About the Blog
A mortgage blog chock full of advice and tips to help you better understand key terms, and the latest mortgage news.
Mortgage Rule Changes – Oh How Times Have Changed
With the recent changes to the mortgage rules in Canada, we take a moment to look back at the evolution of the mortgage, and to highlight these new changes and what they mean. LOOKING BACK BEFORE 2008 During this time, lending and mortgages were much more laid back! There was 100% financing available, 40 year amortizations,…
A Pre-Approval Is Not Really a Pre-Approval
A Pre-Approval Is Not Really a Pre-Approval There is a misconception out there that once you’re pre-approved, you’re good to go. A pre-approval simply means that based on your CURRENT income, expenses, down payment and credit you SHOULD be able to get fully approved once you find the right property (this is the first half of…
ULI’s 4.0 BURGER
Our business partner Uli’s Restaurant is sharing the ingredients to their delicious Uli’s 4.0 Burger! Ingredients: Potatoe Bun Garlic Aioli Arugula 7 oz all beef patty with salt & pepper BBQ sauce (see the chef’s recipe posted below for more details)* Goat Cheese Fermented Jalapenos Crispy Shallots *Chef’s BBQ Sauce Recipe: 100oz ‘6 in 1’…
Changes to down payment requirements coming February 15, 2016
Today, Finance Minister Bill Morneau announced changes to down payment requirements. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from five per cent to 10 per cent for the portion of the house price above $500,000. The five per cent minimum down payment for properties up to $500,000 remains…
6 Tips on How to Repair, Increase and Maintain Your Credit
Credit scores are like report cards for grown‐ups. The score you get ranges from 300 to 900. Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers. The higher your score the better. 1. Get a Copy of Your Credit Report Make an inquiry once a year, twice…
Accelerated Bi-Weekly vs. Bi-Weekly Payments
When signing your mortgage commitment letter you will have to choose your payment frequency. If your goal is to re-pay your mortgage as quickly as possible, then you need to understand how different payment options will affect your repayment schedule. So what are your options? In general, most lenders will offer the borrower the option…
Get Pre-Qualifed For a Mortgage
Buying a home is one of the biggest financial decisions you will make, especially if you are buying your first home. So it is important to know your current financial situation and ensure you buy a home you can afford while still enjoying your life. For that reason I always recommend all home buyers talk…
Good News for the Canadian Economy
Real gross domestic product (GDP) for July was posted at an better-than-expected 0.3 percent, confirming that the economy rebounded in the third quarter from the contraction in the first half of the year. Although oil prices remain depressed and commodity prices in general have fallen, the economy has been bolstered by the fall in the…
Why Banks Want You To Sign the Renewal Agreement That They Mail Out To You
Most banks boast a higher than 90% renewal rate on their mortgages (some even higher than 95%). Since it costs them a lot more money to acquire a new client vs. keeping an existing one, banks love the savings of a simple renewal. So you would think that they would offer you the best rate up…
Increase in First Time Home Buyer's Exemption
Good news for first time home buyers! In case you missed it, Tuesday’s budget included an increase to the property tax exemption for first time home buyers. This is great news as first time home buyers will be able to save $7,500 on a purchase of $475,000. The exemption limit was increased from $425,000 to…
Mortgage Talk with Bill Macklem on AM650 Radio Real Estate Show on July 6, 2013
Every Saturday morning at 10 AM, Bill Macklem joins host Tom Lucas and Realtor Sheri Brown to provide live mortgage tips on AM650’s Radio Real Estate Show in Metro Vancouver and answer a question, as part of the Mortgage Question of the Week series. On the morning July 6, 2013, we checked in to film…
How Much Does A Mortgage Rate Matter?
Often times, borrowers are fixated on their mortgage rate because it’s the one aspect of their home financing they know to ask about. But, it’s important to look beyond mere rates into the bigger picture surrounding what’s significant when it comes to your specific mortgage needs. If we dollarize the difference between 2.99% and 3.04%,…
Dominion Macklem Mortgages Sponsors GVHBA's 19th Annual Homebuyers Seminar with Bill Macklem as a Speaker
As it was announced last month in The Vancouver Sun newspaper, the Greater Vancouver Home Builders’ Association will be holding its 19th annual Homebuyers Seminar on Tuesday, March 19, 2013 in Surrey at the Bell Performing Arts Centre with Dominion Macklem Mortgages participating as the patron sponsor. Admission to the event is free and will…