The first step is normally a quick phone call or email with us to go over the details. From there, the application is filled out with a consent to check your credit. You can email us the supporting documents, such as income, down payment, and the purchase contract.
This is the most popular question we get. Our standard response is that our rates are competitive and we typically match our competitors, but they are not the lowest. There are many reasons why clients should choose us over other brokers and banks, including our expert service and high quality products. Given the size of the transaction, we strive to make it simple for you. We work with 20+ lenders, so it’s best to complete an application first so we find the right mortgage for you. It’s important to ensure the mortgage has all the features you want, such as good prepayment privileges, timely underwriting and low penalties.
The majority of the time we do not charge for our service. The lender pays us a finder’s fee upon completion of your mortgage. Fees may be applicable with 2nd or subprime mortgages.
The big banks in Canada have large advertising budgets, a long history and brand loyalty. With awareness of mortgage brokers increasing, particularly with urban professionals, times have changed. More people are working with mortgage brokers, which allows lenders to compete for your business.
The lender we send your mortgage to will be the best match for your unique situation. We work with banks like Scotia, as well as ‘mono-line’ lenders such as Merix, First National and our own brand called Lifecycle. The cost savings of not having retail locations along with significant broker volume are passed on to the consumer.
It’s best to work with one broker only. We ask clients for an exclusive arrangement before proceeding beyond the initial consultation. Working with several parties at the same time can make getting an approval more difficult for a variety of reasons, including reduced credit scores and overlap with lenders.
Strong. Most clients who have reasonable credit, income and are serious about getting a mortgage are able to secure financing. The large majority of applicants will qualify without any major issues.
We can usually get a mortgage approval within a few business days, and funded in 7-10 business days. It’s best to allow lots of time as the small details can sometimes slow the process down. When entering into a purchase contract, having at least 5-10 business days to remove subjects (inspection/financing) is recommended.
The most accurate way to get this number is to do a mortgage application. The max mortgage is based on several factors, including rate, amortization, income, debts, location, and credit.
Increasing your regular payment, making lump sum payments periodically, and going with accelerated bi-weekly payments are all great ways to save money.
Canadians put a lot of trust in their banks and assume mortgages with RBC, for example, are a safer bet. As a broker we simply place you with the most suitable lender, which can include a bank (Scotia/TD) or a non-bank lending institution. Keep in mind the financial institution is lending you the money and are bound to the legal contract. The mortgages we set up are no different or riskier than one from your local bank. The biggest advantage non-banks have over banks is that their rates and penalties are lower, which can save you thousands of dollars down the road.
Many buyers only consider the cost of the down payment when budgeting for a purchase. It’s important to have extra money available (at least 1.5% of the purchase price) for additional expenses that may arise. • Legal fees w notary or lawyer, $600-$1200. • Property Transfer Tax (PTT) In BC, the cost is 1% on first $200,000 and 2% thereafter. If you qualify as a first-time buyer there is no PTT payable under specific thresholds. • Property tax and strata adjustments. • Title Insurance $200. • Appraisal $300.