FAQs

Question:
What is a mortgage broker?

Answer:
A mortgage broker is a professional who helps clients find the best mortgage loan based on their financial needs. It works with several lenders to offer varied options and competitive interest rates.

Question:
What are the advantages of doing business with a mortgage broker?

Answer:
Doing business with a mortgage broker has several advantages, including access to a variety of mortgage products, potentially lower interest rates, and personalized service to find the best financial solution for your situation.

Question:
How do I get mortgage pre-approval?

Answer:
To get pre-approved for a mortgage, you must provide certain financial information, such as your income, debts and credit history. A mortgage broker can help you prepare your file and submit your application to lenders.

Question:
What documents are needed for a mortgage loan application?

Answer:
Commonly required documents include proof of income (like pay stubs and tax returns), bank statements, proof of employment, and information about your current debts. Your mortgage broker will guide you in collecting these documents.

Question:
What is the difference between a fixed rate and a variable rate?

Answer:
A fixed rate stays the same for the life of your mortgage, providing stability in your monthly payments. A variable rate may fluctuate based on market conditions, which may result in varying monthly payments. Choosing between the two depends on your risk tolerance and financial preferences

Question:
Can I pay off my mortgage faster?

Answer:
Yes, it is possible to pay off your mortgage faster by making extra payments, increasing your monthly payments, or making lump sum payments. Be sure to check the terms of your mortgage, as some loans may have prepayment penalties.

Question:
How can I improve my chances of getting mortgage approval?

Answer:
To improve your chances of getting approved for a mortgage, maintain a good credit history, reduce your debt, and make sure you have solid proof of your income. Working with a mortgage broker can also increase your chances by helping you present a strong case to lenders.

Question:
What happens if my financial circumstances change after getting a mortgage?

Answer:
If your financial circumstances change after obtaining a mortgage, it is important to contact your mortgage broker or lender immediately. They can help you explore your options, such as modifying your loan or finding solutions to avoid default.