Frequently Asked Questions

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General QUESTIONS

How do I start the mortgage process?

Please email or call for details. We welcome an introductory conversation to understand your needs. We like to find out if you have purchased or are looking to purchase. Additionally, if you are looking for a Pre-Approval, Purchase, Refinance, Pre-Construction Mortgage and if this is a Residential or Commercial request and the list goes on. This is the importance of the initial consultation. (You can request a call back from our form on the homepage or call us now).

What documents are required for a mortgage?

Each scenario can require different documentation. At minimum we require the application, consent form, income confirmation and KYC, all listed on our downloads page. After our consultation and pending the requirements, we will advise additional documentation requirements and connect you with our document specialist that supports all document related activities from approval to closing.

What is pre-approval vs. firm approval?

A pre-approval is a way to determine your purchasing power. A pre-approval should not be confused with a firm approval. A pre-approval is subject to change. Properties can require appraisals, inspections, credit can change and its necessary to understand a pre-approval is being proactive to help prepare for purchasing a home but does not guarantee an approval. A firm approval, is when a client has purchased a home and the all the documents pertaining to the file have be submitted and then the lender has reviewed these documents and confirmed there are no outstanding conditions.

What lenders do we work with?

We have access to Banks, Credit Unions, Trust Companies, Mono-Line Lenders, Mortgage Investment Corporations, Non-Traditional and Private Lending.

Whats the difference between high ratio mortgage & conventional mortgage?

We define high ratio mortgages, as mortgages in which a client puts less than 20% down payment towards the purchase, 19.99% or less. We consider a conventional mortgage, as a mortgage in which a client puts 20% down payment or more. There can be an insurance premium added to insured mortgages versus conventional mortgages. Please review our resource list for additional information and current premiums.

What is a pre-construction mortgage approval?

A lot of lenders require a pre-approval at the time of purchasing a condo that has not yet been built. Many pre-approvals have a short window of approval and are subject to multiple conditions and may not be valid at closing. Its important to understand if you have a rate locked and the approval has any conditions or can change from time of pre-approval or approval until closing. We normally communicate direct with the lender to understand their requirements and make lender recommendations with this information and a combination of your personal needs.

Do I require a finance condition?

Yes! Many clients get confused with the purpose of a financing condition and when to have one, which for the most part, should be always. A pre-approval is getting one prepared for the purchase. However, if at any point in time during the approval process the lender decides not to support the mortgage request, the client can be liable for costs in not being able to close, in the event there is no financing condition. Its up to each client to asses the risk and know we will never recommend not having a financing condition. If a client decides not to have a financing condition this is after they have reviewed the risks associated and is at their discretion. We are happy to provide some advise during a multiple bid scenario in which this topic comes up often.

What do I require for a down payment?

Minimum down payment is 5% up to $500,000 purchase price and then 10% from $500,000 to $999,999 purchase price. All purchases over $1,000,000 require minimum 20% down payment. Depending on the lender and ones circumstances down payments can very fairly dramatically. This can be evaluated during the pre-approval process.

What happens when my mortgage matures?

Typically, the mortgage is open at renewal. Many lenders will connect as early as 6 months out from maturation. its important to review your options at maturation and understand what options you have. Maturing mortgages are a great opportunity to consider renewing with the existing lender, but you also have the option of switching lenders, obtaining bette rates or terms and pre-paying your mortgage. We highly recommend communicating back with your original mortgage broker.

How can I pay the mortgage faster?

Selecting a non-monthly payment. For example accelerated payments, be it bi-weekly or weekly.

  • Making principal repayments
  • Making Double-up payments
  • Selecting a shorter amortization
  • Re-evaluating the mortgage at renewal when you can make further changes

What are the costs associated with buying a home

Upfront is typically the closing costs. For example Land Transfer Tax, Legal Costs, Appraisal, Inspection etc. You also require the down payment and verification for that.

Ongoing costs can be Mortgage payment, property taxes, utilities, condo fee specific to condo corporations and general maintenance and upkeep.

What should the length of my mortgage term be?

The length of the mortgage, specifically the term of your mortgage is subject to your needs. The conversation should not just be about rate. You need to consider how long you plan on living in the home and what your goals and objective are for home ownership.

Additional Information

Am I invited to your events?

Yes! We do multiple events throughout the year with an emphasis on getting to know our clients and referral partners. We always recommend a plus one. Please ensure you are on our mailing list to stay updated.

Can I refer a friend?

People say the best compliment one can get is receiving a referral and we completely agree. If you are happy with our services, please recommend friends, family and colleagues. We also have a corporate mortgage plan under our affinity program and other reward and recognition programs to thank you for the introduction.

Can I send a testimonial?

Its more than welcomed and we encourage it! If you loved working with us we need to know so we can share this with our future clients and referral partners. Our growth is completely tied to the compliments and business dealings of our clients.

What is the Affinity Program?

In 2018 we launched an affinity mortgage program to focus on creating a corporate mortgage programs.  This came from the advise of our clients to support their peers.  Special incentives to work together on your mortgage.  We would appreciate any initiatives that support this program.

Are we interested in a partnership?

We ask a lot of our clients. To work with us, to write testimonials like our Facebook page, come to our events and therefor we are happy for you to ask back. If we can support your business or growth we more than welcome the opportunity to find ways to support your business or work together.

What are client gifts?

A client concierge service was implemented in 2017. We ensure all clients that fund mortgages and referral sources are thanked for working with us!

Do you work with any charities?

Giving back is a major focus of our business. Making the community we live and work in and the community of real estate a better place. We initiated a % of revenue from each funded transaction to go towards local charities.

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