Author: Len Lane

21 Nov 2018

Looking for a mortgage… you better know your credit score

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Over the last month, as the big banks and many of our monolines mortgage lenders wind down their fiscal year, we are starting to see some very obvious changes in what your credit score can get you. I heard a few months ago that 720 beacons were going to become the new 650. The 650 Read More

19 Oct 2018

Your HELOC and declining property values

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Home Equity Lines of Credit (HELOC) for many years have been a way for Canadians to unlock equity in their homes and use the money for investing, paying for children’s education or quite simply lowering their monthly interest payments on high interest credit cards. This is all great if the property values remain steady, but Read More

22 Jun 2018

Is your Line of Credit Killing your Mortgage Application?

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Some of the last round of changes from the government regarding qualifying for a mortgage were that if you have a balance on your unsecured line of credit, then to qualify for mortgage the lenders require that we use a 3% payment of the balance of the line of credit. Simple math is,  if you Read More

14 Mar 2018

Refinancing in 2018

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Recently there were changes to the mortgage rules yet again, and one of the rule changes was regarding refinancing your home. At one point in the last 10 years you could refinance your home all the way back up to 95% of its current value, which in many cases has put that property what we Read More

16 Jan 2018

Coming off the Bottom

Posted by: Len Lane

Dominion Lending Centres - Accredited Mortgage Professional

Are the good times really over for good? Recently, for the first time since 2012 we have seen the 5-year bond market climb back up over 2.0%. Based on amazing employment numbers and the likelihood that the Bank of Canada will raise rates on January 17, the bond market has continued a climb out of Read More

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

  • 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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