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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Know What You Can Afford Before You Buy
Before home buyers go shopping for a home, it is important to know what you can afford before you buy. It is becoming more common for home buyers to make an offer, get declined for the mortgage and the deal collapses. This is stressful for everyone involved, including...
Building a New Home
Building a New Home? Completion vs. Draw Mortgages If you are considering building a new home, then you need to be educated on the difference between draw and completion mortgages. When you meet with a builder, there is tons of terminology and information you should...
How Do Private Mortgages Work
Can’t qualify for a bank mortgage? How do private mortgages work? There is almost ALWAYS a mortgage solution. New to Canada? Self Employed? Maybe a few credit glitches in your past? You just need to ask the right mortgage consultant. Not everyone can qualify for bank...
5 Reasons People Don’t Qualify for a Mortgage
I receive calls every month from people who want to know how to qualify for a mortgage because they were declined by their bank. In many cases I can help them and in some cases they have to wait – but we identify what they need to do to get in a better situation to...
Thinking about a No Subject to Financing Offer
Thinking about a NO Subject to Financing Offer? 3 points you NEED to consider. In hot real estate markets, it’s common for both buyers and agents to consider having no subjects to financing when making a purchase offer. It’s important to realize,...
How To Avoid The 7 Biggest Mistakes Refinance Shoppers Make
Whenever interest rates drop or housing values jump, a refinancing frenzy follows. Whether you are looking to trim your mortgage payments, eliminate credit card debt or renovate, experts say you should fully understand all the options available to you before deciding...
Are You Really Pre-Approved For a Mortgage
Beware of the term PRE-APPROVAL! Here are some facts: Pre-approvals mean something different to every mortgage professional and lending institution For mortgage approvals both the applicants AND the property they are buying need to be adjudicated and approved before...
Do You Have a Chocolate Covered Mortgage
I have something shocking to tell you. Ready? Canadian banks are a business like any other. Gasp and shock! This is nothing less than the truth. They are mandated to produce profits and provide their shareholders with a dividend at the end of the year. This is...
Mortgage Penalties and Early Exit
Okay so you have a mortgage. Let’s face it, it’s a contract with terms, conditions, rights and obligations for both you and the lender. However, now for whatever reason you need or want to break the contract before the end of the term. Many mortgage lenders will allow...
What Does a Technical Recession Mean For Mortgage Holders
Well the word is out… Canada is in a technical recession…so what does that mean for Canadian mortgage holders? The main question that I have been asked is, “how will the recession impact interest rates or my mortgage?” For those currently in the middle of a mortgage...
The Truth About the Cash Back Mortgage
We often see ads from the major lenders offering cash back incentives on their Mortgage products. Gone are the days where a Cash Back Mortgage could be used to facilitate a purchase without the required minimum of a 5% down payment. Cash Back incentives are now...
Understanding a Decorating Allowance
In order to stimulate sales and maintain price points on new properties, sellers (and developers) will offer incentives to buyers versus lowering the price of a piece of property. A common incentive is to include a “decorating allowance”. Decorating allowances can be...
The Value of a Rate Hold
Securing a rate hold is like having insurance on your mortgage rate – you no longer have to worry about mortgage rates increasing while you find your new home over the next 90-120 days. And if rates drop within that same period, so too will your pre-approved rate....
How To Qualify For a Mortgage After a Consumer Proposal
How To Qualify For a Mortgage After a Consumer Proposal. Congratulations you have made it through one of the toughest financial times in your life. It feels good to have this under control and know there is a light at the end of the tunnel. I too have been down this...
The Don’ts After You Close a Mortgage
10 Don’ts of Mortgage Closing Okay, so here we are… we have worked together to secure financing for your mortgage. You are getting a great rate, favourable terms that meet your mortgage goals, the lender is satisfied with all the supporting documents, we are broker...
Is a CHIP Mortgage Right For You
Are you or someone you know above the age of 55 and having trouble making ends meet? Are funds needed to cover the costs associated with an illness, disability or life event? Perhaps it’s time for a home repair or renovation, such as a kitchen or bathroom. Pay for the...
7 Questions To Ask Yourself Before Building a Home
Building your dream home can sound really exciting, but have you thought about everything that goes into building a new home? Here are 7 Questions you should ask yourself before making any concrete plans. 1. What are my expectations with this new home?...
How To Pay Off Debt Faster
How To Pay Off Debt Faster – 25 Secret Tips Your Banker Doesn’t Want You To Know Here's a great post on how to pay off debt faster that I'd like to share with you. It comes from a fellow DLC broker, from dominionlending.ca: 1. Make a double mortgage...