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Mortgage broker opens shop
Dominion Lending Centres owner says he aims to put the excitement back into home buying

Thandiwe Vela
Northern News Services
Published Monday, May 20, 2013

SOMBA K'E/YELLOWKNIFE
Mortgage broker Stuart Matheson loves real estate and he loves saving people money.

NNSL photo/graphic

Dominion Lending Centres business owner Stuart Matheson has the endorsement of Dominion celebrity spokesperson Don Cherry, whose image is printed on the company car. - Thandiwe Vela/NNSL photo

His penchant for penny-pinching once drew him renown in town as an avid yard-saler, but Matheson has left yard sales behind. He has traded saving cents once and for all, he says, for the "thrill" of possibly saving people thousands of dollars on their mortgages, with his new business Dominion Lending Centres.

"If I could save people money on their mortgage that's where the thrill is for me. That's why I do it," he said. "Because it's fun saving money and ultimately the banks make a lot of money on mortgages so if I could reduce the interest for people or keep as much equity in their home as I possibly can, all the better because it sets them up for success in their future if they pay less interest."

The mortgage brokerage was launched at this year's Spring Trade Show.

Resident Memory Makumbe said she was pleased to see Dominion at the trade show because she is new to the city and looking to find a home for her family in Yellowknife. She did not know there was a mortgage broker in town, she added.

"We heard about Dominion in Edmonton, but we didn't know they're now here," she said.

Founded and headquartered in Coquitlam, B.C., Dominion Lending Centres has independently-owned and operated franchises across the country, with a network of more than 2,200 mortgage brokers.

Matheson's brokerage is Dominion's first emergence in the NWT.

At least one mortgage broker has operated in town in the past, but Dominion is currently the only operating mortgage brokerage.

"It's exciting to be the only mortgage broker because brokers are quickly gaining ground across Canada," said Dominion spokesperson Cindy Freiman, of B.C. "So it's really exciting for us to enter a new market and have great representation there too.

"We're a national company, so going into Northwest Territories was a big deal. It just really broadens our coverage and having Stuart represent us is fabulous."

Matheson, who grew up in a town called Camberley in England, located about an hour away from London, worked in the banking industry in the U.K.

He compares his role as a mortgage broker to that of a dating service, using his expertise on the various mortgage products available to select the right lender for his clients.

Since opening in January, he has helped nearly 50 clients, mostly in Yellowknife and surrounding areas, but he said he also helps clients buying homes outside the NWT.

His services are unique, he said, in that he is not paid by the clients whom he helps find a mortgage, but by the banks who essentially pay him a finder's fee for each mortgage secured.

The company is not affiliated with any bank, he said.

"The banks pay me to get my clients the lowest possible rates and the best possible terms, which is not necessarily in the bank's best interest. But they pay me to do it because otherwise they may not have gotten that mortgage," Matheson said.

His aim is to put the thrill back into home buying.

"What we're offering is not so much the financing. It's the peace of mind, the flexibility, the questions being answered -- putting that excitement back into buying a home. That's really what I want to be offering my clients," he said. "Securing them financing at great rates is an added perk.

"One of the main things we're seeing is a lot of young couples are purchasing their first home and it's exciting to be able to help them through that process. It can be stressful. It can be a very daunting thing buying your first home and especially the finance side of it," he said. "My role with those clients is basically to be there 24 hours a day."

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