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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Divorce and Your Mortgage: What Can Happen
Divorce and your Mortgage When tough times put stress on families sometimes the end result is divorce. While no one ever wants to see this happen sometimes it is inevitable. Recently, CMHC changed the rules about how much a house can be refinanced for, they have set...
8 Considerations For The First Time Home Buyer
8 Considerations For The First Time Home Buyer 1. Create yourself a Budget and stick to it, so you can keep your finances on track. Planning a budget will help you identify uneconomical expenditures and help you achieve your financial goals. Having a budget can also...
Renovating Your Home
Did you know you can get a mortgage for renovating your home? Many home buyers and existing home owners are deciding to get more bang for their buck by purchasing a home that needs some improvements. Whether you are renovating at the time you buy or waiting for a few...
Home Owners Grant 2016
It's that time of year again when property taxes are coming due. Did you know that the average homeowner saves about $600.00 with the home owners grant? On the bottom of your property taxes you will notice a section called "Home Owner Grant Application". Make...
How to Pay Off Your Mortgage Faster
Most of us that have a mortgage would like nothing more than to have our mortgage paid off. Being mortgage-free is an achievable goal. But it is important to think through the process so that you utilize your money the best way possible. You may be surprised what...
Creating a Pension Plan
Creating a Pension Plan What’s a pension? I don’t have one. In today’s day in age there are not many people that will have one when they retire. So it’s up to us, as individuals, to create our own – build your net worth from within. There are many ways to create a...
How to Get a Mortgage While Being Self Employed in Canada
There are great advantages to having your own business. There are many extremely successful business owners that live great lifestyles yet don’t have to pay for medical, all because they have great tax write-off's that bring their income down to a low tax bracket. ...
Shop for a Mortgage
Why you should always shop for a mortgage Well folks I just do not get it. I do not understand why smart person after smart person continues to sign on the dotted line for the first offer they are given upon mortgage renewal. Case in point that has brought this to a...
What is Mortgage Life Insurance & How it Can Help You
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 Life Insurance, Condo Insurance, Mortgage Default Insurance, Earthquake Insurance; the list goes on and on. It...
Why a Big Down Payment is Better
Why a Big Down Payment is Better First time home buyers look to their families, the media and the Internet for all their information on how to buy a home. As a result, they know that they need 5% of the total home purchase price to buy the home of their dreams. While...
5 Common Myths About Credit Scores
Because the top secret formula has never been released there are common myths that are floating around about the ones credit score, here are the top 5. 1. Too Many Credit Cards Will Hurt My Credit Score Actually, cancelling healthy active cards or accounts hurts more...
Rent To Own
Rent-to-Own, Lease to Own, R2O. They may seem like good options, but watch out for these pitfalls. They are a good program as long as you have a mortgage planner ensuring you are following a plan to succeed. Rent to Own…what you NEED to know. My guess is you might...
Life and Disability Insurance
Banks and Credit Unions – Life and Disability Insurance I continue to hear from my clients that their own bank or credit union is stating they are REQUIRED to purchase life and disability insurance in order to be approved for their mortgage. This is called tied...
Property Transfer Tax Changes In B.C.
Property Transfer Tax Changes In B.C. Short Version There are no changes to the first-time home buyer exemption limits (with the exception of point #2 which includes first time buyers). All buyers (first-time buyers and repeat buyers) are now exempt from PTT on...
Housing still within reach for first-time buyers
Despite headline-grabbing stories about million-dollar houses pushing home ownership out of reach in Canada’s large cities, there’s still plenty of opportunity for first-time buyers in certain segments of the Canadian real estate market, says Dominion Lending Centres...
Renovating vs Buying
Renovating May Make More Sense Than Buying If you’re finding your family has grown out of your current home or your house could use a makeover to better fit your changing needs, renovating is a great option to examine. Instead of putting your home on the selling block...
The Amortization Effect
The Amortization Effect Each year from 2008 through 2010 the Federal Government reduced the maximum amortization as follows: Purchases with less than 20% down –from 40–35 years, then 35- 30 and finally 30–25 years where it remains today. Purchases with 20% or more...
Private Mortgages Can Improve Your Financial Well-Being
Can Private Mortgages Improve Your Financial Well-Being A private mortgage can improve your financial well-being and using a reputable mortgage agent/broker will advise when it is suitable for your circumstances to enter into a private mortgage. Your mortgage agent...