Author: David Cooke

13 Jun 2019

99 Year Mortgages and the Power of Amortization

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Back in the late 80’s, the Japanese housing market came to a grinding halt. Homes were no longer affordable for your average Japanese consumer. The government came to the rescue with a novel idea: 99 year mortgages. You could buy a house, pay lower more affordable payments, your son or daughter would take over and Read More

28 May 2019

6 ways to get a down payment

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

When is it time to think about saving for a down payment? I would say about a year before you think about buying a home. While that’s ideal in today’s world, we often do not have much time to save for a down payment. Sometimes your landlord is planning on retiring and wants to sell Read More

24 May 2019

3 things you may not know about cash-back mortgages

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

About twice a year, one of the big Canadian banks likes to run an advertising campaign for their cash back mortgages. These are mortgages usually with 5 year terms where you receive a certain percentage back in cash. The percentage varies from 1% to 5% in most cases. You can use these funds to build Read More

14 May 2019

Going Long, 5 year + Mortgages

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Recently, Stephen Poloz, the governor of the Bank of Canada stated that he felt that lenders and by offshoot, mortgage brokers, were not being creative in promoting mortgages for periods of longer than 5 years. He feels that the longer the term the less risk there is and people will be able to qualify for Read More

8 May 2019

5 Things NOT to do before closing on your new home

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

1. Change your job.  You were qualified for your mortgage financing based on your income, years at the job and the understanding that you were there for a while. Changing jobs should be put off until after possession day. 2 – Changing your name. Make sure that your identification and your name match. Do not Read More

25 Apr 2019

The Family Plan Program Explained

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Genworth Canada, one of the three mortgage default insurers in Canada, offers a program called Family Plan. It provides you with a solution which only requires a 5% down payment to take advantage of its unique solutions to family problems. In the past, I have used this with clients who want to purchase a home Read More

16 Apr 2019

What’s included in a home purchase agreement

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

While a home purchase agreement may seem simple and straight forward, there are many differences that you can encounter that can be a big surprise to first-time homebuyers. While you expect the date of possession and the full purchase price to be outlined in the agreement, there are items that you may not be aware Read More

2 Apr 2019

We’re not just a mortgage company

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Well, it finally happened. I was meeting with a financial advisor today and they looked at my business card and asked “Why does it say Dominion Lending Centres and not Dominion Mortgage Company?” I have been waiting 7 years to hear this question. I had an answer all ready for today. I said “that’s because Read More

27 Mar 2019

A bank that may not be familiar to you

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Quiz time! Who is the largest non-bank mortgage originator in Canada with over $100 billion dollars in mortgages under administration? Answer – First National Financial Corporation. If you’ve never heard of them before, don’t feel bad. The only way to get a First National mortgage is through the broker channel. They do not have any Read More

20 Mar 2019

When Death Strikes Suddenly

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

Recently I was finishing up a mortgage with a young couple who had just had a beautiful baby girl. I brought up the topic of mortgage and life insurance as well as getting a will written up. The response from the husband was that it was such a morbid topic and a real downer when 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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