29 Apr

Credit Unions and the Stress Test


Posted by: Fred Knowles

There are so many reasons to use a credit union for your mortgage – and with the new stress test regulations they might just have the perfect mortgage for you.

Credit unions have very competitive rates – sometimes better than the big banks, outstanding conditions, and they might just have the perfect mortgage for your situation. But for some reason – maybe just a lack of public knowledge – people shy away from credit unions when it comes to financing their mortgage. Well it’s a good thing you have a mortgage agent to show you all your options because by overlooking credit unions you could be missing out on the perfect mortgage for you.

Credit unions are provincially regulated, unlike banks which are federally regulated. This means that they do not follow exactly the same regulations that banks do which can be very useful in a variety of scenarios.

You might consider a credit union if:

1 – You are building a new home

2 – You are purchasing a property with acreage

3 – You are buying in a rural area

4 – Listen up because this is the big one – you are worried about the new stress test rules.


That’s right, credit unions have different rules when it comes to stress testing as well. OFSI – the government agency that wrote B-20, introducing the new stress test regulations, is a federal agency – they do not regulate credit unions.

“Shut up!”

“I will not.”

If any of these scenarios describe you call me and let’s talk about how we can get you set up with a mortgage through a credit union.

How credit unions can help with those other scenarios:

  • Building a House – Credit unions have different regulations on how “draws” are set up which make it easier to get funding throughout the different stages of building.
  • Buying a Property with Acreage – Traditional banks can be very picky about homes and property with acreage attached to them.
  • Buying a House in a Rural Area – Traditional banks can also be very picky about WHERE your home is. Basically, they are worried about getting their investment back should you default on your mortgage.

For more info about credit unions contact me and check out this link:

Credit Unions – An Alternative Lender


8 Mar

“Lender” is Not a Bad Word


Posted by: Fred Knowles

Lender No Longer Refers to Shady Racketeers Doing Back-Alley Deals.

“Lender” Isn’t a Bad Word

It’s amazing how many people hear the word “lender” and still think of shady racketeers, working back alley deals, and hanging people by their thumbs when they don’t pay up! Noooot exactly.

MICs and Monolines

Usually, when a mortgage agent refers to a “lender,” they are talking about a financial institution like a “Monoline” or a “Mortgage Investment Corporation” (MIC) that loans money on things like mortgages, but who do not perform other financial services the way banks do. Basically, they will give you a mortgage, but they won’t cash your paycheck. These institutions offer very competitive rates and lending terms. But because there’s no branch you can walk into, people are sometimes hesitant to use them for their mortgages. What if something comes up? They wonder. What will I do? The answer is                                                                                                                           simple: You will call your Mortgage Agent! That’s what we’re here for!

Would You Give Up Your Amazon Prime Account Because There’s No Storefront?

Not using a lender like a monoline or a MIC because they don’t have a brick and mortar branch is like not using Amazon because they don’t have a storefront – you could be missing out on the best products and rates!

At DLC The Mortgage Source, Agents like myself are connected to over 35 different banks and lenders, one of whom has the right mortgage for you – let me help you find it!

Just call me 613-857-1423

17 Jan

Home Renovations with the Best Returns on Investment


Posted by: Fred Knowles

Before you jump in to a big home renovation it’s important to do your research – especially if you are trying to maximize your returns on investment. Find out which projects are going to get you the most bang for your buck and which projects are just going to be for your own pleasure. Not that there is anything wrong with doing a home renovation purely for your own enjoyment – especially if you planning on living in the space for a while – but if you are planning on selling it’s important to learn what will add the most value to your home.
This research can be very time consuming. So I’ve done the leg-work for you and I’ve compiled a little cheat sheet to share with you here.

The Cheat Sheet

1. Start With the Basics: Paint! This gives your home a fresh feeling and almost always pays for itself in the added value upon sale. 

Check out this HGTV article for great tips that work for any budget!

2. Next focus on the the things that make your house work. Things like the furnace, the A/C, the roof, the foundation – if any of these are suffering it’s going to be obvious and it’s going to hurt the value.

A great HGTV Article with lots of great tips

3. Kitchen and Bathrooms: It’s pretty simple really – typically the more utility something gets, the better ROI it will have. So rooms like the bathroom and the kitchen that get a lot of use are always going to be the best place to start. Of course these rooms are also the most expensive to update. But if you’re even semi-decent with a screwdriver and a paint brush there are some pretty easy ways to do a full makeover of these rooms yourself. But more on that later!

4. Honorable Mentions: Landscaping and Exteriors, High Efficiency Appliances, and Hardwares.


1. Paint

2. Home Maintenance (Furnace, A/C, Roof, Foundation Etc.)

3. Kitchen and Bathroom Renovations

4. Landscaping and Exterior (New Siding, Front Door, Windows, Garage Doors)

5. High Efficiency Appliances

6. Hardwares (New Lighting Fixtures, Moldings, Interior Doors Etc.)