Since the beginning of 2021 house prices have been rising exponentially. In June, a Canadian Real Estate Association report indicated that the average selling price of a home in Canada had fallen for the second consecutive month. A cooling of the past year high, which reached 38% increase of home purchases, was bound to come. In
Recently, there has been approved changes to the stress test released by the government that come into effect on June 1st. The Bank of Canada benchmark qualifying rate will increase from 4.79% to 5.25%. The changes will be for all mortgages. This includes; Insured mortgages Insurable mortgages Uninsurable mortgages When looking at borrowing power, these changes will
Recently, there have been proposed changes to the stress test released by the government that would come into effect on June 1st. If the changes go into effect, the Bank of Canada benchmark qualifying rate will increase to 5.25%. If the changes go into effect, it will be for uninsurable mortgages only. Uninsurable mortgages are any mortgages
GLM Mortgage Group | Dominion Lending Centres is thrilled to announce that Geoff Lee has been selected by Canadian Mortgage Professional as one of Canada’s Top 75 Mortgage Brokers. In addition to being a Top 75 Mortgage Broker in Canada GLM Mortgage Group | Dominion Lending Centres has many recent accomplishments: Finalist for Best Customer Service in
admin2021-03-02T18:07:30-08:00February 26th, 2021|Uncategorized|Comments Off on When it comes to getting pre-approved for a mortgage and “Locking” in a rate, we have a clear process in place to help you do so.
How it works: We start with a pre-approval where a mortgage application is done, and documentation is requested to confirm details within the application to best prepare for an accepted offer. Once you complete the pre-approval process, we can then determine your max purchase price, and even submit your file to secure a rate hold for you
One of the most common questions we are asked when going through the pre-approval process: Will this hurt my credit score? It’s a fair question. The reason many people ask if a pre-approval will hurt their credit score is due to the fact that typically a hard credit check, may slightly negatively impact your credit score.