FAQ

Think of a mortgage broker as your personal mortgage matchmaker. We’re like a knowledgeable friend who has access to a vast network of lenders. Instead of spending hours researching on your own, a mortgage broker does the legwork for you, finding the best mortgage options tailored to your needs. We’re there to guide you through the process, answer your questions, and help you secure the most favorable terms. It’s like having a savvy friend in your corner, dedicated to finding you the perfect mortgage fit.

That’s a very personal question, as a mortgage broker, I have access to a wide range of lenders and their competitive rates. The best rate for you depends on various factors, such as your credit score, down payment, and financial situation. I work diligently to find you the lowest rate possible based on your unique circumstances. Not only that but I will also ensure other factors such as flexibility, prepayment options, penalties, great customer service, and overall terms and conditions that are crucial for your decision. It’s essential to evaluate the mortgage package as a whole and align with your financial goals and priorities. Let’s connect and discuss your specific mortgage needs so I can provide you with a personalized rate that suits your situation.

As a first-time homebuyer, the first step is to apply for a pre-approval. This will give you a clear understanding of your borrowing power and help you determine your budget for purchasing a home. By providing your financial information to a mortgage broker like myself, we can assess your eligibility for a mortgage and provide you with a pre-approval letter. This will give you confidence as you start searching for your dream home, knowing how much you can afford. Let’s get started on your pre-approval application and set you on the path to homeownership!

A pre-approval typically remains valid for a certain period, usually 120 days.
During this time, you have the opportunity to shop for a home and make an offer with confidence, knowing that your pre-approval is in place. I will guide you through the pre-approval process and help ensure your pre-approval remains up to date as you navigate the homebuying journey.

The amount of down payment you need to buy a home depends on various factors, including the purchase price of the property and the type of mortgage you choose. 

The rules for the minimum down payment in Canada are as follows:

– If the purchase price is less than $500,000, the minimum down payment is 5%.

– If the purchase price is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000.

–  If the purchase price is $1,000,000 or more, the minimum down payment is 20%.

Keep in mind that the minimum down payment is subject to the lender’s approval, and that they may request more if you have a poor credit history or are self-employed.

Additionally, the minimum down payment is usually preferred to come from your own funds, but may be gifted or taken as a part of the Home Buyer’s Plan.

Note that making a higher down payment can have benefits such as reducing your mortgage loan amount and potentially qualifying for better interest rates. I can help you explore your options and determine the down payment amount that works best for you based on your financial situation and goals. Let’s discuss your specific circumstances and create a tailored plan to help you achieve homeownership.

It all depends on your current mortgage structure. To take equity out of your home, you have a few options. One common method is through a home equity loan or a home equity line of credit (HELOC). With a home equity loan, you can borrow a lump sum based on the equity you’ve built in your home. A HELOC, on the other hand, provides you with a revolving line of credit that you can access as needed. Another option is to refinance your mortgage, where you replace your current mortgage with a new one that has a higher loan amount. This allows you to access the difference in equity as cash. It’s important to work with a mortgage professional who can guide you through the process and help you determine the best option for your specific financial situation.

I know that having a less than perfect credit score can pose challenges when it comes to securing a mortgage. Traditional lenders often have strict credit requirements that need to be met prior to getting approved. However, I do believe that bruised credit doesn’t define your ability to become a homeowner.

I have an extensive understanding in assisting individuals with bruised credit in finding suitable solutions. I understand that credit scores and history are not the sole factors that determine your eligibility for a mortgage. With my extensive network of lenders, including banks, credit unions, and private investors, I can explore a variety of options tailored to your unique situation. 

My goal is to guide you through the mortgage process with transparency and provide access to competitive rates and favorable terms. Let me assist you on your journey towards homeownership, regardless of your credit challenges. Together, we will find the right mortgage solution that aligns with your goals and financial circumstances.