Author: David Cooke

2 Oct 2018

The Pros and Cons of Co-Signing for a Mortgage

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

If you keep up on the news you know that qualifying for a mortgage is getting tougher and tougher. Someone who would have sailed through the application process 10 years ago could find themselves declined for a mortgage today. Often I find applicants can afford the monthly payments but they can’t prove that their income Read More

20 Sep 2018

A CHIP Success Story

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

A few years ago, I met with my Home Equity Bank representative. He was trying to encourage me to go visit my financial adviser referral partners to offer the Chip Reverse Mortgage product. I explained that I did not know anyone who had a reverse mortgage so it was hard to promote to financial advisers Read More

31 Aug 2018

Your mortgage broker is here to help

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

For many people in Canada, they are first-time home buyers. Or if they are new to Canada, it’s their first home purchase in a new country. They may not be aware of the rules and guidelines. It’s the job of your mortgage broker to make you aware of what is expected from you to avoid Read More

29 Aug 2018

What happens when your credit card account is closed

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

I have been working in the mortgage industry since 2005. I have had all sorts of clients over the years. Every once in a while I get someone who has a car loan , a couple of credit cards but there’s a collection from a credit card, a dentist or some other creditor. When I Read More

23 Aug 2018

Toys and buying a home

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

In 2005, I was asked to do a pre-approval by a couple hoping to buy a home. I went through the application with them and pre-approved them for $320,000. They were astounded. They told me that their bank told them that they were qualified to a maximum of $260,000. They wanted to know how I Read More

20 Aug 2018

Mortgage brokers have solutions

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

A lot of people are getting stressed out by Canada’s new mortgage stress test. In the past, if you had a good sized down payment (ie 20%) someone with a low income could purchase a home even if they did not meet the debt level guidelines for insured mortgages of 32/40 . Later this was Read More

10 Aug 2018

A tailor-made solution for some borrowers

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Recently, two of my lenders came out with new products – Interest only mortgages. We have had these available from private lenders for many years but at much higher interest rates. They are useful for real estate investors and people who have consolidated debts and need six months to a year to get back on Read More

23 Jul 2018

5 Reasons why every realtor needs a mortgage broker at their open houses

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Realtor Safety – While we do not have the safety issues that realtors experience south of the border, there have been incidents involving female realtors being assaulted or feeling uncomfortable being alone with strangers walking around the house. Property Safety – Did you know that when a realtor is holding an open house they are Read More

21 Jun 2018

5 Tips on how to get out of debt and into your own home

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

To get out of debt, you need a plan and you need to execute that plan. That’s why I’ve created this simple, five-step, get-out-of-debt checklist that can help you leave that financial burden behind you. As you work on your plan, you’ll need to make all necessary adjustments to your budget along the way so Read More

31 May 2018

When double dipping is okay

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Perhaps you remember the Seinfeld episode where George Costanza catches someone double dipping in the salsa. While this is considered unsanitary and bad manners, some forms of double dipping are okay. Sometimes two levels of government want you to do something, so they offer you an incentive. The idea is that people’s behavior over time 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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