FAQs

Frequently Asked Questions

Rate hold is usually up to 90-120 days, depending on the lender. Best rates often come with only 30-60 day rate hold periods (“quick close”).
Banks are supervised in a different way; in most cases, they don’t demand their mortgage experts to go through the external licensing program, relying instead on their internal training. For you, this means that the person you’re counting on to be your mortgage expert might not have the knowledge and training that you would expect.
With some lenders the payment is fixed regardless of the prime fluctuation. You can also do it manually by increasing your payment when prime drops. We encourage you to consult with us whenever you wish to increase your payment, as it has impact on your future plans.
Under regular circumstances, the process of getting an approval should be very quick. We have seen mortgages go from square one to finalizing in one day. Some clients come to us after weeks of waiting for their bank with no results. It’s important to set expectations and learn whether a professional or general clerk, who has no expertise or decision-making power, is going to take care of your file.
Don’t be shy to ask your questions. Clients come to us all time, asking: Do you specialize in mortgages? How long have you been a mortgage expert? How many mortgages do you handle a year? Their answer should be a minimum of 15 million financed on an annual basis.
The strategies your mortgage experts choose to apply are important in saving your money at the starting point of the process, as well as during the term. A right choice of mortgage term, variable or fixed rate, penalty prepayment options, and much more will indicate the extent of savings you can get. Your mortgage is a strong tool in achieving other goals your family has, including a pension plan and growing your wealth. Call us to learn how we do it.
Whether it’s a bank, credit union or trust company, all have online access and will be happy to guide you through it.
You can call your lender’s customer service. The bank would love to be in a direct contact with you, without having us in the picture. But if you decide to work with the Sneg Team, we are here, and upon getting your mortgage, we’ll offer you to sign a consent form allowing us to act on your behalf. So whenever you encounter a problem, call us – and we’ll deal with it for you! This ongoing service is an important part of our philosophy.
With most banks, you’ll be contacted only during the time of renewal. With Sneg Mortgage Team, you’ll hear from us much more. We contact our clients every time we see a good opportunity to save them money or we think they should respond to the market’s changing trends. The overall goal of our strategy is to save you money, and by keeping track of the market and alerting you to changes, we are able to do so.
The market still offers an amortization of up to 35 years to those who have more than 25% down payment. Insured mortgages (of less than 20% down payment) allow you to extend your amortization up to 25 years. If you have the option to go higher in amortization, we’ll consider using it as a flexibility feature, allowing us to grow your real-estate portfolio. In the same time we’ll create a plan for you to pay off your mortgage much faster.