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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
What Do You Buy
What Do You Buy What Do You Buy a Condo or a House With a Suite So you have worked hard and saved up a down payment of $25,000. What do you buy a condo or a house with a suite? Sometimes the decision is an easy one while for some it may not be as obvious. If you have...
What Is a “Gifted” Down Payment
What is a "Gifted" Down Payment A “Gifted” Down Payment is very common for first time buyers. Essentially, a buyer’s family member (usually very nice, warm and loving parents) will offer up money to go towards the down payment. Often this is done because their son or...
Co-Signor or Guarantor For a Mortgage
If a buyer can’t obtain a mortgage due to poor credit, employment history, lack of down payment or income — most lenders will consider lending if there is someone to act as co-signor or guarantor for a mortgage. The two options provide different requirements. ...
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 of loan is based on how the lender views you as a...
Bank of Canada Maintains Rate At 1/2% Target
To no one’s surprise, the Bank of Canada announced recently that it would leave its overnight rate target at 1/2%, just as it did on January 20 when it last met. The Bank noted that financial market volatility has slowed since the last meeting and oil prices and the...
When a Reverse Mortgage Doesn’t Make Sense
Reverse Mortgage In Canada, Reverse Mortgages are often recommended to clients and customers who are of a certain age, have a home they want to stay living in, and are in need of cash for reasons such as emergencies, home renovations, improving their lifestyle and...
Are You Credit Challenged
Are You Credit Challenged In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as...
The Difference Between Variable and Fixed Mortgage Rates
When shopping for a mortgage you will have a lot of questions. 2 of the most prominent questions mortgage brokers receive are ‘What are your best rates?’ and ‘What is the difference between variable & fixed rates?’ What are your best rates? This is actually a lot...
Divorce and Your Home
Divorce and Your Home We all know that marriage isn’t always forever. When a separation occurs, a home is often involved. Since most couples have a joint mortgage – one where both names are on the mortgage and title of the home – when separation or divorce proceedings...
How to Get a Fully Loaded Mortgage
How to get a fully loaded mortgage Be it fully loaded or all the bells and whistles, as savvy consumers we want to know that we got every bit of extra awesomeness available to us and your mortgage should be no different. Sure you want the best rate, that’s a...
Diverging Housing Markets And BC Budget
Diverging Housing Markets And BC Budget Data released earlier this week for January showed the stunning disparity in regional housing markets in Canada (see chart below). Vancouver remains the red-hot leader with year-over-year (y/y) price gains of 20.6% and home...
How to Choose the Right Mortgage Term
Understanding mortgage terms are paramount in choosing the mortgage product that is right for your particular and unique situation. What is the difference between term and amortization? Are all terms the same for every lender? What are the differences...
Obtain A Mortgage Pre-Approval
Obtain a Pre-Approval If you work with us to obtain a pre-approval, you can be confident you have access to mortgage financing and you will know how much you can spend before you head out shopping for a property. It’s important to note, however, that...
9 Tips on Improving Your Credit Score
An important rule of thumb to remember regarding credit is that you are your only advocate for your credit. You are the only one that: Can improve your credit Can manage any errors on your credit Can determine who pulls and when your credit is looked at. ...
Understanding the Benefits of Mortgage Pre-Approval
Prior to shopping for your new home getting a mortgage pre-approval is certainly beneficial. Getting pre-approved can help you in the search for your new home, knowing what you can afford prior to searching for a home can save you countless hours and mileage. They...
Property Assessments vs. Market Value
Short Version: Do not rely on BC assessment for a value. Do not rely on a buyer in a private transaction for a value. Do not rely on your neighbours, friends, or family members for a value. Do consider a marketing appraisal, but do not rely on it 100%. Do consider the...
5 Ways a Mortgage Broker Helps You
The most important strategy that you, as a home buyer, can ever have is putting together a team of real estate professionals to help you make the wisest decisions regarding the biggest purchase you will ever make; a property purchase. It is so very important to...
Accelerated Bi-Weekly vs. Bi-Weekly Payments
Accelerated Bi-Weekly vs. Bi-Weekly Payments When signing your mortgage commitment letter you will have to choose your payment frequency. If your goal is to re-pay your mortgage as quickly as possible, then you need to understand how different payment options will...