10 Dec

How to Verify Your Down Payment When Buying a Home

General

Posted by: Kelly Hudson

Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home.  

To fulfill the conditions of your mortgage approval, it’s all about what you can prove (hard to believe – but some people have lied in the past – horrors!).

Documentation of down payment is required by all lenders to protect against fraud and to prove that you are not borrowing your down payment, which changes your lending ratios and potential your mortgage approval.

DOCUMENTATION REQUIRED BY THE LENDER TO VERIFY YOUR DOWN PAYMENT This is a government anti-money laundering requirement and protects the lender against fraud. 

1. Personal Savings/Investments: Your lender needs to see a minimum of 3 months’ history of where the money for your down payment is coming from including your: savings, Tax Free Savings Account (TFSA) or investment money.

  • Regularly deposit all your cash in the bank, don’t squirrel your money away at home.  Lenders don’t like to hear that you’ve just deposited $10,000 cash that has been sitting under your mattress. Your bank statements will need to clearly show your name and your account number.
  • Any large deposits outside of “normal” will need to be explained (i.e. tax return, bonus from work, sale of a large ticket item). If you have transferred money from once account to another you will need to show a record of the money leaving one account and arriving in the other. Lenders want to see a paper trail of where your down payment is coming from and how it got into your account.

2. Gifted Down Payment: In some expensive real estate markets like Metro Vancouver & Toronto, the bank of Mom & Dad help 20% of first time home buyers. You can use these gifted funds for your down payment if you have a signed gift letter from your family member that states the down payment is a true gift and no repayment is required.

  • Gifted down payments are only acceptable from immediate family members: parents, grandparents & siblings.
  • Be prepared to show the gifted funds have been deposited in your account 15 days prior to closing. The lender may want to see a transaction record. i.e. $30,000 from Bank of Mom & Dad’s account transferred to yours and a record of the $30,000 landing in your account. Bank documents will need to show the account number and names for the giver and receiver of the funds. Contact me for a sample gift letter.

3. Using your RRSP: If you’re a First Time Home Buyer, you may qualify to use up to $35,000 from your Registered Retirement Savings Plan (RRSP) for your down payment.

  • Home Buyers Plan (HBP): Qualifying home buyers can withdraw up to $35,000 from their RRSPs to assist with the purchase of a home. The funds are not required to be used only for the down payment, but for other purposes to assist in the purchase of a home.
  • If you buy a qualifying home together with your spouse or other individuals, each of you can withdraw up to $35,000.
  • You must repay all withdrawals to your RRSP’s 15 years. Generally, you will have to repay an amount to your RRSP each year until you have repaid the entire amount you withdrew. If you do not repay the amount due for a year (i.e. $35,000/15 years = $2,333.33 per year), it will be added to your income for that year.
  • Verifying your down payment from your RRSP, you will need to prove the funds show a 3-month RRSP history via your account statements which need to include your name and account number. Funds must be sitting in your account for 90 days to use them for HBP.

4.  Proceeds from Selling Your Existing Home: If your down payment is coming from the proceeds of selling your currently home, then you will need to show your lender an accepted offer of Purchase and Sale (with all subjects removed) between you and the buyer of your current home.

  • If you have an existing mortgage on your current home, you will need to provide an up-to-date mortgage statement.

5.  Money from Outside Canada: Using funds from outside of Canada is acceptable*, but you need to have the money on deposit in a Canadian financial institution at least 30 days before your closing date. *Current sanctions imposed by Canada

Most lenders will also want to see that you have enough funds to cover Property Transfer Tax (in BC) PLUS 1.5% of the purchase price available in your account to cover your closing costs (i.e. legal, appraisal, home inspection, taxes, etc.).

Buying a home for the first time can be stressful, therefore being prepared with the right documentation for your down payment and closing costs can make the process much easier.

Mortgages are complicated, but they don’t have to be… Engage an expert!

Give me a call and let’s discuss a mortgage that works for you (not the bank)!

Kelly Hudson
Mortgage Expert
DLC – Canadian Mortgage Experts
Mobile 604-312-5009
Kelly@KellyHudsonMortgages.com
www.KellyHudsonMortgages.com

13 Oct

Self-Employed?? Here’s What You Need to Know About Mortgages

Mortgage Tips

Posted by: Kelly Hudson

Why, why, why it is so challenging for entrepreneurs to obtain a mortgage in Canada?

If you’re among the 2.7 million Canadians who are self-employed, regrettably your income is not as easy to document as someone who’s traditionally employed.

Since 2008, mortgage regulations in Canada have made it more challenging for those who work for themselves to qualify for a mortgage due to tighter restrictions on “stated income” loans.  In 2012, Canada’s Office of the Superintendent of Financial Institutions (OSFI) introduced Guideline B-20, which requires federally regulated banks to evaluate applications for residential mortgages and home equity lines of credit with more scrutiny.

These rulings made it more challenging for the self-employed to prove income.

Here’s what Self-Employed home buyers need to know:

  1. Most self-employed are motivated to decrease their earnings to avoid paying tax through legitimate expenses and personal deductions.
    • Therefore, much of one’s self-employed income does not show up on paper.
  2. I’m sorry… but you can’t you can’t have your cake and eat it too! If you choose to write off as much of your income as legally possible to avoid paying taxes, claiming low take-home pay, you will end up paying a higher interest rate on your mortgage.
    • i.e. home buyer is a tradesperson, they earn $70,000/year and legitimately write off their business expenses to $40,000/year on Line 150 of their tax return. Lenders use income from Line 150… not gross income to determine affordability.
    • Some lenders allow you to “gross up” your declared taxable income (as opposed to stated income) by adding up to 15%.
      • i.e. if your declared income on your Notice of Assessment (NOA) is $40,000, the lender could add 15% for a total of $46,000. In most cases this doesn’t really help the business owner, as their income is still too low to qualify for the mortgage they want.
  3. The new mortgage rules mean the assessment of a self-employed applicant’s income has become far more rigorous. Lenders now analyze the average income for the industry a self-employed candidate works in, and study the person’s employment history and earnings in the field. Their stated income should be reasonable, based on:
    • industry sector
    • type of business
    • length of time the operation has been in business
  4. Work with professionals. You need to hire a qualified book keeper and a Chartered Professional Accountant (CPA). Their job is to know the ins and outs of taxes so that you can put your focus on growing your business.
    • You need to keep all your financial affairs up to date. That means getting the accountant prepared financials, filing your annual tax returns and most importantly paying your taxes. Government always gets first dibs on any money.  Lenders won’t be interested in you if you haven’t paid your taxes.
    • I recommend having a discussion with your CPA. Let them know that you want to buy a home.  Come up with a budget of what income you need to be able to prove on your tax returns.
      • Suggestion: you could choose to pay more personal income tax this year, to push your line 150 income up and help you qualify for any mortgage transactions you hope to make.
      • Please note: most lenders will want to see 2 years history, to prove consistency in earnings.
  5. For self-employed borrowers, being able to document income for the past 2-3 years gives you more lending options. Some of the documents your lender may request include:
    • Credit bureau (within 30 days of purchase)
    • Personal tax Notice of Assessment (NOA) for the previous two to three years.
    • Proof that you have paid HST and/or GST in full.
    • Financial statements for your business prepared by a Chartered Professional Accountant (CPA).
    • Contracts showing your expected revenue for the coming years (if applicable).
    • Copies of your Article of Incorporation (if applicable).
    • Proof that you are a principal owner in the business.
    • Business or GST license or Article of Incorporation

6. If you have less than 20% down payment, Genworth is the only option of the 3 mortgage default insurers that still has a stated income program.

Self-employed home buyers, who can document proof of income, can generally access the same mortgage products and rates as traditional borrowers. 

Tips for self-employed applying for a mortgage to ensure the process goes smoothly:

  1. Get your finances in order. Pay down your debt!!
    • Every $400/month in loan payments lowers your mortgage eligibility by $100,000
    • Every $12,000 in credit card debt lowers your mortgage eligibility by $100,000
    • Do you see a theme here??  Pay down your debt!  Resist buying/leasing a new vehicle or taking on any additional debt prior to buying your home
  1. 3 “Rules of Lending” what Banks look at when you apply for a Mortgage in Canada 
  1. Have two to three years’ worth of your self-employed supporting documentation available so your mortgage broker can work with you to set up your Mortgage Preapproval.
  1. Be consistent and show stability. Lenders prefer self-employed borrowers who work in a business that’s established and have expertise in that field.

What happens if the banks still don’t want you for a conventional mortgage??  

Many high net worth business owners with low stated incomes turn to private mortgage lenders for financing, since they can’t prove their income.

It is difficult to navigate which lenders specialize in self-employed mortgages.  Using a mortgage broker has obvious advantages, since mortgage brokers have access to multiple lenders and have a broad knowledge of the mortgage market.

Being self-employed need not be a deterrent to buying a property.  Let’s have a chat so I can connect you to the lender most suited to your situation.

Kelly Hudson
Mortgage Expert
DLC – Canadian Mortgage Experts
Mobile: 604-312-5009
Kelly@KellyHudsonMortgages.com
www.KellyHudsonMortgages.com

30 Jun

Kelly’s Weekly Mortgage Rate Minder with Dominion Lending – Aegis June 29, 2015

General

Posted by: Kelly Hudson

Kelly Hudson
Mortgage Professional
Dominion Lending Centres Aegis Mortgage Services
Phone: 604-312-5009
Cell:
Email: KellyHudsonMortgages@gmail.com
http://www.KellyHudsonMortgages.com



This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.KellyHudsonMortgages.com

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84%

2.19%

3 YEARS 3.39% 2.25%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 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!
22 Jun

Kelly’s Weekly Mortgage Rate Minder with Dominion Lending – Aegis June 22, 2015

General

Posted by: Kelly Hudson

Kelly Hudson
Mortgage Professional
Dominion Lending Centres Aegis Mortgage Services
Phone: 604-312-5009
Cell:
Email: KellyHudsonMortgages@gmail.com
http://www.KellyHudsonMortgages.com



This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.KellyHudsonMortgages.com

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84%

2.19%

3 YEARS 3.39% 2.25%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 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!
9 Jun

Kelly’s Weekly Mortgage Rate Minder with Dominion Lending – Aegis June 8, 2015

General

Posted by: Kelly Hudson

Kelly Hudson
Mortgage Professional
Dominion Lending Centres Aegis Mortgage Services
Phone: 604-312-5009
Cell:
Email: KellyHudsonMortgages@gmail.com
http://www.KellyHudsonMortgages.com



This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.KellyHudsonMortgages.com

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84%

2.19%

3 YEARS 3.39% 2.25%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 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!
5 Jun

The Mortgage Minute – Kelly’s June 2015 DLC-Aegis Newsletter is now available

General

Posted by: Kelly Hudson

Please click on image above to view the complete newsletter!

Welcome to Kelly Hudson’s June issue of the Home Financing Journal, which is designed to help keep you in the know regarding Real Estate and Mortgage related matters!

YIPPEE!!! Summer is here! This month’s edition of the Dominion Opinion talks about mortgage pre-approvals and the possibility of overblown fears around household debt.

I am always here to help!  Please feel free to ask questions or offer feedback via phone or email.

Thanks again for your continued support and referals!

Kelly Hudson, Mortgage Expert

Cell 604-312-5009  KellyHudsonMortgages@gmail.com

If you would like to receive the DLC Monthly Newsletter automatically, please email me with you preferred email address and I will add you to my monthly mailing list.

 

 

 

2 Jun

Kelly’s Weekly Mortgage Rate Minder with Dominion Lending – Aegis June 1, 2015

General

Posted by: Kelly Hudson

Kelly Hudson
Mortgage Professional
Dominion Lending Centres Aegis Mortgage Services
Phone: 604-312-5009
Cell:
Email: KellyHudsonMortgages@gmail.com
http://www.KellyHudsonMortgages.com



This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.KellyHudsonMortgages.com

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84%

2.19%

3 YEARS 3.39% 2.25%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 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!
25 May

Kelly’s Weekly Mortgage Rate Minder with Dominion Lending – Aegis May 25, 2015

General

Posted by: Kelly Hudson

Kelly Hudson
Mortgage Professional
Dominion Lending Centres Aegis Mortgage Services
Phone: 604-312-5009
Cell:
Email: KellyHudsonMortgages@gmail.com
http://www.KellyHudsonMortgages.com



This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.KellyHudsonMortgages.com

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84%

2.19%

3 YEARS 3.39% 2.34%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 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!
20 May

Kelly’s Weekly Mortgage Rate Minder with Dominion Lending – Aegis May 19, 2015

General

Posted by: Kelly Hudson

Kelly Hudson
Mortgage Professional
Dominion Lending Centres Aegis Mortgage Services
Phone: 604-312-5009
Cell:
Email: KellyHudsonMortgages@gmail.com
http://www.KellyHudsonMortgages.com



This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.KellyHudsonMortgages.com

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84%

2.19%

3 YEARS 3.39% 2.34%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 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!
12 May

Kelly’s Weekly Mortgage Rate Minder with Dominion Lending – Aegis May 11, 2015

General

Posted by: Kelly Hudson

Kelly Hudson
Mortgage Professional
Dominion Lending Centres Aegis Mortgage Services
Phone: 604-312-5009
Cell:
Email: KellyHudsonMortgages@gmail.com
http://www.KellyHudsonMortgages.com



This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.KellyHudsonMortgages.com

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84%

2.19%

3 YEARS 3.39% 2.34%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 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!