About Dominion Lending Centres (DLC)

Many clients ask how Dominion Lending Centres works and what makes it different from a bank. Here are answers to the most common questions.

What Is Dominion Lending Centres?

Dominion Lending Centres (DLC) is one of Canada’s largest national mortgage brokerage networks, with thousands of licensed mortgage professionals across the country.

Collectively, DLC sources over $80 billion in mortgage volume annually — more than any single financial institution in Canada, including the Big Banks.

This scale provides exceptional access to lenders, products, and competitive financing solutions for Canadian homeowners.

Is Dominion Lending Centres a Bank?

No. Dominion Lending Centres is not a bank.

DLC brokers work independently on your behalf to compare mortgage options from a wide range of lenders — including major banks, credit unions, trust companies, and specialized mortgage providers.

This allows clients to access competitive solutions without being limited to a single institution.

Why Use a Dominion Lending Centres Broker Instead of Going Directly to a Bank?

A bank can only offer its own products.

A Dominion Lending Centres broker compares options across many lenders to find the most suitable mortgage for your situation, which may include:

✔ More competitive rates
✔ Flexible qualification options
✔ Better mortgage terms and features
✔ Access to lenders not available directly to the public
✔ Strategic advice tailored to your financial goals

Because of DLC’s national scale and volume, lenders actively compete for your business.

How Is a DLC Mortgage Broker Paid?

For most standard residential mortgages, the lender pays the broker a commission once the mortgage closes.

There is typically no direct cost to the client for these services.

If a situation requires alternative or private financing where fees apply, all costs are disclosed clearly in advance.

Is Dominion Lending Centres Regulated?

Yes. Mortgage agents and brokers in Ontario are licensed and regulated by provincial authorities and must meet strict education, licensing, and consumer protection standards.

Do You Still Deal With Major Banks?

Yes.

Dominion Lending Centres brokers work with many major banks, credit unions, trust companies, and other financial institutions across Canada.

This means you can access bank products — along with additional options — through one advisor.

How Large Is Dominion Lending Centres?

Dominion Lending Centres is one of the largest mortgage brokerage organizations in Canada, with a national presence and extensive lender relationships.

Through its network, DLC sources over $80 billion in mortgages annually — exceeding the mortgage origination volume of any single bank in Canada.

Why Work With Cam Wilson Specifically?

As a Top 5% Mortgage Professional in Canada, Cam provides personalized guidance tailored to homeowners and buyers across Niagara and Southern Ontario.

Clients benefit from both:

• National-level lender access through Dominion Lending Centres
• Deep local expertise in the Niagara housing market

What Types of Mortgages Can a DLC Broker Arrange?

Dominion Lending Centres brokers can assist with a wide range of financing needs, including:

• Home purchases
• Mortgage renewals
• Refinancing & debt consolidation
• Investment properties
• Self-employed mortgages
• Alternative & bad credit solutions
• Reverse mortgages
• Second mortgages
• New to Canada financing

How Do I Get Started?

You can call, schedule a consultation, or submit a secure online application.

We’ll review your situation and outline your best options with no obligation.

In most cases, no. For standard residential mortgages, brokers are typically compensated by the lender — not the borrower.

If a situation requires alternative or private financing where lender fees apply, everything is explained clearly in advance so you can make an informed decision with no surprises.

A bank can only offer its own products.

A mortgage broker compares options from dozens of lenders — including major banks, credit unions, and specialized lenders — to find the most suitable solution for your situation.

This often results in:

✔ More competitive rates
✔ Flexible qualification options
✔ Better mortgage structure
✔ Access to lenders not available directly to the public

As a Top 5% Mortgage Professional in Canada, Cam focuses on strategic planning — not just finding a rate.

Every mortgage is structured with long-term goals in mind, including flexibility, risk management, and future options.

Clients receive clear advice, responsive communication, and solutions tailored to their unique circumstances.

Rates depend on several factors, including:

• Down payment or equity
• Credit profile
• Income stability
• Property type
• Loan size and term
• Market conditions

A personalized assessment is the only way to determine your true rate options.

We assist homeowners and buyers throughout:

St. Catharines
Niagara Falls
Thorold
Welland
Fort Erie
Port Colborne
Grimsby
Lincoln
Niagara-on-the-Lake
And communities across Southern Ontario

Remote consultations are available for your convenience.

We offer solutions for virtually every situation, including:

• Home purchases
• Mortgage renewals
• Refinancing & debt consolidation
• Investment properties
• Self-employed mortgages
• Alternative & bad credit solutions
• Reverse mortgages
• Second mortgages
• New to Canada financing

No. You are free to switch lenders at renewal with minimal cost in many cases.

Renewal is often the best opportunity to:

✔ Reduce payments
✔ Access equity
✔ Consolidate debt
✔ Improve mortgage terms
✔ Restructure amortization

Given the large wave of renewals across Canada, reviewing your options before signing your bank’s offer can be extremely valuable.

Yes. Many clients qualify for mortgage solutions even after financial setbacks such as job loss, divorce, illness, or past credit challenges.

Options may include alternative or private lending depending on equity, income, and property.

All discussions are confidential and judgment-free.

🏠 Mortgage Default & Power of Sale Help (Ontario)

Facing Mortgage Trouble? You May Have More Options Than You Think

Falling behind on mortgage payments can feel overwhelming — but it does not automatically mean you will lose your home.

In Ontario, there is usually time to explore solutions before a property is sold under Power of Sale. Acting early greatly increases the number of options available.

If you’re worried about missed payments, renewal shock, or financial strain, a confidential review of your situation can help clarify the path forward.

❓ What Is Power of Sale?

Power of Sale is the legal process most lenders in Ontario use to recover money when a mortgage is in default.

If payments are not brought current, the lender may sell the property to repay the outstanding mortgage balance, interest, and legal costs.

Unlike foreclosure, the lender does not take ownership of the home — they sell it on the open market.

❓ How Is Power of Sale Different From Foreclosure?

In Ontario, Power of Sale is far more common than foreclosure.

• Power of Sale: Property is sold to repay the debt
• Foreclosure: Lender takes ownership of the property

Any remaining equity after the sale belongs to the homeowner (after debts and costs are paid).

❓ What Happens If I Miss Mortgage Payments?

Typically, lenders will first attempt to contact you to arrange payment.

If payments remain outstanding, the process may escalate through formal notices and legal steps.

Ignoring the situation generally makes it more difficult to resolve.

❓ How Long Before Power of Sale Begins in Ontario?

Timelines vary, but the process does not usually happen overnight.

From the first missed payment to a completed sale can take several months or longer, depending on circumstances and communication with the lender.

The earlier action is taken, the more solutions are typically available.

❓ Can Power of Sale Be Stopped?

In many cases, yes.

If the mortgage default is resolved — or a viable repayment or refinancing solution is arranged — the process can often be halted before the property is sold.

Options may include restructuring the mortgage, consolidating debts, or arranging new financing.

❓ What Are My Options If I’m Behind on Payments?

Possible solutions vary by situation but may include:

• Refinancing to lower payments or consolidate debt
• Extending amortization to improve cash flow
• Accessing home equity through a second mortgage
• Alternative lending solutions
• Negotiating repayment arrangements with the lender
• Selling strategically rather than under pressure

Every situation is unique.

❓ Should I Contact My Lender or a Mortgage Professional First?

Your lender can discuss their options.

A mortgage professional can review solutions across multiple lenders and financing types, including alternatives that may not be available directly through your bank.

Both perspectives can be valuable.

❓ Will This Ruin My Credit Permanently?

Mortgage arrears can affect credit, but recovery is possible.

Many homeowners rebuild their credit over time — especially if a structured solution is put in place before the situation escalates further.

❓ When Should I Seek Help?

As soon as concerns arise.

Waiting limits available options and can increase costs.

Early action often allows for calmer, more strategic decisions.

🤝 Confidential Support Without Judgment

Financial setbacks happen for many reasons — job loss, illness, rising expenses, divorce, business challenges, or payment shock at renewal.

If you are struggling, you are not alone.

Discussions are confidential, respectful, and focused on practical solutions.

📞 Request a Private Review of Your Situation

If you are concerned about missed payments or potential default, we can review your options and help you understand what steps may be available.

No pressure. No obligation.

Just clear information so you can make informed decisions.

👉 Schedule a confidential consultation or contact us today.

Mortgage Penalties — 3-Month Interest vs IRD

Breaking your mortgage early can trigger a penalty, but the amount depends heavily on your mortgage type and lender. Here are the key things homeowners need to know before refinancing, selling, or switching lenders.

What Is a Mortgage Penalty?

A mortgage penalty is a fee charged by the lender if you pay off your mortgage before the end of your term. This can happen when you:

• Sell your home
• Refinance to access equity or lower payments
• Switch lenders at renewal time before maturity
• Make large lump-sum payments beyond allowed limits

What Is a 3-Month Interest Penalty?

A 3-month interest penalty is typically the simpler and less expensive option.

It equals three months of interest on your remaining mortgage balance at your current rate.

Common with:

• Variable-rate mortgages
• Some open mortgages
• Certain fixed mortgages at specific lenders

Example:
If your mortgage balance is $400,000 at 5%, three months of interest would be approximately:

➡️ About $5,000

Because it’s predictable and usually smaller, variable-rate mortgages are often considered more flexible.

What Is an IRD Penalty?

IRD stands for Interest Rate Differential.

This penalty is more complex and often significantly higher.

It represents the lender’s estimated loss of interest income when you break a fixed-rate mortgage before the term ends.

The calculation considers:

• Your remaining balance
• Your original interest rate
• Current rates for a similar remaining term
• Time left in your mortgage term
• Lender-specific formulas

Why Are IRD Penalties Often So Large?

If rates have dropped since you signed your mortgage, your lender loses future interest revenue when you exit early. The IRD compensates them for that loss.

For many homeowners, this can result in penalties of:

➡️ Tens of thousands of dollars

Some lenders calculate IRD using posted rates rather than discounted rates, which can significantly increase the penalty.

Which Penalty Applies to Me?

For most fixed-rate mortgages, the penalty is:

👉 The greater of 3-month interest OR IRD

Your mortgage contract determines which formula applies.

Are Variable Mortgages Safer If I Might Move or Refinance?

Variable-rate mortgages typically carry only the 3-month interest penalty, making them attractive for homeowners who want flexibility.

However, the right mortgage depends on your goals, risk tolerance, and market conditions.

Can a Penalty Ever Be Avoided or Reduced?

In some cases, yes. Strategies may include:

• Timing your refinance close to maturity
• Using porting options when buying another property
• Blending and extending your mortgage
• Negotiating with the lender
• Structuring the refinance to offset the penalty

Professional guidance can often save thousands of dollars.

Should I Break My Mortgage to Refinance?

Sometimes paying a penalty still makes financial sense — for example, if refinancing:

• Consolidates high-interest debt
• Reduces monthly payments
• Improves cash flow
• Provides funds for major needs
• Secures a significantly better long-term rate

A full cost-benefit analysis is essential.

How Can I Find Out My Exact Penalty?

Your lender can provide an official payout statement, but a mortgage professional can help you interpret it and compare options across lenders.

Thinking About Refinancing or Selling?

Before making a decision, it’s important to understand the true cost of breaking your mortgage — and whether a better strategy exists.

Contact us today for a personalized penalty review and mortgage strategy.

You can:

📞 Call for a consultation
📅 Book an appointment online
📝 Submit a secure application

We’ll review your situation and outline your best options with no obligation.