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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Brokers. Are they really needed?
Brokers? Are they really needed? Well before we talk about that, let’s dive into some history Did you know that mortgage brokering dates back all the way to 1893 when a firm named Sonnenblick-Goldman was founded in the United States. As you could probably guess, the...
Shorter-Term Fixed-Rate Mortgages
Shorter-Term Fixed-Rate Mortgages Recently, experts are noticing that shorter-term, fixed-rate mortgages are becoming increasingly popular among Canadian homeowners and house hunters seeking the certainty of a steady rate but looking for more flexibility in their...
2 New Housing Amendments
Incoming Housing Amendments Recently, the Premier of BC changed as John Horgan stepped down to have more time with his family. The new Premier, David Eby, was sworn into office this month and has already begun to propose some new changes. One of the new changes...
House Flipping 101
House Flipping As many who have been following the news in the past few weeks probably understand the reality that house prices are dropping and interest prices are increasing. For some, this does not change your decision making as you are happy living where you are...
Missed Mortgage Payments
So What Happens if I Miss a Mortgage Payment? That is a great question. Let’s examine that in today’s blog. Since interest rates have been on the rise, home owners that own a variable rate have been susceptible to jarring monthly payment increases. A recent survey...
Bank of Canada Rate Increase #5
Bank of Canada Rate Increase You are probably used to seeing us use these words, but the Bank of Canada has again raised the key interest rate. The Bank of Canada has decided to increase rates by 0.5. It is a historic year as the Bank of Canada has never had five...
Mortgage Scams
Mortgage Scams This week we are going to dive into a concern we are starting to see, which is why we want you to understand the risks as much as possible. With money stresses, recessions looming, and technology at the highest level it has ever been at, scammers are...
Understanding Proper Truth of Affordability Through Market Correction
Affordability Through Market Correction In the past few years, it is a common topic of discussion that housing prices have skyrocketed since the pandemic began. Since 1980, BMO estimates that home prices have increased 3% per year in real terms, which roughly reflects...
Choosing a Mortgage That is Right for You
Choosing a Mortgage That is Right for You When you buy a home, you may only be able to pay for part of the purchase price. The amount you pay is a down payment. To cover the remaining costs of the home purchase, you may need help from a lender. The loan you get from a...
Economic Slowdown Stress: Practical Tips to Help
Practical Tips to get through the Economic Slowdown You have by now likely heard about the concerns and probabilities of a recession appearing. Some may say that the recession has already entered Canada, some say it will start by year end, and some say it will appear...
Since 2020 We’ve Seen Big Sales Volumes and Changing Interest Rates: What does this Mean?
Sales Volumes and Interest Rates In Canada, the mortgage debt boom that we have seen increasing since early 2020 is slowing but it still remains historically elevated. In July, the balance of outstanding residential mortgage credit hit $2.04 trillion, which is 9.3% or...
Value of Homes Due To 0.75% Prime Rate Increase
Value of Homes: It has likely come to your attention that the Bank of Canada increased the Prime Rate 0.75% from 2.5% to 3.25% last week. Our most recent blog that we published on September 9th discussed the pros and cons of the prime rate increase as well as...