Now a days 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 of their largest investments which is their home. However, the last thing you want to worry about is yet another way to lose your hard-earned money.

But as a homeowner, you need to be aware of crimes on the rise known as mortgage fraud and real estate title fraud.

Mortgage fraud

Some borrowers may think that providing false documents and making false statements is not a big deal. However, the Criminal Code clearly states that obtaining funds, including mortgages by providing false information is a crime.

The most common type of mortgage fraud involves a criminal obtaining a property, then increasing its value through a series of sales and resales involving the fraudster and someone working in cooperation with them. A mortgage is then secured for the property based on the inflated price.

Following are some red flags for mortgage fraud:

• Someone offers you money to use your name and credit information to obtain a mortgage.
• You are encouraged to include false information on a mortgage application.
• You are asked to leave signature lines or other important areas of your mortgage application blank.
• The seller or investment advisor discourages you from seeing or inspecting the property you will be purchasing.
• The seller or developer rebates you money on closing, and you don’t disclose this to your lending institution.

Title fraud

When you purchase a home, you purchase the title to the property. Your solicitor registers you as the owner of the property in the provincial land title office.

Title fraud normally starts with identity theft. This occurs when your personal information is collected and used by someone identifying themselves as you. There are several ways criminals can steal your identity without your knowledge which includes:

• Dumpster diving
• Mail box theft
• Phishing
• Computer hacking

Sadly, the only red flag for title fraud occurs when your mortgage mysteriously goes into default and the lender begins foreclosure proceedings. Even worse, as the homeowner, you are the one hurt by title fraud, rather than the lender, as is often the case with mortgage fraud.

Unlike with mortgage fraud, during title fraud, you haven’t been approached or offered anything – this is a form of identity theft.

Here’s what happens with title fraud: A criminal – using false identification to pose as you – registers forged documents transferring your property to his/her name, then registers a forced discharge of your existing mortgage and gets a new mortgage against your property. Then the fraudster makes off with the new home loan money without making mortgage payments. The bank thinks you are the one defaulting – and your economic downfall begins.

The following are ways you can protect yourself from title fraud:

• Ensure you keep personal information confidential when on the internet or phone until you know who are dealing with, how it will be used and if it will be shared with anyone.
• Only carry minimal information and identification in your wallet, don’t have your social insurance card with you.
• Check your credit report regularly. You can get them free when you request them from the Equifax and Transunion when they mail them to your home. If you notice anything suspicious, contact the credit bureau right away.
• Check your financial, bank and credit card statements regularly for any inconsistencies and unknown charges.
• Consider obtaining a title insurance policy, as title insurance protects against many title risks associated with real estate transactions.
• Check your mailbox for mail on regularly, if not every day.
• Shred and destroy any financial and personal identification documents, as well as any unsolicited credit card applications rather than just simply throwing them away.
• If you don’t receive your bills or other mail, follow up with your creditors.
• If you receive credit cards that you didn’t apply for or if you did apply for them and didn’t receive them.
• Contact your mortgage lender first if you are having difficulty making your mortgage payments.

The following are ways to protect yourself from title fraud when purchasing or refinancing a home:

• Make sure you work with a licensed real estate agent and is familiar with the area you are interested in buying. Select to work with someone that can provide trusted referrals and check on them.
• Check listings in the community where the property is located – compare features, size and location to establish if the asking price seems reasonable.
• Always view the property you are purchasing in person, don’t buy without seeing it first.
• Beware of a real estate agent or mortgage broker who has a financial interest in the transaction.
• Ask for a copy of the land title or go to a registry office and request a historical title search.
• In the offer to purchase, include the option to have the property inspected and appraised.
• When giving a deposit when purchasing a property ensure the funds will be held “in trust” with a solicitor or a real estate agency and not directly with the seller.
• Insist on a home inspection to guard against buying a home that has been cosmetically renovated or formerly used as a grow house or meth lab.
• Ask to see receipts and permits for recent renovations.
• Consider the purchase of title insurance.
• Review and make sure you are comfortable with the terms and conditions with the mortgage commitment letter or approval.
• Review the “cost of borrowing disclosure statement” and be aware of any additional fees or charges. Ask questions if you are not sure.
• Know and understand what you are signing. If you have questions, ask. If you are not comfortable or something is not right, do not sign the documents.
• You might want to consider using your own solicitor for legal advice if you are asked to use the same lawyer as the seller.

“Straw buyer” scheme

Another term for mortgage fraud is the “straw” or “dummy” homebuyer scheme. For instance, a renter does not have a good credit rating or is self-employed and cannot get a mortgage, or doesn’t have a sufficient down payment, so he or she cannot purchase a home. He/she or an associate approaches someone else with solid credit. This person is offered a sum of money (can be as much as $10,000) to go through the motions of buying a property on the other person’s behalf – acting as a straw buyer. The person with good credit lends their name and credit rating to the person who cannot be approved for a mortgage for his or her purchase of a home.

Other types of criminal activity often dovetail with mortgage fraud or title fraud. For example, people who run “grow ops” or meth labs may use these forms of fraud to “purchase” their properties.

It’s important to remember that if something doesn’t seem right, it usually isn’t – always follow your instincts when it comes to red flags during the home buying and mortgage processes. Get in touch with your local Dominion Lending Centres mortgage professional to learn more.

ALISA ARAGON
Dominion Lending Centres – Accredited Mortgage Professional
https://dominionlending.ca/news/beware-mortgage-title-fraud/ 

As the dust is settling on the major changes to the mortgage qualifying rate and it is back to work as usual, some Canadians are starting to realize that there were some other significant changes that affect us all.

Starting this year you must now declare which property is your principal residence. There will be a form with your tax return that you must fill out. The purpose of this of course to make sure that the house flippers of the world pay their fair share of income tax on monies earned by buying and selling homes. This will also affect foreign owners, when they sell property in Canada, even though a family member may have lived in it they will now pay capital gains. They are closing some rather large loopholes in the system where many people have taken unfair advantage.

Another point that was probably missed by most is that if you have a home with a legal suite, when you sell the home you will have to pay capital gains on the portion that is rental. Many of these suites collect rent that is never reported to CRA and people avoid taxes by just pocketing the money. For many years now if you collected rent but didn’t report it on your taxes then you were not allowed to use it as income to apply for a mortgage.

This may also open up another legal/accounting question for parents that co-sign on their children’s mortgages. In Alberta at least when you co-sign you are usually on the mortgage and on title. Will it mean that when that home is sold will there be legal and tax ramifications when the home is sold.

Lots of unanswered questions on that subject that you will need to consult your accountant and your Dominion Lending Centres mortgage professional about before proceeding.

LEN LANE
Dominion Lending Centres – Accredited Mortgage Professional 
https://dominionlending.ca/news/else-finance-department-change-october-17th/ 

Did Prime go up?

No.

Did my Variable rate mortgage rate change?

No, not unless your variable rate mortgage is with TD.

So the Bank of Canada did not raise rates?

No, in fact they are more likely to lower rates than increase them.

But TD raised rates?

Yes, but only by 0.15% and only for variable rate mortgage holders.

If you are a TDCT client in a variable rate mortgage at TD then read on…

Update RE TD Variable Rate mortgage rate changes

On Nov 1st, 2016 TD announced their own private rate increase affecting just one exclusive group of TD clients. Specifically those in a TD variable rate mortgage.

While the rate adjustment may be minor, at only 0.15%, it is still a change, and nobody likes change.

Does this mean immediate action should be taken?

No.

Does this mean that going variable was a mistake?

No.

Is this change going to stick?

At this point (Nov 11, 2016) no other lenders have followed suit, and TD is effectively all alone on this move. As such TD may back down and reverse the increase.

For those of you with a discount of Prime -0.60% or better, you are still laughing. Such a discount leaves you with a net rate of 2.25% which can only be matched by a two year fixed rate product. And if you have such a discount the odds are you have been enjoying it for some time now as well. Racking up the savings!

For those whose net rate has risen above the 2.25%, keep in mind some of the key features of the TD variable rate product in particular that may make it worth the extra few dollars: You did not wind up in this product with this institution by accident.

• The TD variable is a Fixed Payment product, which means your effective payments will remain the same. This is meaningful if the subject property is an investment property as well – no change to your monthly cash-flow.

• The TD variable is nearly the only product that can be converted into a 3-year fixed from day one. (Currently ~ 2.29% – but this is just an example, not a suggestion for action) There are greater options with TD than with other lenders.

• The pre-payment penalty to break this mortgage is only ~0.50% of the balance, about nine times less than the penalty to break out of their 5-year fixed product (which 60% of clients wind up doing). Keep this in mind before locking in, I am not locking my TD variable in anytime soon.

• TD is the only lender that gives you 12 months to find a new home to move the mortgage over to and grants a full penalty refund…even if they give you a deeper discount on the new mortgage! That’s right, a full penalty refund up to a year later, and possibly and even deeper discount!

What is this increase costing me?

A 0.15% increase results in an interest-expense cost increase of $12.50 per $100,000 outstanding.

Got a $300,000.00 mortgage? Then your payment just went up by zero, but the interest component within your payment did go up by $37.50 per month.

Is the Bank of Canada going to raise Prime too?

Highly unlikely by all current estimates.  Said estimates being made by people far smarter than myself.

Will TD raise their own Prime rate further?

This also seems unlikely.

Will TD lower their Prime back to 2.70% to get in line with ALL of the other financial institutions?

Perhaps if TD gets enough pressure from clients they will – and this is where I suggest a call to your TD branch to express your displeasure with them being the only bank to do this to their clients. And only to their mortgage clients.

Do you have an unsecured credit line? Car loan, TD credit card? All good they left the interest rates the same on those. What’s that, you carry no high interest debt? Yep, TD is sparing the folks with consumer debt and only coming after those with mortgage debt. A touch ironic for sure.

If you wish to call TD directly. Look up the local branch here, press ext ‘250’ and this will connect you to the branch manager directly.

This is a phone call that may result in some action – or you can always call your local Dominion Lending Centres mortgage professional for more information.

DUSTAN WOODHOUSE
Dominion Lending Centres – Accredited Mortgage Professional
https://dominionlending.ca/news/what-happened-with-prime/ 

Whenever I get a call from a Real Estate Agent or client asking me about obtaining mortgage financing for a former grow-op the first thought that comes to my head is, “Why would anyone want to buy a former grow-op?”. This blog post was written not only to explain the process of obtaining a mortgage for a former grow-op, but also to present some opinions on why you shouldn’t.

How will I know the property I’m buying is a former grow-op?

In British Columbia, the property disclosure and/or MLS® listing will indicate the property has been a former grow-op. Not all provinces in Canada require a property disclosure. Use a Real Estate Agent who can research the property and help find out if it was a former grow-op.

Where can I get a mortgage for a former grow-op?

The truth is, not very many places. This is part of the reason I always encourage clients to avoid buying a former grow-op.

Over the past few years the majority of lenders in Canada no longer finance former grow-ops. There’s a good chance that if you walk into your local bank branch they’ll turn you away. There is only a handful of lenders left that will even consider lending on a former grow-op and for the most part are made up of local Credit Unions.

Since there are fewer mortgage financing options for a former grow-op, be prepared to potentially pay higher rates at origination and renewal. Make sure you thoroughly review the terms & conditions of the mortgage and make sure they fit with your current and long-term goals for the property.

While you might be getting a “deal” on the purchase price of a former grow-op, you may find it ends up costing you more in the long run since you are pigeon-holed into one lender.

When will a lender loan on a former grow-op?

Lenders will only provide financing to a former grow-op if it has been fully remediated. In British Columbia whenever a property disclosure and/or MLS® listing indicates that a home has been declared a grow-op, lenders will require a satisfactory Phase 1 Environmental Assessment and a re-issued occupancy permit by the applicable municipality.

If you are thinking of purchasing a former grow-op, the listing Real Estate Agent should have both on hand. Ask to see them. Without both a satisfactory Phase 1 Environmental Assessment and occupancy permit in place you will not get a mortgage.

How does buying a former grow-op affect value?

In this video Calgary Real Estate Agent Kelley Skar explains how purchasing a former grow-op will affect value of your home should you decide to sell. Since former grow-ops were once a hazard to the surrounding area they can contribute to a decline of the market value of the property.

Kelley mentions in the video that the home doesn’t need to be disclosed as a former grow-op. While this is the case in certain provinces in Canada, in British Columbia sellers are required to complete a property disclosure and this information is fully disclosed so all potential buyers will know it is a former grow-op.

Since a former grow-op is stigmatized, you will find less buyers interested in the property in the first place. Something else to consider is that it will be more difficult to find a buyer for your property since many people want to port their mortgage when they are purchasing a new home. There’s a good chance that these potential buyers can’t port their mortgage to a grow-op since their lender won’t finance them.

Should I have other concerns when buying a former grow-op?

Absolutely! Since the property was once used for criminal activity you need to aware that your property may still be viewed as such by other criminals, and you may be more susceptible to home invasions and break & enters.

Still want to buy a former grow-op?

Hopefully you will give it a second thought after reading this blog post, but if you are still wanting to buy a former grow-op, get in touch with me and we can discuss further. I can make sure you are pre-approved at a lender that finances former grow-ops and get you in touch with a Real Estate Agent that has experience with these types of properties.

Update: February 12th, 2013

After publishing this post I was contacted by Patrick Johnstone, an Environmental Geoscientist experienced in managing contaminated sites issues in British Columbia. Patrick is also a New Westminster resident and you can find him on Twitter (@NWimby) and his blog over at NWIMBY (New Westminster In My Back Yard).

His comment offers a far more technical insight into buying a former grow-op so I have posted it below.

The production of illicit drugs (grow-up, meth lab, etc.) is considered a “Schedule 2 Activity” under the BC Contaminated Sites Regulation (“BC-CSR”). This means that any property where these activities took place are subject to a bunch of screening measures that would normally only be applied on commercial or industrial properties where activities “likely to cause contamination” took place. So the house is now in a classification with gas stations, machine shops, coal mines, etc. Illegal grow ops and meth labs are one of the very few “Schedule 2 Activities” that commonly take place on residential-zoned property, and therefore the only time most residential landowners would encounter the BC-CSR.

From a Provincial legislation side, if you go to the City to request a Demolition Permit (or a Rezoning, Subdivision or Development permit) for a property where there has been Schedule 2 Activity, the City is required to get a Site Profile from you outlining the site history, and send that to the Ministry of Environment prior to issuing a permit. The Site Profile must be filled out by someone knowledgeable of the site history, and if the presence of a illicit drug operation was disclosed to you on the Property Disclosure form, you must relay this information forward (or risk defrauding the governmenta bad idea). At the very least, this is a 2-week inconvenience while the Ministry decides your property is no risk and releases the Permit. At the worst, the Ministry may “freeze” the permit, preventing the City from issuing any approvals until the property is cleaned up to the Ministry’s satisfaction.

The Phase 1 Environmental Site Assessment will not likely provide this assurance to the Ministry. The actual report required is a “Stage 1 Preliminary Site Assessment”which is a slightly expanded Phase 1 ESA that has all the bells and whistles required by the Provincial Regulation.

For an urban grow-op scenario, this report will cost anywhere between $1,500 and $3,000 depending on the Environmental Professional you hire and their thoroughness. Even this report is just a table-top survey of the property history with a site visit to assess conditions; it will not test for the presence of contamination.

If that report comes back saying there is no reason to suspect any environmental issues, the homeowner may send that to the Ministry, and they “may” release your permits. If, however, this report suggests that there is evidence or a high probability that polluting substances were spilled in the soil, or a septic field exists where chemicals may have been dumped, or there is any other reason to suspect contamination (e.g., stressed vegetation, oil stains on a gravel patch, etc.), the Ministry would request a “Stage 2 PSI.” This stage involves drilling a couple of small holes in the yard, putting some soil in a bag and groundwater in jars to send off to the lab for analysis. Even if no contamination is found, you are lucky only paying $15,000 or more in investigation costs. If contamination is found (those gangsta guys poured their leftover glycol out the back door instead of depositing it in a regulated landfill!) you will be headed down a real rabbit hole. It can take tens or hundreds of thousands of dollars, and more than year, to complete investigations and perform the cleanup required to get permission from the Ministry to redevelop your land.

The only way to be sure your former-drug-house property is not going to cause you contamination issues down the road is not to have an “Phase 1 ESA” in hand, but a “Determination” letter from the Ministry stating that the site is not contaminated, or a “Certificate of Compliance” from the Ministry stating that the site has been cleaned up to the Ministry’s satisfaction, and no longer is considered contaminated. It is important to note that both of these Ministry documents arrive with a series of “Schedule B Conditions” which must be adhered to for the Determination/Certificate to be valid, and may reduce your enjoyment of your land.

This is just a little peek into the window of the BC Contaminated Sites Regulation. I would not suggest anyone get involved in purchasing a piece of Contaminated Land until they fully understand the CSR, or (much better) get the advice of a Qualified Environmental Professional to advise if/how they will need to interact with the Ministry in order to get their potentially-contaminated land cleaned up, or cleared of the legislative stigma of a “Contaminated Site.”
 

SCOTT DAWSON
REW.CA
http://www.rew.ca/news/think-that-former-grow-op-is-a-deal-think-again-1.2096053 

When purchasing a property, it can be an overwhelming experience. Especially with the current real estate market when you need to make fast decisions and you need to get your questions answered quickly. Many think that their only option is talking to their bank where they do their daily banking to get their mortgage. The question is you’re your ever considered working with a Mortgage Expert? A Mortgage Broker?

There are many reasons why you can benefit from using a Mortgage Expert. A mortgage consumer survey conducted in 2015 by CMHC found in that 55% of first-time buyers reported arranging their mortgage through a mortgage broker.

The survey also reported that overall, recent buyers were satisfied with their experience using a broker (79%) and almost half (47%) “totally agreed” they were satisfied and 32% “somewhat agreed” they were satisfied.

The following are some reasons why you should consider working with a Mortgage Expert:

• Mortgages are our area of expertise

When you need a mortgage or are refinancing your existing one you will have questions such as. Where do I start? Which lender is the best fit for my needs? Which lender can offer me the best value? What are the real differences between mortgages? Which terms and features are the best for my unique needs?

Mortgage Experts have the answers. They work and have experience working with up to 200 plus lenders including big banks, credit unions and other lenders that only work with brokers. They understand the benefits of the various rate options, are familiar with the different types of mortgages and find the best mortgage for your unique needs. In comparison, if you approach your bank for a mortgage, they can only offer you a limited choice of their own products.

• Mortgage Experts find solutions that fit your unique needs

They will help you navigate the confusing and overwhelming road of the different rate types, mortgage options and terms while helping you find the best solution for your current circumstance and your long term plans. Mortgage Experts take the time to understand your financial needs and situation. In addition, to all of this, they help you avoid unnecessary risks and can save you money.

• Help you save time and money

Buying a house is time, energy and emotionally consuming. Finding the right home and finding the best mortgage that is right for you can take hours, days and even weeks if you were to do it yourself. Mortgage Experts do most of the leg work for you. They will research mortgage options, process your application, obtain the required documentation requirements and negotiate on your behalf. This means less disruption to your daily life and more time to focus on your home research and enjoy the process of homeownership.

• Multiple options for every client

Since each bank and lender have their unique guideline and programs. Mortgage Experts are able to assist clients with different situations. They are able to help if you don’t have sufficient funds for the down payment or/and closing costs. If you are self-employed or own your own business making it difficult to verify their income or if you have credit blemishes.

• The services of a Mortgage Expert are free

Yes, Mortgage Experts are paid their fees by the lender, not by the person who is using the mortgage broker’s services. There is no cost for the client.

Before you start shopping for your home, contact a Dominion Lending Centres Mortgage Expert to assist you in your road to homeownership.

ALISA ARAGON
Dominion Lending Centres – Accredited Mortgage Professional
https://dominionlending.ca/news/aside-banks-options-mortgage/ 

When bad things happen to good people sometimes the reality is they just can’t keep up with their mortgage payments. While Canadian mortgage defaults are amongst the lowest in the world at just 0.31%, foreclosure still happens.

In BC, if a lender forecloses on a homeowner they are required to give the borrower a 6-month Redemption Period – time granted to bring their mortgage up to date or find another lender. If at the end of this period the borrower is unsuccessful the foreclosing lender can ask for a Court-Ordered Sale. Once granted the property will be appraised and then listed by a realtor for sale at a price that will get the bank their money back in a reasonable amount of time. This usually translates into a lower asking price than if the seller that could hold out for the best the market has to offer.

If you have found a property in foreclosure listed at a great price there are a few things to consider before submitting an offer.

First, as soon as an offer is made and accepted a court date is set for about two weeks after. At court other parties can attend and make their offers and it can turn into a bidding war with the Court approving what they feel is the best offer.

Another point to consider is that you have to come to court with basically a condition-free offer. This means if you need financing to buy it you can only have one condition left on the mortgage approval – the Court accepting the offer. If you have less than 20% down and need mortgage insurance (CMHC) some lenders won’t take it to the insurer before your offer is accepted so your options may be limited somewhat. You have a much stronger bid if you have more than 20% to put down.

The rest of the financing conditions are pretty much exactly what to expect but again, all conditions need to be satisfied before presenting an offer. This means the cost of an appraisal and house inspection are upfront costs that may be a waste of money if you don’t get the property in the end.

Once the Court approves your offer the completion date is set usually for two weeks after that so you had also better be prepared for a hasty move if that proves necessary.

The last thing to note is that once the sale completes at lower than true market value you have now effectively established a new value for your place. Over the next 6-months or more likely a year an appraisal on this property will have its own sale price factored into its appraised value so if flipping is your game you could have a longer than normal investment period before seeing it’s true market value reflected.

Buying a foreclosure is a step up in the complexity of buying real estate so always seek the professional advice of a Dominion Lending Centres agent before jumping in.
 

Before we start, something needs to be made clear: B.C.’s First-Time Home Buyers’ Program is not the same thing as First-Time Home Buyers’ Tax Credit and it is also not the same as the Home Buyers Plan. The First-Time Home Buyers’ Program in British Columbia gives individuals the opportunity to reduce or eliminate the property transfer tax they pay when purchasing their first home.

Property transfer tax is exactly as it sounds: a tax you pay to transfer your purchased home into your name. It is a one time tax everyone pays when they buy a home and it is not the same thing as yearly property tax payments. Property transfer tax is equal to 1% of the first $200,000 of a property’s value plus 2% on any amount over $200,000 up to $2,000,000. So, if you buy a house or condo worth $350,000 you will pay $5,000 in property transfer tax (1% of $200,000 plus 2% of $150,000).

In order to qualify for this First-Time Home Buyers’ Program and be exempt from paying your property transfer tax, you must be:

* Canadian citizen or permanent resident

* Lived in B.C. for 12 consecutive months up until you register the property OR filed at least 2 income tax returns as a B.C. resident in the past 6 years.

* Have never owned any portion, of any home or residence, anywhere in the world at any time.

* Have never received a first-time home buyers’ exemption or refund.

If you qualify for the above, then you must make sure the property qualifies for the following:

* Located in B.C.

* Your principal residence (you must live there and not rent it out)

* Have a value of $475,000 or less if register on or after February 19, 2014

* be smaller than 0.5 hectares (53,819.60 sq. ft.)

Any amount over $475,000 just means you will not receive a 100% exemption or refund, and you will still need to pay a portion of the tax. To find out what that portion would be, you can visit: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers/current-amount#current-exempt or call the mortgage professionals at Dominion Lending Centre – we’re here to help!

RYAN OAKE
Dominion Lending Centres – Accredited Mortgage Professional
https://dominionlending.ca/news/b-c-s-first-time-home-buyers-program/ 

Mortgages are like vehicles. A bank is similar to the brand, Ford or Toyota for example. How long you have a mortgage before it’s time to renew is like the model, a Fusion or Camry. The rate is similar to the car’s paint color, and the mortgage benefits such as prepayment privileges and portability are like the car’s benefits; 4-wheel drive, hatchback, four doors instead of two, etc.

A bank is like a sales person at a Ford or Toyota dealership. He or she know everything about every car on their lot; engine size, warranty, all available colors, and their fuel ratings. He or she can match any car to your needs and lifestyle, as long as it’s sold at their lot.

But what if they don’t have the most fuel efficient car? What if you don’t like the design or you need four doors and a trunk and all they have is two doors and a hatchback? Are you still going to buy from that dealership just because you went there first? No, you’re going down the street to check out the Chevrolet, maybe even BMW, Mazda, or the new Chrysler dealership. That sales person doesn’t want you to go buy from another lot down the street, but you are buying to satisfy your needs, not the dealership’s needs of selling their own cars.

Now imagine a dealership that sold every single make and model of vehicle. Imagine you could choose one of their sales people, and have them work only for you. They know just as much or even more about every make and model, they do all the research for you and tell you what you need to look for, they ask you the important questions; they have your best interest. That is a mortgage broker, your own personal expert.

Now, you may not need a personal expert to buy a car. But what about mortgages? Is a 0.10% lower interest rate a lot? Or will a 20% prepayment privilege instead of 10% be more advantageous? Can you switch lenders and move your mortgage? $15,000 or $5,000 penalty? How is it calculated? Fixed or variable? Is a collateral charge good or bad? 2-year term or 5-year? Big bank or monoline lender? How about credit unions? The list goes on.

So, a bank or Dominion Lending Centres mortgage broker? Put it this way; would you buy from the first dealership you visit or hire an expert?

RYAN OAKE
Dominion Lending Centres – Accredited Mortgage Professional
https://dominionlending.ca/news/bank-mortgage-broker/