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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Rental Property Financing
For those looking to purchase rental properties, the minimum down payment has historically been at 20% for some time, and so it remains. In years gone by, this down payment money had to be proven to have originated from the buyers own resources, it could not be...
Renovate For Greater Energy Efficiency and Rebates
Here is a post about renovating for greater energy efficiency and how to go about getting rebates to do so. About 4 years ago, my wife and I bought a house in North Vancouver, BC. It was built in 1959 and was in need of some updates. We gutted the basement to...
A Discounted Rate May Not Be So Discounted
A Discounted Rate may not be so discounted. Not long ago, someone connected with a Dominion Lending Centre Broker, wishing to refinance their mortgage. They presently held a mortgage from one of the big banks. When this homeowner originally obtained their mortgage,...
Why You Need To Shop Around For Your Mortgage
Why you need to shop around for your mortgage: I have many friends that shop online and go to dozens of different sites in order to save a few bucks on books, TVs, appliances, etc. Is this a good idea? It definitely is if the savings are worth it and you don’t mind...
How To Prepare To Buy a Home While You Are Going To School
Many people find themselves renting a home and helping others get ahead financially. When the question of “why rent” is posed, the most common answer is the issue of not having a down payment. What is interesting is that the person could afford the monthly payments...
A Pre-Approval Is Not Really a Pre-Approval
There is a misconception out there that once you’re pre-approved, you’re good to go. A pre-approval simply means that based on your CURRENT income, expenses, down payment and credit you SHOULD be able to get fully approved once you find the right property (this is the...
Renewal Agreement
Why Banks Want You To Sign the Renewal Agreement That They Mail Out To You Most banks boast a higher than 90% renewal rate on their mortgages (some even higher than 95%). Since it costs them a lot more money to acquire a new client vs. keeping an existing one, banks...
What is a Mortgage Broker?
Many people ask the question what is a mortgage broker? There are countless opinions on whether it is smarter to work directly with a bank when acquiring a mortgage or whether it is more beneficial to work through a mortgage broker. Opinions fall in favor of both...
What Happens with Mortgage Fraud
What Happens with Mortgage Fraud and Why You’re Not Safe Nowadays, with the amount of information that is shared on the internet and social media, identity theft and Ponzi schemes are happening regularly. Homeowners are taking the necessary steps to protect one...
Interest Rate Hikes in Canada
The incredible rise of house prices across Canada over the past few years may come as no surprise, but many home owners are sitting on a time bomb and nobody knows when it will explode; however, there has been a lot of talk of rising interest rates to help slow down...
Are You Really Ready For Home Ownership
Are you really ready for home ownership Around the end of May 2014, the market started to experience a declining trend in mortgage rates. Though the housing market was already superb, professionals in the industry began gearing up for an influx in home buying....
Mortgage Broker vs. Bank Rates
When looking for a mortgage you have two choices, mortgage broker or bank. Ask yourself is a broker or bank going to give you the best possible rates. This should be a big deciding factor when making the decision whether to use a mortgage broker or bank. If you use...
Is a HELOC Better for Your Home Financing Options
HELOC? Is it me you’re looking for…to better your home financing options? Do you have a large amount of equity built up in your home? Are you looking to further enhance your financial position? A HELOC may be just the type of financing that you are looking for. ...
Tips for a First Time Home Buyer
Buying a home is a great chance to find your dream property and make an investment into your future. Being a first time home buyer can be an exciting, but also overwhelming, experience. As a first time home buyer there are many different parts of the process to learn...
Revisions to Homeowner Affordable Housing Flexibilities
Message from CMHC's Steven Mennill Sr Vice-President, Insurance: Revisions to Homeowner Affordable Housing Flexibilities CMHC’s mortgage loan insurance products and policies facilitate a range of housing options for Canadians. As such, CMHC would like to inform you of...
What is a Guarantor?
A guarantor or co-signer is a person who agrees to repay a loan for another person if that person goes into default. Having a guarantor loan may be the only way for someone with bad credit, low income, not enough down payment, or questionable employment history to get...
Another Troubling Sign for Canadian Economy
Another Troubling Sign for Canadian Economy The Canadian economy contracted in May by 0.2 percent, the fifth consecutive monthly decline. Here we go again. Another in a long list of serial disappointments for the Canadian economy. What is particularly...
What are Straw Borrowers?
There are many types of mortgage fraud. One of them is the use of straw borrowers, also known as a straw-man. The term straw-man originated in ancient Rome and is based on the theory that every person has two personas—one of them is as a real human being, and the...