When it comes to securing a mortgage in Edmonton, being self-employed can add a layer of complexity to the process. At Dominion Mortgage Pros, we understand that freelancers and business owners have unique financial situations that traditional income earners may not face. But don’t worry! With the right approach and knowledge, you can successfully navigate…
May
When it comes to buying a new home in Canada, one of the first hurdles we face is the down payment. Understanding the ins and outs of down payment rules can save us not just money but also some sleepless nights. At Dominion Mortgage Pros, we believe that knowledge is power, especially when it comes…
May
When it comes time to buy a new home, navigating the complexities of the mortgage world can feel overwhelming. We at Dominion Mortgage Pros understand this challenge, and we want to shed some light on a key decision you’ll need to make: whether to work with a mortgage broker or just go through your home…
May
When it comes to navigating the world of mortgages, staying informed is key, especially now that mortgage rates in Canada are on the move. At Dominion Mortgage Pros, we understand how important it is for home buyers in Edmonton to strategize effectively when making big financial decisions. Let’s break down some of the best strategies…
April
Buying a home is a big step, and at Dominion Mortgage Pros, we know it comes with lots of questions, especially about choosing between a fixed or variable rate mortgage. It’s essential that we understand the nuances of each option, as the choice can have a significant impact on your finances over time. So, what…
February
At Dominion Mortgage Pros, we know that making mortgage payments can feel like a marathon at times. For many homeowners in Edmonton, Alberta, navigating the path to paying down your mortgage faster or reducing those monthly payments can be an uphill battle. However, there are several smart strategies that can help you achieve your goals.…
February
When it comes to mortgages, we all know that renewals can be a bit like going to the dentist – necessary, but not exactly something we look forward to. However, unlike dental visits, which might leave us with a mouth full of novocaine, mortgage renewals can actually be a golden opportunity to enhance our financial…
January
Hey there, Edmonton homeowners and mortgage adventurers! Mortgage rates and the housing environment can sometimes feel like a game of chess. Just when you think you’ve figured it out, the game changes. But don’t worry—we’re Dominion Mortgage Pros, and we’re here to help you navigate the current landscape like the champs you know you are!…
January
When to Refinance Hi Everyone, I just wanted to do a post about refinancing your mortgage. The start of a new year is a great time to do a financial check-up! Interest rates are hovering near record lows. In most cases, it makes sense to refinance your mortgage to pay off higher rate unsecured debts.…
January
Payout Penalties Too often payout penalties seem to get skipped or poorly explained in the mortgage setup process. This happens at banks and with some brokers. The financing period becomes a fairly rushed time for people and while the focus is on rates, term, amortization, and prepayment privileges, the discussion of payout penalties seems to…
December
Holiday Refinancing What is the holiday refinance? It’s a time in the mortgage world leading up to a major holiday that we experience a higher volume of refinancing applications. Although people all have different reasons to refinance, the core theme tends to remain the same. Here in my experience are the 2 major reasons: 1)…
November
O% Down Mortgages Yes it still exists, contrary to what a lot of banks will tell you. It just has a different name, it’s called the Flexdown mortgage. The Flexdown mortgage is a 95% mortgage, but the downpayment can come from borrowed funds like a line of credit which essentially means you can buy with…
November
As a first-time home buyer, working with Dominion Mortgage Pros was a great experience. I was going in with almost no knowledge about how to go about procuring a mortgage, and nervous about exactly what I’d be able to afford. The staff were knowledgeable and helpful, and very prompt with their replies, I never had…
May
Some lenders require payment of property taxes with the mortgage payment to ensure they are paid up to date. The city or municipality has the ability to place a caveat on the title of the property to collect arrears. This compromises the security position of the first mortgage and lenders are not comfortable with this. …
April
Due to change in mortgage legislation, it is now required that any client qualifying for a product other than a 5 year fixed rate must be able to carry the mortgage at the benchmark rate in the event of a rate rise. This is to ensure a client that qualifies for a low 1-year rate…
April
The ability to make payments is a large factor in lending decisions, but it is one of many factors. Strong repayment history (credit), character, collateral, capacity and capital are all evaluated in the lending decision. The 5 C’s of credit. Now certain lenders will make exceptions on a deal by deal basis, but as a good…
April
As a broker, we have a third party backed by Manulife Financial that provides life and disability insurance to clients who elect this coverage. It is not mandatory, however, it is highly recommended that our clients have some form of work, independent insurance, or mortgage life coverage.
March
Completely satisfied with the customer service at Dominion Mortgage Pros! I was pre-approved in just two days for my mortgage!! Friendly and efficient staff, and the process was so easy!! Thanks so much! Phil
March
…..I don’t want to show them how I spend my money. The lender is following the Anti-Money Laundering guidelines that are set out by the Federal Government. Any funds that have not been in an account for 90 days require their source of origin established. The lender is not looking to see where you spend…
March
The market has started to tier pre-approval rates from approval rates. This is due to the fact that pre-approvals tend to be held a longer time frame than approvals, which the lender runs more risk on the rates the longer they have to hold them. Also, lenders have to hold aside a percentage of funds…
March
