When it comes to getting a mortgage, one of the more overlooked elements is the option to be able to port the loan down the line.

Porting your mortgage is an option within your mortgage agreement, which enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. Thereby allowing you to move or ‘port’ your mortgage over to the new home. Plus, the ability to port also saves you money by avoiding early discharge penalties should you move partway through your term.

Typically, portability options are offered on fixed-rate mortgages. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate. When it comes to variable-rate mortgages, you may not have the same option. However, when breaking a variable-rate mortgage, you would only be faced with a three-month interest penalty charge. While this can range up to $4,000, it is much lower than the average penalty to break a fixed mortgage. In addition, there are cases where you can be reimbursed the fee with your new mortgage.

If you already have the existing option to port your mortgage, or are considering it for your next mortgage cycle, there are a few considerations to keep in mind:

1. Timeframe: Some portability options require the sale and purchase to occur on the same day. Other lenders offer a week to do this, some a month, and others up to three months.
2. Terms: Keep in mind, some lenders don’t allow a changed term or might force you into a longer term as part of agreeing to port you mortgage.
3. Penalty Reimbursements: Some lenders may reimburse your entire penalty, whether you are a fixed or variable borrower, if you simply get a new mortgage with the same lender – replacing the one being discharged. Additionally, some lenders will even allow you to move into a brand-new term of your choice and start fresh. Keep in mind, there can be cases where it’s better to pay a penalty at the time of selling and get into a new term at a brand-new rate that could save back your penalty over the course of the new term.

To get all the details about mortgage portability and find out if you have this option (or the potential penalties if you don’t), contact a Dominion Lending Centres mortgage expert today for expert advice and a helping hand throughout your mortgage journey!

By DCL Marketing Team

One of the important factors in home ownership is understanding things like your credit score.  Some people don’t pay much attention to this metric until they begin the mortgage discussion! However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power.

Credit scores range from 300 to 900, the higher your credit score the better. Ideally, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.

This score is based on spending habits and behaviours including:

• Previous payment history and track record of paying your credit accounts on time is the number one thing that your credit score considers.
• Your current level of debt and whether you’re maxed or not is the second most important factor.
• How long you have had your credit in good standing is the third most important factor.
• Attaining new credits is the fourth factor and can be a red flag if you’re opening several credit cards, accounts, or loans in a short period.
• Your credit mix is the final aspect of your credit score to determine whether you have a healthy mix of credit cards, loans, lines of credit, etc.

If you want to improve your credit score, you can! It is a gradual process, but it is well worth it. Here are some tips to help you get started!

1. Pay Your Bills: This seems pretty straightforward, but it is not that simple. You not only have to pay the bills, but you have to do so in full AND on time whenever possible.  Paying bills on time is one of the key behaviors lenders and creditors look for when deciding to grant you a loan or mortgage. If you are unable to afford the full amount, a good tip is to at least pay the minimum required as shown on your monthly statement to prevent any flags on your account.
2. Pay Your Debts: Whether you have credit card debt, a car loan, a line of credit, or a mortgage, the goal should be to pay your debt off as quickly as possible. To make the most impact, start by paying the lowest debt items first and then work towards the larger amounts. By removing the low-debt items, you also remove the interest payments on those loans which frees up money that can be put towards paying off larger items.
3. Stay Within Your Limit: This is key when it comes to managing debt and maintaining a good credit score. Using all or most of your available credit is not advised. Your goal should be to use 30% or less of your available credit. For instance, if you have a limit of $1000 on your credit card, you should never go over $700. NOTE: If you find you need more credit, it is better to increase the limit versus utilizing more than 70% of what is available each month. 
4. Credit and Loan Application Management: Reduce the number of credit card or loan applications you submit. When you submit too many credit card applications, your credit score will go down, and multiple applications in a short period can do more damage. Your best to apply for one or two cards and wait to see if you are accepted before attempting further applications.

If you have questions about your credit score, don’t hesitate to reach out to a DLC Mortgage Expert today! Whether you simply want to check your score or find out how you can improve it, our door is always open.

By DLC Marketing Team

When Canadians start thinking about a mortgage, one of the most common pieces of advice they hear is:
“Shop around—talk to as many lenders as possible.”

At first glance, this sounds smart. After all, who doesn’t want the lowest rate? But in today’s Canadian mortgage market, shopping lenders on your own can actually cost you time, money, and negotiating power—and in some cases, even jeopardize your approval.

Let’s explain why.

The Myth: More Lenders = Better Deal

Many people assume that calling multiple banks or credit unions will lead to a better mortgage. In reality, this approach often results in:

• Multiple credit checks

• Conflicting advice

• Incomplete comparisons

• Lost leverage with lenders

Rates matter—but they’re only one piece of a much bigger picture.

Credit Checks Can Work Against You

Every time you apply directly with a lender, they typically pull your credit. While a few checks in a short period may be grouped, excessive or poorly timed applications can raise red flags.

Lenders may start asking:

• Why has this borrower applied so many times?

• Was there an issue with previous approvals?

• Is there undisclosed risk?

This can lead to:

• Lower approved amounts

• Higher rates

• Stricter conditions

Not All Mortgages Are Created Equal

When you shop lenders on your own, you’re usually comparing posted or advertised rates—not the full mortgage product.

Important details often get missed:

• Prepayment penalties (especially on fixed rates)

• Portability and refinance restrictions

• Bonafide sales clauses

• Refinance limitations

• Payout calculation methods

A slightly lower rate can end up costing thousands more if life changes and you need flexibility.

You Lose Negotiating Power

Here’s something most borrowers don’t realize:

Once a lender knows you’ve already applied elsewhere, your leverage decreases. Lenders compete best when:

• One professional presents your application

• The deal is packaged cleanly and strategically

• There’s a credible alternative lender ready if needed

Scattered applications weaken that position.

Why Well-Intended Advice Can Sometimes Hurt

Many buyers are encouraged—often by friends, family, or even Realtors—to “just shop the mortgage” or “check with your bank and a few others.”

While Realtors absolutely want the best outcome for their clients, mortgage advice outside their specialty can sometimes hinder rather than help the financing process. Multiple applications, mixed messaging, or last-minute lender switches can delay approvals, create conditions, or put deals at risk—especially in competitive or time-sensitive markets.

A strong purchase is built on clear roles and trusted professionals, each working in their area of expertise.

What a Mortgage Professional Does Differently

A licensed Canadian mortgage professional:

• Shops dozens of lenders on your behalf—without multiple credit hits

• Matches you with the right product, not just the lowest rate

• Structures the deal to improve approval strength

• Anticipates future needs (moves, refinances, life changes)

• Negotiates strategically with lenders

In short, you get choice without chaos.

When Shopping Does Make Sense

There are times when comparing options is healthy—when it’s done properly.

The key difference:

• ❌ Applying everywhere yourself

• ✅ Working with one professional who compares everything for you

Final Thoughts

In Canada’s mortgage market, more applications don’t mean more power. Often, they mean more risk.

Instead of shopping lenders, focus on:

• Clear advice

• Proper strategy

• Long-term suitability—not just today’s rate

The right mortgage is about confidence, flexibility, and cost over time, not just who advertises the lowest number.

By Annette Perry | AIA, Jan 16, 2026

When you’re purchasing a home, the offer you submit is one of the most important steps in the process. Many buyers hear the term “subject-free offer” or “clean offer” and feel pressure to remove conditions to look more competitive. But what does a subject-free offer really mean — and is it always the right move for you as a buyer?

Let’s break it down from a buyer’s point of view.

What Is a Subject-Free Offer?

A subject-free offer (also called an unconditional offer) is an offer to purchase a home without conditions. This means once the seller accepts, the deal is binding. There is no backing out because of financing issues, inspection concerns, or changes of heart.

In competitive markets, sellers often prefer subject-free offers because they provide certainty and speed. For buyers, however, subject-free offers come with both potential advantages and serious risks.

Common Conditions Buyers Usually Include

Before considering a subjec-free offer, it’s important to understand the protections conditions provide:

• Financing condition – Ensures your mortgage is approved under the agreed price and terms.

• Home inspection condition – Allows you to uncover structural, mechanical, or safety issues.

• Appraisal condition – Protects you if the home appraises for less than the purchase price.

• Sale of current home condition – Gives you time to sell your existing property.

Removing these conditions means you are accepting all risk tied to them.

Why Buyers Consider Free Offers

From a buyer’s perspective, submitting a subject-free offer can sometimes be strategic:

• It strengthens your position in multiple-offer situations

• It can help win a bidding war without drastically increasing price

• Sellers may favour your offer for certainty, even over higher priced conditional offers

In hot markets, a subject-free offer can be the difference between winning and losing a home.

The Risks Buyers Must Understand

While free offers can be powerful, they are not without consequences:

• Financing risk: If your mortgage falls through, you could lose your deposit or face legal action.

• Inspection surprises: Hidden defects could cost thousands after closing.

• Appraisal gaps: If the home appraises low, you may need to cover the difference in cash.

• Emotional pressure: Buyers sometimes waive conditions out of fear, not readiness.

Once a free offer is accepted, there are no second chances.

How Buyers Can Reduce Risk Without Going Fully “Subject-Free”

You don’t always have to choose between being competitive and being protected. As a buyer, there are smarter ways to prepare:

• Get a fully underwritten mortgage pre-approval, not just a pre-qualification

• Review property disclosures and strata/condo documents in advance

• Conduct a pre-offer inspection when possible

• Shorten condition timelines instead of removing them entirely

These steps allow you to submit a strong offer while still protecting yourself.

Is a Subject-Free Offer Right for You?

A subject-free offer may make sense if:

• You have strong financing and sufficient savings

• You fully understand the property’s condition

• You’re prepared for unexpected costs

• You’ve received professional advice

It may not be the right choice if:

• Your financing is uncertain

• You’re stretching your budget

• The home has unknown risks

• You feel rushed or pressured

Final Thoughts from a Buyer’s Perspective

Buying a home is both a financial and emotional decision. While free offers can be an effective tool, they should never be made blindly. The strongest buyers aren’t just competitive — they’re informed, prepared, and strategic.

Before submitting a subject-free offer, ask yourself: Am I confident, or am I just afraid of missing out? The right decision is one that protects both your future home and your peace of mind.

By Annette Perry | AIA