Mortgage Tips Michael Distefano 19 Aug
Saving to buy a home is so much more than putting together a down payment. Down payments receive all the attention as you save to buy a property. If you take some time to plan for other expenses related to closing on your property, you won’t be surprised by the actual amount you should have […]
Read MoreGeneral Michael Distefano 24 Jun
By Paul Lucas 24 Jun 2021 Mortgage Broker News Dominion Lending Centres (DLC) launches a new first responder mortgage program. Coming into effect yesterday, June 23, the program is available to first responders across Canada with the corporation claiming it offers competitive rates, alongside cashback incentives. “The DLC Group of Companies are incredibly grateful to all of […]
Read MoreMortgage Tips Michael Distefano 31 Mar
Armed with a hard-earned down payment, pre-approval from a lender, and a wish-list of what you “must” have in your dream property, window shopping for homes can be an exciting experience. And then it happens. You find the perfect place in your desired neighborhood. Unfortunately, there are 10 others who have also fallen in love […]
Read MoreGeneral Michael Distefano 12 Mar
RENEWING VS. REFINANCING A MORTGAGE What’s the difference between refinancing and renewing your mortgage? The terms are often used interchangeably, but they are different processes: Renewing a mortgage applies to the current mortgage loan. You will be looking for a new term and interest rate based on the amount remaining in your mortgage at the […]
Read MoreGeneral Michael Distefano 15 Jul
The Bank of Canada under the new governor, Tiff Macklem, wants to be “unusually clear” that interest rates will remain low for a very long time. To do that, they are using “forward guidance”–indicating that they will not raise rates until capacity is absorbed and inflation hits its 2% target on a sustainable basis, which […]
Read MoreGeneral Michael Distefano 5 Jun
Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a minimum down payment of 5%. CMHC is a federal Crown Corporation that provides […]
Read MoreGeneral Michael Distefano 15 Jan
If you’re credit challenged but want to get into the housing market, it can be a tough road. But improving your credit to a point where a lender will give you a chance, is very doable. Basically, what you need to know is a score above 680 puts you in a good position to get […]
Read MoreGeneral Michael Distefano 3 Dec
Any prospective homebuyer knows this situation well. You’re set up for a viewing but when you get there the condition is less than ideal. Maybe the toilets are dirty, or the cluttered kitchen is hiding its full potential. Immediately, you’re turned off and you’ve moved on to another property. For the owner, that’s sale opportunity […]
Read MoreGeneral Michael Distefano 5 Nov
It’s the first and only thing anyone usually asks when you talk about your mortgage: What’s your rate? While everyone can recall their rate off the top of their head, it’s the only detail of the mortgage they remember or care to know. Though the rate is obviously important, your mortgage is so much more than […]
Read MoreGeneral Michael Distefano 25 Sep
By Steve Randall 25 Sep 2019 Broker News Mortgage rates are expected to remain at roughly their current level through to the end of 2020 according to a new forecast. The British Columbia Real Estate Association’s Economics team says that, notwithstanding any major changes to the economic landscape, the 5-year qualifying rate is set to […]
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