Going Long, 5 year + Mortgages

Blog Posts David Cooke 14 May

Recently, Stephen Poloz, the governor of the Bank of Canada stated that he felt that lenders and by offshoot, mortgage brokers, were not being creative in promoting mortgages for periods of longer than 5 years. He feels that the longer the term the less risk there is and people will be able to qualify for […]

Read More

5 Things NOT to do before closing on your new home

Blog Posts David Cooke 8 May

1. 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 […]

Read More

The Family Plan Program Explained

Blog Posts David Cooke 25 Apr

Genworth Canada, one of the three mortgage default insurers in Canada, offers a program called Family Plan. It provides you with a solution which only requires a 5% down payment to take advantage of its unique solutions to family problems. In the past, I have used this with clients who want to purchase a home […]

Read More

What’s included in a home purchase agreement

Blog Posts David Cooke 16 Apr

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 to first-time homebuyers. While you expect the date of possession and the full purchase price to be outlined in the agreement, there are items that you may not be aware […]

Read More

We’re not just a mortgage company

Blog Posts David Cooke 2 Apr

Well, it finally happened. I was meeting with a financial advisor today and they looked at my business card and asked “Why does it say Dominion Lending Centres and not Dominion Mortgage Company?” I have been waiting 7 years to hear this question. I had an answer all ready for today. I said “that’s because […]

Read More

A bank that may not be familiar to you

Blog Posts David Cooke 27 Mar

Quiz time! Who is the largest non-bank mortgage originator in Canada with over $100 billion dollars in mortgages under administration? Answer – First National Financial Corporation. If you’ve never heard of them before, don’t feel bad. The only way to get a First National mortgage is through the broker channel. They do not have any […]

Read More

When Death Strikes Suddenly

Blog Posts David Cooke 20 Mar

Recently I was finishing up a mortgage with a young couple who had just had a beautiful baby girl. I brought up the topic of mortgage and life insurance as well as getting a will written up. The response from the husband was that it was such a morbid topic and a real downer when […]

Read More

March is Fraud Prevention Month

Blog Posts David Cooke 19 Mar

You may have seen advertisements warning you to be aware of phishing schemes and other scams. In the past week, I have received fraudulent emails claiming to be Shaw Cable, RBC and even the FBI. These are easy to spot because of mistakes in the letterhead, spelling mistakes and formal language that would fit in […]

Read More

Brokers make a Difference

Blog Posts David Cooke 5 Mar

While many people will go to their bank to obtain a mortgage or line of credit, they often feel betrayed by their favourite bank if their application is rejected. One big advantage that we have over banks is that we can send underwriter notes along with the application. Our questions and speaking at length with […]

Read More

JIDD Happens

Blog Posts David Cooke 27 Feb

You may have heard people say “s@@t happens. In the mortgage broker world, JIDD happens. These are unexpected events that can turn a happy homeowners’ life upside down. JIDD consists of: Job Loss – often unexpected and with no time to save for emergencies, things get ugly pretty quick. E.I. payments can run out leaving […]

Read More