Edmonton Mortgage Broker Blog

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Edmonton Mortgage Broker Blog

Second Mortgages Explained

Second mortgages are loans against the equity in your home that sit behind the existing mortgage on the title of your home. Dominion Lending Centre’s Mortgage Force offers clients advice for solutions on second mortgages in Edmonton and the neighbouring areas for; debt consolidation, investing in a small business, and post-secondary education for your children, …

Edmonton Mortgage Broker Blog

How Much You Can Borrow

The amount available to homeowners for second mortgages depends on the equity they have in their house. Home equity is the value of your home minus all the debts you have against your home. If you want to calculate the equity in your home, look at the following example: Let’s assume your home is valued …

Edmonton Mortgage Broker Blog

Getting A Mortgage With Bad Credit

Credit Challenges   In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a couple years ago. Your best solution is to consult one of …

Edmonton Mortgage Broker Blog

New Mortgage Rule Changes Explained

As many of you have seen on the media, OSFI has implemented new mortgage rule changes starting January 1, 2018. Now, non-insured mortgage consumers (buyers with a 20% or greater down payment) must qualify at the “a stress test rate” which is the higher of the Bank of Canada Rate (currently 5.14%) OR the rate …

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