Author: Geoff Lee

5 Dec 2017

OSFI mortgage changes are coming

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

As many of you may remember, this past October the Office of the Superintendent of Financial Institutions (OSFI) issued a revision to Guideline B-20 . The changes will go into effect on January 1, 2018 but lenders are expecting to roll this rules out to their consumers between December 7th – 15th, and will require conventional mortgage applicants to Read More

24 Nov 2017

Mortgages and Paperwork

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

Paperwork-it’s a fact of life. You need it and we as mortgage professionals also need it. Below is a list of must have documentation BEFORE you start going through the mortgage approval process. Personal Information This will be the basic information we require to start your mortgage process. It will include your age, marital status, Read More

16 Nov 2017

Mortgage Insurance 101

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

When you purchase a property, you may be a little overwhelmed by all the insurance offers related to the purchase of said property. Mortgage Insurance, Condo Insurance, Mortgage Default Insurance, Earthquake Insurance; the list goes on and on. It can be confusing, and it is important to know what insurance covers what. For instance, Mortgage Read More

1 Nov 2017

How to Get a Mortgage After Bankruptcy

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

Bankruptcy is always the last resort-and it’s never easy or comfortable. However, sometimes it is the only option to turn to when life throws you something unexpected. The lasting impression it can have on one’s financial profile though can be overwhelming. If you have bankruptcy in your past, don’t fear-we have 6 steps to take Read More

20 Oct 2017

New mortgage changes decoded

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but it is possible they will abide by Read More

13 Oct 2017

What is an interest rate differential (IRD)? How do you calculate it?

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

A mortgage in its simplest form is a contract. It has terms, conditions, rights and obligations for you and the lender. When you sign on the dotted line, you are agreeing to those terms for the length of time laid out in the contract. However, sometimes life throws us an unexpected event that brings around Read More

5 Oct 2017

Go Green & Save!

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

We all do different things to go green in our day to day life: using reusable shopping bags, biking instead of driving, re-using water bottles… you name it. All of the various steps we take to minimize our environmental foot-print give us the satisfaction of knowing we are working towards a greener tomorrow-but how often Read More

22 Sep 2017

Mortgage changes are coming—are you prepared?

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

We know – more changes?! How can that be! With this ever-changing landscape, mortgages continue to get more complicated. This next round of changes is predicted to take affect this coming October 2017 (date not yet available). These new rules contain three possible changes, the most prominent being the implementation of a stress test for Read More

15 Sep 2017

How to Invest in Canadian Real Estate-From abroad

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

Just because you are a Canadian citizen living abroad doesn’t mean that you are exempt from the rules for foreigners buying real estate in Canada. Foreign ownership applies if: • You don’t reside in Canada for more than 6 months a year (even if you are Canadian) • You don’t report your working income to Read More

21 Aug 2017

Everything you Need to know about Reverse Mortgages

Posted by: Geoff Lee

Dominion Lending Centres - Accredited Mortgage Professional

Wouldn’t it be wonderful to be able to have money to do more of the things you love? To be able to have the freedom to pursue things you truly enjoy, especially in your Golden Years? Enter in a CHIP Reverse Mortgage! A Reverse mortgage is a simple and sensible way to unlock the value 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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