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Mortgage Blog

Working For You, NOT The Banks!

Category: Mortgages (38 posts)

Uninsurable Mortgages

Uninsurable Mortgages

May 15, 2019 | Posted by: Andrew Wade

3 “RULES OF LENDING” – WHAT BANKS LOOK AT WHEN YOU APPLY FOR A MORTGAGE Buying a home is usually the biggest purchase most people make and there are a lot of factors to consider. Ou ...

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Not the bad guy-Stress Test

Not the bad guy-Stress Test

May 10, 2019 | Posted by: Andrew Wade

MORTGAGE STRESS TEST – NOT THE BAD GUY Ever since the federal government regulator, The Office of the Superintendent of Financial Institutions (or OSFI) brought in the Mortgage Stress Test, the ...

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7 steps to getting your dream home!

7 steps to getting your dream home!

May 3, 2019 | Posted by: Andrew Wade

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 paym ...

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Source of funds

Source of funds

May 2, 2019 | Posted by: Andrew Wade

SOURCE OF FUNDS Over the past several years, investigators have been working on an ongoing investigation relating to criminal money laundering in Canada. Looking at B.C. alone, billions of dollars ha ...

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What's included in your home purchase agreement?

What's included in your home purchase agreement?

May 1, 2019 | Posted by: Andrew Wade

WHAT’S INCLUDED IN A HOME PURCHASE AGREEMENT While a home purchase agreement may seem simple and straight forward, there are many differences that you can encounter that can be a big surprise t ...

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Should I pay down my mortgage ASAP?

Should I pay down my mortgage ASAP?

April 29, 2019 | Posted by: Andrew Wade

SHOULD YOU PAY DOWN YOUR MORTGAGE ASAP? One of the top questions we get asked: Should I pay down my mortgage as fast as possible? In theory, this makes sense. The faster you pay it down, the faster y ...

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Bank of Canada Holds Prime Rate at 1.75%

Bank of Canada Holds Prime Rate at 1.75%

April 25, 2019 | Posted by: Andrew Wade

BANK OF CANADA REDUCES PROSPECTS OF A RATE HIKE A greater-than-expected slowdown in global economic activity has triggered a slowdown in the pace of interest rate normalization by many central banks. ...

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Documents needed for your next Mortgage Pre Approval

Documents needed for your next Mortgage Pre Approval

February 13, 2019 | Posted by: Andrew Wade

DOCUMENTS YOU NEED FOR YOUR MORTGAGE PRE-APPROVAL Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the mortgage broker has r ...

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Postponement and Standstill Agreements...some of the not so known terms in mortgage financing.

Postponement and Standstill Agreements...some of the not so known terms in mortgage financing.

February 11, 2019 | Posted by: Andrew Wade

POSTPONEMENT & STANDSTILL AGREEMENTS. WHAT YOU NEED TO KNOW Multiple Lenders are typical Borrowers often have to access funding from more than one lender, to finance their operational requiremen ...

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Pre Approvals 101

Pre Approvals 101

February 10, 2019 | Posted by: Andrew Wade

PRE-APPROVALS & PRE-QUALIFICATIONS Throughout the mortgage and home buying process, there are many steps and many checkpoints a buyer will need to complete before they can move on to the next one ...

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At DLC we LOVE Credit Unions and the flexibility with your local branch!

At DLC we LOVE Credit Unions and the flexibility with your local branch!

February 8, 2019 | Posted by: Andrew Wade

CREDIT UNIONS – AN ALTERNATIVE LENDER Credit Unions are often overlooked as a choice for your mortgage lender – but there are reasons why considering a Credit Union might be well worth yo ...

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Mortgage Pre Approval Documentation Essential to getting that Home!

Mortgage Pre Approval Documentation Essential to getting that Home!

February 5, 2019 | Posted by: Andrew Wade

DOCUMENTS YOU NEED FOR YOUR MORTGAGE PRE-APPROVAL Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the mortgage broker has r ...

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8 things you can do to get the best mortgage renewal

8 things you can do to get the best mortgage renewal

December 31, 2018 | Posted by: Andrew Wade

8 THINGS YOU CAN DO TO GET THE BEST RENEWAL With 47 per cent of homeowners scheduled to renew their mortgages this year, 2018 is a year of change for lots of Canadians.Here are the top 8 things you c ...

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The Mortgage Process and How it works!

The Mortgage Process and How it works!

December 21, 2018 | Posted by: Andrew Wade

The Mortgage Process and How it Works Step One-???? Contact me with all your information regarding your mortgage details. It can take as little as 15 minutes, or as long as you need. We’ll ...

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Variable Mortgages- TO LOCK in or NOT?

Variable Mortgages- TO LOCK in or NOT?

December 20, 2018 | Posted by: Andrew Wade

VARIABLE RATE? TO LOCK IN OR NOT? This post applies if you are taking a new mortgage, whether it’s for a purchase, refinance, or renewal. The variable remains the main contender. But what abou ...

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#1 Misconception about Mortgages

#1 Misconception about Mortgages

December 17, 2018 | Posted by: Andrew Wade

THE #1 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. ...

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Mortgage Pre Payment- the sensible Holiday Gift for 2018

Mortgage Pre Payment- the sensible Holiday Gift for 2018

December 16, 2018 | Posted by: Andrew Wade

MORTGAGE PREPAYMENT(S)- THE PERFECT HOLIDAY GIFT! Do you know what kind of prepayment privileges you currently have with your mortgage? Does your current lender allow you to make a 10% prepayment or ...

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No interest rate hike for December 2018

No interest rate hike for December 2018

December 15, 2018 | Posted by: Andrew Wade

BANK OF CANADA’S DOVISH TONE As was universally expected, the Bank of Canada’s Governing Council held overnight interest rates steady at 1-3/4% as it heralded a weaker outlook for the Can ...

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Reverse Mortgages and all you need to know

Reverse Mortgages and all you need to know

December 7, 2018 | Posted by: Andrew Wade

WHY REVERSE MORTGAGES ARE BUCKING THE DOWNWARD TREND The reverse mortgage market in Canada has been increasing at a phenomenal rate over the last few years. In fact, for HomeEquity Bank, the provide ...

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What does a Pre Approval actually mean?

What does a Pre Approval actually mean?

December 6, 2018 | Posted by: Andrew Wade

PRE-APPROVED FOR YOUR MORTGAGE… WHAT DOES THAT REALLY MEAN? There is a myth out there that once you’re pre-approved for a mortgage, you’re good to go out and buy a home… wit ...

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How confusing it can be today to figure out what your best rate is. These are the Interest rate tiers

How confusing it can be today to figure out what your best rate is. These are the Interest rate tiers

December 5, 2018 | Posted by: Andrew Wade

MORTGAGE INTEREST RATE TIERS Since we know that lenders can back-end insure our mortgages (please read our Mortgage Insurance Market and Wholesale Lenders article first), and that this spec ...

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Congrats on the new mortgage. Now lets get serious here and get rid of it as fast as possible.

Congrats on the new mortgage. Now lets get serious here and get rid of it as fast as possible.

December 3, 2018 | Posted by: Andrew Wade

CONGRATULATIONS ON THE MORTGAGE! NOW LET’S GET RID OF IT! So now that you’re a home owner, what are your next steps? Well first, you will have to figure out exactly how you are going to g ...

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Mortgage Brokers are BETTER than Bank Specialist Employees

Mortgage Brokers are BETTER than Bank Specialist Employees

December 2, 2018 | Posted by: Andrew Wade

4 REASONS WHY MORTGAGE BROKERS ARE BETTER THAN BANKS I am often asked if it’s hard to compete with the banks. While they may offer competitive rates at times, right now we have much ...

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To lock in your variable rate or not?

To lock in your variable rate or not?

November 30, 2018 | Posted by: Andrew Wade

VARIABLE RATE? TO LOCK IN OR NOT? This post applies if you are taking a new mortgage, whether it’s for a purchase, refinance, or renewal. The variable remains the main contender. But what abou ...

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When to lock in your variable mortgage!

When to lock in your variable mortgage!

October 31, 2018 | Posted by: Andrew Wade

Should You Lock In Your Variable Rate Mortgage? In November 2018, there’s been a lot of noise in the mortgage rate market – “RATES ARE GOING UP!” So in turn I have b ...

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Second Mortgages and what you need to know

Second Mortgages and what you need to know

September 21, 2018 | Posted by: Andrew Wade

4 KEY THINGS YOU NEED TO KNOW ABOUT A SECOND MORTGAGE Many homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a fam ...

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5 great reasons to put 20% down on your home

5 great reasons to put 20% down on your home

September 7, 2018 | Posted by: Andrew Wade

There are many challenges that come into play when you’re in the market to buy a home.Buyers say the number one obstacle to home ownership is saving enough for a down payment, the amount that th ...

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All you need to know about reverse mortgages

All you need to know about reverse mortgages

August 31, 2018 | Posted by: Andrew Wade

HomeEquity Bank is the only bank in Canada that currently offers the CHIP Reverse Mortgage as well as a secondary product, Income Advantage. These two products are options for homeowners unlike anythi ...

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What is a Collateral Mortgage and how does it affect me?

What is a Collateral Mortgage and how does it affect me?

June 5, 2018 | Posted by: Andrew Wade

WHAT IS A COLLATERAL MORTGAGE? A collateral mortgage is a way of registering your mortgage on title. This type of registration is sometimes used by banks and credit unions. Monoline lenders, on the o ...

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Variable vs Fixed Mortgage's

Variable vs Fixed Mortgage's

June 4, 2018 | Posted by: Andrew Wade

FIXED VERSUS VARIABLE INTEREST! Fixed Interest Rates This is usually the more popular choice for clients when it comes to deciding on which type of interest rate they want. There are many reasons w ...

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Where are Mortgage Rates Going?

Where are Mortgage Rates Going?

June 1, 2018 | Posted by: Andrew Wade

WHERE ARE CANADIAN MORTGAGE RATES GOING IN 2018? 2017 was a year of change for the Canadian Mortgage Market. With the announcement of the B-20 guideline changes requiring all insured or uninsured mor ...

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Standard Charge Mortgages vs a Collateral Charge Mortgage and how t can affect you!

Standard Charge Mortgages vs a Collateral Charge Mortgage and how t can affect you!

June 1, 2018 | Posted by: Andrew Wade

When we talk about a Standard or Collateral Charge, we are talking about the legal instrument that is used to register the mortgage terms with the Provincial Government to legally record the encumbran ...

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I’VE NEVER HEARD OF THAT LENDER BEFORE

I’VE NEVER HEARD OF THAT LENDER BEFORE

May 28, 2018 | Posted by: Andrew Wade

One of the benefits of working with an independent mortgage professional; compared to getting your mortgage through a single institution, is choice. And as there are even more mortgage rules coming in ...

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Brief History of Mortgages in Canada

Brief History of Mortgages in Canada

March 22, 2018 | Posted by: Andrew Wade

HISTORY OF MORTGAGE CHANGESThe mortgage industry seems to be ever-changing. What was applicable one day seems to no longer apply to the next and at times, it can be confusing to navigate through what ...

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Buying a Home, Step One: Mortgage Pre-Approval

Buying a Home, Step One: Mortgage Pre-Approval

April 11, 2017 | Posted by: Andrew Wade

Whether you're looking to buy your first home, or haven't purchased a home in the past several years, you may be surprised to discover that searching your local real estate listings is not the best pl ...

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Why Remortgage? 4 Excellent Reasons to Consider Refinancing Your Home

Why Remortgage? 4 Excellent Reasons to Consider Refinancing Your Home

March 14, 2017 | Posted by: Andrew Wade

Your home is probably the most significant purchase you'll ever make, yet it's surprising how many people simply continue paying their mortgage every month without thinking too much about it. However, ...

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Should You Spend the Full Mortgage Amount You're Approved For?

Should You Spend the Full Mortgage Amount You're Approved For?

November 16, 2016 | Posted by: Andrew Wade

Before you start shopping for a new home, you'll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not ...

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Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!

Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!

November 2, 2016 | Posted by: Andrew Wade

Borrowers are loving the current record low interest rates, and homeowners stand to benefit even more. If you bought your home more than a few years ago, you could probably benefit from a refinance ...

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