17 May

Getting a Mortgage When You’re New to Canada.

Mortgage Tips

Posted by: Leeah Holle

has seen a surge of international migration over the last few years. In 2019, we welcomed a total of 313,580 immigrants to the country! This is an increase of 40,000 individuals when compared to 2017 numbers.

New to Canada Mortgages

According to planned immigration levels, it is estimated that Canada will receive 341,000 permanent residents in 2020. In 2021, we are expecting 351,000 and 361,000 in 2022. Federal Immigration Minister, Marco Mendicino, stated that by 2022, “the year’s new permanent residents in Canada will account for one per cent of the population”.

With all these new faces wanting to plant roots in this great country, we wanted to touch base on how new immigrants can qualify to be homeowners!

PERMANENT RESIDENTS

If you are already a Permanent Resident or have received confirmation of Permanent Resident Status, you are eligible for a typical mortgage with a 5% down payment – assuming you have good credit.

NOT YET PERMANENT RESIDENTS OR HAVE LIMITED CREDIT

For Permanent Residents with limited credit, or individuals who have not yet qualified for Permanent Residency, there are still options! In fact, there are several ‘New to Canada’ mortgage programs. These are offered by CMHC, Sagen and Canada Guaranty Mortgage Insurance, and cater to this group of homebuyers.

NEW TO CANADA PROGRAMS

To qualify for New to Canada programs, you must have immigrated or relocated to Canada within the last 60 months and have had three months minimum full-time employment in Canada.

Individuals looking for 90% credit, a letter of reference from a recognized financial institution. Or, you will be required to provide six (6) months of bank statements from a primary account.

If you are seeking credit of 90.01% to 95%, you will need to produce an international credit report (Equifax or Transunion) demonstrating a strong credit profile. Or you will need to provide two alternative sources of credit, which demonstrate timely payments for the past 12 months. The alternative sources must include rental payment history and another alternative. This could be hydro/utilities, telephone, cable, cell phone or auto insurance.

ALTERNATIVE LENDERS

Another option for New to Canada residents, depending on your residency status and credit history, are alternative lenders such as B-Lenders and MIC’s (Mortgage Investment Operation). If you do not qualify for the New to Canada programs, or a standard mortgage, reach out to a DLC Mortgage Broker and they can help you navigate the alternative options!

new to canada? before submitting your mortgage application

Utilizing a mortgage professional will ensure you understand your options. They can also help determine the best program and mortgage choice for you. Before you talk with a mortgage professional, there are a few things you need to know when it comes to submitting an application – and getting approved – for your first mortgage in Canada:

SUPPORTING DOCUMENTS!

If you’re new to the country but have weak credit, supporting documents will be needed. These may include: proof of income, 12 months worth of rental payments or letter from landlord, documented savings, bank statements and/or letter of reference from recognized financial institution. These documents all paint the picture of whether you are a safe investment for a lender.

BUILD YOUR CREDIT RATING!

This is one of the most important aspects to getting a mortgage! Your credit rating determines your reliability as a borrower. In turn, this will determine your down payment rate. A great way to build your credit is by getting a credit card to use and pay off each month. Paying other bills such as utilities, cell phones and rent can also contribute to your credit score and reliability.

START SAVING! 

One of the most expensive aspects of home ownership is the down payment, which is an upfront cost but is vital to securing your future. As mentioned, the down payment can either be 5% or 10% depending on your status. However, if the purchase price exceeds $500,000, the minimum down payment will be 5% for the first $500,000 and 10% of any amount over $500,000 – regardless of your residency status.

CHOOSE A MORTGAGE PROVIDER! 

Once you are ready to get your mortgage, you need get in touch with a local mortgage professional. They can help you review your options and find the best mortgage product to suit your needs.

Buying a house is an exciting step for anyone, but especially for individuals who are new to the country. As daunting as it may seem, purchasing a home is completely possible with a little knowledge and preparation. If you are new to Canada and looking to get a mortgage, connect with a DLC Mortgage Professional today for expert advice and options that best suit you!

by DLC Marketing Team

29 Mar

Top 5 reasons to stay in the home you love as you age.

Mortgage Tips

Posted by: Leeah Holle

Top 5 Reasons to Stay in the Home You Love as You Age.

According to a report by Mustel Group and Sotheby’s International Realty Canada, 86% of Canadian baby boomers and older homeowners want to live in their home for as long as possible. However, given the challenges associated with aging – such as reduced mobility and memory loss – many question whether they may be better off in an assisted living or nursing facility.  There are, however, a number of unique advantages to staying in the home you love as you age, which we’ll explore below

1. Maintaining your independence

As you get older, it’s natural to become slightly less independent – you may need help doing the grocery shopping or with certain household tasks. But if you stay in your home as you age, you’ll likely be able to maintain more independence than if you move into a residential facility. At home, you’re in control of your routine, your meals, and your surroundings, while in an assisted living facility, you usually have less control over these things.

2. Staying close to your community

When you’ve lived somewhere for a long time, you’ll likely have friends and neighbours within walking distance. Having regular social interactions is especially important as we get older, it’s good for your mental health and will help stop you from feeling lonely. More importantly, having a flourishing social life as we age has been connected to a 70% reduction in cognitive decline compared to more isolated individuals. This is a huge benefit to aging in place. At home, you’ll be able to easily visit neighbours as well as having friends and family over whenever you want.

3. Keeping your home comforts

For most of us, our house is a place of familiarity, security, and peace. It’s the place we’ve spent years building into a home and where we’ve made many cherished memories. The emotional benefit of aging in place is therefore huge. On the other hand, moving to a facility can take an emotional toll on a person’s wellbeing, putting them more at risk of stress and depression. Furthermore, there’s evidence that familiar smells and surroundings can help trigger memories of those in the early stages of Alzheimer’s.

4. Staying healthier and safer

Many people chose to move into a nursing home or assisted living facility believing it to be the safer and healthier option. And while this may be true for those with severe needs, there are other factors that need to be considered. Feeling homesick can lead to stress and depression, which in turn can lead to greater cognitive and physical decline. Residential facilities also carry a greater risk of infection, which can spread much more easily when living at close quarters with others.

5. Saving money

There’s no denying that aging in place has its expenses. You may need to pay someone to help you with household chores, grocery shopping, or personal care. You may also need to adapt your home for mobility. Despite this, aging in place is typically less expensive than an assisted living facility or nursing home.

Deciding whether to age in place or move into an assisted living or nursing facility is a personal choice that should be made after careful consideration. If you decide that staying in your home is the right option for you, the CHIP Reverse Mortgage can help you with the associated costs.

The CHIP Reverse Mortgage allows you to access up to 55% of your home’s value in tax-free cash. What’s more, the loan isn’t repaid until you leave your home, meaning there are no required monthly repayments. What you do with the money is up to you. You could use it to adapt your home, purchase mobility aids, or pay for an in-home caregiver – helping you stay as independent as possible in your own home.

Written By: Agostino Tuzi

12 Mar

More about Dominion Lending Centres

Mortgage Tips

Posted by: Leeah Holle

alt_text
We are Canada’s largest and fastest-growing mortgage brokerage!
We have more than 2,800 Mortgage Professionals from more than 350 locations across the country!
Our Mortgage Professionals are Experts in their field and many are ranked among the best nationally.
We work for you, not the lenders, so your best interests will always be our number one priority
We have more than 100 mortgage programs, making it easy to choose the best fit for your unique situation.
We close loans in all 10 provinces and 3 territories.
We can process your mortgage in as few as 7 days.
We are the preferred mortgage lender for several of Canada’s top companies.
Dominion Lending Centres’ Mortgage Professionals are available anytime, anywhere, evenings and weekends – and we’ll even come to you!
10 Mar

Preparing for the Spring Market. Tips for buying or selling.

Mortgage Tips

Posted by: Leeah Holle

Spring is almost here! To help you get prepared for the Spring market, I have put together some details on what you need to know whether you’re buying or selling!

Selling this Spring? Here are some great tips for those of you looking to sell your home this Spring!

  1. Hire an Experienced Realtor: Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, helping you get your home ready for listing, showing potential buyers and finalizing the eventual sale. This is even more important given the changing landscape in relation to additional safety protocols with viewings and even virtual viewing options. Now, more than ever, the expertise of a realtor will help you navigate the sales process.
  2. Prioritize Repairs and Improvements: Before listing your home, it is important to go through room-by-room and address any issues such as chipped paint, small holes in the wall, broken fixtures, old appliances, etc. Correcting these minor issues will help your home truly shine when buyers walk through.
  3. Clean and Stage Your Home: Now that you have made the necessary minor repairs, you can start staging your home! Start with the exterior of your home and ensure you tidy up the yard, remove any junk and wash your windows! When it comes to the interior of your home, you will want to declutter and do a deep clean (a professional cleaning service can come in handy for this!). Once your home is decluttered and clean, your real estate agent can help you stage it so that it appears spacious and inviting.
  4. Consider a Pre-Listing Inspection: Once you are ready to list your home, it can be a good idea to consider a pre-listing inspection. The inspector would conduct a complete visual inspection of all interior and exterior elements (including HVAC systems, wiring, ceiling, chimneys, gutters, etc.), which would help put prospective buyers at ease.
  5. Organize The Paperwork: There is a lot of paperwork when it comes to selling your home. Having all of these documents organized and together for potential buyers will help to speed up the process and allow them to address any questions before the deal is finalized. Permits, renovation or repair receipts, warranties, rental agreements and copies of your utility bills are all good records for potential buyers.
Looking to Buy This Spring? If you want to enter the real estate market this Spring, there are some things you should consider – especially if you are a first-time home buyer!

  1. Get Pre-Approved: One of the best things you can do prior to starting your home search, is to get pre-approved for a mortgage! A mortgage pre-approval is NOT an approval, and does not commit you to a single lender, but it can give you a leg up on your home ownership journey. Pre-approval helps to determine your price range and budget, as well as guaranteeing the interest rate for 90-120 days while you search for that perfect home. Having a pre-approval also lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in!
  2. Manage Your Expectations: When it comes to house hunting, it is important to understand and manage your expectations right from the start. All potential buyers should have put together a budget, which will assist in understanding what is affordable – and you must stick with it. You also need to be realistic about what you require in a home, versus what you want in a home.
  3. Prepare Your Down Payment: If you have been thinking about purchasing a home, odds are you already have a down payment ready or have at least started saving. Once you have determined your budget, you will be more equipped to calculate the down payment amount. Keep in mind, a down payment can come from funds gifted by an immediate family member and first-time homebuyers can also utilize their RRSPs up to $35,000!
  4. Hire an Experienced Realtor: A realtor is your best tool when it comes to the housing market. They often have access to listings that are not available publicly yet, in addition to understanding the processes around purchasing a home.
  5. Don’t Forget the Inspection: Once you find a home you think you are ready to buy, make sure not to skimp on the inspection! A proper inspection is important for buyer security as they can uncover potential issues that may cost you money down the line.

Whether you are looking to buy or sell, it is important to work with a trusted real estate and mortgage professional to ensure the best outcome for you and your family! If you’re not sure where to start a mortgage professional, such as myself, has contacts in the industry and can recommend a few options for real estate agents to you – and vice versa!

Written by my DLC Marketing team

19 Feb

Using equity to buy another house.

Mortgage Tips

Posted by: Leeah Holle

You might think of home equity and see Kurt Browning, the Canadian Olympic figure skater from the CHIP reverse mortgage commercials. You may also think that it’s something retired folks use to top up their living expenses. But did you know you can use your existing home equity to invest in another property to buy a house?

A home equity loan is a type of second mortgage and allows you to use your equity now rather than waiting until after you sell. A second mortgage can also be useful if you choose to use invest your equity in a second property.

Basically, home equity is the money your home makes for you. So if you bought a house for $200,000 and now it’s worth $600,000, that $400,000 increase is due to the increasing value of your home over the years and that is your home equity. The appraised value of your home can impact the amount you receive as a lender and affect the lump sum you get.

“It’s really dead money,” said Matt Elkind, Managing Director and partner at Connect. “If you put it into real estate, you’re dealing with a much different situation where you can now make that $400,000 grow into another million.”

As interest rates climb, your purchase price becomes a smaller fraction of what your home is actually worth. If your home’s value climbs by as much as 80%, you’re in a great situation to consider using home equity as a down payment to purchase a second home as an investment property. All-in-all, home equity loans can be useful if you want to make an investment that you’ll be able to cash in on later.

A vacation home or rental properties?

Buying a second home can open a few different doors in terms of what you’re looking to do with your investment. You could purchase a log-cabin in cottage country and turn it into a family getaway for generations, or you could buy a home or condo and turn it into a rental opportunity in order to make money to pay back your home equity or mortgage loan.

Each option has its perks, but it’s important to consider what type of investment you want to make before looking into using your home equity to buy a new home. The question is, which type of loan will be best for you to make more profit, and which housing option do you want to invest in? For example, investing in condos in Canada is ideal for people looking to invest in a rental property that has value.

“For the most part, the price of a freehold home is what makes it challenging,” Elkind said. “In most areas like Toronto, if you pay a million and a half dollars for a home on the rental market, you will not have positive cash flow whereas in a condo in a normal rental market, you have that opportunity [to make more.]”

Written by Taylor Pipe

16 Feb

Rate Holds Explained.

Mortgage Tips

Posted by: Leeah Holle

If you shopping for a home, or have worked with a mortgage professional in the past, you’ve most likely heard of rate holds before. If not, it is something that every potential homeowner should be aware of. This is especially true for the application process as it has some great benefits for active shoppers.

If you are not familiar with the term, a ‘rate hold’ refers to locking in a specific mortgage rate for a limited period of time. This is offered through most lenders, assuming you are a potential client looking to purchase a home and need a mortgage. They are not eligible for individuals that are refinancing their mortgage, or looking to transfer it to another lender.

If you qualify for a rate hold, there are a few things you should know – from restrictions to benefits! The first and most important is that rate holds are typically only offered for a period of 90-120 days. So, once you have created your mortgage application with a broker and submitted it at the interest rate that best suits you, that rate will be protected for 90-120 days while you shop.

A rate hold is not a commitment. It does not force you to work with that lender, or the mortgage broker who submitted it. It also does not affect your future chances of receiving approval down the road. Instead, it simply guarantees that rate for you, if you find a home you want to purchase and sign the mortgage agreement before the rate hold is up.

This can be truly beneficial in volatile markets or those with high competition. If you submit your application to a lender for a fixed rate of 2.49% on a five year term, but while you are searching for your perfect home that rate moves up to 2.99%, the rate hold will protect you and allow you to still sign at 2.49%. This can mean huge savings!

For instance, if you are looking for a standard $500,000 mortgage (25 years amortization, fixed-rate, 5-year term), your monthly payments would be $2,237.35 at 2.49% interest. This would jump up to $2,363.67 per month at 2.99 percent. This is a difference of $126.32 per month or $1,515.84 annually; which can really add up on a 25-year mortgage!

Another benefit is that, if the rates go down, it does not stop you from taking advantage of the lower offer. Instead, it protects you from rate increases after you’ve determined your budget and are in the process of purchasing a home.

It is also important to note that, once the rate hold expires after 90-120 days, there is nothing stopping you from submitting another rate hold. It will just be subject to the interest rates as they stand on the day of submission.

Reaching out to a mortgage professional can help you better understand the current rates and benefits of a rate hold. In addition, they can help you find the best option to suit your needs thanks to their connections with hundreds of lenders! Why wait? Contact a DLC Mortgage Professional today.

Written by My DLC Marketing Team

11 Feb

Why all the talk around rising interest rates in Canada?

Mortgage Tips

Posted by: Leeah Holle

Over the past few days, Canadian media has been crackling with speculation over the future of interest rates in Canada. With the Bank of Canada holding its overnight interest rate at the effective lower bound of 0.25% as recently as January 20, the sudden explosion of rate-rise paranoia comes as somewhat of a surprise.

Just yesterday, the Huffington Post shared a story detailing how the historic amount of money saved by Canadians during the COVID-19 crisis could lead to a tidal wave of spending that sends the Canadian economy soaring past the 2% inflation target established by the BoC as a benchmark for increasing rates.

Quoted in the story was Scotiabank’s Derek Holt, who warned that the slack currently being seen in Canada’s economy could disappear sooner than most experts are expecting.

“The prudent thing to advise heavily indebted Canadians is to plan their finances around rate hikes commencing considerably sooner than the Bank of Canada has guided even up to last week’s announcements,” Holt wrote last Friday.

The Financial Post ran with Holt’s take on February 01, bolstering it with comments from experts at RBC and CIBC who see Canada’s recent economic performance – output up by approximately 8% annualized in the fourth quarter, 0.7% GDP growth in November; both results almost double what economists were expecting – as a sign of brighter days ahead for the economy.

“If the starting point is better, then an earlier elimination of slack is a natural conclusion,” RBC’s Simon Deeley told the FP.

Comments from a report from CIBC’s Avery Sheffield said that if the Canadian economy experiences “enough demand” in 2021, it “might be closing in on full employment, with additional government spending being offset by an earlier need to hike interest rates to contain inflation.”

Dissenting voices

With COVID-19 still a reliable source of economic tumult, projecting an increase in interest rates based on one or two pieces of positive data so early into 2021 feels like somewhat of a stretch. Dominion Lending Centre’s chief economist Dr. Sherry Cooper says some economists may want to take into consideration one of the glaring weaknesses in Canada’s battle against COVID-19 before getting too ahead of themselves.

“One of the biggest reasons [the Bank of Canada] can’t raise rates this year is the vaccine rollout debacle,” Cooper said. “There is no way everyone who wants a vaccine will get one by September, as the Prime Minister has promised.”

RateSpy founder Robert McLister shares Cooper’s scepticism regarding a rate hike.

“BoC rate hikes in 2021 are as likely as snow in July,” McLister said.

Both McLister and Cooper told MBN that for the Bank of Canada to justify rate increases, its 2% inflation target would not only need to be reached, but sustained.

“If the Bank’s messaging is to be believed, and usually it should be, it wants to see core inflation materially exceed 2% for multiple months before it pulls the trigger on a hike,” McLister said.

Recent homeowners at risk?

2020 was a historic year for real estate sales in Canada, one in which low interest rates played no small part. According to the Canadian Real Estate Association, over 714,000 homes were sold last year, providing critical breathing room for the country’s asphyxiating economy.

With real estate being such an important component of Canada’s fiscal wellbeing, and thousands of Canadians relying on adjustable-rate mortgages to fund their home purchases, could there be pressure on the Bank of Canada to leave rates where they are as a means of both maintaining the housing market’s momentum and avoiding a predicament in which countless homeowners are unable to afford higher mortgage payments?

Cooper and McLister say ‘no’.

“The Bank’s mandate is inflation control, not borrower protection,” McLister said. “People are stress tested at ridiculously high rates these days – 4.79% vs. five-year fixed rates below 1.75%. A one-point run-up in rates would have virtually no effect on defaults for over 99 out of 100 prime borrowers.”

And that’s only if rates increase, a move the Bank of Canada has yet to indicate any appetite for. The BoC, Cooper said, has made it “very clear” that it will “not raise rates before 2023.”

Written By Clayton Jarvis

9 Feb

About Dominion Lending Centres

Mortgage Tips

Posted by: Leeah Holle

With access to more than 230 lending institutions, including big banks, credit unions and trust companies, our licensed team of mortgage professionals is familiar with a vast array of available mortgage products – ranging from first-time homebuyer programs to financing for the self-employed to financing for those with credit blemishes.

And, best of all, Dominion Lending Centres’ mortgage professionals work for you – not the lenders – to ensure you receive the best rates and products available in today’s marketplace. Whether you’re looking to purchase your very first home or upgrade to a new home, renew your existing mortgage, refinance your mortgage to free up some equity, purchase investment properties or vacation homes, or lease business-related equipment, Dominion Lending Centres has a variety of products available to meet your unique needs. Our mortgage professionals are experts in their field and many are ranked among the best nationally. Launched in January 2006, we were named Best Newcomer (Mortgage Brokerage Firm) at the prestigious CMP Canadian Mortgage Awards 2008 – the Oscars of the mortgage brokering industry. At the 2009 CMAs, we received the Best Branding Award, and again in 2010, with the addition of the prestigious title of Mortgage Brokerage of the Year and Best Advertising. At the 2011 Awards, we again walked award with Best Advertising, and in 2012 we were honoured with: National Broker Network of the Year; Best Advertising; and Best Branding. Dominion Lending Centres is also honoured to be ranked 32nd on the 2012 annual PROFIT 200 ranking of Canada’s Fastest-Growing Companies by PROFIT Magazine. Ranking Canada’s Fastest-Growing Companies by five-year revenue growth, the PROFIT 200 profiles the country’s most successful growth companies. PROFIT 200 is Canada’s largest annual celebration of entrepreneurial achievement. In both 2009 and 2010, Dominion Lending Centres also earned spots on the PROFIT HOT 50 List of Canadian Emerging Growth Companies. The PROFIT HOT 50 ranks the top 50 young businesses in Canada by two-year revenue growth. Dominion Lending Centres’ mortgage professionals are available anytime, anywhere, evenings and weekends – and we’ll even come to you!

Written by My DLC Marketing Team

9 Feb

The Top 7 Misconceptions About Reverse Mortgages.

Mortgage Tips

Posted by: Leeah Holle

The Top 7 Misconceptions About Reverse Mortgages.

How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. Maybe you know that tens of thousands of Canadians are using a reverse mortgage as part of their financial plan. But did you know that there are 7 common misconceptions when it comes to understanding reverse mortgages in Canada. As Canada’s leading provider of reverse mortgages, HomeEquity Bank can help set the record straight.

common misconceptions about reverse mortgages

1. If you have a reverse mortgage, you no longer own your home

Nothing could be further from the truth. You always maintain title, ownership and control of your home – HomeEquity Bank simply has a first mortgage on the title.

2. You will owe more than the value of your home in the end

Also, untrue. Every CHIP Reverse Mortgage from HomeEquity Bank comes with a No Negative Equity Guarantee(1) which states that as long as you – the homeowner – have met your obligations, the amount you will have to pay on the due date will not exceed the fair market value of your home. In fact, over 99% of HomeEquity Bank’s customers retain equity in their home when they decide to sell, with over 50% of the home’s value remaining after the loan is paid back (on average).

3. Only people younger than 62 can apply for a reverse mortgage

In Canada, the CHIP Reverse Mortgage is available to Canadian homeowners aged 55 and older. In fact, as you age you are more likely to qualify for a higher amount on your loan. A reverse mortgage is a lifetime product and as long as the property taxes and insurance are in good standing, the property remains in good condition, and the homeowner is living in the home full-time, the loan won’t be called even if the house decreases in value.

4. Failure to make payments can result in eviction

This myth is one of the most common when it comes to reverse mortgages. The CHIP Reverse Mortgage does not require any monthly payments, meaning you can’t miss payments in the first place.

5. Arranging a reverse mortgage is very expensive

This is also untrue. Much like a conventional mortgage, an appraisal of your property and independent legal advice is required, and your responsibility to pay for. The only remaining cost is a one-off closing and administration fee. When you compare this to the costs of “rightsizing” to another home, you will find a much more affordable option in a reverse mortgage.

6. Reverse mortgages have much higher interest rates than conventional mortgages

While it’s generally true that interest rates are a bit higher than a traditional mortgage, the difference is not excessive. Plus, making monthly mortgage payments is simply not a viable option for many retired Canadians, and – even if it were – many would struggle to qualify for a traditional mortgage in the first place. For these reasons, many retired Canadians are choosing reverse mortgages over conventional solutions.

7. You won’t be able to pass on your home to your children

The idea that your children won’t be able to inherit your home is a complete myth. Your heirs will always have the option of keeping the property by paying off your reverse mortgage after you pass away. Plus, HomeEquity Bank’s No Negative Equity Guarantee, (1) states that if the home depreciates in value and the mortgage amount due is more than the gross proceeds from the sale of the property, HomeEquity Bank covers the difference between the sale price and the loan amount. Therefore, you will never owe more than the fair market value of the home.

To find out how much you could qualify for, try our reverse mortgage calculator, or contact your DLC Mortgage Professional.

[1] The guarantee excludes administrative expenses and interest that has accumulated after the due date.

Written By: Agostino Tuzi
Post Sponsored by HomeEquity Bank

7 Feb

Renewing your Mortgage.

Mortgage Tips

Posted by: Leeah Holle

Renewing Your Mortgage.

Let a DLC Mortgage Professional help you find the best renewal rate!

When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is around 3 months remaining on your term. While nearly 60 percent of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, this is actually the best time to check out your options.

Since your term is ending, this is a great time to shop the market or redo your mortgage WITHOUT PENALTY! If you have been wanting to switch your mortgage from fixed to variable-rate (or vice-versa), or want to move to a different lender or try for a lower rate, your DLC Mortgage Professional can help!

A Dominion Lending Centres Mortgage Professional can help answer all your refinancing questions – and more – as well as shop the market to find you a better rate! With access to over 90 lenders, they are able to quickly compare mortgage rates and products and help you make the switch!

Written by My DLC Marketing Team