Frequently Asked Questions
Our Services
- I’ve always gone to my bank for my financial needs, why use the services of a mortgage broker?
- Do I pay an extra fee to hire you as my mortgage broker?
- How do mortgage professionals get better rates or deals than many banks?
- Aren’t mortgage brokers the last resort alternative for individuals who get turned down at their bank?
- Do you get incentives for recommending one lender over another?
- I think my bank will pay for my appraisal and home inspection? Why should I work with anyone else?
- What types of lenders do you deal with?
- Can you arrange a mortgage in provinces other than Alberta?
Qualifying for a Mortgage
- How do I qualify and get approved for a mortgage? What is the mortgage process?
- Why is there a need to pull my credit bureau?
- When do I actually know I got an approval to remove financing conditions on an offer to purchase a property?
- What is the difference between pre-qualification and pre-approval?
- How much can I afford to pay for a home?
- Can I qualify even if I am self-employed and/or do not declare income?
- My bank turned down my mortgage application because of bad credit. Can I still get approved for a mortgage with another lender?
- What kinds of documents will you require to approve my application?
- May I still make changes to my application (e.g. term, payment frequency, etc.) once it has been submitted?
- Why is it important to know whether or not you qualify for mortgage insurance?
- What do I need to transfer my mortgage?
- Can I still qualify for a mortgage if I have declared bankruptcy in the past?
- How does child support affect my qualification for a mortgage?
- Can I get a Canadian mortgage even if I am not a Canadian resident?
Downpayment
- What can I use for a down payment to buy a property? What are the common acceptable sources of down payment?
- What are other options for getting financing?
- What is the minimum down payment needed to buy a property?
- How can you use your RRSP to help you buy your first home? What is the Home Buyer's Plan (HBP)?
- What is needed to verify my down payment?
Mortgage Options
- What is the difference between a conventional mortgage and a high-ratio or insured mortgage?
- Should I choose a fixed rate or a variable rate mortgage?
- If I have a variable-rate mortgage and the banks start posting higher interest rates, should I lock into a fixed rate?
- What does a mortgage term mean and how is it different from amortization?
- What is the difference between an open-term mortgage and a closed-term mortgage?
- Should I take a short-term mortgage or a long-term mortgage?
- How does amortization affect the amount of interest I will be paying? And what is the best amortization period to seek?
- What difference does payment schedule make? Is it better to pay weekly, bi-weekly or monthly?
- Do advertised gimmicks and cashbacks really save me money?
Mortgage Insurance
- Do I need Mortgage Life Insurance?
- What is Title Insurance and who does it protect?
- What is Mortgage Loan Insurance?
- Under what circumstances can CMHC guarantee a mortgage?
Other Mortgage Questions
- What is an Interest Adjustment Date? When do I make my first mortgage payment?
- When the lender pays the property taxes, how are the payments calculated?
- What are the closing costs involved when buying a home?
- What is a home inspection and should I have one done?
- Why do I need a survey?
- Should I wait for my mortgage to mature before shopping for a new mortgage?
- Is there ever a good time to "break" my closed mortgage and pay the prepayment penalties?
- Is the lender obligated to renew my mortgage at the end of the term?
- Does a lender charge a renewal fee to renew your mortgage and do they always offer the best rate upon renewal?
- Are there always penalties when I switch my mortgage to another lender?
- How can you pay off your mortgage sooner?
- Can I take my mortgage with me to another home if I sell my home?
- What is the difference between a co-signor and a guarantor?
- Can my mortgage amount include the costs of improvements or upgrades to the property I buy?
