Where will interest rates go? This article provides valuable insight into interest rates in the foreseeable future. by our friends at First National.

In the run up to this week’s rate setting by the Bank of Canada, talk of a coming rate cut is creeping into the forecast.

A recent Reuters poll of 40 economists put the chances of a cut, within the next 12 months, at 40%.  However, the same poll but the chances of a cut, within this year, at about 20%.

Many of the economists cite global trade uncertainties – which are stalling economic growth in Canada and other countries – as the key trigger for a possible 25 basis-point reduction.  Most of the concern centres on the current China – U.S. tensions and the potential for a recession in the States rather than domestic, Canadian, factors.

Realistically, it is unlikely there will be any interest rate movement – down or up – in Canada before 2020.  The BoC is calling for moderate GDP growth through the second half of this year.  As well, the politics surrounding the October federal election will keep the bank on the sidelines.

In a separate Reuters poll, property market gurus predict home prices will remain in the doldrums for the rest of 2019.  They are forecasting a little breeze next year that will push prices up by about 1.7%, which will barely meet the rate of inflation.  The Canadian Real Estate Association is forecasting a 1.6% decline in sales for this year, with a 2.0% increase in 2020.

The market-watchers polled by Reuters point to debt-burdened consumers as the key reason for the slowdown.

Great insight from Genworth on saving for your down payment!

Saving and Sourcing a Down Payment

As you get ready to buy a home one of the first things to think about is your down payment. In Canada, the minimum down payment ranges from 5–20% depending on the price of your home.

• 5% under $500,000; and 
• 5% on first $500,000, 10% on each dollar between $500,000 and $1million.

Because down payments can be considerable sums of money—especially in large cities like Toronto and Vancouver where the average detached house price is over $1 million—homebuyers are becoming more creative and resourceful in finding money for down payments.

Here are the most common ways people source their down payments:

Savings: RRSPs and TFSAs

Saving up over time is the most common way to build up your down payment for a house or condo.

To make the most of those savings, you can opt to put them in a tax saving vehicle like a TFSA or an RRSP. Once your money is in a registered account you can choose what to invest in. Making a decision between a GIC, mutual fund, or ETF will depend on your risk tolerance and the time horizon of your savings. It’s best to speak to an investment advisor to determine your strategy.

TIP:

Putting a modest amount each month into savings—$200 or $400 per month—adds up quickly. ($400 per month is $4,800 every year!

The biggest benefit to putting funds in your RRSP is that you can do so before paying income tax, so you’ll be able to hit your savings goals faster. Here’s a summary of the differences between your TFSA and RRSP.

TFSA – money put in is from your after-tax income; money taken out is tax free.

RRSP – money put in comes from your before-tax income; money taken out is tax free up to the first $25,000 if you’re a first time homebuyer using the RRSP Home Buyers’ Plan, but must be repaid.

• Note: Budget 2019 proposes to increase the Home Buyers’ Plan withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019.

If you are going to put savings into your RRSP, it’s important to understand the Home Buyers’ Plan to make sure you can access the funds without paying RRSP withdrawal tax.

If you are a first-time homebuyer, the Home Buyers’ Plan allows you to take $25,000 from your registered retirement savings plan (RRSP) tax-free to put toward your down payment. If you and your spouse or co-purchaser are both first-time buyers, you can each take advantage of this, for a combined total of $50,000.

Things you should know about the HBP:

• 39% of first-time homebuyers utilize the HBP to put towards their down payments.
• The Home Buyers’ Plan is considered a loan from your retirement, so it must be repaid within 15 years. You have to pay back 1/15 of the total amount borrowed over a period of 15 years. If you miss a year, you’ll have to pay tax on that amount, as it’s considered a regular withdrawal from your RRSP.
• Your repayments start the second year after you withdrew funds from your RRSP.
• The money must have been in the RRSP for 90 days before you can withdraw it.
• If you are currently selling your home and are now going to rent, you will be eligible for the HBP after four calendar years have passed. For example, if you sold your home on April 1, 2014, you’ll be eligible for the HBP on January 1, 2019.

For savings intended for your down payment, it usually makes sense to put the money in your RRSP if you’re a first-time homebuyer eligible for the Home Buyers’ Plan; after you’ve hit the $25,000 mark, it’s likely best to build up your TFSA.

On the flipside, your TFSA withdrawals are always tax-free. If this isn’t your first home purchase, it would be wiser to save in a TFSA.

Gifts from immediate family members

31% of homebuyers source at least some of their down payment from family members.¹

It’s also becoming more common for parents to invest in a property with their children, and then move into a portion of the home.

For more information, read our education page on living and buying with others.

Sell your car

Especially in large cities like Toronto or Montreal, it’s common for people—especially young people—to sell their vehicles to afford to buy their first home. With easy access to public transit, a car may not be as necessary as a down payment to venture out and live on your own.

Home Equity

If you’re looking at investment properties and already have a home paid down, either partially or in full, you could use a Home Equity Line of Credit (HELOC) to borrow against the principal of your home. By borrowing against one home, you may be able to afford a down payment for a second property.

Excellent advice from our friends at Zoocasa

The Credit Card Mistakes that can Hurt Your House Hunt

What’s in your wallet can dramatically help or hinder your chances of landing your dream home. That’s not a metaphor for your income or savings – the credit card you carry around every day has a direct impact on your credit score, and in turn, your property hunt.

The more mistakes you make with your credit card, the lower your credit score will be and the less reliable you’ll be seen at paying down debts. That could mean not being able to secure the best mortgage rate or a landlord’s trust in your ability to pay rent on time.

With that in mind, here are the credit card missteps you’ll want to avoid to help ensure that your credit score is above the 650 mark and a prospective new home doesn’t slip through your fingers.

Missing a Payment

Anytime you use a credit card to make a purchase, you are using borrowed money and accruing a balance that must be paid back by the date indicated on your monthly statement. If you do not pay off your credit card statement on time, it can leave a mark as a missed or overdue charge on your payment history.

Payment history is one of the most important determinants of your credit score and accounts for upwards of 35% of your total score.

Aside from the negative impacts to your credit score, missing a payment will also lead to interest charges on your balance for each day that you’re late. Most credit cards have an annual interest rate of 19.99%. However, a number of low interest credit cards charge rates in the single digits.

To ensure you don’t miss your credit card payments, set up an email, calendar or app notification of when your statement is due.

Not Using Your Credit Card

If you have a credit card but don’t use it for extended periods of time, your bank or card issuer may deem your account inactive and have it closed.

The closure of a credit card account can negatively impact your credit score, particularly if the credit card that is closed was your first or only one. One way to avoid having your credit card marked as being inactive is to use it to make purchases at least occasionally. Additionally, it’s recommended that you reach out to your bank or card issuer to inquire about their account closure policy, as terms tend to vary from one institution to the other and you might be able to avoid a closure by simply asking.

Maxing Out Your Credit Card

There are numerous benefits to using a credit card for the majority of your purchases, not the least of which includes the ability to earn rewards in the case of the best cash back or travel credit cards. With that being said, using your credit card to the extent that you’re constantly reaching the upper limits of your credit limit can be detrimental to your credit score.

A maxed-out credit card can signal to some lenders that you are overleveraged in terms of your debts – even if you pay off credit card statement in full and on time. In general, it’s recommended that you access up to maximum of 30% of your total credit limit (across all your credit cards and loans) at any one time.

If you’re reliably paying off your statements on time but continue to come close to maxing out your card, you can ask for a credit limit increase from your bank or card issuer. You may also want to wait till after you get your mortgage or credit checked by a potential new landlord before making multiple big-ticket purchases on your card. That way you can avoid accruing a balance that’s over 30% of your credit limit just as your credit score is being assessed.

Closing Your Oldest Credit Card

If the first credit card you opened has gone unused for a while and you’ve upgraded to some better plastic, the thought of cancelling it might have crossed your mind. After all, what purpose can your oldest card serve just sitting in your wallet? Turns out, quite an important one.

Your first credit card marks a key point in your credit history, and if you close it, you risk shortening the length of your credit history and potentially decreasing your credit score over the long run. Moreover, by cancelling a credit card, you will decrease the total amount of credit you have access to, which can also serve to decrease your score.

Therefore, it can be a smart move to not cancel your first credit card or any cards that have no annual fees for that matter. It’s also suggested you charge some purchases on all your credit cards at least occasionally to ensure they remain active.

Not Having a Credit Card in the First Place

If you don’t currently have a credit card, you’re missing out on one of the most straightforward ways of building good credit.

By using a credit card responsibly and paying off your balance in full every month, you’re signalling to lenders that you can be trusted when it comes to borrowing money – helping you develop a longer and more positive payment history. Without a credit card, lenders may have less information to work off of when building your financial history and profile.

Additionally, having a credit card can help diversify the types of debts tied to your credit score. Most lenders like to see a track record of on-time payments being made across multiple types of debt, so if you don’t currently a piece of plastic, getting one for the first time can help improve your credit mix and bump up your score.

In addition to a financial tool for building good credit, signing up for one of the best credit cards in Canada can also help you unlock access to a number of benefits, such as the ability to earn rewards on every dollar you spend (that can help you recoup some savings when shopping for new furniture) as well as side perks such as rental car coverage (which can come in handy when renting a van for your move).

Great insight on fixed vs variable mortgages in today’s interest environment by our friends at EQBank!

Spring has arrived and we’re starting to get a better sense of the real estate market in Canada this year. Sales and listings have been on the decline, but we’re still seeing small price increases in parts of the country. This isn’t a huge surprise since sales are typically slow during the winter so we may see some movement in the near future.

Recognizing that affordability is still an issue for many first-time home buyers, the federal government proposed a $1.25-billion incentive program that would help finance five to ten per cent of a prospective buyer’s mortgage as part of a shared equity program as long as they have a minimum down payment for the home purchase. They also plan to increase the amount that first-time buyers can withdraw from their RRSPs, from $25,000 to $35,000, per individual.

This news may help new buyers, but there are many other factors that all potential buyers need to consider when they start looking for a home.

Fixed vs Variable rate mortgages

Studies going back to 1950 show that, in general, borrowers tend to save money when they choose a variable rate mortgage instead of a fixed rate mortgage. A five-year fixed rate mortgage – by far the most common mortgage term in Canada – typically comes with a higher interest rate than variable rate mortgages or shorter term fixed rate mortgages.

Fixed rate borrowers pay a premium for predictability, knowing their mortgage payments won’t be upset when the Bank of Canada hikes interest rates.

Variable or floating rate borrowers, on the other hand, will see their rates rise and fall whenever the prime rate moves. These borrowers are betting that interest rates won’t rise above the current fixed rate, or that rates rise much later in the mortgage term when they’ve already made significant savings on the spread.

The variable mortgage argument has been less compelling lately as the spread between fixed and variable rates narrows.

Take Equitable Bank’s current 5-year adjustable rate mortgage of 2.95% versus its 5-year fixed mortgage rate of 3.14%. The spread is just 19 basis points and so all it takes is the Bank of Canada to increase rates by 1/4 of a percent for variable rate borrowers to see their rate surpass the fixed rate.

A good rule of thumb to follow is when the spread between fixed and variable rates is less than 50 basis points, go ahead and lock-in the fixed rate. When the spread is closer to 75 or 100 basis points, the variable rate is more attractive.

A great article by our friends at FNAT. 

Market watchers have received one of the strongest signals yet that interest rates are not going anywhere, anytime soon.

The U.S. Federal Reserve has held the line on its trend-setting policy rate, maintaining it in the range of 2.25% to 2.50%.  The central bank also made it clear (or, at least, as clear as central banks ever do) that it will not be moving rates given the current state of the American economy.

Unlike Canada, the main sticking point in the United States is inflation.  Here the economy is experiencing weak growth.  The Bank of Canada blames that on low oil prices and business investment that is being constricted by global trade uncertainties.  In the U.S. the economy has shaken off the doldrums that set in at the end of last year.  GDP grew by 3.2% in the first quarter this year and unemployment is a record lows.  But inflation is running at just 1.5%.  The Fed’s target is 2.0%.

Weak inflation is seen as a problem because it tends to suppress consumer spending, which is the main driver of the American economy.

The Fed was adamant about its decision, voting 10 – 0 in favour of holding steady, regardless of political bullying from U.S. president Donald Trump.  He is calling for a 1.0% rate cut and the resumption of the emergency bond-buying program known as quantitative easing.

As expected the Bank of Canada has, once again, moved to the sidelines when it comes to interest rate policy.  This time, though, the bankers appear to have unfolded their lawn chairs, taken a seat and put their feet up; settling-in for an extended period of inactivity.

The central bank’s benchmark policy rate was left unchanged at 1.75% during last week’s setting.  More significantly, the Bank made a small change in wording to its Monetary Policy Report that sends a big message.  It eliminated references to the need for future interest rate hikes, signalling it has shifted to a wait-and-see status.  Many market watchers do not expect any rate increases (or decreases) until early 2020.

So what would it take for the Bank of Canada to get back in the game?  It would have been something drastic, like a sudden jump in inflation or a rapid drop in employment.

Right now, though, the Bank finds itself somewhat boxed-in.  Inflation is showing some signs of increasing, but not enough to justify interest rate intervention.  Canadian household debt is climbing back into record territory and higher rates would only compound that problem.

The BoC has to pay attention to what the U.S. Federal Reserve is doing, and right now there is little political appetite for rate increases in the United States.  As well, the election cycle is heating up in both the U.S. and Canada and central banks are loath to make any moves that could be seen as giving advantage to any side in an election campaign.

Excellent insight to a question that I receive often from my colleague Geoff.

SHOULD YOU PAY DOWN YOUR MORTGAGE ASAP?

One of the top questions we get asked: Should I pay down my mortgage as fast as possible? In theory, this makes sense. The faster you pay it down, the faster you get out of debt, right? For many people that is the case and it does make sense often times to take this route. After all—your home is truly an asset and can be used as an investment piece itself!

However, in certain situations, there are some cases where paying off your mortgage right away doesn’t make sense. Every person’s circumstances are different, and, in many cases, it DOES make sense to pay down your mortgage when you have funds available.

We cannot emphasize enough that there are numerous factors to consider before paying down any sizable debt (your mortgage included). Each person must make the choice that is right for them and consult with professionals who can help them make the right choice based on their current circumstances. With that in mind, today, we are going to highlight some considerations as to why you may consider not paying down mortgage:

You have a super low mortgage rate
If you locked in at a great rate and have low interest on your mortgage, take advantage of it! Pay it back as you can but do not feel pressure to go above and beyond your monthly mortgage payment if it is not an option for you. We would advise in this instance, to speak with your financial planner or accountant to find out what your strategy is for debt repayment.

Having a solid plan can help set you up for future success and help you focus on paying down debts that have the highest interest amount first, thereby lowering the overall debt load you are carrying and paying out each month. We can definitely recommend some fantastic accountants and financial planners if you are on the lookout for one!

The Property is a rental or investment property or houses a home-based business
This may be a consideration for some people as a portion of the interest (on rental properties and homes with home offices) are tax deductibles. In these cases, aggressive payback could have a downside in relation to your tax right offs.

Again, this is an instance where an accountant’s guidance can direct you towards the best option. For some, the tax break is significant and for the circumstances, it makes sense to keep the payments as they are. For others, it would make more sense to increase the payment as the interest is minimal Talk to a professional to get the best advice on this particular area and consider all your options.

You have a better investment opportunity
If you have an opportunity that will give you a higher return on your investment, consider taking that avenue vs. paying down your mortgage. For example, if you put $100,000 into your 3.00% mortgage, you save $3,000 next year but if you made a 5% return on that $100,000 instead, you could put that $3,000 towards your mortgage next year and still have $2,000 left over.

With that said, there are many instances when an investment may seem excellent on paper, but in reality, is not ideal. Always seek advice from a professional first before making a financial decision.

These are just 3 examples of times it doesn’t make sense to pay down your mortgage right away. Ultimately though, you should consider what choice will be the right one for you. There are many instances where paying down your mortgage does make sense. As a Dominion Lending Centres mortgage broker, we are here to inform you of every option available to you and advise you on what we feel is the best course of action. We can work with you and your financial advisors/accountants to determine when and if paying down your mortgage is a good option for you—but at the end of the day, the decision is yours.

Could this be what we need to stimulate real estate sales this spring?

BANK OF CANADA REDUCES PROSPECTS OF A RATE HIKE

A greater-than-expected slowdown in global economic activity has triggered a slowdown in the pace of interest rate normalization by many central banks. In response to these central bank policy changes and perceived progress in U.S.-China trade talks, global financial conditions and stock market sentiment have improved, pushing up oil and other commodity prices.

Oil prices have risen since January in response to improved market sentiment, a greater-than-expected output cut in Saudi Arabia and risks of falling production in Iran, Venezuela and Libya. In its projection, the Bank assumes that the prices of Brent and WTI oil will remain close to their recent average levels. Uncertainty around the future path for global oil prices, however, remains elevated. The most important considerations relate to OPEC policy and geopolitical risks to production. As well, U.S. shale output could increase at a faster pace than expected.

In Canada, growth during the first half of 2019 is now expected to be slower than was anticipated in the January Monetary Policy Report (MPR). In another very dovish statement, the Bank of Canada acknowledged this morning that the slowdown in the Canadian economy has been more profound and more broadly based than it had expected earlier this year. The Bank had forecast weak exports and investment in the energy sector and a decline in consumer spending in the oil-producing provinces. However, as indicated by the mere 0.1% quarterly growth in GDP in the fourth quarter, the deceleration in activity was far more troubling. Investment and exports outside the energy sector have been negatively affected by trade policy uncertainty and the global slowdown. Weaker-than-anticipated housing and consumption also contributed to the downturn.

As was unanimously expected, the Bank maintained its target for the overnight rate at 1-3/4% for the fourth consecutive time. As well, the Bank dropped any reference to future rate hikes, bringing its policy in line with the Federal Reserve and other major industrial central banks.

“The Bank expects growth to pick up, starting in the second quarter of this year. Housing activity is expected to stabilize given continued population gains, the fading effects of past housing policy changes, and improved global financial conditions. Consumption will be underpinned by strong growth in employment income. Outside of the oil and gas sector, investment will be supported by high rates of capacity utilization and exports will expand with strengthening global demand. Meanwhile, the contribution to growth from government spending has been revised down in light of Ontario’s new budget.”

Overall, the Bank projects real GDP growth of 1.2% in 2019 and around 2% in 2020 and 2021. This forecast implies a modest widening of the output gap, which will be absorbed over the projection period. Inflation is close to the 2% central bank target.

The central bank clearly stated that given all of these economic conditions, an accommodative policy interest rate continues to be warranted. The policy statement added that the Governing Council “will continue to evaluate the appropriate degree of monetary policy accommodation as new data arrive. In particular, we are monitoring developments in household spending, oil markets, and global trade policy to gauge the extent to which the factors weighing on growth and the inflation outlook are dissipating”.

Bottom Line: The Bank of Canada has revised down its estimate of the neutral nominal policy rate. The neutral rate is defined as the sum of two components: i) the real rate that is consistent with output at its noninflationary potential level, and ii) 2% to account for the target inflation rate. The Bank now estimates the neutral rate to be about a quarter percentage point lower than assessed in April of last year, in a range of 2.25% to 3.25%. The midpoint of the range for potential output growth is now estimated to be slightly lower than in the April 2018 MPR, at 1.8% on average between 2019 and 2021 and at 1.9% in 2011. It is likely that these reassessments are consistent with unchanged policy interest rates for the remainder of this year.

Housing Market Details in the April Monetary Policy Report

While housing is expected to stabilize at the national level, the Bank is aware of the risks to the outlook, particularly in the Greater Vancouver Area. For instance, the effects on growth of the revised B-20 guideline are expected to dissipate in many markets, although they could persist longer in areas with high house prices and that have been subject to other changes to housing policies. The stabilization of expectations for house prices in British Columbia and Ontario may indicate a forthcoming stabilization and subsequent increase in resale activity (see Chart 13 below).

The changes to local and provincial policies to address speculation, combined with the B-20 revisions, are having more pronounced effects in the Greater Vancouver Area (GVA) than in the Greater Toronto Area. Thus, while stabilization of activity is expected this year in the base-case projection, there is a risk that it could be delayed in the GVA.

Meanwhile, ongoing challenges in the oil industry are expected to continue to weigh on the Alberta housing market. In contrast, a strong economy and investor interest are expected to boost the market in Montréal.

The First-Time Home Buyer Incentive introduced in the 2019 federal budget is expected to support housing demand and may also lead to improving sentiment in the housing market. However, delays in purchases by homebuyers who want to take advantage of the new measure could influence the timing of resale activity in 2019.

After declining for two years, residential investment is expected to expand modestly in 2020 and 2021. Given the trend reduction in housing affordability, construction of multi-unit residences is expected to resume its trend increase to meet demand for less-expensive homes.

Canada now has more millennial’s than baby boomers. Its official. There is now more first time buyers than ever before…so this is a great article to read from my DLC colleague, check it out

First Time Home Buyers

Your First Home. What a THRILLING thing that is to think about!! One of the best parts about our job is helping individuals purchase their first home. We know that the process can seem daunting at first, but we have an in-depth understanding and knowledge of what steps are required to make the process go smoothly. Follow these and you will be turning the key into your new home before you know it.

1. Find a Fantastic Mortgage Broker
Finding a mortgage broker who can help with your pre-approval process can allow you to determine the price point of home you can really afford. Finding a mortgage broker right off the bat can also give you an advantage over working with your bank:

• Mortgage Brokers work for you, not the bank or lender
• They have access to multiple lenders and are not limited to one single product
• They are an expert in the field. They focus on mortgages and mortgages alone!

2. Get Comfortable With The Numbers
There are two numbers that all first-time homebuyers should keep in mind: 39 and 44. These two numbers can help you budget and determine what you can truly afford when looking to purchase a home. Why 39 and 44? Here’s why:

• A maximum of 39% of your total income can go towards your housing costs. This will cover your mortgage payment, property tax payment, heating costs, and strata fees.
• A maximum of 44% of your total income can go towards your housing costs and total debt payments. This will include ALL housing costs and all debt repayments (credit cards, car loans, student loans, etc.)

Now, here are a few other key numbers that can help you in your house hunting:

3. Know What Your Down Payment Needs to Be
You know the numbers, now let’s look at what you need to know about the down payment itself. First, if you have less than 20% down payment your mortgage will be insured and have insurance premiums added to your mortgage. If you are considering putting the minimum down, that would be 5% if the property is worth $500,000 or less. A down payment of 10% is required for any amount over $500,000. Here’s a quick example of what this looks like:

Purchase Price of $600,000

5% of $500,000                                   $25,000

10% of $100,000                                             $10,000

Total Down Payment:                                   $35,000

4. Take Advantage of The RRSP Home Buyers Plan
The Canadian government’s Home Buyers’ Plan (HBP) allows for first time home buyers to borrow up to $25,000 from you RRSP for a d own payment, tax-free! You are able to combine this with your partner if you are both first time home buyers you can both access the $25,000 from your RRSP for a combined total of $50,000. Certain qualifications do apply for you to use this plan, we have laid them out here for you to review.

5. Don’t Forget About the Closing Costs!
This is one so many people overlook! Closing costs are something that can add up quickly when you are purchasing a home. Here is an approximate breakdown of the funds you will need:

• Legal Costs: $1000
• Title Insurance: $200
• Appraisal: $350
• Property Transfer Tax: Pending on purchase price

An additional few facts on property tax for you to consider:

This is an approximation of what your closing costs may be, but it is always good to budget for them beforehand.

6. Have your Documents Ready to Roll
Mortgages = paperwork! There are a number of documents that you will need to have to give to your mortgage broker. This will vary depending on your employment situation and where your down payment is coming from, but here is a general list you can follow:

• Most Recent paystub
• Letter of Employment
• NOA’s (2 years)
• T4’s (2 years)
• Down payment verification—up to 3 months of bank statements
• Contract of Purchase and Sale (Your realtor will provide this)
• Property Disclosure Statement (Realtor will provide)
• if you are self-employed you may also have to show:
  o T1 Generals
  o Articles of Incorporation
  o Financial Statements

7. Start Working on Your Credit Score
Yes, your credit score does directly impact your ability to get a mortgage. Lender’s want to see that you can responsibly manage credit and debt repayment before loaning you a large sum of money to purchase a home. Your credit score will be a determining factor in the terms and rate associated with your mortgage.

Just what impacts your credit score? Good question! Here are a few things:

• Late payments will lower your score
• Collections, judgements, consumer proposals, bankruptcy this will lower your score
• Exceeded limits on credit cards
• Ideally, you will be able to show a minimum of 2 active and current trade lines
• The longer your trade line is, the better increase in your score!
• Lenders also like to see a minimum of $2,000 limit on your credit cards.

Understanding and using this knowledge can help make your first home buying experience a great one! Once you have gone through the pre-approval process with a mortgage broker the fun part begins! Upon you receiving your preapproval, you can begin the house hunting. From there, you can put an offer on your dream home (yay!) Once your offer is accepted, we go through the mortgage process with you and then it’s moving day for you!

This is an exciting time for first time homebuyers—we enjoy getting to help our clients go from start to finish and helping them get the keys to their first ever home. If you have questions or are looking to find out just how much you will qualify for you can check out our mortgage calculator OR you can reach out to a Dominion Lending Centres mortgage professional directly!