The Impact of Divorce or Separation on Getting a Mortgage

Divorce & Seperation Mike Marshall 16 Oct

Following are common questions which come up during the mortgage application for those impacted by separation or divorce. To answer your specific questions, email me at mmarshall@dominionlending.ca or call me at 613-406-2290 What is the Impact of divorce / separation on getting a mortgage? When you are looking for a mortgage, if you indicate that […]

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How do I get a service charge reversed?

General Mike Marshall 3 Apr

This one comes up lot. Many banking agreements state that you have 30 days to dispute a service charge. The good news is the bank normally allows the front line staff discretion to reverse up to $100 in service charges without talking to their managers. Just be nice to them and give them a long […]

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Mortgage Advisor Checklist

Mortgage Tips Mike Marshall 3 Apr

• Have you represented more than 1 lender in the past 12 months? • How long have you been a mortgage advisor? • What are your qualifications as a mortgage advisor? • Do you have other employment? • Have you closed over $10 million of financing in the last 12 months? • What methods will […]

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Service Checklist

Mortgage Tips Mike Marshall 3 Apr

• If I have a problem with my mortgage after it has closed, who do I call? • Will I get a dedicated mortgage advisor, or talk to someone different each time I have a mortgage question? • How long do I have to wait on hold to speak to my mortgage advisor? • What […]

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Features Checklist

Mortgage Tips Mike Marshall 3 Apr

• Can I split the mortgage into different parts or muli-tiers? • If you pick a mortgage with both long and short terms, remember that the lender may not offer you the best rates on the renewal of your shorter term. Ask “If I don’t like the rate on the shorter term when it matures, […]

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Extra Costs Checklist

Mortgage Tips Mike Marshall 3 Apr

• Why aren’t you paying the appraisal fee? There is usually no appraisal cost if your mortgage is insured. • Do you have any processing fees? • Can I see the cost of borrowing disclosure before we sign an application? • Do you have any cancellation fees? • Do you charge “reinvestment fees” on top […]

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Refinancing Checklist

Mortgage Tips Mike Marshall 3 Apr

• Is there any restriction on when I can refinance? Please explain. • Can I increase my mortgage at any time, at fully discounted rates, and without paying any penalty? • Can I extend my mortgage term at any time without penalty, and at fully discounted rates? • Is your mortgage readvanceable? Readvanceable mortgages let […]

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Variable Rate Mortgage Checklist

Mortgage Tips Mike Marshall 3 Apr

• Does your variable rate mortgage have any restrictions? • Some variable-rate mortgages prevent you from porting or blending your rate, prevent increases and have fewer prepayment privileges. • Can I fix my payment so that it doesn’t move if rates increase? • How fast does the lender increase rates when prime rate rises? What […]

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Prepayment Checklist

Mortgage Tips Mike Marshall 3 Apr

• Can I break my mortgage any time I want? Please explain open and closed mortgages. • If a mortgage penalty applies, how do you calculate it? Is it 3 months interest, more than 3 months interest or the IRD (interest rate differential) • Can I port my mortgage to a new property to avoid […]

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Extra Payments Checklist

Mortgage Tips Mike Marshall 3 Apr

• How much extra can I prepay each year without penalty? • When can I make these prepayments? • How much can I increase my ongoing payments each year? ie. 10%, 20%, up to 100%? • What payment frequencies do you have? ie. weekly, biweekly, monthly, semi-monthly. Can I have bi-weekly payments that are not […]

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