Some of the last round of changes from the government regarding qualifying for a mortgage were that if you have a balance on your unsecured line of credit, then to qualify for mortgage the lenders require that we use a 3% payment of the balance of the line of credit. Simple math is,  if you […]

HELOC, Refinance or Second/Third Mortgages? Which one should you choose to go with? If you have decided to tap into the equity in your home, the three can seem to be interchangeable at times and for many consumers can be a difficult decision on which one to select. We have laid out seven questions to […]

It’s always a pleasure giving back to the community.  Glad we could put a smile on some little kids faces this year! Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a […]

You have a family member that doesn’t qualify for a mortgage on their own and needs a co-signor. Since you’re a nice person, and of course would like to see your son/daughter/parent/sibling in a better position, you agree to co-sign for the mortgage. If I had a dollar for anytime I’ve heard the phrase “but […]

At a quick glance a reverse mortgage and a HELOC appear very similar. However, once you begin looking at the details they have many striking differences between them. In short, while both can meet the immediate purpose of the loan, a reverse mortgage is designed to accommodate the individual’s lifestyle well after they receive the […]

As expected, the Bank of Canada held rates steady at 1.25% for the third consecutive month but said that first-quarter growth was stronger than expected and that developments since April suggest that higher interest rates will be warranted. The first quarter GDP numbers are out tomorrow morning, and it’s clear the Q1 growth will be […]

You may have heard that rates are changing, and that is true. They don’t call it war for nothing and you need an expert by your side! Think of mortgage brokers as your loyal soldiers. What we are seeing is exactly what we anticipated when prime rate goes up and discounts go down. Confused? Don’t […]

April is usually the start of a spring housing market ramp-up, but this year the new mortgage stress test and rising mortgage rates have continued to be a negative factor. Those expecting an early-stage pick-up marking an end to the payback for sales pulled forward into the fourth quarter of last year have been sorely […]

It’s a mistake to shrug off interest rate increases because all banks are doing it. There’s a lot of sameness to how banks treat their customers, but raising rates is an exception. We’ve recently seen varying levels of aggressiveness in raising mortgage rates. And in one case, we’ve seen an unusually shaky hand in ramming […]

With the Bank of Canada holding rates steady this April, the same is not the case for the bond market, which impacts fixed rates. In every interest-rate market there are many factors leading to and increase and we are hoping to provide a little bit of clarity on what is happening and what it means […]