Most Frequently Asked Questions

1- Why Should I Use A Mortgage Broker?
      Simply put - we do the shopping for you! We have access to over 50 competing lending institutions.  Since we are totally independant and not "married" to any one lender, we are completely unbiased in placing your deal. If you did this on your own; there would be many inquiries registered on your credit file, which can reduce your all important beacon score. We only need to access your credit bureau once.

2 - How Much Will It Cost Me?
       Absolutely nothing! We do not charge a fee to our clients (except in rare cases with unusual circumstances) since the lender will pay us for originating and negotiating the mortgage - no matter what lender it is.

3 - How Long Does It Take To Be Pre-Approved?
      Depending on your circumstances; the process is relatively quick. Once we complete an application with you - it is usually just a day or two until we have a formal pre approval for you.

4 - What Kind Of Information Do I Have To Provide?
       We will collect basic information from you such as employment, assets and liability info and of course what your needs are. See our "Buyer's Guide" and "Pre-Qualification List" on our website. 
        In order for the file to be complete and for your mortgage funds to be advanced - you will typically need a letter from your employer, a recent paystub, the previous year Revenue Canada Notice of Assessment and proof of your down payment. There may be other information required depending on circumstances.

5 - What If I Am Self - Employed?
      No problem! We have lenders that specialize in products for the self-employed. The documentation that you will need to provide will be a little different but the process is basically the same.

6 - Do I Have To Come To Your Office To Apply?
      Absolutely not. We are very flexible and can take your application over the phone, by email, fax or in person. We try to accommodate your schedule and can arrange to come to your home or office or even meet in a coffee shop. Our hours are flexible as well - we are available evenings and weekends whenever necessary.

7 - How Much Do I Need For A Down Payment?
      The typical minimum down payment is 5%. However; you may qualify for a cash back mortgage. The down payment may be from borrowed sources including lender incentives through the cash back program.

8 - Does The Down Payment Have To Be From My Own Savings?
      Not necessarily - with some of the products and lenders; you are able to have a gifted down payment from a relative or even from borrowed sources.

9 - What is the Home Buyers' Plan?
      Under the Home Buyers' Plan with Revenue Canada; you may qualify to withdraw up to $20,000 per person or $40,000 per couple from your RRSP's for your down payment if you are a first time home buyer. You will find all of the particulars of this program at www.ccra-adrc.gc.ca

10 - What Is Mortgage Insurance And Do I Have To Have It?
       Mortgage insurance is required when your down payment is less than 20% of the purchase price. The premiums will of course depend on the amount of the mortgage. The insurance premium is usually added in to the mortgage amount so that you do not have to pay it up front.

11 - What Does A Rate Hold Mean?
         We are able to obtain a rate hold for up to 120 days. That means that your interest rate is set at today's best rate and held for you - if the interest rate goes up during that period, you will still get that original best rate.

12 - What Other Costs Are There?
        The typical costs will be your lawyer's fees and possibly an appraisal fee if required by the lender.

13 - Do I Have To Make Monthly Payments?
         Most mortgages have options for you - weekly, biweekly, semi-monthly and monthly payments. It is entirely up to you which one you choose.

14- What is a HELOC?
         A HELOC is a home equity line of credit. It is an open mortgage product that typically can be fully paid off at any time and the minimum payment requirement each month is the interest. This product allows the client flexibility and the interest rate is based on the prime rate.

15 - What is the Minimum Down Payment for an Investment Property?
         We are able to arrange financing with as little as 15% down for investment properties.