In this episode of The Wisdom, Lifestyle, Money Show, host Scott Dillingham addresses the most common mortgage questions from buyers and sellers in Windsor, Ontario.
Scott explains why accurate rate quotes require a preapproval: Factors like credit score, down payment, and debt-to-income ratio affect rates, as some lenders have minimums or adjustments—avoid phone quotes to prevent surprises.
He covers down payments: Starting at 5% on the first $500K (then 10% up to $1M for owner-occupied); 10% for 3-4 unit properties if occupying one; 20% for full rentals, often avoiding CMHC fees.
CMHC and insurers (Sagen, Canada Guaranty) enable <20% down with fees (e.g., 4% at 5% down, added to mortgage); special programs like new-to-Canada or flex-down (borrow down payment) available, following CMHC rules.
Finding a good realtor: Seek referrals from friends, lenders (matching personalities), or services like housesforsalewindsor.com—avoid buying from listing agents unless trusted, as they prioritize sellers.
Avoid bidding wars: Use realtors for preemptive offers; target listings lingering 2+ weeks (often poor marketing, not property issues)—negotiate without competition for better deals.
Documents like Notice of Assessment: Verifies no CRA debts and income; retrieve via CRA online portal or call for mailing—essential for approvals.
Credit repair: Get Equifax report to dispute errors; full episode on podcast.lendcity.ca for details.
Down payment sources if none: CMHC flex-down (borrow via card/line, 680+ score); RSP loans (secured, less impact on purchasing power); gifts (program-dependent).
In 2025, Canada's mortgage market sees BoC cuts to 2.25% (further reductions expected), easing variables to ~4-5%; CMHC predicts 2% home price drop (more in ON/BC), rebound in sales amid 2M+ renewals and tariff risks—favoring buyers with strong preapprovals, per CMHC and BoC reports.
This episode provides practical answers to streamline your home journey in Ontario's 2025 economy.
Guest Bio
Scott Dillingham is the host of The Wisdom, Lifestyle, Money Show and founder of LendCity Mortgages in Windsor, Ontario, specializing in home and investment financing. With banking and brokerage experience, Scott offers transparent advice on rates, down payments, and more. Passionate about client education, he draws from real scenarios to simplify mortgages. Connect with Scott at lendcity.ca, call 519-960-0370, or listen for financial insights.
Scott Dillingham is the host of The Wisdom, Lifestyle, Money Show and founder of LendCity Mortgages in Windsor, Ontario, specializing in home and investment financing. With banking and brokerage experience, Scott offers transparent advice on rates, down payments, and more. Passionate about client education, he draws from real scenarios to simplify mortgages. Connect with Scott at lendcity.ca, call 519-960-0370, or listen for financial insights.
Key Takeaways
- Rates: Can't accurately quote without preapproval—credit score (e.g., minimums), down payment, debt ratios impact; phone quotes are guidelines, risking higher actual rates.
- Down Payments: 5% on first $500K (10% above to $1M) for owner-occupied; 10% for 3-4 units if living in one; 20% for rentals—more reduces insurer fees.
- CMHC/Insurers: Enable <20% down with fees (e.g., 4% at 5% down, added to mortgage); programs like new-to-Canada/flex-down; Sagen/Canada Guaranty similar, privately owned.
- Good Realtor: Referrals from friends/lenders (personality match) or housesforsalewindsor.com; avoid listing agents unless trusted—they represent sellers for top value.
- Bidding Wars: Preemptive offers via skilled realtors; target 2+ week listings (marketing flaws)—negotiate without competition for deals.
- Notice of Assessment: Verifies no CRA debts/income; get via CRA portal/call—essential, mailed post-taxes; prepare early to avoid stress.
- Credit Repair: Equifax report to spot/dispute errors (e.g., name mix-ups); full tips on podcast.lendcity.ca—monitor regularly.
- No Down Payment: Flex-down (borrow via card/line, 680+ score); RSP loans (secured, less purchasing impact); gifts (check program rules, e.g., new-to-Canada limits).
- 2025 Market: BoC at 2.25% (more cuts), variables ~4-5%; 2% price drop (ON/BC harder), sales rebound amid renewals/tariffs—preapprovals key for buyers.
Resources and Links
- LendCity Mortgages: https://lendcity.ca/ – Mortgage questions, preapprovals, and applications.
- Scott Dillingham Contact: Call 519-960-0370 – For personalized mortgage advice.
- Houses for Sale Windsor: https://www.housesforsalewindsor.com/ – Realtor matching service.
- CRA Notice of Assessment: https://www.canada.ca/en/revenue-agency/services/e-services/about-my-account.html– Online portal for retrieval.
- Equifax Canada: https://www.equifax.ca/ – Credit reports and disputes.
- CMHC: https://www.cmhc-schl.gc.ca/ – Down payment programs and fees.
Call to Action If Scott Dillingham's answers to top mortgage questions in 2025's easing market help your home journey, visit lendcity.ca or call 519-960-0370 for a preapproval. Share this episode with buyers facing bidding wars—tag us on social media! What's your biggest mortgage query? Leave a review on Apple Podcasts or Spotify to aid others with 2025 trends, down payment tips, or credit strategies. Tune in next week for more financial wisdom.
- (00:08) - Introduction to Mortgage Questions
- (02:12) - Understanding Down Payments
- (03:27) - The Role of CMHC
- (05:47) - Finding a Good Realtor
- (08:43) - Avoiding Bidding Wars
- (11:58) - Obtaining Your Notice of Assessment
- (13:53) - Improving Your Credit
- (15:23) - Securing a Down Payment
- (17:30) - Closing Remarks
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