Home Buyers' Resources

Frequently Asked Questions

Why use a mortgage consultant rather than a bank?

When dealing with a bank, you are limited to their product line, which may not be the best product for you. But they won't tell you that, because it's their job to sell you their products.

Mortgage consultants can provide you with a wider range of mortgages designed to suit your needs, and you can benefit from comparisons of different lenders selected who best fit your requirements. As your broker, I look after YOU and your best interests.

Are there any fees involved with a mortgage consultant?

In most instances, there are no fees involved. Mortgage consultants receive a commission from the lending institution that received and funded your mortgage application. If you do not qualify normally due to bad credit, job instability or other unseen factors there may be a brokerage fee, but it will be disclosed to you prior to proceeding.

Should I wait for my mortgage to mature?

No. Allow us to to begin shopping around for an interest rate at least 120 days before your mortgage matures. Lenders will often guarantee you an interest rate as much as 120 days before your mortgage matures. This means a rate promised well in advance of your maturity date, which eliminates any worries about higher rates and if rates drop before the actual maturity date, the lender will adjust your interest rate to the lowest it has been during the 120 days since the application was submitted. To sign up for our renewal alert, click here.

What is mortgage loan insurance?

Mortgage loan insurance is provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and Genworth, an approved private corporation. This insurance is required by law to ensure lenders against defaults on mortgages with a loan to value ration of more than 75%. The insurance premiums, ranging from .50% to 2.75% are paid by the borrower and can be added directly into the mortgage amount. This is not the same as mortgage life insurance.

How much do I need for a deposit?

In most cases: