- What is a mortgage broker, and why should I work with one?
- How do I know if I'm eligible for a mortgage?
- What is the maximum home price I can qualify for?
- What documents do I need to provide for a mortgage application?
- What is the minimum down payment I need to buy a home?
- How does mortgage refinancing work?
- Can I get a mortgage if I have a low credit score?
- How long does the mortgage process take?
- Are there any additional costs associated with getting a mortgage?
A mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders, helping individuals secure mortgage financing. Working with a mortgage broker provides access to a wide range of lenders, personalized advice, and assistance throughout the mortgage process.
Eligibility requirements vary based on lenders and individual circumstances. As a mortgage broker, we can assess your financial situation, credit history, and other factors to determine your eligibility for a mortgage. We'll guide you through the pre-approval process and help you understand the requirements specific to your situation.
The maximum home price you can qualify for depends on various factors, including income, credit score, and debts. To determine the maximum home price, lenders assess your debt-to-income ratio and consider the affordability of the mortgage payments. To Find Out How Much You Qualify For Today! Call, email or click here to contact us to find out!
The documentation required may vary depending on your specific circumstances and the lender's requirements. Generally, you'll need to provide proof of income, employment verification, identification documents, bank statements, and information about the property you intend to purchase or refinance. Our team will assist you in compiling the necessary documents for a smooth application process.
The minimum down payment required to buy a home in Canada depends on the property's purchase price. The minimum down payment for homes priced below $500,000 is 5% of the purchase price. For homes priced between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 and 10% of the remaining amount. For homes priced at $1 million or more, a minimum down payment of 20% is typically required. However, it's important to note that a larger down payment can help you secure more favourable mortgage terms and reduce your monthly mortgage payments.
Mortgage refinancing involves replacing your existing mortgage with a new one to take advantage of better terms, lower interest rates, or access equity. By refinancing, you can adjust your mortgage terms, potentially lower your monthly payments, or consolidate debt. Our mortgage specialists will evaluate your current mortgage and financial goals to determine if refinancing is the right option for you.
While a low credit score can make it more challenging to secure a mortgage, it doesn't necessarily mean you're ineligible. As mortgage brokers, we work with a variety of lenders, including those who specialize in assisting individuals with less-than-perfect credit. We'll explore alternative options like private mortgages to help you obtain financing based on your unique circumstances.
The duration of the mortgage process can vary depending on several factors, including the complexity of your application, the responsiveness of involved parties, and the lender's processing times. On average, the process can take between 30 to 60 days. Our team will proactively communicate with you throughout the process, keeping you informed of any updates or requirements to ensure a smooth and timely closing.
In addition to the down payment, several other costs are involved in acquiring a mortgage, such as closing costs, legal fees, appraisal fees, and insurance premiums. Our mortgage specialists will provide you with a breakdown of the estimated costs upfront, ensuring you understand the financial commitment involved.