When you are applying to get a new mortgage, you will be required to provide documentation. It’s important to understand, for compliance reasons, that all documents provided must be complete (all pages), unaltered and clearly legible. One of these documents is a letter of employment. This is to be done on a company letterhead and […]

Shopping for a new home can be fun and exciting, but there are many details that contribute to a property’s marketability. Mortgages that have the lowest total cost are reserved for the most marketable properties that are in prime locations as per the lender’s criteria. Please remember that a mortgage professional can never advise a […]

  Every time you apply for a new mortgage, your application has to stand on its own merit. Just because you were approved for a mortgage in the past doesn’t guarantee you will be approved for a mortgage in the future. Every application is its own thing! It doesn’t matter if you have have been […]

As a matter of fact I have been thinking of a testimonial, I’ve just been quite busy.  Here is our story, pick out whatever part you like.  I hope reading it give you folks a smile.   We got our down payment through a gift of inheritance, we never even considered that with housing prices […]

10 things to know about the 2016/17 provincial budget: 1. Buyers of newly-built homes worth up to $750,000 will be exempt from the property transfer tax, saving up to $13,000, effective Wednesday (only for Canadian citizens or permanent residents). 2. The new home tax exemption will only apply to people who actually live in the […]

Dec 31st 2015 Vancouver, BC – Dominion Lending Centres (DLC), Canada’s top mortgage company, is proud to announce its acquisition of Mortgage Architects, a leader in the Canadian mortgage space. DLC will keep all three of its brands (Dominion Lending Centres; Mortgage Centre Canada; Mortgage Architects) and run each of them alongside one another.   […]

Official Release from the federal goverment: http://www.fin.gc.ca/n15/15-088-eng.asp  Frequently asked questions: http://www.fin.gc.ca/afc/faq/hdpmeh-mfperpc-eng.asp Chart showing amounts required below

New down payment rules will go into effective February 15, 2016. The minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house price above $500,000, the finance ministry wrote. For example: A $750,000 home will now require $50,000 down — 5% for the first $500,000 and 10% […]

Mortgage Penalties… How They Should Be Calculated Let me say this first, before we get to the whole rip-off thing… Mortgage penalties are necessary. The bank has to protect their investment if you were to end up breaking off the mortgage early. I mean, this makes sense. It’s the nature of a loan. What doesn’t […]

Courtesy of the Globe & Mail In early 2013, Kelly Vandenham and her boyfriend were preparing to put an offer on a charming Craftsman-style house in West Kelowna, B.C. They had been preapproved for a mortgage with Canadian Imperial Bank of Commerce, but the couple’s realtor suggested they could get a lower interest rate at […]