FAQs
Why use a mortgage broker versus going to my bank?
Do you trust your banker to tell you that their competition has a better mortgage? Me neither!
I work on your behalf and can get you a mortgage from over 50 different banks, credit unions and lenders.
It’ll save you from going bank to bank to see what they can offer you, I do that for you. With one application and one credit check too!
Each mortgage is totally different with different rates, fees and fine print.
I can give you real, unbiased advice.
Are there any extra fees or costs to use a broker?
Nope! The bank pays me a referral fee for doing the work, no cost to you.
Do I have to move my other accounts to the new bank?
No way! You can keep your accounts as is, the mortgage payments will be withdrawn from whichever account you currently have.
How do you get paid?
The bank pays me a referral fee for working on your mortgage, zero costs to you!
I have bad credit, can you still help?
You betcha! Depending on your situation there’s lots of banks out there that will help clients with poor credit. Call me and let’s discuss your options!
What is the minimum down payment needed to buy a home?
In Canada the minimum down payment is 5% up to a purchase price of $500,000. If you’re buying up to $1,000,000 it’s 5% on the first $500,000 and 10% on the portion between $500,000-$1,000,000.
For example, if you buy a home for $600,000:
Minimum Down Payment: $25,000 (5% for the first $500,000) + $10,000 (10% on the additional $100,000) = $35,000 required.
I have to renew my mortgage, can you help?
Absolutely! Most of the time you can move your mortgage to a different bank for free. We’ll compare your options and make sure it’s worth it.
Can I refinance and consolidate some debt into my mortgage?
It may be a great idea! We’ll do some calculations to make sure it’s worth it first and if you’re going to save lots of cash we can make that decision together.
Can I pick which bank to get my mortgage?
Yup! We’ll compare your options and I can offer some advice but you’re always in control.
I’m a First Time Home Buyer, do I qualify for any government programs?
You sure do. There are a number of First Time Home Buyer incentives available. Who doesn’t love free cash? Call me to discuss the various programs available and we’ll make sure to apply for any you qualify for.
Will working with a broker affect my credit score?
One of the best parts of working with me is we just need to do one credit check and we can apply to multiple different lenders.
No need to pull credit multiple times!
What are the costs for arranging a mortgage?
It depends on the type of transaction, if you’re buying a home, refinancing or transferring your mortgage to another bank.
Sometimes banks cover some or all of these costs depending on what you’re doing. We’ll go over all the details when we chat.
I was pre-approved at my bank, but when I made an offer I got declined. Can you help?
Sure can! Unfortunately this happens all the time. The banks don’t really take your pre-approval that seriously and only review the details when you have an accepted offer.
The good news is there are over 50 different banks, credit unions and lenders each with different qualifying guidelines. I get to work with them all!
Should I choose a fixed or variable rate mortgage?
It depends as there are pros and cons to both of them.
Ultimately it comes down to your comfort level, are you ok with a bit of risk and having your payments go up? (Or down?) Or are you the type of person who wants to know exactly how much to budget for each month?