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Protecting Your Credit Through a Divorce

Protecting Your Credit Through a Divorce

No secret here, divorces are challenging, there are a lot of things to think about in a short amount of time. Although finances are often at the forefront of the discussions as it relates to the separation of assets, managing and maintaining personal credit can be...

Planning Ahead, A Guide to Mortgage Documentation

Planning Ahead, A Guide to Mortgage Documentation

It doesn’t matter if you are looking to purchase your first home, your next home, or your twentieth home; typically the mortgage documentation required to secure financing will be the same. The earlier on in the process you can collect these documents, and provide...

The Interest-Only Mortgage

The Interest-Only Mortgage

Relatively self-explanatory, an interest-only mortgage is one where your entire mortgage payment goes to interest and does not pay down the principal mortgage amount at all. So at the end of your term, you will owe the same amount as when you got your mortgage. So you...

How Can I Pay Down My Mortgage Faster?

How Can I Pay Down My Mortgage Faster?

Although getting a mortgage is exciting as it allows you to become a homeowner, a mortgage is, in fact, a lot of debt. So if you have a mortgage, your goal should be to get rid of it as quickly as possible. Here are four things you can do to help pay off your mortgage...

Mortgage Options Into Retirement

Mortgage Options Into Retirement

Although it’s ideal to have your mortgage paid off by the time you retire, in today’s economy, that isn’t always possible. The cost of living is considerably higher than it has ever been, and as a result, a lot of Canadians are putting off retirement, hoping to make...

TDS? GDS? What Is Income Debt Servicing?

TDS? GDS? What Is Income Debt Servicing?

“Debt servicing” is the measure of your ability to meet all of your financial obligations. There are two ratios that are examined by financial institutions to determine whether you can debt service a mortgage. The first one is called the “gross debt service” ratio...

Getting on the Property Ladder

Getting on the Property Ladder

As property prices continue to rise across Canada, the conversation around "how to climb the property ladder" has made a subtle shift to "how to get on the property ladder in the first place." Especially if you're single. Whereas before it was assumed anyone would...

Why The Property Matters

Why The Property Matters

When looking to qualify for a mortgage, typically a lender will want to review four main areas of your mortgage application. Income, credit, downpayment/equity and the property itself. Assuming you have a great job, excellent credit, and sufficient money in the bank...

Improving Your Credit Score

Improving Your Credit Score

Along with employment stability, and downpayment/equity, your credit score and how you manage your credit is a huge factor in qualifying for a mortgage. If you want the best interest rates available on the market, the higher your credit score the better. However, if...

Can I Get A Mortgage With No Downpayment?

Can I Get A Mortgage With No Downpayment?

The simple answer to this question is no. In order to secure mortgage financing in Canada you have to come up with at least a 5% downpayment. Now, if you haven't set aside the 5% for a downpayment in your savings account, that is okay. There are still a few ways to...

Is Right Now a Good Time to Buy?

Is Right Now a Good Time to Buy?

If you've been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question... is right now a good time to buy a home? Well... what if I...

Mortgage Post Bankruptcy

Mortgage Post Bankruptcy

This should come as no surprise, but sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn't mean your life is over, and it doesn't mean you won't ever qualify for a mortgage again. The key here is to get a plan in place...

Finding the Right Home Without Blowing Your Budget

Finding the Right Home Without Blowing Your Budget

If you have been looking to find the right first home within your budget, it's a matter of mind over money, here's some tips from Genworth Financial that will help you keep perspective! It’s hard to say “goodbye” to your dream home. But if you fall for a house that’s...

What is Bridge Financing?

What is Bridge Financing?

Let's say you have a home that you've outgrown, it's time to make a move to something more suited for your family. You have no desire to keep two houses, so you decide that selling your existing home, and moving into something new is the best idea. Ideally, when...

Minimum Required Credit Profile

Minimum Required Credit Profile

Credit. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. When you borrow money to buy a house, you will be required to prove that you have a good history of managing your credit. But what...

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Andrew Macrae

(250) 878-8609

amacrae@dominionlending.ca

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