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20 Meg Dr
London, ON, N6E 2X9
Canada

519-649-2834

We have been proudly serving the mortgage and financial needs of individuals in London, Ontario and all across Canada for more than a decade.

Our Blog

Welcome to Our Blog, where you'll find the latest news and gain insight into a variety of mortgage-related topics.

Filtering by Category: Lenders

All mortgages are created equal....that is if you don't read the fine print!

Mike De Sousa

All mortgages are NOT created equal and TD Canada Trust just made the decision to differentiate their mortgages from the traditional ones.  TD has now decided to register their mortgages legally (this means at the lawyer's office) as "collateral" mortgages.  A collateral mortgage is different from a "regular" or traditional mortgage registration because it does NOT allow you to transfer or switch your mortgage for FREE when it comes up for renewal.

You see, when your mortgage comes up for renewal, it is common for the consumer to shop around and see which lender is offering a good deal and then switch to that lender.  Typically, the new lender would pay for the "switch" costs because the legal registration provided for this feature.  Banks have caught on and don't like losing business, so some, such as Scotia, TD and National Bank, are registering their mortgages as "collateral" mortgages without your consent.

With a collateral mortgage, the new lender has to re-register your mortgage upon renewal because collateral mortgages are "non-transferrable".  When your renewal comes up and your ready to make the switch to a lower rate and better product, your bank then lets you know that your mortgage is collateral and the new lender charges you a legal fee to get the new mortgage switched.  In essence, your are now paying to refinance your mortgage rather than switch it!

For more detailed account of how this change may affect you go to Gail Vaz-Oxlade's blog (Till Debt Do Us Part)

In this day and age, it is vital, more than ever, to have a good mortgage broker on your side.  We provide clear explanations of the mortgages we offer for each situation.  You can also be rest assured that if a lender starts to bully you around, we're here to help you sort through the financial lingo and make the best decision!

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671

Government Change Regarding Mortgages, Especially the Self Employed

Mike De Sousa

 

There are some big changes to how mrtgages are approved in Canada...especially or the self employed.  This video blog summarizes the changes the Canadian government has made and how they will affect Canadians.

My view is that these changes are punishing anyone who is an entrepreneur who uses CRA rules to legitimately split income.  After the changes and if you've been in business more than 3 years, you will only be able to qualify for a mortgage using your NET income.  For most successful entrepreneurs, writing off expenses and personal income so that the tax act is maximized will be a disadvantage unless one has 20% down payment!

However, if you're a brand new entrepreneur, the government allows the bank to take a chance on lending money to you with a mere 10% down payment.   It does not make sense that an established business who can prove that their business is profitable and has god credit cannot get a high ratio mortgage but a new one can.

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671

When mortgage lenders close their doors & The 4 Star Lender Rating Program

Mike De Sousa

It was November 30th 2009 when Abode Mortgage Corporation announced that they had closed their doors.  No outstanding mortgage approvals would close, no brokers would get their commission, and existing Abode clients wouldn't know where to begin getting service on their mortgages.  In fact, two of my colleagues are still owed money for mortgages they helped close for clients before Abode shut down!

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