Frequently Asked Questions

• Is there a fee for your services?
• What happens when you receive my mortgage application?
• What documents do you require aside from the application?
• Am I locked in to this mortgage approval?
• What financial institutions do you deal with?
• I hear you can get lower rates than my bank. How is this possible?
• Can I really buy with no money down?
• Will this application affect my credit score?

Q: Is there a fee for your services?
A: No, the best thing about my service is that it is at no cost to the client- the lender we choose to do business with picks up the tab.


Q: What happens when you receive my mortgage application?
A: When an application is received, we begin by processing the information provided & analyzing your credit report to help determine what product and terms are best suited to your specific needs.


Q: What documents do you require aside from the application?
A: If you've actually made an offer to purchase a home we would ask for a copy of your agreement of purchase and sale as well as the feature sheet on your new home. We need these two things immediately. After that you should be preparing the following: Salary letter(s) from your employer(s) confirming the length of time employed, gross yearly income, your position with the company and that you are a full time employee. If you are self-employed, on contract, or paid commission, you will need to provide 3-year notice of tax assessments. The lenders will average these three to determine your yearly income. If you have contracts you should provide them. If you can't find your tax assessments call the Canada Customs and Revenue Agency for copies of what you're missing.

Your down payment must be verified. Any down payment that is less than 20% of the purchase price will require an additional confirmation of 1.5% of the purchase price. For example, if you purchase a home for $100,000.00 and have a 10% down payment or $10,000.00, you will need to confirm that you actually have $11,500.00. The additional $1,500.00 or 1.5% of the purchase price is for closing costs. Confirmation of down payment can be any of the following; 3 months of bank statements, R.R.S.P.'s, GIC, stock statements. If you have sold your existing home we would need a copy of that unconditional agreement of purchase and sale. We would also need a copy of your most recent mortgage statement showing the balance owing on your home. The difference is used for the down payment of your new home. You are allowed a gift from a blood relative for a down payment. We can provide a gift letter. If you are receiving a gift, the amount must be put into your bank account and then verified that it is in your account before you finalize your home purchase. Lenders are quite sticky about down payments. If they see any large deposits to any of your accounts they will want an explanation. For example your bank account may show a large deposit that is not consistent with your other monthly deposits. You would have to explain and verify. If for example, you sold a car or stock or had a tax refund we would then need the paper work for confirmation. Please note all conditions should be finalized 3 weeks before the closing date of your home purchase.


Q: Am I locked in to this mortgage approval?
A: No, you are never locked in to this, or any, mortgage approval. We are here to aid you in the biggest financial decision you will make. So, you must feel totally comfortable in moving forward.


Q: What financial institutions do you deal with?
A: We deal with over 40 financial institutions: including Canada’s major banks, mortgage planners & trust companies.


Q: I hear you can get lower rates than my bank. How is this possible?
A: Since we are affiliated with Canada’s largest mortgage Brokerage- and together as a company- put through over $8B in mortgages yearly- it gives us buying power & that translates into better rates for our clients!


Q: Can I really buy with no money down?
A: Yes, it is now legal to buy a home with no money down in Canada. And you can do it at the lender’s best rates!


Q: Will this application affect my credit score?
A: Since you’ve chosen to deal with a Mortgage Agent, there is only 1 inquiry made on your credit bureau- as opposed to shopping the market yourself and getting ‘dinged’ each time you apply.