About the Blog

A mortgage blog chock full of advice and tips to help you better understand key terms, and the latest mortgage news.

Morneau Takes Out the Big Guns to Slow Housing – New Stress Test & More

By seanf@macklemmortgages.com | November 16, 2016

Ottawa unveiled major initiatives to slow housing activity both by potentially discouraging foreign home purchases and, more importantly, by making it more difficult for Canadians to get mortgages. As well, the Finance Minister is limiting the degree to which mortgage lenders can buy portfolio insurance on mortgages with downpayments of 20% or more. Ottawa has…

Mortgage Rule Changes – Oh How Times Have Changed

By seanf@macklemmortgages.com | November 15, 2016

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

By seanf@macklemmortgages.com | July 13, 2016

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

By seanf@macklemmortgages.com | June 30, 2016

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

By Bill Macklem | January 24, 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

By Bill Macklem | January 20, 2016

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

By Bill Macklem | December 24, 2015

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…

Dominion Macklem Mortgages

Get Pre-Qualifed For a Mortgage

By Bill Macklem | December 2, 2015

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

By Bill Macklem | October 1, 2015

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

By Bill Macklem | September 21, 2015

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

By Bill Macklem | February 20, 2014

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

By Bill Macklem | July 15, 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…

Examining Lease vs. Loan Options

By Bill Macklem | April 6, 2013

The age-old question of lease versus loan is very common, and one that can’t be answered with a simple one-word response. Everyone who has ever considered leasing has had this question cross their mind. So what is the answer? It really depends on your specific situation. Leases and loans are simply two different methods of…

How Much Does A Mortgage Rate Matter?

By Bill Macklem | April 6, 2013

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%,…

Bill Macklem Speaks at the 19th Annual GVHBA First Time Home Buyer Seminar

By Bill Macklem | March 30, 2013

At the 19th annual First Time Home Buyer Seminar presented by the Greater Vancouver Home Builders’ Association this month, Bill Macklem of Dominion Macklem Mortgages had the opportunity to speak in front of an audience at the Bell Performing Arts Centre in Surrey, British Columbia. Dominion Macklem Mortgages participated in this year’s event as an…