Have any questions? Find answers here.
General Mortgage Questions
What is a mortgage broker, and how can you help me?
A mortgage broker is a licensed professional who works with multiple lenders to find the best mortgage solutions for you. Instead of going to a single bank, a broker provides access to a variety of mortgage options, often securing better rates and terms. I help clients navigate the mortgage process, whether they’re first-time homebuyers, refinancing, or seeking alternative lending solutions.
How do I get pre-approved for a mortgage?
To get pre-approved, you’ll need to provide financial information such as income, employment details, credit history, and debt obligations. I’ll assess your borrowing power and help you find the best mortgage options so you can confidently shop for a home within your budget.
How much do I need for a down payment in Ontario?
The minimum down payment depends on the property price:
• 5% for homes up to $500,000
• 10% for the portion between $500,000 and $999,999
• 20% for homes $1 million+
A down payment of 20% or more avoids CMHC mortgage insurance.
What is the difference between a fixed and variable-rate mortgage?
- Fixed-rate mortgage: Your interest rate stays the same for the term, providing stability.
- Variable-rate mortgage: The rate fluctuates with the market, potentially leading to savings but also higher risk.
I can help you determine which option is best based on your financial goals.
First-Time Homebuyer Questions
What programs are available for first-time homebuyers in Ontario?
First-time buyers can access:
- First-Time Home Buyer Incentive (FTHBI) – A shared equity program with the government.
- RRSP Home Buyers’ Plan (HBP) – Withdraw up to $35,000 from RRSPs tax-free.
- Ontario Land Transfer Tax Rebate – Up to $4,000 rebate on land transfer tax.
I’ll guide you through these programs and help you maximize your savings.
Can I get a mortgage with a low credit score?
Yes! Traditional banks may have strict requirements, but alternative lenders and private mortgage options are available for those with lower credit scores. I’ll assess your financial situation and find solutions that work for you.
Refinancing & Renewals
When should I consider refinancing my mortgage?
Refinancing can be beneficial if you:
- Want a lower interest rate.
- Need to consolidate debt.
- Plan to access home equity for major expenses.
I’ll evaluate whether refinancing makes sense for your financial goals.
Can I switch lenders when renewing my mortgage?
Yes! When your mortgage term ends, you don’t have to stick with your current lender. I can shop around for better rates and terms to ensure you get the best deal.
Self-Employed & Alternative Mortgages
Can I get a mortgage if I’m self-employed?
Yes! Self-employed individuals may have a harder time proving income, but alternative lenders offer flexible mortgage options. I can help you gather the right documents and find a lender who understands your unique situation.
What is a private mortgage, and when is it a good option?
A private mortgage is funded by private lenders instead of banks. It’s a good option if:
- You have bad credit or irregular income.
- You need fast approval.
- You require a short-term mortgage.
Private mortgages typically have higher interest rates but offer flexible solutions when traditional lenders can’t help.
Home Equity & Investment Properties
How does a Home Equity Line of Credit (HELOC) work?
A HELOC lets you borrow against your home’s equity as needed. Unlike a traditional mortgage, you only pay interest on the amount you use. It’s great for renovations, investments, or emergency funds.
Can I get a mortgage for an investment property?
Yes! Investment property mortgages typically require a 20% down payment. I’ll help you find competitive financing options tailored to your real estate goals.
Cottage, Rural & Specialty Mortgages
Can I get a mortgage for a cottage or vacation home?
Yes! Cottage mortgages are available for both year-round and seasonal properties. Some lenders have specific requirements, such as road access and winterization. I can help you find the right mortgage for your getaway home.
How are rural property mortgages different?
Rural mortgages often require additional considerations, such as:
- Well and septic inspections.
- Zoning regulations.
- Larger property sizes.
I specialize in rural mortgages and can guide you through the process.
Bridge & Reverse Mortgages
What is bridge financing?
Bridge financing helps cover the gap between selling your current home and buying a new one. It’s a short-term loan that ensures you have the necessary funds until your sale is finalized.
How does a reverse mortgage work?
A reverse mortgage allows homeowners 55+ to access their home’s equity without selling. You receive tax-free funds while keeping ownership. It’s a great option for retirees looking to supplement their income.
Working With a Mortgage Broker
How are you paid as a mortgage broker?
For most standard mortgages, my services are free to clients! I’m paid by the lender when your mortgage is funded. For private or alternative mortgages, fees may apply, but I’ll be upfront about any costs.
Why should I work with a mortgage broker instead of going to a bank?
- More options: I work with multiple lenders, not just one.
- Better rates: I negotiate on your behalf to find the best deal.
- Personalized advice: I tailor mortgage solutions to your unique needs.
- Guidance & support: I simplify the mortgage process and handle the paperwork.
Still Have
Questions?
If you have more questions or want personalized mortgage advice, contact me today! I’d be happy to help you navigate your mortgage options in Ontario.