A rental suite—also known as a secondary unit, accessory apartment, or in-law suite—is a self-contained living space within a home that is rented out to tenants. In Ontario, rental suites are becoming increasingly popular as homeowners look for ways to generate extra income or accommodate extended family members. However, not all rental suites are considered […]

Losing your job can be a stressful and overwhelming experience, especially when it comes to managing your financial obligations like your mortgage. Your home is likely one of your most significant investments, and ensuring you stay on top of your mortgage payments during uncertain times is crucial. Here’s how job loss can affect your mortgage […]

When you’re looking to secure a mortgage, whether it’s for purchasing a new home or refinancing an existing one, your credit score plays a key role in determining your eligibility. In Canada, lenders consider credit scores a reflection of your financial reliability, so it’s essential to understand how this impacts your mortgage options. Mortgage for […]

As of December 15, 2024, the Canadian government has introduced significant updates to insured mortgage rules, opening new doors for homebuyers across the country. These changes aim to improve affordability and accessibility, especially for first-time buyers and those in high-priced housing markets. Here’s what you need to know: 30-Year Amortizations for First-Time Buyers First-time homebuyers […]

When considering a home purchase in Ontario, the property’s location can play a significant role in your mortgage approval process. While most homebuyers understand factors like credit score, income stability, and debt-to-income ratio, many overlook how the area or neighborhood of a property may impact qualifying for a mortgage. For prospective homeowners in Ontario, understanding […]

When applying for a mortgage, an appraisal may be required as part of the lending process. Whether you’re buying a home, refinancing an existing mortgage, or taking out a home equity loan, appraisals play a key role in ensuring that both you and your lender are making a sound financial decision. Why is an Appraisal […]

Co-signing a mortgage is a significant financial responsibility. While it can help a loved one qualify for a mortgage, it’s important to understand the potential risks involved. If you’re considering becoming a co-signer, here are six key things you should evaluate before making your decision. 1. Understand the Commitment As a co-signer, you are agreeing […]

When considering a mortgage, one of the critical decisions homebuyers face is choosing between a fixed-rate and a variable-rate mortgage. Both options have distinct advantages and risks, influenced significantly by changes in bond rates and the Bank of Canada rate. Understanding how these economic factors affect mortgage rates can help borrowers make informed decisions that […]

For many homeowners in Ontario, the concept of a second mortgage can seem daunting at first. However, when utilized correctly, a second mortgage can be a strategic financial tool offering numerous benefits. At Dominion Lending Centres, we aim to help you understand the advantages of a second mortgage, enabling you to make informed decisions about […]

Selling your home is a significant decision that can have a profound impact on your financial well-being, lifestyle, and future plans. Whether you’re considering downsizing, relocating, or seizing investment opportunities, it’s essential to weigh the pros and cons carefully before listing your property on the market. In this comprehensive guide, we’ll explore the advantages and […]