk through the steps you should take:...
5 Mistakes to Avoid when Shopping for a Mortgage
Avoid these 5 common mistakes, and you will have no problem getting your mortgage faster, more efficiently, and with a clear understanding of the process: Thinking banks are the first and best place to go for a mortgage Mortgage brokers can often...
How to Determine the Right Mortgage for You
So you have saved, and saved and you are finally ready to start house hunting…but before you do, there are a few things that you should be looking into BEFORE you start buying. Namely, your Mortgage options. Did you know that there are multiple different...
Personality of your Mortgage
Everyone knows that Mortgages come with a rate attached to them. But few know that each Mortgage Product has a PERSONALITY too! The Personality of a mortgage product is a key component in selecting the right mortgage for you and your unique needs. So sit back, take...
Your Pay Went Up But You Don’t Qualify For a Mortgage?
I want to share with you a story. Below is the story of John, and if you ever want to own a home, you need to read his story. John was a 25 years old. He was good with money. He went to school and he worked his butt off to support himself. John had been saving $250...
What Happened with Prime?
Did Prime go up? No. Did my Variable rate mortgage rate change? No, not unless your variable rate mortgage is with TD. So the Bank of Canada did not raise rates? No, in fact they are more likely to lower rates than increase them. But TD raised rates? Yes, but only by...
Asides From Banks, What Other Options Are There For My Mortgage
When purchasing a property, it can be an overwhelming experience. Especially with the current real estate market when you need to make fast decisions and you need to get your questions answered quickly. Many think that their only option is talking to their bank where...
Things to Consider When Deciding to Buy a Foreclosure
When bad things happen to good people sometimes the reality is they just can’t keep up with their mortgage payments. While Canadian mortgage defaults are amongst the lowest in the world at just 0.31%, foreclosure still happens. In BC, if a lender forecloses on a...
B.C.’s First Time Home Buyer’s Program
Before we start, something needs to be made clear: B.C.’s First-Time Home Buyers’ Program is not the same thing as First-Time Home Buyers’ Tax Credit and it is also not the same as the Home Buyers Plan. The First-Time Home Buyers’ Program in British Columbia gives...
Mortgage Terms 101
Finding the perfect mortgage, meeting with a broker, and working to get the right “fit” can be difficult on it’s own. Throw some confusing terms into the mix and you’ve got a recipe for miscommunication or exhaustion! But no need to fear, here is your personal guide...
What’s YOUR Number? Your Maximum Mortgage Number
What is the maximum mortgage amount one now qualifies for with the rules that came into effect on October 17th? Short answer: LESS. A minimum of 20% less, in fact. Before October 17th, the lenders calculated the maximum mortgage amount based on the contract rate of...