Author: Ryan Oake

14 Nov 2019

Payment Frequency

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

One of the decisions you will need to make before your new mortgage is set up, is what kind of payment frequency you would like to have. For many, sticking to a monthly payment is the default, however, different frequencies may end up saving you less interest over time. Monthly Payments Monthly payments are exactly Read More

12 Nov 2019

Principal & Interest

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

Principal and interest are the two components that make up a mortgage payment. Principal is the portion of your payment that goes towards paying down the outstanding balance of your mortgage. Interest is the other portion of your payment which goes directly into the pockets of your lender and does not contribute to paying down Read More

19 Sep 2019

Fixed Rates Outweighing Variable

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

We are currently in a very unique situation when it comes to 5-year fixed and 5-year variable interest rates. For the first time in almost a decade, the lowest 5-year fixed interest rate is more than 0.30% lower than the lowest available variable interest rate for new mortgages. For some, their current variable rate is Read More

22 Aug 2019

Stress Test Rate & Recent Decrease

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

Currently, all borrowers in Canada need to qualify for a new mortgage at the current Bank of Canada Benchmark Qualifying Rate or at their approved mortgage interest rate plus 2.0%, whichever is higher. For more than a year, this Bank of Canada Benchmark Qualifying Rate has been 5.34%. Now, for the first time in 3-years, Read More

7 Jun 2019

Home Buyer Tax Credit

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

When you purchase a home as a first time home buyer, you have a third benefit on top of the First Time Home Buyers’ Program and the Home Buyers Program- the Home Buyer Tax Credit. The Home Buyer Tax Credit allows you to claim $5,000 for the purchase of a qualifying home in the year Read More

5 Jun 2019

Home Buyers’ Plan

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

The Home Buyers’ Plan is a Canada wide program that allows individuals to withdraw a certain amount from their Registered Retirement Savings Plans (RRSPs) for the purposes of qualifying for a home or if you are planning to help a related person who may have a disability. Currently, the maximum amount an individual can withdraw Read More

9 May 2019

Sole Proprietors

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

Sole proprietors are individuals who run their own business and do not have it set up as a corporation or partnership. The biggest difference between them and a corporation is that a sole proprietor does not have separation between their business and themselves. This means that when taxes are filed, all costs that are essential Read More

3 May 2019

Corporations and Mortgages

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

For self employed clients, incorporation is a popular business structure we tend to encounter. Having a corporate structure to your business allows for effective separation between the individual and the business. If you own your business and have it set up as a corporation, that corporation is essentially its own person. They have their own Read More

11 Apr 2019

Condo Home Insurance

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

First thing I would like to say about home insurance- this is not what we specialize in. We are experts when it comes to brokering mortgages, not determining what type of home insurance would be best suited for you. That being said, there are 3 key topics we would like people to be aware of Read More

9 Apr 2019

Income Qualified

Posted by: Ryan Oake

Dominion Lending Centres - Accredited Mortgage Professional

There are several different ways a borrower can qualify for a mortgage when it comes to their income. One of the most common ways is known as income qualified. All of the following methods of employment income are under the income qualified umbrella: Annual salary income employees Full time employees working guaranteed weekly hours Part 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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