Are your mortgage services free?

Yes, our services are of no cost to you.

Why should I consider using a mortgage professional?

Mortgage professionals have access to interest rates that banks don’t offer to customers directly. Because mortgage professionals bring in high volumes of business to lenders, they are able to offer discounts which are then passed on to you, the client.

How can I pay off my mortgage faster?

There are several things you can consider.

1. Change your payment plan to accelerated weekly or bi-weekly payments

2. Increase your mortgage payment to an amount you can afford. Even an extra $100 per month will make a big difference.

3. Make a lump sum payment to your mortgage. Any extra payments you make to your mortgage goes directly towards your principal amount. This means you’ll pay less interest over time.

In what scenario do I need a bridge loan?

Imagine this - you just bought a new home but haven’t sold your existing home yet. You will need a short term loan so that you can “own” both properties to accommodate different closing dates.

Usually, the bank financing your new purchase will give you a bridge loan. In order to get a bridge loan, you need to have a firm sales agreement for your new purchase and your current home. Some lenders may charge a small processing fee (around $200-$500) but most of the cost comes from the interest on the loan.

Does a credit check affect your chances of getting a mortgage?

Many people worry that a credit check when applying for a mortgage will harm their credit score. The truth is, this will have minimal impact. If you have 1-3 credit checks a year, it won’t heavily impact your score. What is more important is not missing bill payments, keep your balances low and your credit score will stay in good shape!

What is the First Home Savings Account?

The First Home Savings Account (FHSA) is a registered plan for first time home buyers. It is like a hybrid of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). It allows you to put away money and invest it without getting taxed on its growth. Any money you put into the FHSA is tax deductible and can be claimed as an income tax deduction for each tax year. When you are ready to purchase an eligible home, you can withdraw from this account.

Minimum requirements:

• You need to be at least 18 years old.

• You have not owned a home for at least 4 years.

• You can put in up to $8,000 every calendar year.

• The most you can contribute in total is $40,000.

I’m self employed. Can I still get a mortgage without provable income?

There are many self-employed individuals with excellent credit but yet have challenges in getting a mortgage. I can help self-employed borrowers navigate their way to home ownership.

Self-employed programs

• Offer up to 90% Loan-to-Value.

• Require that a borrower is a Sole Proprietor, Partnership or Corporation with a proven 2-year history of managing their finances responsibly.

• Require the borrower to declare their annual income and annual business income, which should be reasonable based on their industry, length of operation, and type of business.

A mortgage professional, such as myself, can help you navigate this process.

What is a reverse mortgage?

A reverse mortgage is a type of loan that allows individuals over the age of 55 to release equity from the home they live in – tax and payment free.

Minimum Eligibility Criteria:

• All borrowers on title must be 55 years of age or older.

• You must live in your home for a minimum of 6 months a year.

• Your property must be worth at least $250,000.

• Your home must be located in a large town or city in ON, BC, AB, or QC.

I want to get a second home/investment property. Can I still get a mortgage on that?

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