Author: Brian Mill

25 Apr 2016

What Exactly Is a “Reverse Mortgage”?

Posted by: Brian Mill

Dominion Lending Centres - Accredited Mortgage Professional

In a nutshell, a CHIP mortgage or “reverse” mortgage is a mortgage that is secured by the client’s principal residence and as long as one of the client’s lives in the house, it never has to be repaid, not even the interest. “CHIP” stands for “Canadian Home Income Plan” by the way; however the lender Read More

25 Jan 2016

Top 5 Questions To Ask Your Mortgage Lender Before Signing On the Dotted Line

Posted by: Brian Mill

Dominion Lending Centres - Accredited Mortgage Professional

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 Read More

23 Jul 2015

Pros and Cons of Collateral Mortgages

Posted by: Brian Mill

Dominion Lending Centres - Accredited Mortgage Professional

During the past couple of years the term “collateral mortgage” has gained a bit of a negative reputation, especially since TV shows like CBC’s Marketplace have taken notice. Marketplace felt it was worth doing a segment about collateral mortgages because the lenders offering this product were not disclosing the downside of this type of mortgage. Read More

  • Residential Mortgages

    The purchase of a home is the largest purchase most people make during their lifetime. At Dominion Lending Centres, we want to make each and every purchaser aware of the many mortgage options available to them prior to their purchase and closing date.
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  • Commercial Mortgages

    Dominion Lending Centres Commercial has established excellent relationships in the lending community with pension funds, banks, credit unions, life insurance companies, trust companies, private institutions and individual investors.
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