To compete for business, banks will often incentivize homeowners by offering either cash-back or cash bonuses to earn their mortgage business.

This isn’t just a way of earning business, but by dangling a carrot and getting you focused on the cash it steers the conversation away from the fine print and important features of the mortgage that could easily cost you more money in the long run.

With interest rates being the highest they’ve been in over 10 years, along with the stress test reducing what buyers qualify for this has created a number of issues for buyers attempting to find an approval for their home purchase or homeowners to complete their refinancing.

For this reason, among many others alternative financing is becoming increasingly popular as people try to find creative ways to get the job done.

Alternative financing allows current and future homeowners access to bank programs otherwise unavailable through traditional forms of financing.

Simply put, these programs are very versatile and open the door of possibilities when you keep running into rejections from your traditional lender.

1. Not Making the Mortgage Re-Advanceable

This tip stems from tip #3 from the first part of this series where we discuss putting your attention towards the type of financing that leaves room for cash flow and avoiding the common pitfall of thinking the lowest possible interest rate should be the primary focus of your financing.

With the real estate market on its way to a correction in market values for many parts of Canada, savvy investors who are prepared will have some great opportunities to purchase new assets to add to their portfolios. 

‘How low can you go?’ has been the mantra for interest rates for years since the start of the pandemic. However, when there is a chance of a possible interest rate increase to the prime lending rate, it is common to wonder whether now is the time to convert your variable interest rate and lock into a fixed rate. However, before deciding to lock in, there are three options you should consider that may better address your concerns and allow you to keep the savings you’re receiving from the variable. As an expert in the field, I, Cody Rowe, want you to be able to make a sound decision by equipping yourself with expert information and knowledge. Read on to find out your options.

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Daniel Wong

Original Article Posted on:  JULY 2, 2021

Link to Original Article:  https://betterdwelling.com/canadian-real-estate-brokers-see-a-big-cut-in-revenue-pushing-the-gdp-sector-lower/

Does consumer debt have you down about your hopes of buying your first home? When applying for a mortgage, your current expenses and debt will be considered before actually approving you for a mortgage. This is used to determine what you can afford and the level of risk that comes with lending to you. Having too much consumer debt during your pre-approval process can reduce the amount you qualify for, or in the worst case you may be declined for a mortgage entirely.

Original Article Source Credits:   Dominion Lending Centres , https://dominionlending.ca/

Article Written By:  DLC Marketing Team

Original Article Posted on:  May 18, 2021

Link to Original Article:  https://dominionlending.ca/mortgage-tips/getting-the-down-payment-down

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  May 21, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/05/insured-and-uninsured-mortgage-stress-test-changes-confirmed-for-june-1/

When buying a house, it is often believed that paying for the property is the only expense the buyer has to bear. However, that’s far from the truth. To complete the purchase of a property, there are several other costs that you need to shoulder, like legal fees, transfer tax, and closing costs. In addition to this, homeownership entails other expenses like renovations, repairs, maintenance, etc.

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  NA

Original Article Posted on:  FEBRUARY 8, 2021

Link to Original Article:  https://betterdwelling.com/the-pandemic-was-bullish-for-canadian-real-estate-confirms-national-stats-agency/#_

Original Article Source Credits:   Dominion Lending Centres , https://dominionlending.ca/

Article Written By:  Sherry Cooper

Original Article Posted on:  February 5, 2021

Link to Original Article:  https://dominionlending.ca/economic-insights/why-all-the-talk-around-rising-interest-rates-in-canada

Establishing a good credit score plays a vital role when it comes to qualifying for a mortgage. It is an important piece of your financial image and you need to fully understand how it works. However, the spread of misinformation about credit has concocted myths that could influence you to use your credit inappropriately and ultimately affect your credit score. Moreover, believing these misconceptions could lead you away from creating a healthy credit habit. To help you steer clear of these misconceptions, Cody Rowe - Mortgage Specialist, has debunked three of the most widely believed myths about credit.

Original Article Source Credits:    CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  December 4, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/12/first-time-home-buyer-incentive-to-become-more-useful-in-select-markets/

Original Article Source Credits:   Canada Mortgage and Housing Corporation  , https://www.cmhc-schl.gc.ca/

Article Written By:  NA

Original Article Posted on:  December 23, 2020

Link to Original Article:  https://www.cmhc-schl.gc.ca/en/housing-observer-online/2020-housing-observer/mortgage-consumer-credit-trends-q3-2020-data

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  December 11, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/12/how-canadas-mortgage-lenders-adapted-to-the-new-normal/

Original Article Source Credits:   Dominion Lending , https://dominionlending.ca/

Article Written By:  Sherry Cooper

Original Article Posted on:  November 16, 2020

Link to Original Article:  https://dominionlending.ca/economic-insights/canadian-october-home-sales-slow-a-touch-from-record

After the whirlwind year of 2020, making your finances work for you is already top of mind for Canadians. Why not roll that into a brand-new resolution moving forward into 2021? Here are some ideas to make your finances work for YOU in the New Year:

Whether you’re buying your very first home, purchasing a vacation or investment property, or renewing or refinancing an existing mortgage, there are many considerations to make along the way.

And with the many changes we’ve experienced in mortgage qualification rules, it has never been more important to rely on the expertise of a licensed mortgage broker to guide you through the homebuying and financing processes.

If you are new to the world of mortgages, you probably have a lot of questions