Let’s face it, getting a mortgage is hard, but repaying a mortgage is harder. What is the best way to go about repaying? You say, as quickly as I can and with the least amount of interest! Good answer! Statistics tell us most folks repay their mortgage in less than 20 years. Okay how do we do that? First let’s look at how interest is calculated. Many folks think interest is calculated upfront in advance. Not true. Interest is paid in full each time you make a payment and starts accruing the next day until you make another payment. Your payment arrangements could be interest only, principal plus interest or most likely and by far the most common – principal and interest otherwise known as blended payments.

Let’s look at an example:

Let’s say you borrowed $100,000 at 3% interest and agreed to repay over 25 years with equal annual payments of $4,000 per year plus interest. At the end of year one you would pay $4000 plus $3000 interest ($100,000 @3%). At the end of year two you would pay $4000 + $2880 interest ($96,000 @ 3%). At the end of year three $4000 + $2760 ($92,000 @ 3%). This would continue each year until your final payment at the end of year 25 of $4000 + $120 interest ($4,000 @ 3%).

So it is clear that interest is calculated every time a payment is made and more importantly that interest is reduced directly in proportion to the reduced mortgage balance. These are important points as you can use this knowledge and apply to your own mortgage. The earlier you can make principal reductions in the life of the mortgage, the less interest you will pay in the long run. Every little bit helps. Let’s say you make an extra payment of $1,000 in the first year of the mortgage. That is $1,000 you will never have to pay interest on again!

How to pay extra:

The most common method and one heralded as the magic wand is the “accelerated bi-weekly” payment. It is true, it is possible to shave about 3 years off your 25 year mortgage using it. This is a good method and one that should be used, but what if you are not paid bi-weekly? I tell clients they should match up cash flows. Mortgage payments should match up to when you get paid. If paid bi-weekly then b/w payments. Weekly, weekly payments. Twice a month, semi-monthly payments. Monthly, monthly…you get the idea. So Len, how do I take advantage of the “accelerated bi-weekly” strategy if I’m not paid bi-weekly? Ah ha, simple, it’s in the math. Paying bi-weekly is the equivalent of making 13 full monthly payments in the course of 12 months or 1 year.

Let’s look at an example:

You have a mortgage payment of $1000 per month.

$1,000 per month x 12 months = $12,000 per year. We want 13 payments or $13,000 per year.

Therefore:

Bi-weekly accelerated: $13,000/26 = $500 b/w

Weekly accelerated: $13,000/52 = $250 weekly

Semi-monthly accelerated: $13,000/24 = $541.67 1st and 15th of each month

Monthly accelerated: $13,000/12 = $1083.33 monthly

NOTE: It is not how often you pay, it’s how much that counts!

Question: Len, what is a “bi-weekly non-accelerated” payment?

Answer: in the above example, it is the equivalent of paying $12,000 per year, so;

Bi-weekly non-accelerated: $12,000/26 = $461.54 b/w

Weekly non-accelerated: $12,000/52 = $230.77 weekly

Semi-monthly non-accelerated: $12,000/24 = $500 1st and 15th of each month

Monthly non-accelerated: $12,000/12 = $1000 monthly

In this case, you are not paying anything extra towards the mortgage, but you are matching cash flows.

By the way, monthly is the default option for all mortgages. If you were to examine your property title and the corresponding mortgage lien document registered against it, you would see that it is registered with monthly payments. Other payments are options offered by lenders to borrowers “in good standing”.

The general consumer will be hard pressed when left to their own devices to shop on their own for their next mortgage, especially if they visit with one of the BIG banks. Typically they will talk about their most popular and profitable product, the 5 year FIXED rate mortgage. If you don’t know to ask for anything different, that is what they will recommend for you.

Working with a professional mortgage broker, the insight and value we can provide will help you not just get a mortgage, but build a personal home loan strategy to help you get farther ahead down the road, to better reflect you future needs and goals.

So here are the TOP 4 reasons why you need to look at a variable rate type mortgage product.

1) It’s always a cheaper interest rate: The current GAP between the Best in Market (BiM) fixed rate and BiM variable rate mortgage is a difference of = 0.60%— for the Average Canadian Mortgage Balance ($310K), that’s a savings of $159.57 that you don’t have to pay to the BANK for interest each month. Over the full 5 year term, you have saved over $9.5K in interest  – should nothing change in the prime rate (breaks down to just $29.70/month for every $100K borrowed).

2) It’s always a better monthly P+I repayment distribution which helps YOU pay down your mortgage loan balance quicker, and in effect, again pay less interest to the banks.

So –  which product’s monthly payment do YOU want to pay for principal? 59.32% of the lower payment’s monthly amount to principal or 51.15% of the higher payment’s monthly amount to principal?

3) More flexible contract terms, and cheaper to get out of if you need to. To break this type of mortgage contract the penalty calculations are SIMPLE– just 3 months interest calculated on the balance remaining, for the term remaining.

The average Canadian will do something with their contracts after the 3 yr mark so if you owed $281K after 36months of this contract, then your penalty to break about $1,500.

Whereas the FIXED is a very complicated math equation, with fine print, and potential claw backs on the discounts given up from. In the opening contractual terms, you agreed to pay them the full interest of $38,612. After 36 months, you may have paid the majority of that to them, but they will want the rest to full term – it is this calculation that can be quite severe.

YOU can always do a SWITCH into the remaining term fixed as well, should you wish to take that route – with additional costs. Most VRMs are portable, meaning if you don’t need any new money for your next purchase. You can take that existing contract with you to your new property.

4) Banks are NOT going to increase your VRM payment severely…. MYTH— you will have a legal contract term outlining the math equations associated with the Bank of Canada overnight prime lending rate. Most banks have a similar prime. Right now, (as of the last announcement BoC announcement on September 19, 2015) prime is 2.50% and holding…. most internal bank prime rates are now 2.70%. The discount associated with their prime is what they are in control of for the mortgage variable rate offering… BUT once you sign your five year contract that math equation WILL NOT change in the term. The only thing that MAY change is the Federal Government’s Regulated BoC Prime lending rate, and that is capped to a max of a quarter of a point (0.25%) as to not trigger a negative effect in the larger economy. A 0.25% increase (or decrease as we have seen twice this year) for every $100K borrowed is just a change of $12.24/month, which is manageable. Most lenders take up to 90 days to do the administration to change your interest portion of your monthly payment, which gives you enough time to speak with your mortgage agent to help decide if you want to SWITCH to a fixed. (no costs to do that)

Since 2005, the Bank of Canada Rate hasn’t changed much. Back then, it was 2.50%, and lenders had same as their internal prime rate. The Federal Government promised to keep rates low, and from June 2007 to July 2009, they froze that rate to a ZERO increase. We have only seen two increases since then, bringing the prime up to 3.00%, and on December 2010, the Feds again froze the rate, which resulted in NO adjustments until January 2015, when they opted to DECREASE the rate by 0.25%, down to 2.75 and again a second decrease in July 2015 to where we are now. The September 19 announcement has said they will keep rates at a zero increase for some time to come.

Knowing it’s an election year, it’s not likely that the politicians are going to mess around with people’s money — they want their votes… and frankly after the election, whoever the new minister will be…. will take some time to get up to speed in their new duties of that portfolio… so don’t expect much change for the next year. This was reiterated by Dominion Lending Centres’ Chief Economist, Dr. Sherry Cooper, at our most recent conference.

Conclusion: Overall effect of using the variable rate contract is this:

More flexible product, with a lower monthly expected payment; better redistribution of that payment to principal, resulting in a lower end balance to renegotiate in five years time (should nothing happen to the Prime in that term) AND if you want to be conservative, and have a set payment for your household budget then… why not use the lower VRM product and make the FIXED payment.

EVERY additional dollar you put down per month – is now all principal – reducing our overall loan, and now reducing the overall interested they CAN charge you in term.

… or… better yet… why not set that monthly payment difference aside into a TSFA account, and once a year, make a decision to either invest it, or pay down your mortgage balance, or do both.

Okay so you have a mortgage. Let’s face it, it’s a contract with terms, conditions, rights and obligations for both you and the lender. However, now for whatever reason you need or want to break the contract before the end of the term. Many mortgage lenders will allow this provided they are compensated. You have a rate of x.xx%, the best they can lend to someone else right now is 1% less so they want the difference, known as Interest Rate Differential or IRD. Seems fair right? Right. However, as is often the case, the devil is in the details. It is the method of calculating IRD that borrowers should be aware of as not all mortgages are created equal.

Let’s look at a couple of methods commonly used with what we Mortgage Brokers call “A” business. A or AAA business is where everything on the file makes sense, good credit, documented income and a normal residential type property. This is the vast majority of mortgage business on the books in Canada.

Method A – Posted Rate Method

This method uses lender posted rates to arrive at the formula to calculate the penalty. Posted rates are generally used by major Banks and some Credit Unions. These are the mortgage rates you will see on their websites and you will recognize them because the rates will not appear reasonable. They subtract a discount from these rates to arrive at the actual lending or contract rate. Nobody pays posted rates. Let’s say the posted rate for a 5 year term is 4.90% but you are savvy, able to negotiate a discount of 2% and come away with an actual mortgage rate of 2.90%.

Everything is rolling along great for 2 years when, for whatever reason, you need to exit the contract. What will my penalty be you ask, hopefully of the lender, while silently begging for mercy? The answer; the greater of 3 months interest or IRD. Okay 3 months interest sounds good but IRD sounds scary! It can be scary as it is subject to a formula over which you have no control and can be easily manipulated. You have 3 years left on your contract, the lender says their “Posted Rate” for 3 year terms is 3.40%. You think great! My rate is 2.90% your rate is higher at 3.40%, no difference just 3 months interest and I’m outta here! Wait a minute…remember that 2% discount you negotiated? That’s right, it gets subtracted from the posted rate to arrive at the rate that will be used to calculate your penalty. So 3.40% – 2% becomes 1.40%. Who lends at 1.40%? No one. However, your contract rate is 2.90% – 1.40% equals a IRD difference of 1.50%, times 3 years left on the contract equals a penalty of 4.50% of your mortgage balance. Gulp! On a mortgage of $300,000 that is a $13,500 penalty.

The main underlying problem with this method is the fact the posted rates and /or the discounts, can be easily manipulated depending on the interest rate curve, to favour the lender. What happens in today’s interest rate environment with a gently sloping curve is that posted rates decrease from long term to short term however, so do the discounts. For example, a 2% discount on a 5 year fixed term is close to actual nowadays however, you would never get a 2% discount from posted on a 3 year term. Less than 1% would be more realistic.

Let’s look at another common and more favourable method.

Method B – Published Rate Method

This method uses lender published rates which are close to actual lending rates but do not include unpublished rates, which may only be available to Mortgage Brokers or Quick Close specials, among others. Generally these rates are used by Wholesale lenders, many of whom acquire all or most of their business from Mortgage Brokers. You will see these rates on the lender websites and will recognize them because the rates will appear reasonable. Let’s look at an example using the info above but let’s assume at outset you chose a Method B lender as opposed to a Method A lender and compare. Let’s assume your rate is 2.90%, which was the published rate at the time or a special your Mortgage Broker obtained for you. You want to exit the mortgage at the same 2 year point in time. What will my penalty be you ask, hopefully of the lender, while silently begging for mercy? The answer; the greater of 3 months interest or IRD. You have 3 years left on your contract, the lender says their “Published Rate” for 3 year terms is 2.60%. You think great! My rate is 2.90% your rate is 2.60%, not much difference…and you would be right! No discounts involved, just a straight up comparison. Your contract rate is 2.90% – 2.60% equals a difference of 0.30% times 3 years left on the contract equals a penalty of 0.90% of your mortgage balance. On a mortgage of $300,000 that is a $2,700 penalty. Much easier to swallow than $13,500!

Think these numbers sound too far apart to be real? Not at all. In the above examples I have used rates fairly close to actual. This means that in the time frame covered, above rates are and have been essentially flat or slightly declining. So even though rates are/have been roughly the same for the lenders at the time origination vs time of exit, which means there cannot be much harm accrued to the lender, one method produces a very punitive penalty. Doesn’t seem fair does it? The Government recently stipulated that lenders must better disclose their methods, be more transparent and use plain language. However, the Government did not mandate which methods are to be used. So it is buyer beware! As always, get independent professional advice. We here at Dominion Lending Centres can guide you through the maze.

Now the caveat: having said all that, we do in fact support the major banks and credit unions and send billions of dollars of mortgages their way each year. Why? Well, they have by far the widest product selection available in the marketplace. Mortgage products and structures that you simply cannot get anywhere else. This is important because the first question I am asked by a borrower is “can I get approved?” All else is secondary. When it comes to penalties, forewarned is forearmed! Best to know going in. A Mortgage Broker can advise what best options exist and will know which lenders use which methods or variations of them.

Moral of the Story: As always, get independent professional advice on which lender and options are right for you. Your local independent DLC Mortgage Broker can help.

Good to know tidbits:

A closed mortgage also works in your favour, after all, as long as you are not in default, the lender can’t call you up and say, listen we found someone else who is willing to pay a higher rate than you have and we want out, we would like you to repay us ASAP. Gasp!

Variable rate mortgages generally charge a penalty of 3 months interest, no IRD. However, this is not true of all. Again, get independent professional advice.

By law, if you have a mortgage term longer than 5 years and you exit after 5 years have elapsed, the maximum penalty is 3 months interest.

First, let’s start with a definition of each.

Mortgage Terminology

Rate-Hold: a rate-hold is simply that. The financial institution holds a rate for a specific term and for a certain number of days. In Canada we typically hold rates for 120 days. You must close your mortgage on or before that date to secure the held rate. In addition, in the event that rates go up over that period of time you don’t have to worry, you have your rate guaranteed. If rates lower, then your rate lowers as well.

Pre-Approval: if you are house shopping then a pre-approval can help you shop with confidence. A pre-approved mortgage certificate outlines how much you qualify for and will also hold a rate for you. Unlike just the rate hold, a pre-approval is looked over by an underwriter working for the particular financial institution. The underwriter will look at all the data provided in the application, along with a credit history report, to determine credit worthiness. If the underwriter has not been given upfront documentation, for example employment and down payment information, then the pre-approval will come back with “conditions”. Essentially saying, yes, based on the info you provided we are ready to extend credit to you once you satisfy the following conditions. This can also be called pre-qualification.

Should you wish with absolute surety that you will not be denied credit, then it is best to submit your paperwork upfront.

In our fast paced society clients receive rate-holds, not pre-approvals. So please make sure you know what you are getting based on what you need.

Almost done. If you are putting less than 20% down on your home you will have to obtain mortgage insurance from CMHC or Genworth. Both of these institutions will not look at your file unless it is a “real deal”, and they can sometimes over-rule an approval from the financial institution. I’ve completed many mortgage transactions and while I have not seen this many times, it has happened if you are in the higher risk category, for example, your employment is just less than one year or credit history is not very long. If you are not in the higher risk category, then a pre-approval should give you the confidence to look for a house without worry.

Remember to always place a financial clause in your agreement of purchase and sale. Give yourself the time and the peace-of-mind.

1. Improve personal monthly cash flow – The new mortgage should help you feel more in control of your spending. Consolidate multiple payments into one mortgage payment that is lower than the total of the payments in their current state.

2. Save you interest – Yes an alternative lender comes with a higher rate, but your broker should be able to explain why that is. By consolidating your high interest credit card debt and loans into a new mortgage with an alternative lender, you will still likely save a lot of interest.

3. Develop a recovery plan – You need an exit strategy so your mortgage will be back with an A-Lender as soon as possible. This means discussing credit recovery techniques such as getting secured credit cards and credit management.

ob-sess(ed): the act of being preoccupied or fill the mind continually, intrusively and to a troubling extend.

As mortgage consumers, we get obsessed with obtaining the best rate – we are caught in the cross-hairs of lender marketing. Lenders spend millions of dollars annually to pitch their message; some listen and some don’t. As consumers, we all want make sure we are getting the best value for our money. When entering into the world of purchase and owning real estate, there should be a detailed plan laid out for one to follow. We should make sure all our plans fit the mortgage products we inherently rely on. Would you put a square peg in a round hole?

Along with making sure the mortgage product is suitable, there is also an element of competition between friends, family members and even colleagues at work. Consumers thought process goes something like this (…and I was once part of this faculty)…”I need to get the lowest rate so that I supersede the rate that (enter name here) got…” That statement couldn’t be further from the truth – it’s 100% wrong.

We all want to pay as little as possible up front, but never put any thought into life’s uncertainties. What if you need to break the mortgage?, to consolidate some debt, require equity for a renovation, moving to another town/city where your current lender does not lend, leverage equity to take advantage of some financial planning strategies…the list goes on.

60% or 6 out of every 10 mortgages that originally opt for a 5 year fixed term are changed/broken/altered 38 months into the contract. The act of breaking one’s mortgage will yield a penalty on the outstanding balance for 22 months. The penalty will be either an Interest Rate Differential calculation or 3 month interest, whatever is greater. There is so much more to choosing a mortgage rate and term than just the 5 bold character,s ?.??%  being advertised.

BORROWER’S HAVE TO LOOK PAST THE NUMBERS AND EDUCATE THEMSELVES ON THE TERMS OF THAT RATE BEING OFFERED; THE FINE PRINT!

Depending on the RATE and its terms, that penalty can be dramatically different. Lenders all have a suite of various products to fit you, the consumer’s, wants and needs. It’s up to you and your Mortgage Expert to navigate through the gauntlet of rate sheets and product information to find what works for you and your specific scenario. As Mortgage Experts, we here at Dominion Lending Centres have access to a wide range of lenders; major chartered banks, credit unions and investment lenders. At times there could be a difference of 10 to 20 basis points (0.10-0.20%) from lender to lender.

Let’s take for example a rate of 2.44% vs 2.64% for a 5 year fixed term. It’s obvious which one most borrowers would gravitate to, but is it worth it? What are the pitfalls? These two rates have drastically different penalty structures even though they are offered by the same lender. The 2.44% rate holds a 3% penalty on the outstanding mortgage balance (OSB). The 2.64% rate calculates the Interest Rate Differential (IRD) or 3 months interest, whatever is greater to determine the penalty.

Here is an example of what it would cost to exit these mortgage contracts early. We will use the 60% rule along with a starting balance of $330,000, 25 year amortization and $0 prepayments made to the principal for the first 38 months.

Rate 2.44% 2.64%

OSB @ 38 mos $298,401.05 $299,153.80

Penalty 8,952.03 $2,468.02

Difference $6,484.01

Monthly payment $1,468.45 $1,501.39

Difference over 38 mos $1,251.72

Same term but a different mortgage product yields a difference in penalty of $6,484.01. Over that same 38 month term, the higher interest will have an ‘out-of-pocket’ difference of $1,251.72. Now ask yourself, with all of life’s uncertainties, which would you prefer, the 2.44% or 2.64% rate? I would choose the higher rate and pay $5,232.29 less.

This is where having a knowledgeable Mortgage Expert from Dominion Lending Centres working for you pays off in spades. We will review your plan and recommend the best mortgage product. Make sure you examine all aspects of the mortgage, 60% of 5 year fixed mortgages are altered. Here’s yet another reason to always consider variable rate mortgages, much more flexible and only yield 3 month interest penalty on the OSB no matter where you are in the contract timeline.

There are a million variables that determine how one can qualify for a mortgage. The banks, mortgage lenders and credit unions all have different guidelines to be able to qualify under their programs, and then we have the mortgage insurers and multiple other regulatory bodies that affect decisions as well. Variables such as: income type (Employee, Self Employed, pension, etc.), affordability ratios, down payment/gift/equity, credit quality, property type and the list goes on.

The rules for each one of these criteria can differ from one credit score, income type, etc. to the next and unraveling them all is like peeling an onion – there are a lot of layers.

Income – From the lenders’ perspective, the most stable income type for a consumer (based on historical data) is the ‘Employee’. The ‘Employer’ essentially holds the risk of their employees’ personal income taxes, so the employee is the favoured choice. Ideally, they prefer to see the client with the same employer for 2 years, changing positions isn’t usually a bad thing within that employer, depending on how that new income is generated. For example, salaried positions are least risky as they are the most stable. Getting into salaried plus over time (OT)/bonus/commissions is an entirely new set of criteria. IF we need to use either of those ‘bonus’ types of income, the rules now state that you have to qualify on your most recent two years of income and preferably at the same employer. In either case, the banks are looking for the least amount of risk when providing any sort of loan. So, it’s easy to presume longevity and consistency rule. Remember, that’s the perfect scenario, there are always exceptions based on the quality of the other variables.

Down Payment – The strongest types of down payment/equity are those where they are earned yourself-it shows character. To prove the ‘earned’ down payment/equity, we need to show them verification of the funds over a 90 day period whether it’s coming from your saved up bank accounts, RRSP’s, GIC’s or investment statements. They are looking for the anomalies in the deposit amounts and any large irregular looking deposits need to be accounted for and usually explained. Equity is confirmed via mortgage statements and the sale contract or appraised value. There are other types of down payment as well, for example, gifts from immediate family members, sale of existing assets or borrowed from your existing home or line of credit(unsecured borrowings have tighter qualifying guidelines).

Credit – Credit scores range between 300-900, the higher the better. In Canada, to qualify for the best products and rates that the banks and lenders offer, they want to see your credit score above 680, and preferably over 720 plus. The score isn’t the end all be all either these days, they want to see longevity and differing types of credit. The rule of thumb is two years of credit, over two thousand dollars on two different loans and both loans open today (whether it be two credit cards at $2000 with zero to low balances or car loan and a credit card or other variations as well)-again longevity and consistency here rules.

Affordability Ratios – In the mortgage world this is called your Debt Service Ratios. Total Debt Service Ratio (TDSR) and Gross Debt Service (GDSR) are the ones used on the residential side of mortgage applications. The lenders are using your qualifying income vs all of your monthly obligations to come up with the ratios. Just like your golf score, the lower the ratios, the better your chances of qualifying for a mortgage. The better credit quality clients can have TDSR ratios as high as 44% and 39% for GDSR, but usually 40% is used as a historical rule of thumb.

Property Type – We all know there are a lot of variables here, especially in Alberta. Anything outside of a regular home zoned as a ‘single family residence’, will likely be scrutinized further and may come with additional qualifying factors.

These are just some of the basics that the lenders look at to aid in qualifying you for a mortgage. To put it simply, the least risky client is a two year tenured salaried employee, has saved up their own down payment or has equity in their own home, has low TDS/GDS ratios, is buying a single family ‘re-marketable’ home in a densely populated area, their credit score is over 750 and has well over two years of credit on more than two loans. In a perfect world, the banks want everyone to look like this, but we all know that isn’t so.

One thing Canadians have in common is that most of us are paying off a mortgage.

The mortgage market can sometimes be confusing. There are a vast array of choices – open, closed flex down, equity take-out, cash back, and of course the rates themselves. While we would not attempt to try to muddle through the intricacies of insurance or investments without expert help, we will often go it alone when it’s time to get a mortgage.

We will call a variety of banks and other lenders in an attempt to get the best rate. After numerous phone calls you get back to your original lender, and they agree to meet your best rate. Why should you have to spend so much of your time finding the best rate? If you are not quick enough the rate may change before you lock it in.

There is a solution to this problem – use the services of a mortgage broker. 85% of Americans use mortgage brokers today but only 33% of Canadians do; mainly because they do not know what a mortgage broker is and what they do.

What is a mortgage broker? A mortgage broker is an individual who represents a mortgage brokerage firm. The brokerage has access to over two dozen banks, trust companies, insurance companies and other lenders at their fingertips. By dealing with these lenders on a day-to-day basis, we have access to wholesale lending rates which can save you thousands of dollars. It should also be noted that the majority of mortgage brokerages are not owned by the lenders they represent. Brokers work for the borrower, not the lenders. Mortgage software allows us to scan all the lenders for the best rate for the term you are looking for in seconds. In addition we will advise you on the best options for your own personal situation. Newlyweds with no cash can purchase a house with 0% down under certain conditions. Some lenders will even give you 1-5% cash back. Wouldn’t that come in handy for buying curtains and furniture for your new home?

Now this sounds great! Everyone could use an expert to save them money, but how much does it cost? The majority of mortgages are arranged at no cost to the consumer. The lenders pay a finders fee to the brokerage firm for finding and arranging the mortgage. If you have an unusual credit history which involves more work, a set fee would be agreed upon before we start on the application.

Why would you choose to use a mortgage broker instead of your bank?

Lower Interest Rates

Wholesale mortgage rates are discounted an average of 1.20% over what the bank will offer you. A 1% interest discount on a $150,000 mortgage can save you more than $7900 in interest costs over a 5 year term.

Best Mortgage Options

By shopping the lenders’ market we can find you the best options for your particular situation. Banks are limited to the products carried by their institution.

Bank Loan Officers are employees of the bank

Mortgage agents work for you, the borrower.

Fast Service

A mortgage broker can often get your mortgage approved in a day. In addition we can meet you at your home, office, or wherever it is convenient for you.

As you can see, mortgage brokers offer convenience, service and great rates. It’s no wonder more and more Canadians are choosing to call a mortgage broker when it is time to renew their mortgages. As the #1 mortgage brokerage company in Canada, we here at Dominion Lending Centres are ready to help you!