Author: Len Lane

4 Aug 2017

Conventional Mortgages Have Become…

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

What have they become? Well in one word complicated. I just ran some numbers for a client and it is based on a $400,000 purchase with 20% or $80,000 down payment. These three scenarios have been reproduced in our Filogix system and the numbers are as per their calculators. Scenario one is get a better Read More

10 Jul 2017

Rate Increases and your ARM vs VRM

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Some of you are going to ask what is a ARM and VRM? These two acronyms are mortgage speak for adjustable rate mortgage and variable rate mortgage. These two mortgage products are both based on the prime rate of interest, in most cases this is 2.70% at the bank. TD chose to be higher by Read More

19 Jun 2017

Are you looking for a mortgage as if it were a commodity?

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

I’ve heard brokers say more than once that mortgages are a commodity, by definition a commodity is a basic good used in commerce that is interchangeable with other commodities of the same type. That doesn’t sound like mortgages to me. While the core product is always the same, money lent that is secured by real Read More

18 Apr 2017

Independent Legal Advice – Do You Know Who Can Give It To You?

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

First off, I’m sure some are saying what is Independent Legal Advice? ILA is just as it sounds – the need to seek independent legal advice. At Dominion Lending Centres, we always suggest that clients get ILA. Many times especially, in private deals and builder mortgages, you will see that there is only one lawyer Read More

23 Feb 2017

So You Want To Port Your Mortgage?

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Recently a video appeared on Linkedin and a few other places singing the praises of porting your mortgage and making it seem like a walk in the park. If you have ever done one, then you would know that it is anything but that scenario. Porting is not much different than qualifying for a new Read More

1 Feb 2017

RRSP’s For Your Down Payment??

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Are you a first time home buyer and looking to use your RRSP’s as a down payment? Here’s a few things you need to know: 1. To use this program you must have not owned a home in the last 4 years but did you know that if your spouse owned a home previously and Read More

23 Nov 2016

What Else Did the Finance Department Change on October 17th?

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

As the dust is settling on the major changes to the mortgage qualifying rate and it is back to work as usual, some Canadians are starting to realize that there were some other significant changes that affect us all. Starting this year you must now declare which property is your principal residence. There will be a Read More

18 Oct 2016

Can You Handle the Projected Increase In Mortgage Rates?

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Lately we’ve seen projections that rates will begin to increase through the next 15 months. Some banks have projections that show the 5 year bond will increase from the current .65% to 1.7% that 1.05% increase will equate to these numbers. The 5 year mortgage rate on average is set by most lenders at the bond Read More

5 Oct 2016

So, What Is An Unregulated Mortgage?

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Lately in the news we have seen several articles on major mortgage fraud happening in different parts of the country. Many of these cases involved unregulated mortgages and they are the source of most of the complaints to the governing bodies in each province. Consumer education on the different types of mortgage lenders is very Read More

18 Aug 2016

New Mortgage Rules and Their Impact

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

A short time ago Canada Mortgage and Housing Corporation (CMHC) changed the rules on how much down payment buyers have to have in place to buy a home worth more than $500,000. The new rules stated that you have to have 5% on the first $500,000 and 10% on the remaining balance up to $999,999. 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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