10 May

[DLC BLOG] Who pays your mortgage broker? Not you!

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DLC BLOG FOR May 10th
Who pays your mortgage broker? Not you!

Who pays your mortgage broker? Not you!If you’re looking to get a mortgage and considering a mortgage broker, there’s a good chance you’re wondering about how much the service costs.

Good news! Clients looking to get a standard residential mortgage pay no fees to the broker.

On standard residential mortgages, it’s 100% free for the clients. We’re paid by the bank or by the lending institution that we give the mortgage to.

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Clients looking to get a standard residential mortgage pay no fees to the broker. @DLCCanadaInc explains in this latest blog.
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9 May

[DLC BLOG] Sole Proprietors

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DLC BLOG FOR May 9th
Sole Proprietors

Sole ProprietorsSole proprietors are individuals who run their own business and do not have it set up as a corporation or partnership. The biggest difference between them and a corporation is that a sole proprietor does not have separation between their business and themselves.

This means that when taxes are filed, all costs that are essential to the operation of the business are tax deductible on the individuals tax return. For example, an electrician who operates as a sole proprietor may earn $80,000 a year in income. However, costs such as materials, vehicle expenses, office space, or marketing (to name a few), are subtracted from the gross income- $80,000 in this case.

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Sole proprietors are individuals who run their own business. @DLCCanadaInc explains how mortgage lenders handle their applications.
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8 May

[DLC BLOG] 5 Things NOT to do before closing on your new home

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DLC BLOG FOR May 8th
5 Things NOT to do before closing on your new home

5 Things NOT to do before closing on your new home1. Change your job. You were qualified for your mortgage financing based on your income, years at the job and the understanding that you were there for a while. Changing jobs should be put off until after possession day.

2 – Changing your name. Make sure that your identification and your name match. Do not change from John Smith to J. Michael Smith during this critical time.

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5 Things NOT to do before closing on your new home.@DLCCanadaInc has the list in this latest blog post.
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7 May

[DLC BLOG] CMHC changes will harm, not help, the real estate market

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DLC BLOG FOR May 7th
CMHC changes will harm, not help, the real estate market

CMHC changes will harm, not help, the real estate marketA new program the federal government has announced to subsidize first-time home buyers isn’t likely to help the market but more likely to harm it.

And not only is it not going to help out the market, but it’s not going to help out new homeowners.

In its recently announced budget, the government is essentially putting the weight of turning around the market on the backs of people just entering the housing market.

Part of the problem with the plan is that we only know what’s happening on the front end. People buying their first home will be eligible for a 5% top up from the from the Canada Mortgage and Housing Corporation (CMHC) to the total cost of a home. That amount increases to 10% for new constructions. To qualify, a household must have a combined income of less than $120,000, and the CMHC will only pick up a maximum of $480,000.

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A new program the federal government has announced to subsidize first-time homebuyers isn’t likely to help the market but more likely to harm it.  @DLCCanadaInc explains in this latest blog post.
https://dominionlending.ca/news/cmhc-changes-will-harm-not-help-the-real-estate-market
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6 May

[DLC BLOG] Get to know Title Insurance

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For Monday, May 6, we’re running a blog you may have missed. Enjoy!

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DLC BLOG FOR May 6th
Get to know Title Insurance

Get to know Title InsuranceAre you officially Mortgage Free? CONGRATULATIONS! That is a monumental milestone to achieve!

With that significant accomplishment, you should look at obtaining a Title Insurance Policy. What most people don’t realize is that when you had a mortgage, the lender will likely have had this in place for you. Once your mortgage is paid out in full the insurance is no longer in place. It is crucial that once your final payment is made that you, as a home owner, now get a policy.

What is Title Insurance? Good question!

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What is Title Insurance? Good question! @DLCCanadaInc explains in this latest blog post.
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3 May

[DLC BLOG] Corporations and Mortgages

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DLC BLOG FOR May 3rd
Corporations and Mortgages

Corporations and MortgagesFor self employed clients, incorporation is a popular business structure we tend to encounter. Having a corporate structure to your business allows for effective separation between the individual and the business.

If you own your business and have it set up as a corporation, that corporation is essentially its own person. They have their own income through business revenue and have their own expenses required to carry out that business- marketing costs, material costs, office space, things of that nature.

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For the self employed, incorporation is a popular business structure mortgage brokers tend to encounter. @DLCCanadaInc dives deeper into the issue in this latest blog post.
https://dominionlending.ca/news/corporations-and-mortgages
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2 May

[DLC BLOG] What’s your best rate?

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DLC BLOG FOR May 2nd
What’s your best rate?

What’s your best rate?You know at one time I could give you a quote over the phone and not worry that I would be too far out. Today a totally different story, here are some of the variables that come into play.

1. What’s your credit score? A 700 FICO score is the new 650 for many lenders as their investors demand better quality borrowers.
2. Where is the property located? Rural areas are getting harder to finance.
3. Is it an insured file, are you putting less than 20% down payment?

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There are a lot of things that come into play in getting your best rate. Len Lane of @DLCCanadaInc breaks them down in this latest blog post.
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1 May

[DLC BLOG] How to Pick the Best Mortgage for YOUR Situation!

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DLC BLOG FOR May 1st
How to Pick the Best Mortgage for YOUR Situation!

How to Pick the Best Mortgage for YOUR Situation!Most Canadians are conditioned to think that the lowest interest rate means the best mortgage product. Although sometimes that is true, a mortgage is much more than just an interest rate. You can save yourself a lot of money if you pay attention to the fine print for the total cost of your mortgage.

In order to pick the best mortgage, you need to understand your options. This comes with mortgage intelligence, understanding how mortgages work and the pros and cons of the various options.

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How to Pick the Best Mortgage for YOUR Situation! @DLCCanadaInc offers a comprehensive breakdown of mortgage options in this latest blog post.
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30 Apr

[DLC BLOG] Accessing Your Home’s Equity To Invest

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DLC BLOG FOR April 30th
Accessing Your Home’s Equity To Invest

Accessing Your Home’s Equity To InvestTo tap into your home’s equity, it all starts with refinancing your home. If you own a home, the equity you have built up in it is one of the most valuable assets you have available to you. It is also much more accessible than taking out a large loan.

In many cases, home equity loans and lines of credit can offer you a lower interest rate as compared to other types of loans while providing you with access to credit for investment purposes. You can view an excellent comparison of loans here.

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To tap into your home’s equity, it all starts with refinancing your home.
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29 Apr

DLC Blog : Pre-Approvals & Pre-Qualifications

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For Monday, April 29th, we’re running a blog you may have missed. Enjoy! 

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DLC BLOG FOR April 29th
Pre-Approvals & Pre-Qualifications

Pre-Approvals & Pre-QualificationsThroughout 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.

A buyer will not be able to close on a purchase if they do not have a lawyer. Financing conditions need to be lifted after confirmation from a mortgage broker that a file is broker complete.

A buyer should never write an offer on a home until they have a realtor working for them. Most importantly, a buyer should never be looking at property they are considering buying until they have been pre-qualified and pre-approved.

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Pre-qualified and pre-approved are two different things.
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Manjit Bhondhi