FAQs

Frequently Asked Questions

After you get pre-approved for a mortgage, you can start looking for homes within your budget. When you make an offer on a house, you'll provide the pre-approval letter to show that you have financing in place. If your offer is accepted, you'll move on to the next steps in the home buying process, including the mortgage application and closing.
We provide mortgages to clients with who have a 5% 10% 15% down payment. The most comfortable mortgages are given to 20% down payment, but there is no problem receiving mortgages for lower down payments. We will check for you all the options. Keep in mind that most first-time buyers have very little down payment. Many times, they use gift money from parents, and we have a way to maximize your down payment so you’ll get exactly the house you want.
The loan comes due when the borrower sells the property, passes away, or no longer lives in the home as their primary residence. The loan must be repaid, typically from the sale of the property. If the loan balance is higher than the value of the property, the borrower's heirs are not responsible for the difference.
If you’re having difficulty getting a mortgage because your income or credit score is low, we will be able to analyze the situation with you and recommend a series of focused steps. These steps will let you rebuild your income and/or credit and restore the situation, making you the kind of borrower who can be approved for a mortgage in a very short time.
To get pre-approved for a mortgage, you'll need to provide information about your income, assets, debts, and credit score.
A mortgage pre-approval is a process that helps you determine how much money you can borrow from a lender based on your income, credit score, and other financial factors.
Bridge loans are temporary loans that bridge the gap between the sales price of a new home and a home buyer’s new mortgage. This may happen in the event that the client’s home has a firm sale where the buyers removed all conditions for the sale, but the sale proceeds have not arrived yet as the sale of the old home is due after the purchase of the new one. The bridge loan is secured to the buyer’s existing home. Bridge financing requires extensive preparation, which is why many borrowers manage to avoid the cost and extra paperwork of bridge financing by getting their realtors to coordinate the dates of their sale and purchase.
In order to get the best rate and terms and conditions, you’ll need to provide us with:
  • Employment verification with proof of income
  • A good credit rating
  • Verification of source for down payment
  • Approval for the property to be mortgaged reflecting its condition and a good standing with the strata
Alternative lenders limit the borrowing amount between $750,000 to $2,500,000
Minimum down payment needed is 20%