Broker
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Dominion Lending Centres

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About lender

Dominion Lending Centres is a Canadian mortgage broker with an extensive network of partners. The company was founded in 2006 in British Columbia and has more than 400 offices across Canada. They specialize in providing mortgages to Canadians and assisting them the whole way. Right now, this company employs more than 3,700 mortgage experts. The company has already funded over 700,000 mortgage loans.

Dominion Lending Centres has partnered with more than 90 lenders, including banks, lenders, and other financial organizations.

Features

One of the most significant features of Dominion Lending Centres is that it is a mortgage broker.

They pledge to find the appropriate solution for you if you want to buy a home, renew or refinance, if you are still planning to buy, or get pre-qualified. You can also receive counseling services on the best rates and terms. Dominion Lending Centres provides construction financing options such as conventional loans and CMHC-insured products. In addition, DLC Commercial keeps in-house funds for mezzanine and secondary financing.

Also, Dominion Lending Centres offers assistance to newcomers to Canada.

The company’s rates vary from province to province, and these changes may not always be displayed on the website, so the customer needs to get in touch with one of the company’s experts to find the exact rate. The current variable rate is 2,80%, and the current prime rate is 3,70%. According to public sources, the maximum borrowable amount is $1,000,000. The mortgage terms vary between 6 months and ten years, and the amortization period varies between 1 and 35 years.

Pros and cons

Dominion Lending Centres offers a bunch of services that have their advantages as well as setbacks.

Pros

  • The company deals with newcomers to Canada;

  • The company has a vast network of partners, such as banks, lenders, and other financial organizations, so that they can look for the best mortgage solution;

  • The company provides a significant number of different mortgage options such as buying a home, refinancing, and commercial mortgages;

  • The company has been operating in Canada for more than 15 years and is accredited by BBB with an A+;

  • The company’s website contains enough information to get an idea of its products;

  • The company provides mortgages to self-employed people.

Cons

  • One has to wait about two weeks to get the money;

  • The rates may vary from province to province, and these changes may not be displayed on the website.

As we see, Dominion Lending Centres has some advantages. The company provides many different mortgage services and assists newcomers to Canada. Also, they have a vast network of partners who help customers find the best mortgage solutions. Besides, the company has operated across Canada for over 15 years and has A+ accreditation from BBB.

However, there are some disadvantages. The company’s rates vary in different provinces, so the customer needs to contact a professional to find out the rates.

Loan conditions

The first step for the client is to get in touch with one of the company’s experts to tell them about their mortgage goals. After that, the expert finds a solution. Dominion Lending Centres provides mortgages for buying homes, moving, refinancing, renewing, and reverse mortgages. Also, the company offers commercial mortgages.

The company’s rates may vary from province to province, but according to the company’s website, the current prime rate is 3,70%. The current variable rate is 2.80%. The term varies from 6 months to 10 years.

The customer should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if they are putting under 20% down. If the client can make a larger down payment of 20% or more, then a score of 680 is not required. The customer needs to secure a downpayment of at least 5% for a $500.000 mortgage. Besides, the customer must fit in basic mortgage conditions such as being older than 18 years old and providing the required documents such as the government-issued personal identification, one month of recent pay stubs from any applicants who will be listed on loan, a letter of employment, the most recent two years’ worth of personal CRA tax filings and financials (if incorporated), three months of bank account statements, documentation to explain any unusual (generally non-payroll) large deposits or withdrawals. In addition, the company recommends the customer get pre-approved. This can be done through a Mortgage Professional to ensure they get the best mortgage product from the best rate to the best term agreement.

Methods of loan funding

Loan funding way depends on the lender Dominion Lending Centres recommends you. Unfortunately, open sources do not publish these details.

Dominion Lending Centres

FAQ

What is Dominion Lending Centres?

Dominion Lending Centres is a national mortgage and leasing company. They provide different mortgage services, from home buying to commercial mortgages. They have a massive network of lenders and bank partners, which allows the company to offer an appropriate mortgage option to the customer.

The company was founded in 2006 and now has more than 3,700  mortgage experts ready to help customers.

Who owns Dominion Lending Centres?

Dominion Lending Centres is owned and operated by the DLC Group of Companies. It also owns Mortgage Centre Canada, Mortgage Architects, and Newton Connectivity Systems.

How do you qualify for Dominion Lending Centres?

The customer needs to have a credit score higher than 680 if they put under 20% down. Besides, the customer must be older than 18 years old and provide the required documents such as the government-issued personal identification, one month of recent pay stubs from any applicants who will be listed on loan, a letter of employment, the most recent two years’ worth of personal CRA tax filings and financials (if incorporated), three months of bank account statements, downpayment, documentation to explain any unusual (generally non-payroll) large deposits or withdrawals.

How much can you borrow from Dominion Lending Centres?

According to open sources, the maximum borrowable amount is $1,000,000.

Is it a legitimate company?

Dominion Lending Centres is a legitimate company with an A+ accreditation from BBB.

Company documents

Terms and Conditions
Privacy Policy

For every stage of your life, we've got a mortgage for that!

© Dominion Lending Centres
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Effective interest rate on the product

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Loan term for the financial product

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Dominion Lending Centres calculator
Interest rates are given in accordance with the rates of the Dominion Lending Centres of 18.06.2024
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