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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Line of Credit vs. Loan
Understanding Home Equity: Line of Credit vs. Loan Borrower or credit costs can be outrageous. To go get a line of credit, you are usually paying upwards of 6% to 7.5%. These lines of credit can be based on interest only or principle and interest payments. This kind...
Good News For US and Canadian Economies
U.S. Hiring Cooled in August U.S. payrolls rose by 151,000 last month, below the expectation of 180,000, while the jobless rate held steady at 4.9%. This in combination with weakness in yesterday’s Purchasing Manager’s Index (PMI) report for August showing a slowdown...
Bank of Canada Rates on Hold Again
Bank of Canada Hold Overnight Rate at 0.5% The Bank of Canada’s decision to hold rates steady once again was very much as expected, even though first half growth was well below the forecast in the July Monetary Policy Report. US growth in the first half of this...
Canadian Economy Hits Major Speed Bump Last Quarter
According to data released this morning by Statistics Canada, the Canadian economy declined at a 1.6% annual pace in the second quarter, the largest quarterly decline since the global financial crisis in Q2 2009. In comparison, the U.S. economy grew at a 1.1% annual...
What You’ll Need to Budget for Your New Home
Buying a new home is one of the most exciting – and intimidating – processes of your life. It’s arguably one of the biggest financial commitments you’ll ever make in your lifetime, so having a concrete plan is of the utmost importance to making sure you have what it...
What Is Mortgage Insurance
When you purchase a property, you may be a little overwhelmed by all the insurance offers related to purchasing a new property that come your way. Mortgage Insurance, Condo Insurance, Mortgage Default Insurance, Earthquake Insurance; the list goes on and on. It can be...
What’s the Better Choice Fixed vs Variable Rate Mortgage
Fixed vs Variable Rate Mortgage – What’s the Better Choice and Why? In today’s market, variable and fixed rates are not too far apart. This makes most people think that the fixed rate is the way to go as it’s often viewed as the safest option. Many...
All Mortgages Are Not Created Equally
Another Example of How All Mortgages Are Not Created Equally and It Will Cost You When I meet with my clients, I explain that I believe my role is to get them the mortgage that fits their goals and plans, while saving them the most amount of money over the lifetime of...
Your Financial Future As a Post Secondary Student
So you’ve graduated from high school and you're off to university or college. Before you start, take the time to set down some goals and a budget for your financial future as a post secondary student. Your parents have probably been telling you to put aside some money...
Acceptable Down Payment Sources
Acceptable Down Payment Sources The level of documentation required for the average mortgage these days can be very frustrating. It can seem endless, very "nitpicky" and annoying because we are able to purchase a vehicle with just a pay stub. There are a few reasons...
Can You Save By Buying a Foreclosure
Chances are, you’ve seen real estate listings that end with terms like, “as-is, where-is” or “court ordered sale” or even “offers subject to court approval” and wondered if the listing prices were real. Or even wondered if you should be looking at foreclosed...
Improve or Move
This is the great debate around many household dinner tables nowadays: improve or move? With all the attention the real estate market is getting these days in the local and national media, I’m surprised everybody isn’t cashing in, selling and moving. Everybody who...
Top 5 Things Millennials Should Know When Buying Real Estate
Top 5 Things Millennials Should Know When Buying Real Estate There are 9 million Millennials in Canada, representing more than 25 percent of the population. Born between 1980 and 1999, the eldest are in the early stages of their careers, forming households and...
What Are Canadian’s Doing About Mortgage Debt
In December, Mortgage Professionals Canada released its annual state of the housing market report and found that in 2015, 36% of homeowners took actions to reduce their mortgage debt. While many homeowners think in terms of lump-sum payments, which are a great...
New Credit Reporting and What It Says About You
Credit Reporting New credit reporting and what it says about you and your spending habits may make all the difference between you buying a home now or later. When home buyers contact GLM to apply for a mortgage, we always review their credit report with them...
4 Things That Will Kill Your Mortgage Approval
So, you’ve worked hard to save every penny and have managed to finally afford the down payment necessary on a home. You have searched high and low, only to find the house of your dreams at a price you can afford. Though your credit rating is good and you have a stable...
Unique Details On Properties Which Will Make Your Pre-Approval Void
Shopping for a new home can be fun and exciting, but there are many details that contribute to a property’s marketability. Mortgages that have the lowest total cost are reserved for the most marketable properties that are in prime locations as per the lender’s...
Your First Mortgage Renewal
A lot can change in a year when it comes to mortgages. These changes can provide great opportunities for mortgagees to refinance their mortgage at the time of renewal in order to save money. Unfortunately, most people are under the impression that once they...