Dominion Lending Centres
20 Meg Drive N6E 2X9 London, ON, Canada

Happy Father’s Day!!

CMHC just announced they will be making some changes to their underwriting guidelines. These changes will take effect July 1st. They will be making it tougher to qualify for a mortgage by increasing the minimum credit score requirement to 680 and also reducing their Gross Debt Service and Total Debt Services ratios. These reductions in the ratios will reduce the amount of mortgage the average Canadian qualifies for by about 11% to 12%. So if you qualified for a $500,000 today, as of July 1st, the maximum mortgage you would qualify for would be about $445,000. Contact Mike or Mindy if you have any questions. Here is a like to the official CMHC press release: https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri

Happy Mother’s Day to all the wonderful moms out there!!

To all our valued Clients, Friends and Family We want to keep you informed with all of the changes that are coming from the government. We want to make sure the information we provide is clear and concise. There are many things they are talking about. Mortgage relief for 6 months is the first thing we want to touch on. Please note this is up to 6 months. We want to provide the lenders phone # as they are qualifying people on a case by case basis and they need to talk to the m...ortgagee and not us the brokers. Here is a list of lenders that we want to make available to you. Please stay tuned and we will inform you with all of the changes. The government is talking about other matters regarding house financing but until they give us all of the information Mike and I are not willing to comment. We want to provide you with well documented information A list of lenders and numbers: B2B 1 800 263 8349 Bridgewater 1-866-243-4301 CMLS 1-888-995-2657 Optimum 1-866-441-3775 Equitable 1-888-334-3313 First National 1-888-488-0794 Haventree 1-855-272-0051 Home Trust 1-855-270-3630 ICICI 1-888-424-2422 Manulife 1-877-765-2265 MCAP 1-800-265-2624 Merix 1-877-637-4911 Marathon 1-855-503-6060 RFA 1-877-416-7873 RMG 1-866-809-5800 Scotia 1-800-472-6842 Servus 1-877-378-8728 Street Capital 1-866-683-8090 TD 1-866-222-3456

So some information on the Bank of Canada (BOC) decrease in rate. It has gone down by 50 basis points to reflect a new BOC rate of 1.25%. Does this mean mortgage rates are going to fall. Most likely!!. We have started seeing a few lenders lower their rate so far but not by .50%. Their rate probably will not go down this much and there is no guarantee that they will go down at all, but I do believe we will see more movement next week. Let me know if you have any questions, Mike and I are happy to help

Mindy and I would like to thank all our family, friends and clients who helped make 2019 such a successful year for us. We earned a Diamond Award!! We are humbled and grateful for all your support and are looking forward to serving you in 2020!!

Happy Valentine’s Day!!

Bank of Canada Rate update Good news for anyone in a variable rate mortgage or Home Equity Line of credit. The Bank of Canada decided to leave the Prime lending rate as is. Some economists thought the Prime rate might be coming down by a quarter of a percent..maybe it will drop on the next rate announcement on March 4. https://www.bankofcanada.ca//01/fad-press-release-2020-01/

Just wanting to let everyone know that mortgage rates are still low and the value of homes have increased drastically. If you are looking to refinance to pay out debt, to invest in new properties or mutual funds now is the time to do it. Send us a message or PM us if you would like to discuss Mike and Mindy

It’s beginning to look a lot like Christmas!!

Happy Halloween!!

Happy Thanksgiving!!

The new First Time Home Buyer Incentive program started Sept. 2nd. It is a great program for the right situation. If you want to find out if it is right for you, just give us a call at 519-649-2834.