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 affect your repayment schedule. So what are your options? In general, most lenders will offer the borrower the option […]

1. How the penalties are calculated if I break my mortgage early? Specifically, ask what rate they use to calculate the “interest rate differential”. Typically, if the lender has “posted rates” they use these to calculate the penalty. If this is the case, the penalty can be 3, 4 or even 5 times higher than […]

Here is where you are currently sitting. You have successfully found your dream home. Negotiated like a true champion and kept your calm through the back and forth with the seller. Provided the endless supply of paperwork required by your lender to meet the financing condition. Set up all the things required for the big […]

SHORT VERSION Emotion drives our real estate market, but should it go unchecked? There is no metric for emotion. Emotion does not always equal logic. Interest rates play a small role in Real Estate pricing. Foreign buyers play a small role in Real Estate pricing. Beware of ‘watercooler wisdom’ Beware of media hype I am […]

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 even to alleviate the stress of debt through debt consolidation. But in […]

When you are new to Canada and establishing credit, deciding on the best way to create a good credit history can be difficult. You need a good credit rating in Canada if you are planning to rent or buy a home, buy a car or borrow money. By taking some important first steps to get […]

Do you have a Mortgage Action Plan (MAP)? If not, it’s time to plan your road MAP to mortgage free living. Every lender provides options, but very few take advantage of them. These mortgage benefits are called PREPAYMENT OPTIONS. The three most common prepayment options are: adjust the frequency at which the payments are made (weekly, […]

It’s becoming increasingly apparent that a greater number of women are now taking the reigns when it comes to home purchases. There’s a growing trend among single women – and, more precisely, professional single women – who are becoming independent homeowners. While many of them may be putting off marriage, they’re not waiting around for […]

Savings, market value and government guidelines are obvious obstacles but in my opinion, one topic that doesn’t get discussed in enough detail is consumer debt payments. First a quick definition: Disposable income, is described as total personal income minus current income taxes. Essentially, your take-home-pay. Here’s a “live” case study. This consumer has $62,601 in […]

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 they may have just a couple years ago. Your best solution is to consult your Dominion Lending Centres mortgage […]