FAQs

Frequently Asked Questions

The pre-approval process typically takes a few days, but it can vary depending on the lender and your individual financial situation.
In order to calculate the mortgage that you’re qualified for, including the amount and likely terms and pricing, you’ll be asked to answer a series of questions about yourself and your family, including your legal name, address, date of birth, and income details. You will also be asked to approve having your credit report pulled. Based on the information provided by you and your credit report, we will be able to indicate the amount that you would be qualified for and under which terms. Because time is so valuable, we’ll provide preliminary answers within one working day.
Between 0 – 0.50% of the loan amount
You are required to have at least 20% down payment. Typically, we take this 20% from your other property; essentially this makes it a 100% financing option.
Lender fee is usually 1% of the loan amount
In order to indicate how much you can be approved for, we lead a comprehensive and proactive process. We’ll collect all your documents upfront, review them in-depth, and address every aspect. This way we will be able to decide on the best lender and financial product. The answer to your question will change based on the property. For instance, you’ll get different numbers for a condo, a house or a house with a suite.
That's why we're here. We are here to accompany you through the process for you to gain knowledge so that the next time you have to renew this mortgage or go for a new mortgage for a new property you will feel very confident. There are no questions that are too small for us. You must get to know every aspect of your mortgage and knowledge about the process.
With Credit unions, it might be difficult to transfer a mortgage as they act within specific geographical boundaries. If you have a more complex mortgage (with a line of credit or cashback, for instance) or need more money, the game changes. In most cases you’ll be better off looking for a new mortgage, that will save you much more. An extra attention should be given to the new mortgage regulations that came into effect in 2018. Under those regulations, porting a mortgage as is, becomes sometimes impossible, as the new lender has to reapprove the mortgage under much restricting rules
Actually no. You are considered self-employed even if you are a salaried employee of your own company. It means that contrary to an employee that needs to show only a job letter at full-time permanent positions and 2 recent pay stubs, you’ll need to show 2 full taxable years in the same line of business. Let’s face it, there is no one who can write you a job letter but yourself:)
We take pride in our trusted clients. We would love to tell you more about the 30 years we are in the business working with clients from all provinces in Canada. Feel free to read what our clients say about us.