One of the benefits of working with an independent mortgage professional; compared to getting your mortgage through a single institution, is choice. And as there are even more mortgage rules coming into place January 1st 2018, now more than ever, having access to a wide variety of mortgage products is going to ensure you get the mortgage that best suits your needs.

Working with an independent mortgage professional will give you access to varying products from many different lenders, some of these lender you may have never even heard of, but that’s okay. Sure, RBC, BMO, and CIBC, are more household names compared to say, MCAP, RMG, or Merix Financial, but as each lender has a different appetite for risk (there is always a risk when lending money) how do you know which lender is going to have the products that are going to be the best fit for you?

Typically the conversation develops into something like this: “I’ve never heard of this lender before, are they safe, I mean… I have no idea who they are”? And although that is a valid question, there is a simple answer. Yes. Yes they are safe. All the lenders we work with are reputable and governed by the same regulator as the big banks. Ultimately, you have their money, they don’t have yours!
But let’s answer a few of the common questions often asked about these lenders accessed only through an independent mortgage professional.

Why haven’t I heard of any of these lenders?
Instead of spending all their money on huge marketing campaigns (like the Canadian big banks) which drives up the cost of their product, broker channel lenders rely on competitive products and independent mortgage professionals to secure new clients.

What happens if my lender gets purchased by another lender?
This actually happens quite a bit, however, it’s business as usual for you. Even if your mortgage contract gets sold, the terms of your mortgage stay intact and nothing changes for you.

What happens if my lender goes bankrupt or is no longer lending at the end of my term?
This would be the same as if the lender was purchased by another lender. The only difference is, at the end of your term, we would have to find another lender to place your next term. And as this is already good practice, it’s business as usual. Again, you have their money, they don’t have yours. The contract would stay in force.

Why don’t these lenders have physical locations?
Much like why you haven’t heard of these lenders, they save the money on advertising and infrastructure, and instead focus on creating unique products to give their clients more choice. These lenders rely on independent mortgage professionals for awareness and compete on product not public awareness.

Do they really have better products?
Yes. Well, I guess we have to define what is meant by better products. If by better products you mean a variety of products that suit different individuals differently, then yes. Across the board, each lender has a different appetite for a different kind of risk. For example, while one lender might not include child tax income as part of your regular income, another might. While one lender might look favourably on a certain condo development, another might not. Each lender sees things a little differently. Knowing the products and preferences at each lender is what we do!

When it comes to mortgage qualification, some broker channel lenders are more flexible than others (or the banks) and offer different programs that cater to self-employed, people who are retired, own multiple properties, or rely on disability income. While as it relates to the features of the mortgage, different lenders offer many different features.

Some mortgages can be paid off at an accelerated pace with little to no penalty, some accommodate different payment structure, some products are set at lower rate, but sacrifice flexibility.

At the end of the day, the goal should be to qualify for a mortgage that has the features that suit your individual needs. Regardless of which lender that is. If you would like to talk about your financial situation, and see which lender best suits your needs, please don’t hesitate to contact me your Dominion Lending Centres mortgage specialist.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Sometimes “life happens”, and when it does, your home can be your savior if you have accrued some equity in it. Maybe you’ve been out of work, run up your credit cards and driven your credit rating into the ground. Perhaps, you’ve decided to leave the job you hate and venture out into the world of owning your own business. Whatever it may be, the equity in your home can help.

I recently helped a client who had maxed out her high interest credit cards due to not being able to work for a couple of years, and the credit card debt had lowered her credit score substantially. She was now back to work as a self employed consultant earning a good income, but the $1,000 monthly interest payments she was paying was seriously eating at her cash flow and not reducing the principal she owed. Dead money!!

Luckily for her, she had great equity in her condo, so I was able to provide her with an Equity Take Out Mortgage. The mortgage lender I chose was able to loan her money based on the strength of her property and the low loan to value of the mortgage based on her equity, NOT her income or credit score.

Here are the numbers:

Mortgage Amount $75,000

Rate: 4.75% (due to low credit score and equity take out)

Monthly Payments: $425.59

Savings per month: $574.41

In this case, my client was able to pay off her credit card debt and had a fair amount of money left over to invest in her business and her future.

In the end, she was very happy to be able to get her finances and business back on track, and start her life anew!

By working with me, a licensed mortgage broker who has access to a variety of lenders and products, we were easily able to find a great solution to a “life happens” scenario.

If you would like to learn more about how the equity in your home can help you, contact me your Dominion Lending Centres mortgage professional.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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A lot can change in a year when it comes to mortgages. These changes can provide great opportunities for mortgagees to refinance their mortgage at the time of renewal in order to save money.

Unfortunately, most people are under the impression that once they sign on the dotted line they are locked into their mortgage agreement for the specified term. One study found that a staggering 70% of people simply renew their mortgage every year without even looking into other options! Refinancing can give you the leverage to make your mortgage more affordable.

Here are 5 tips to help you prepare for your first mortgage renewal and save thousands of dollars!

1. Plan in Advance

Mortgage renewals are mailed out months before the renewal date. This gives you plenty of time to shop around for the best rate. Many mortgage professionals recommend a 4-6 month window to negotiate because that’s how long a lender may guarantee a discounted rate. By planning ahead you could find yourself a rate significantly lower with another lender or have a nicely discounted rate to fall back on.

2. Do Your Research

Mortgage research isn’t a one-time process you perform when buying you first home, it’s a topic you should revisit each year. The reason for ongoing research relates to the changes that occur in the marketplace. It is important to keep up-to-date with mortgage trends so you don’t get swindled into a higher rate than you deserve. The key thing to avoid when shopping for a new rate is signing with a bank’s posted rate. These rates are usually the highest the bank charges and all that extra interest will accumulate quickly, adding thousands to your mortgage total. Take the time and know what trends are doing so you can recognize a good rate when it comes along.

3. Don’t Avoid the Switch

Some mortgagees are scared to switch lenders because of hidden fees and the paperwork that may be involved with the process. If you do your research and start early enough there is no reason to avoid switching your mortgage lender. When you make a switch at renewal time there is usually no monetary penalty. Switching allows you to take advantage of lower rates and save you money, so take the plunge if you find a better deal with a different lender!

4. Negotiate on Everything

Most people only negotiate the interest rate when they’re applying for or renewing a mortgage, but all variables are open to discussion! Make sure you know the importance of the amortization period, fixed versus variable rates, and payment schedule flexibility so your negotiation power is up to its full potential. All these variables can help reduce your payments, interest rate, and overall payment period.

5. Work with a Professional

Some mortgagees find all this information rather overwhelming and some simply don’t have the time to do the necessary research. If you find yourself fitting into one of these two categories then work with a Dominion Lending Centres mortgage professional. These brokers work for you and will handle all the shopping and negotiations required to make your mortgage more manageable.

Whether you decide to work with a professional or not make sure to do some research for yourself. It’s always a good idea to have the basic knowledge fully understood before jumping into one of the biggest purchases of your life.

If you are ever unsure of any specifics, call me at Dominion Lending Centres to clarify. I am lways happy to help guide you through the process!

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Today, you and your spouse go looking for a new home. You’re excited because after years of scrimping and saving, you can finally afford your own place.

You’ve engaged a realtor and he’s called you to say that he’s found your new home. You visit the property and while its not perfect, your realtor insists that this is the home for you. He says there’s nothing else available that’s better suited and urges you to make an offer. He mentions at one point that he’s actually the owner of the property he’s showed you. You make an offer at the price he suggests and, hey presto, the offer is accepted!

You move in at the end of the month, happy that you’ve at least got a roof over your head.

It all sounds pretty unbelievable, doesn’t it? You can’t really imagine doing that, can you?

Let’s look at a similar scenario; one where you make a very similar choice.

A month or two earlier, you casually mention to your mum and dad that you’re going to start looking for a home. They’re both pleased and proud – they ask about your mortgage financing – and recommend you go see their account manager at Big Blue Blank.

Like most Canadians, you prefer going to the dentist over applying for credit, so after you meet with Cal from Big Blue, you’re pleased and relieved when he calls you later that day to say you’ve been pre approved for financing at a fixed rate. He’s even guaranteed the rate for 90 days! When you end up buying that not so perfect home, the mortgage is in place in a blink of an eye.

This time, the whole scenario is way more familiar, isn’t it? Why is the second scenario any more acceptable than the first?

A Mortgage Brokers’ value proposition is based upon the ability to offer independent advice about multiple products provided by multiple lending partners.

How we demonstrate that proposition is by providing both advice and options; advice on not only obtaining the right financing, but also repayment strategies and strategies to handle a changing interested rate environment.

By combining options on rates, terms, repayment privileges and to minimize penalties, we provide you with the one thing you didn’t get in either of the two scenarios – informed choice.

Dealing with a broker, any broker, gives each of us back something we are always looking for; control.

As always, if you have any questions or need help contact me your Dominion Lending Centres mortgage specialist.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Every entrepreneur and business owner will make a few financial mistakes during their journey. Those who aren’t savvy in accounting often overlook the need to brush up on their financial IQ. Truth is, these little financial errors can lead to some serious cash flow problems if you aren’t careful. Here are four financial mistakes you can easily avoid so you can protect your bottom line.

Late payments
Nobody is fond of paying bills. We tend to put them off until the last minute for short-lived peace of mind. This applies to all business owners when it comes to both your account payables and receivables.
When billing your clients, it’s common to give them an extended window of time to make payments so you can foster more sales. While your clients may appreciate the flexibility this can seriously cripple your cash flow. I generally suggest giving your clients no longer than 14 days to pay an invoice. If you’re providing quality goods and services they should have no problem paying you within this time window.
When it comes to paying your own bills, it’s important to follow the same principles above. This is especially the case if you’re operating off borrowed money. Paying an invoice late may result in a few unhappy emails, but when it comes to paying off your debts you need to always be on time. Even one missed payment can severely harm your credit score.
The best way to stay on top of these is to use an online payments solution that offers online invoicing and accounting features. This way all of your bills are organized and can be accessed anywhere at anytime.

Forgetting to have an emergency fund
Every successful entrepreneur will probably tell you that hindsight is 20/20 and foresight is … well you just never know what’s going to happen. Every business will have to pivot and there will always be unexpected hurdles. That being said, it’s absolutely imperative that you have your contingency plan, especially when it comes to finances. I recommend that every business owner has a three-month emergency fund at least.
You should start putting money away into your emergency fund as soon as the cash comes in. No matter the size of your business you should learn the art of bootstrapping and staying lean. The more money you put away, the more you’ll force yourself to get by with what you have. The majority of startups fail due to the lack of or misuse of capital. Having an emergency fund gives you a bit more runway when disaster strikes.

Failing to separate business funds from personal funds
This is one of the most common and dangerous pitfalls in small businesses. Small business owners often put their lives on the line for their business, literally. This is a big no-no. When starting a business it’s important to immediately separate your personal finances from your business finances. If you’re like any other entrepreneur it’s going to take more than one go to be successful. That being said, you definitely don’t want a failed business to tarnish your financial reputation.
Start by opening up a business bank account and apply for a business credit card to keep track of expenses. Make sure you’re only using your business credit card for business expenses and vice a versa. Failing to separate the two can also lead to complications around balancing accounts, filing taxes, measuring profits and even setting clear financial goals. Do yourself a favor and avoid mixing these expenses.

Spending too much time on non-cash-generating activities
It’s a given that you most likely won’t see an ROI on every activity you do when running a business. That being said, it’s important to distinguish which ones have the highest chance of eventually generating some cash flow. When it comes to time tracking and time management, it’s important to pay close attention to your productivity levels.
Everyone has 24 hours in a day, some decide to work smarter than others and that’s why they become successful. Know that time is your most valuable asset and treat it as such. Remember, it’s okay to say no or to turn down meetings that you know provide little to no value for your business. There’s no need to take or be present on every phone call either. Being able to identify what brings true and tangible value to your business is a key to success.
Try your best to follow the 80/20 rule. There are likely three to four activities in your business that generate the most cash. Once you identify these activities, create a habit of spending 80 percent of your time doing these tasks and save the rest of your time for other miscellaneous jobs. If you’re able to get really disciplined around this strategy, it will surely pay off.
It takes years of practice to improve your financial literacy. Although most lessons in finance are learned the hard way, it’s important to learn them nonetheless. Take note of these four common financial mistakes and do your best to avoid them. Contact Dominion Lending Centres Leasing if you have any questions.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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This story appeared in the Fall issue of Our House Magazine

The restored Green Gables property in Prince Edward Island is a blend of Lucy Maud Montgomery’s real childhood home and the one of her fertile imagination. 

Stepping into the house at 8521 Cavendish Road in Cavendish, P.E.I., is like walking back a couple of centuries and into the imagination of Lucy Maud Montgomery. While the famed Canadian author wrote Anne of Green Gables more than 100 years ago at the turn of the 20^th Century, her beloved masterpiece lives on in real life at a heritage site in the rural Maritime town.

The folks who look after the Green Gables, officially known as the L.M. Montgomery’s Cavendish National Historic Site, want visitors to feel like they’re a part of the novel.

“When they arrive and they step into the barnyard or the house, or when they look at Anne’s room on the second floor, they really feel like they’ve stepped into that story,” says Ocel Dauphinais-Matheson, the visitor experience manager for Parks Canada National Historic Sites for Prince Edward Island. The idea was to recreate the location described by Montgomery in her novel, he explains, even though the actual site was originally a little different back in 1908.

While the Green Gables house and property were the inspiration for Anne of Green Gables, the author added elements that weren’t literally in front of her. For example, the original farmhouse, built back in 1831, actually never had a green roof. It does now. And Montgomery in fact grew up on a property next to the home with her grandmother. The Green Gables property belonged to David Jr. and Margaret Macneill, who were cousins of Montgomery’s grandfather. She came to know her cousins’ farm through her explorations of the surrounding woodlands and places she discovered and named, such as Lover’s Lane and the Haunted Wood.

“That’s why when she [Montgomery] wrote Anne of Green Gables, she used it really as the inspiration for the main setting in her book,” Dauphinais-Matheson told Our House magazine. “That’s the uniqueness of the site: it’s a real place and it really served as an inspiration. The way we present it is really true to the description she makes of the site in her novel.”

And people from all over the world have been coming to the province and site ever since the book was published. Last year, Green Gables welcomed 180,000 visitors between May and the end of October. At its peak in the summer, the property can expect up to 3,000 daily.

Dauphinais-Matheson suggested there are generally two types of people who visit the site: ones who don’t know much about the book but know its historical importance, and those for whom the site is a real pilgrimage. And to understand just how far reaching Montgomery’s novel has traveled, hundreds of thousands of people from abroad have come to the site, including from Japan, France, Australia and the U.S.

However, to keep a home approaching 200 years old in tip-top shape takes a lot of work and hands. There are two people responsible for cleaning the home and the 3,000 or so artifacts therein from top to bottom every day. There is an entire maintenance team responsible for the physical upkeep of the property, which includes any repairs that are authentic to the time period.

“It’s a big job. There are thousands of artifacts in the house. Lots of people come through, so we have a team of people who look after the upkeep and longer-term maintenance of the artifacts and the house itself,” Dauphinais-Matheson says.

But the effort is necessary to maintain such an important Canadian historical site, according to people with Parks Canada. Dauphinais-Matheson suggests Green Gables is important to protect because the site represents the inspiration and imagination the author had in creating one of the most well-read novels of all time.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Mortgages are a funny thing. On the one hand they allow you to become a home owner without saving up enough money to purchase the home outright, which is a really good thing. On the other hand, even at today’s really low interest rates, as they are amortized over a really long time (most of the time 25 years), they can cost you a lot more money in the long run. With the government tightening mortgage qualification, chances are securing your most recent mortgage wasn’t a painless process.
So now that you finally have a mortgage, and you’re a home owner, the first thing you should do is figure out how to get rid of your mortgage! Here are 4 ways you can do that!

ACCELERATE YOUR PAYMENT FREQUENCY
Making the change from monthly payments to accelerated bi-weekly payments is one of the easiest ways you can make a difference to the bottom line of your mortgage. Most people don’t even notice the difference.
A traditional mortgage splits the amount owing into 12 equal monthly payments. Accelerated biweekly is simply taking a regular monthly payment and dividing it in two, but instead of making 24 payments, you make 26. The extra two payments really accelerate the pay down of your mortgage.

INCREASE YOUR MORTGAGE PAYMENT AMOUNT
Unless you opted for a “no-frills” mortgage, chances are you have the ability to increase your regular mortgage payment by 10-25%. This is a great option if you have some extra cash flow to spend in your budget. This money will go directly towards paying down the principal amount owing on your mortgage, and isn’t a prepayment of interest. The more money you can pay down when you first get your mortgage the better, as it has a compound effect, meaning you will pay less interest over the life of your mortgage.
Also, by voluntarily increasing your mortgage payment, it’s kinda like signing up for a long term forced savings plan where equity builds in your house rather than your bank account.

MAKE A LUMP SUM PAYMENT
Again, unless you have a “no-frills” mortgage, you should be able to make bulk payments to your mortgage. Depending on your lender and your mortgage product, you should be able to put down anywhere from 10-25% of the original mortgage balance. Some lenders are particular about when you can make these payments, however if you haven’t taken advantage of a lump sum payment yet this year, you will be eligible.

REVIEW YOUR OPTIONS REGULARLY
As your mortgage payments are withdrawn from your account regularly, it’s easy to simply put your mortgage payments on auto-pilot, especially if you have opted for a 5 year fixed term. Regardless of the terms of your mortgage, it’s a good idea to give your mortgage an annual review. There may be opportunities to refinance and lower your interest rate, or maybe not, but the point of reviewing your mortgage annually, is that you are conscious about making decisions regarding your mortgage.

If you have any questions about your mortgage, how to get a mortgage, or how to get rid of the mortgage you have, please don’t hesitate to contact a Dominion Lending Centres mortgage specialist.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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1. Cash back at closing, while not illegal they lender will usually reduce the mortgage by that amount.

2. Furniture included in the contract, lenders consider this to have a value and if it is zero then it needs to state that in writing. Better yet have the seller and buyer write it in a separate agreement.

3. Changes after the inspection will need to be addressed after the fact and any rebate will adjust the mortgage down usually.

4. Handy Man Special, this one sets off all kinds of alarms and usually means a full appraisal to see what shape the house is actually in at that time.

5. Anything that sounds like illegal activity has taken place on the property, grow op, meth den and lately we had one that had been the scene of a murder. All of these are considered to have an effect on the potential value.

6. Size of a property can affect the sale, houses under 700 sq ft have only a few lenders who will consider them.

7. The appraisal itself can set off a lot of red flags, signs of water damage or the house in disarray can lead lenders to back away. Especially in times when there are down turns in the market.

8. Change in employment during the process is never a good thing to have happen. This can actually cause the deal to stop.

9. Change in debt, better to not have any new debt show up as lender can check your credit again right up until the day of possession.

10. And last but not least the down payment needs to be in place at least ten days before possession and proven to the lender by ways of proof of savings.

At Dominion Lending Centres, I will give you the advice you need to secure the right mortgage for your unique needs.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Financing is key to successful real estate investing. You’ve aligned your financing with your real estate investment strategy, and are comfortable that you can execute your plan. As a result, you may have a conventional mortgage, and secondary debt as well. The term Capital Stack is used to describe the various levels or layers of financing that go into purchasing or improving a real estate project.

Why is this an important concept to understand? A successful real estate program on a specific development will result in all participants getting paid. Not all financing sources however, have the same priority. Understanding the Capital Stack insures that you understand the relative risk associated with each level of financing participation. And ultimately, whether the proposed real estate investment plan will yield the intended rate of return.

What you Need to Know

There are typically 4 levels of capital, however there is really no limit, in theory, to how many layers or classes of financing a capital stack may contain. 

The important concepts to keep in mind are that:

Risk increases as you move higher in the capital stack

Each source of capital has seniority over the capital source above it, in the capital stack

Each source of capital is subordinate to the capital source below it, in the capital stack

Since risk increases as you move higher in the capital stack, it follows that returns generally do as well, with the Junior, or Mezzanine lender typically earning a higher rate of return than the Senior debt holder.

What are the Implications?

The important concept here is that in the event of the sale or refinancing of the property, the capital stack participants at the bottom get compensated first, and once fully paid, and to the extent that there are excess funds, subsequent participants (i.e. up the capital stack) will be compensated as well.

If a real estate development plan is strategically implemented, and the business plan is properly executed, all participants will be paid. The relative position in the capital stack will however reflect risk, and the potential for compensation will be commensurate. If there are losses upon a property sale or refinancing, losses are incurred from the top down.

There is no right and wrong position in the capital stack. Savvy real estate investors may either participate as financiers, or receive the benefit of various levels of capital in their own projects. Understanding the concept of the Capital Stack allows for a better understanding of risk, and the ability to generate higher real estate investment returns. If you have any questions contact me your Dominion Lending Centres mortgage specialist near you.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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’Tis the season… this was no surprise here! The latest round of mortgage guidelines has been announced by OSFI, or Office of the Superintendent of Financial Institutions. As of January 1, 2018, all conventional or uninsured mortgages will have to qualify at the Bank of Canada 5-year fixed rate or the contractual rate + 2%, whatever is greater.
What does this mean? Nothing for anyone wanting to renew or buy real estate with less than 20% down.
But anyone wanting to access their equity might just have to consider a slightly lower amount. And those wanting to purchase real estate with 20%+ down may need to adjust their expectations or relocate their search area.
Regardless of your scenario, there will still be options to exercise.
Next question on many people’s minds is how this will affect prices. Based historical data, I predict that there will be very little decrease in prices. Most people thought the ‘bubble’ was going to explode. Most comments were, “It just has to, how can prices continue to increase?” Well guess what… prices have continued to increase. Some market segments will experience a slight softening, but nothing drastic.
Here is a list of changes issued by OSFI since 2006. Did any of them bring prices down?

2006
Maximum amortization 40 years
100% financing, 0% down payment

2008
Maximum amortization 35 years
Maximum 95% financing, minimum 5% down payment required

2011
Maximum amortization 30 years
Refinance maximum 85% of the market value

2012
Maximum amortization 25 years
Refinance maximum 80% of the market value
If mortgage insurance is required, then the maximum purchase price of the owner-occupied home is $1,000,000

2015
Minimum down payment – 5% of the first $500,000 and 10% on the portion remaining

2016
Qualification rate increases to Bank of Canada benchmark rate for all insurable files (less than 20% down)

2017
Conventional (20% down or greater) stress test increases to contract rate plus 200 basis points (2%) or the Bank of Canada benchmark rate, whatever is greater

2018
What will happen in 2018?

There is no need to slam your fist on the panic button. This is simply the new normal for mortgage finance consumers. The sun will still rise in the east and set in the west. The earth will continue to rotate in a counterclockwise direction. People will still buy and sell real estate. Those consumers with available equity will still have access to it and borrowers will still renew existing mortgages. If you are receiving or buying into “the world is ending” type information, please look away… it’s wrong and misleading.
Nothing changes.
If you are worried about things you cannot control, stop it! If you are going to put any energy into something, I would recommend building a bulletproof personal borrowing profile. More than ever it’s vitally important to have AAA credit, minimal-to-zero consumer debt and strong reliable income and savings. If you start with that, I can assure you everything will be OK!
If you have any plans to become an active mortgage consumer, start looking at your options now as some lenders will adopt the new rules before January 1, 2018. If you have any questions, feel free to contact me your Dominion Lending Centres mortgage specialist.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

#trinamortgages #mortgages #ndlc #freedomofchoice

#bestmortgageforme #executive #firstimehomebuyer

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