Committing to a mortgage for five long years exposes people to the most insidious aspect of residential financing: prepayment charges. And when it comes to such charges – the penalties you pay come when you back out of your mortgage early – some lenders take a greater toll on your bank balance than others. Big […]

While a conventional mortgage advances you funds in order to buy a house, a reverse mortgage is just the opposite: It advances you funds from the house you already own. In this era of declining pensions, increased longevity and costly long-term care, are reverse mortgages a godsend? Or are they another symptom of growing debt? […]

Source: Spagnuolo Law Video Link: https://youtu.be/g3ICOXIEBik

DLC’s Update on the new Bank of Canada Qualifying Rate.

f it wasn’t for mortgages, most Canadians probably wouldn’t be able to afford a home purchase. But thanks to home loans, investing in these expensive assets is made possible. Given the sky-high prices of homes these days, it’s nearly impossible to be able to come up with the funds to cover the full purchase price […]

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In the 2019 Federal Budget, Finance Minister Bill Morneau announced a new plan to help First Time Homebuyers. The idea is to improve affordability by providing a government 5% Equity Interest (10% on new construction) on home sales: effectively an interest-free loan, with actual repayment terms undetermined, but due upon sale of the home. Which […]

Five-year fixed mortgage rates continued their upward march last week as the five-year Government of Canada (GoC) bond yield they are priced on hit its highest level in seven years. Meanwhile, five-year variable-rate discounts deepened, further widening the gap between five-year fixed and variable rates. When I started working in the mortgage industry in 2005, […]

There seems to be some confusion about what it actually means to co-sign on a mortgage… and any time there is there is confusion about mortgages, it’s time to chat with your trusted Dominion Lending Centres mortgage professional! Let’s take a look at why you would want to have someone co-sign your mortgage and what […]