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Interest Rates

Mortgage Costs about to Rise?

The link below will take you to an article outlining how consumers can expect to see mortgage costs start to rise in the next few months.  This is unrelated to changes in the prime rate.  A must read for anyone that has a mortgage or hopes to have a mortgage. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2016/05/mortgage-costs-about-to-rise.html     Continue reading

Are You Ready for Retirement?

More and more Canadians are going into their retirement years without a lot of money saved in the bank. It is suggested that in order to live a financially comfortable retirement, couples should have saved 50-60% of their peak pre-retirement income, which equates to roughly $42,000 to $72,000 a year or $275,000 to $1,025,000. Singles […] Continue reading

How to Get Rid of your Holiday Debt Hangover

Many people suffer from post New Year’s hangovers as their holiday spending account statements begin to arrive in their mail/inbox. This year, start the year off with a plan to minimize your monthly expense and your interest carrying costs by conducting a no-cost, no obligation financial check-up with your Dominion Lending Centres Mortgage Professional. As […] Continue reading

Down Payment Changes Around the Corner

Down Payment Changes: February 14/16 will be the last day that applications will be accepted before the new down payment changes come into effect. If you’re planning on buying a home for $500,000 or more, don’t wait to get your financing in order. If you have questions about this, contact me today for more details. […] Continue reading

Down Payment Changes Ahead

Effective February 15, 2016, Canada will have new down payment requirements for purchasing residential homes.  For properties selling between $500,000 and $1 million, people getting an insured mortgage will now need to put more down—up to an additional 2.5% of the purchase price. In other words, 5% down will be required on the first $500,000, […] Continue reading

Watch Out for an Extra Land Transfer Tax!

The Ontario Ministry of Municipal Affairs & Housing is seriously considering extending the Land Transfer Tax to municipalities.  This would mean a double land transfer tax on the purchase of a property. This was implemented in Toronto in 2008.  It works out to an extra $10000-15000 on a home priced about $450000. If the Liberals […] Continue reading

Cash Back Mortgages, the Devil IS in the Details

You’re thinking of refinancing your home and your banker tells you about their awesome cash back mortgage that you can qualify for.  You know you’ll get a higher rate with this mortgage, but you figure the trade-off is worth it.  And sometimes it is, but you MUST read the conditions associated with the cash back. […] Continue reading

Second Mortgages

Second mortgages can be very useful for a few reasons.  If you need to take some equity out of your property (commercial or residential) but have a large penalty to break your first mortgage, you may want to consider… Continue reading