Starting on September 2, 2019, the First-Time Home Buyer Incentive will help middle class families take their first steps towards homeownership by reducing monthly mortgage payments required for first-time homebuyers without increasing the amount they need to save for a downpayment. This program complements other measures taken in Budget 2019 to support first time homebuyers with their […]
First Time Mortgage Tips
7 Steps To Buying A Home
It’s important to understand the home buying process, so here’s a 7-step checklist. Step 1: Down PaymentThe hardest part to buying a home is saving the down payment (a gift from the Bank of Mom & Dad also works).• For purchases under $500,000 minimum down payment is 5%.• Buying between $501-999,000 you need 5% on […]
A Misconception About Mortgage Financing
It is a reoccurring but common misconception that you will qualify for a mortgage in the future because you have qualified for a mortgage in the past. This is not accurate! Do. Not. Assume. Anything. Even if your financial situation has remained the same or has improved, securing mortgage financing is more difficult now than […]
Cash back and Decorating Allowances
As the market shifts, developers will increase their incentives to buyers with cash back and decorating allowances on new build or pre-sale purchases. It is very important to review those options with your real estate agent representative and vital to consult with your Dominion Lending Centres mortgage broker. Although these offers may seem attractive, they […]
The 5 Mortgage Elements – Decisions You Need To Make Before You Sign
Before you buy a home there are a couple things you need to figure out first. One of the very first decisions you need to make is whether you want to work with a mortgage broker who is independent from the bank, or if you prefer, work with a financial representative from a specific bank. […]