Fallen in love with a home that almost checks all the boxes? Maybe the kitchen needs an update or the flooring could use an upgrade—this is where a Purchase Plus Improvements mortgage can help!

This mortgage option allows you to roll the cost of certain renovations into your mortgage at the time of purchase. That means you don’t need to drain your savings or take out a high-interest loan to make your new house feel like home.

From updating bathrooms to finishing the basement, this solution is ideal for buyers who have a vision for a home that needs a little love. The key is to plan your improvements ahead of time and provide quotes to your mortgage professional during the application process.

Pair this mortgage option with the guidance of an interior designer, and you can truly turn a dated property into a dream home—all while building equity from day one.

Want to learn more about whether Purchase Plus Improvements is right for you? Our team is here to walk you through the process.

– Michele McGarvey Team, Dominion Lending Centres

When your mortgage comes up for renewal, it might seem easiest to sign the lender’s offer and move on. But that convenience could cost you.

Your renewal is a perfect opportunity to reassess your financial goals and explore better options. With interest rates, home equity, and life circumstances constantly changing, the mortgage you needed five years ago might not be the one that suits you today.

This is your chance to:
✅ Negotiate a better rate
✅ Tap into your home equity for renovations or investments
✅ Consolidate high-interest debt
✅ Adjust your term or payment schedule

You’re not locked in with your current lender—you have options. Working with a mortgage professional means we’ll shop the market for you, compare offers, and build a strategy that fits your goals.

Before you renew, reach out for a quick, no-obligation review. It could save you thousands—and bring peace of mind for your next term.

– Michele McGarvey Team, Dominion Lending Centres

Choosing the right mortgage broker can make a huge difference in your homebuying experience—and your long-term financial health. A good broker doesn’t just shop rates—they become your trusted guide through the entire mortgage process.

Here’s what to look for:

1. Experience & Knowledge:
   Look for someone who understands your local market and has a solid track record. Ask how long they’ve been in the industry and what types of mortgages they specialize in.
2. Transparent Communication:
   You want a broker who explains things clearly, answers your questions honestly, and keeps you updated every step of the way. You should never feel rushed or confused.
3. Access to Multiple Lenders:
   The right broker works with a wide range of lenders—not just one bank—so they can find a solution that fits your needs, not the lender’s.
4. Personalized Advice:
   Every client’s situation is unique. Your broker should take the time to understand your goals, finances, and future plans to recommend the best mortgage options.
5. Strong Support Team:
   Behind every great broker is a strong team. Ask if they offer support for paperwork, renewals, and follow-ups even after your mortgage is funded.

Your mortgage is likely the biggest financial commitment you’ll ever make—so choosing the right broker matters. When in doubt, ask for referrals and read reviews. The right fit should feel professional, approachable, and fully in your corner.

– Michele McGarvey Team, Dominion Lending Centres

Paying your property taxes might not be the most exciting part of homeownership, but it’s one of the most important. These taxes fund essential local services—like schools, emergency services, and road maintenance—and missing payments can lead to serious consequences, including late fees, interest, and even a tax lien on your home.

One smart way to stay on track? Sign up for your municipality’s TIPPS (Tax Installment Payment Plan). Instead of paying a lump sum once or twice a year, TIPPS lets you spread your property taxes out over monthly payments—making budgeting easier and avoiding the stress of large bills.

If your mortgage lender doesn’t collect property taxes on your behalf, enrolling in TIPPS is a simple way to protect your home and avoid penalties. Many cities in Alberta offer this program with automatic withdrawals and no added fees.
Staying on top of property taxes is part of being a smart homeowner.

– Michele McGarvey Team, Dominion Lending Centres

Imagine waking up to birdsong instead of traffic, sipping coffee on the dock, or gathering around a firepit with family and friends. A second home—whether it’s a lakefront cottage, a mountain cabin, or a quiet spot in a favorite vacation town—is more than just a place to escape. It’s an investment in peace of mind, connection, and lasting memories.

For many Canadians, a vacation property is becoming an achievable goal rather than a distant dream. It’s a space for weekend retreats, extended summer stays, and even a potential source of rental income. Beyond the lifestyle perks, a second home can also offer long-term financial value.

Financing a second home may be more accessible than people expect. With options tailored to vacation properties and flexibility in how rental income can be used toward qualification, the path to ownership is more straightforward than ever. Planning, budgeting, and understanding your goals are key to making it happen.

Whether it’s about getting closer to nature, creating a family legacy, or simply having a peaceful place to unwind, the dream of owning a summer retreat is within reach for more people than ever before.

– Michele McGarvey Team, Dominion Lending Centres

Buying your first home is exciting—but it can also be overwhelming. One way to simplify the process and protect yourself is by securing a mortgage rate hold.

A rate hold, typically valid for 90 to 120 days, locks in the current interest rate while you shop. If rates rise, you’re protected. And if rates drop, you can often still take advantage of the lower option!

Here’s why a rate hold matters:

✅ Protection from Rate Increases: Your rate is secured even if the market shifts.

✅ Better Budgeting: Knowing your rate helps you plan monthly payments and shop within your price range.

✅ Time to Explore: You can compare homes and mortgage options without pressure from changing rates.

✅ Less Stress: No need to rush—your rate is safe. And if your hold expires, renewing is simple.

✅ Long-Term Savings: Locking in a great rate now could save you thousands over the life of your mortgage.

Even in a stable rate environment, a rate hold gives you peace of mind and flexibility as you move through the homebuying journey. It’s a smart first step toward homeownership!

– Michele McGarvey Team, Dominion Lending Centres

Spring is the perfect time to refresh your home. As the weather warms up, consider these six upgrades to enhance both your comfort and property value.

1. Kitchen Renovation
A kitchen makeover adds beauty and function. Mid-sized renovations typically cost $25,000–$40,000 in Canada.

2. Roof Replacement
Upgrade an aging roof to improve energy efficiency and avoid future damage. Costs usually range from $10,000–$20,000.

3. Backyard Makeover
Turn your outdoor space into a personal oasis. Decks, landscaping, or outdoor kitchens range from $5,000–$15,000+.

4. Siding or Paint Refresh
Boost curb appeal and protect your home. New siding runs $14,000–$30,000, while exterior paint costs $3,000–$9,000.

5. Doors & Windows Update
A new front door ($3,900) or updated windows ($15,000–$35,000) can brighten your home and improve efficiency.

6. New Air Conditioner
Stay cool with a modern, efficient system. Replacements typically cost $3,500–$8,500.

Start with the upgrade that suits your lifestyle best and enjoy a more comfortable, valuable home this spring.

*Please note that all the numbers listed above are estimates and have been sourced from numerous websites. These figures are approximate as they may vary depending on different factors including province, time, market conditions, as well as regulations or policies.*

– Michele McGarvey Team, Dominion Lending Centres

The Smart Way to Track Your Financial Health

Paying off debt or hitting savings milestones can feel like major wins — and they are. But if you want a clearer picture of your overall financial progress, it’s important to look at more than individual goals.

One of the best ways to measure your financial health is by tracking your net worth. This simple formula — your total assets minus your total liabilities — gives you a comprehensive snapshot of where you stand.

Regularly reviewing your net worth can help you see the bigger picture: how your savings, investments, and debts are working together. It keeps you focused on long-term growth and helps you make more informed decisions about spending, saving, and investing.

It’s also a valuable tool for retirement planning. Tracking your net worth over time shows whether you’re on pace to reach your future goals and can highlight areas where you may need to adjust your strategy.

There’s no one perfect way to measure financial growth, but keeping an eye on your net worth is a smart, simple habit that can guide you toward lasting financial wellness.

– Michele McGarvey Team

Buying a home is one of the most exciting ventures in life! To ensure it goes smoothly, you need to have a proper budget in place to protect your financial security and help you make the best decision for your future location. However, the cost of the home is not the only cost that you need to budget for! The temptation will always be to start looking at the very top of your budget but fees, such as mandatory closing costs, can easily put you over the top. Knowing the real numbers will make it that much easier to stay within your budget and maintain your financial comfort.

Closing costs are a one-time fee associated with the sale of a home and are separate from the mortgage insurance and down payment. Typically, these costs range from 1.5-4% of the purchase price, depending on your location. This means, for an $800,000 home, you would be looking to budget around $22,000 on average.

Here are a few closing costs to keep an eye out for:

• Land Transfer Tax: This is calculated as a percentage of the purchase price of your home, with the amount varying in each province. Some cities, such as Toronto, also have a municipal LTT.
• Legal Fees and Disbursements: You can expect to incur a minimum of $500 (plus GST/HST) on legal fees for the preparation and recording of official documents around your purchase.
• Title Insurance: Most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and is typically $300 or more.
• PST on CMHC Insurance: Though CMHC insurance itself is financed through the mortgage, PST on the insurance is typically paid at the lawyers and sometimes deducted from your advance.
• Home Inspection Fee: A home inspection is highly recommended as a condition of your Offer to Purchase to prevent any future surprises. This can cost around $500.
• Appraisal Fee: An appraisal is performed to certify the lender of the resale value of the home in the case you default on the mortgage. The cost is usually $400 – $600 but is typically covered by the lender.
• Property Insurance: Property insurance covers the cost of replacing your home and its contents, and must be in place on closing day. This is paid in monthly or annual premiums.
• Prepaid Utility Bills: You may need to reimburse the previous owner of your property for prepaid costs such as property taxes, utilities, and so forth.
• Property Taxes: Property taxes are due on an annual basis and are calculated as a percentage of the home value and vary by municipality. You also may need to reimburse the previous property owner if he/she has already paid property taxes for the full year.

Knowledge is power and understanding the hidden costs associated with purchasing a home can help you create a realistic budget and ensure you remain within your financial means. Contact a DLC Mortgage Expert if you have any questions about your current purchase process or if you are looking to buy a new home now or in the future!

written by DLC Chief Economist Dr. Sherry Cooper.

Lowering your interest rate can save you money over the life of a loan or credit card. Here are some proven strategies to help you accomplish that:

1. Improve Your Credit Score: Lenders typically offer lower interest rates to borrowers with higher credit scores. Pay your bills on time, keep your credit card balances low, and avoid opening multiple new credit accounts to improve your credit score.
2. Negotiate with Your Current Lender: If you have a good payment history with your current lender, they may be willing to lower your interest rate rather than lose you as a customer. Contact them and inquire about any available rate reduction programs.
3. Shop Around: Don’t settle for the first offer you receive. Compare interest rates from multiple lenders to find the best deal. You can do this by obtaining quotes online or visiting different financial institutions in person. If you’re shopping for a mortgage, your DLC Mortgage Expert can help determine the best options for you!
4. Consider Refinancing: If you have a mortgage, auto loan, or personal loan with a high interest rate, consider refinancing to secure a lower rate. Keep in mind that refinancing often comes with fees, so be sure to calculate whether the potential savings outweigh the costs. Talk to your DLC Mortgage Expert about this today!
5. Increase Your Down Payment: When purchasing a home or car, a larger down payment can often result in a lower interest rate. Lenders see a higher down payment as a sign of financial stability, reducing the risk associated with lending to you.
6. Choose a Shorter Loan Term: Opting for a shorter loan term can sometimes result in a lower interest rate. While your monthly payments may be higher, you’ll pay less in interest over the life of the loan.
7. Consider a Balance Transfer: If you have high-interest credit card debt, transferring the balance to a card with a lower interest rate can save you money. Look for credit card offers with introductory 0% APR periods on balance transfers.
8. Demonstrate Stability: Lenders often consider factors such as employment history and income stability when determining interest rates. A steady job and consistent income can help you secure a lower rate.
9. Automatic Payments: Some lenders offer a small interest rate reduction if you sign up for automatic payments. This reduces the risk of missed payments, making you a more attractive borrower.

By implementing these strategies, you can potentially lower your interest rate and save money in the long run. Don’t forget to check with your DLC Mortgage Expert also about how to make your money work for you when it comes to your mortgage!

written by DLC Chief Economist Dr. Sherry Cooper.