GOT A QUESTION?

WHY SHOULD I USE A MORTGAGE BROKER INSTEAD OF A BANK?

I have access to over 20 lenders with many different products to suit your needs. A bank has only one product....theirs.
Not only do I work regular business hours, but you can reach me evenings and weekends. Your bank works 9-5.
I will always offer my best mortgage rates up front. No negotiating necessary! Banks offer posted rates and you will need to negotiate with them for a discounted rate.
I work for YOU (for FREE!). A personal banker works for the best interest of the employer, the bank.... enough said.
Have questions? You have my cell number. Call or text anytime. Try getting a hold of your banker in an evening or on a weekend ;)
I am licensed and must adhere to a strict set of guidelines and compliance.
I specialize in residential mortgages. Personal bankers are generalists, not specialists.
Let me do the financial legwork for you while you enjoy the house shopping!

WHAT'S THE DIFFERENCE BETWEEN A FIXED RATE AND A VARIABLE RATE MORTGAGE?

With a fixed-rate mortgage, the mortgage interest rate and your mortgage payment will remain the same for the term of your mortgage. You will know exactly the principal and interest you will be paying on the mortgage during the term.
With a variable-rate mortgage, your rate will depend on what the prime rate is (set by the Bank of Canada) +/- a specified amount. For example, prime - 0.95%. If the prime rate increases or decreases, so will your variable rate and your mortgage payment will reflect that. If you're comfortable with the possibility of your mortgage payment changing slightly from time to time, this is a great way to take advantage of lower interest rates, paying your mortgage down faster, and saving you loads of interest!

DO I NEED TO GET PRE-APPROVED BEFORE I START HOUSE SHOPPING?

ABSOLUTELY! Getting pre-approved should be the first step in the home-buying process. Not only does it give you a budget to keep in mind while out shopping for your new home, but it also helps in the negotiating process. The seller might be more inclined to settle on a price if they know that you're pre-approved in advance.

HOW MUCH DO I NEED FOR A DOWN PAYMENT?

The minimum down payment is 5% of purchase price of the property. This may come from your personal savings or a gift from an immediate family member. You must be able to show a 90-day history of where the funds came from.

Keep in mind the 5% is up to a $500,000 property. Anything over the $500,000 up to $1 million is 10%, and a property over $1 million is 20% of the purchase price.

Examples:

$400,000 home would be 5% = $20,000
$600,000 home would be 5% on the first $500,000 (which would be $25,000), then 10% on the remaining balance of $100,000 (which is $10,000). So the total down payment required on that home would be $35,000.

FAQ: FAQ