| Q |
How much of a mortgage do I qualify for? |
| A |
Different Lenders have different guidelines. For an accurate calculation of how much of a mortgage that you qualify for, apply here. However you can get a rough calculation using our Maximum Mortgage calculator.
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| Q |
What are my downpayment options? |
| A |
Available options are RRSP’S , accumulated savings,equity from sale of your home,gift from family.
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| Q |
What are the costs involved? |
| A |
Legal fees and appraisal ( in some cases ) will be the costs incurred when obtaining a mortgage, Our services are paid for by the lender, so you will not incur any type of brokerage fee.
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| Q |
Can I be pre-approved for a mortgage? |
| A |
We offer pre-approved mortgages for up to 120 days. For a fixed rate mortgage we can secure the lowest rate during that 120 day period.
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| Q |
What are the requirements? |
| A |
Full time employment, proof of income,proof of downpayment,good credit rating.
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| Q |
How long does it take? |
| A |
Generally, we can have a pre-approval to you within 48 hours, depending on market conditions same day approvals are often available, fill out our online application form and we will contact you within 48 hours.
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| Q |
What is CMHC? |
| A |
Canada Mortgage and Housing Corporation is a federally owned and operated institution that evaluates a home purchaser with less than 25% down. CMHC insures this mortgage on behalf of the lender and adds a premium to the mortgage. This obligates a bank to provide mortgage for people with less than 25% down.
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| Q |
Why use a mortgage broker? |
| A |
With the ability to select products from over 40 different lenders, a mortgage broker has the ability to recommend a mortgage that fits your specific needs. Our only goal is to provide you with the best rates and terms possible. Our fee is paid for by the lender, there is no extra costs incurred by you.
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