Why use a mortgage professional?
So you need a mortgage… You have two options:
1. Get in touch with a mortgage specialist at your bank who works FOR THE BANK.
2. Get touch with me who will work FOR YOU.
As a mortgage associate, I offer a wide range of options through many different lenders (some of whom are the big banks you're familiar with), completely personalized service, and flexible hours, all at zero cost to you.
Why are your rates better than the banks'?
Unlike your bank, I have access to products from approximately 50 different lending institutions, creating a competitive environment right from the get-go. Lenders know that they have to present their best offer up front when working with a mortgage professional, which means I can offer you the best rates on the market.
Will Google show me the best rates available?
One word of advice when Googling mortgage rates - proceed with caution! Not all mortgage products are made equal, so if a rate seems too good to be true, it just might be. The rate you found online may not be applicable to your situation, and even if it is, there could be hidden requirements/terms, crazy penalties, zero service, etc. It's always best to consult a mortgage professional before falling for the clickbait.
I already have a mortgage... Can we still work together?
Yes, absolutely! Whether you're up for renewal, thinking about refinancing, or would simply like to complete a mortgage review to see if there are better options out there, I would love to help.
Your services are free? How does that work?
Personalized service for free… It may sound too good to be true, but I can assure you that it’s not. I get paid by the lender once your mortgage funds, making it possible for you to use my services at no cost to you.
I'm thinking about buying a home. When should I get in touch with you?
It is truly never too early to reach out and start the pre-approval process. If it turns out you're ready to buy now, great, but if not, I will help you create a customized plan for the road to home ownership. It is always better to start early than to be late and risk potential complications. Bonus: I guarantee you'll make your realtor's day if you start looking at homes with a completed pre-approval!
What does the process look like with a mortgage associate?
Step one is generally to fill out an online application. I will then get in touch to review the details and request any paperwork required. Next, we will discuss different product/lender options to determine the best fit for you.
What type of paperwork should I expect to provide?
The paperwork that is required differs from application to application depending on a variety of factors. Typical requirements include letters of employment, tax documents, pay stubs, mortgage statements, etc. I strive to make this part of the process as pain free as possible, and only request the minimum documents required.
Open? Closed? Variable? Fixed? If you are new to mortgages, the options can seem overwhelming. Here’s a quick summary of some key terms to know:
Open Mortgage - Allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher.
Closed/Fixed Rate Mortgage - Most mortgages in our province are closed mortgages. A fixed mortgage offers you the security of locking in your interest rate so that you know exactly how much principal and interest you will be paying throughout the term. If the mortgage is paid off in its entirety before the end of the term, most lenders will collect a fee of either three months interest or Interest Rate Differential (whichever is higher).
Variable/Adjustable Rate Mortgage - Allows you to take advantage of today's low prime rate. The interest rate fluctuates in relation to the bank prime rate. Lenders compete by offering various discounts below prime. Payments typically fluctuate according to prime. Most lenders will collect a fee of three months interest if the mortgage is paid off in its entirety before the end of the term.
Prime Rate - The prime lending rate is a fluctuating number used to set interest rates of variable rate mortgages. While each bank sets it's own prime rate, it is heavily influenced the Bank of Canada's target for the overnight rate. (When BoC's rate makes a move, prime typically does as well.)
Term - The period of time that one signs on for with a specific lender (5 year terms are very common). Most people do not realize that at the end of the term you may move to another lender, often at no cost to you. Many lenders will not offer their best renewal rate up front so it is always best to speak to a mortgage professional to explore your options before signing a renewal offer.
Amortization - The period of time in which a mortgage will be paid in full if minimum payments are made (25 years is a common amortization period).
Portability - The ability to move your mortgage (with its rate and terms) to a new property without penalty.
Prepayment Privileges - The extra amount that you are able to pay towards the mortgage without penalty.
So you need a mortgage… You have two options:
1. Get in touch with a mortgage specialist at your bank who works FOR THE BANK.
2. Get touch with me who will work FOR YOU.
As a mortgage associate, I offer a wide range of options through many different lenders (some of whom are the big banks you're familiar with), completely personalized service, and flexible hours, all at zero cost to you.
Why are your rates better than the banks'?
Unlike your bank, I have access to products from approximately 50 different lending institutions, creating a competitive environment right from the get-go. Lenders know that they have to present their best offer up front when working with a mortgage professional, which means I can offer you the best rates on the market.
Will Google show me the best rates available?
One word of advice when Googling mortgage rates - proceed with caution! Not all mortgage products are made equal, so if a rate seems too good to be true, it just might be. The rate you found online may not be applicable to your situation, and even if it is, there could be hidden requirements/terms, crazy penalties, zero service, etc. It's always best to consult a mortgage professional before falling for the clickbait.
I already have a mortgage... Can we still work together?
Yes, absolutely! Whether you're up for renewal, thinking about refinancing, or would simply like to complete a mortgage review to see if there are better options out there, I would love to help.
Your services are free? How does that work?
Personalized service for free… It may sound too good to be true, but I can assure you that it’s not. I get paid by the lender once your mortgage funds, making it possible for you to use my services at no cost to you.
I'm thinking about buying a home. When should I get in touch with you?
It is truly never too early to reach out and start the pre-approval process. If it turns out you're ready to buy now, great, but if not, I will help you create a customized plan for the road to home ownership. It is always better to start early than to be late and risk potential complications. Bonus: I guarantee you'll make your realtor's day if you start looking at homes with a completed pre-approval!
What does the process look like with a mortgage associate?
Step one is generally to fill out an online application. I will then get in touch to review the details and request any paperwork required. Next, we will discuss different product/lender options to determine the best fit for you.
What type of paperwork should I expect to provide?
The paperwork that is required differs from application to application depending on a variety of factors. Typical requirements include letters of employment, tax documents, pay stubs, mortgage statements, etc. I strive to make this part of the process as pain free as possible, and only request the minimum documents required.
Open? Closed? Variable? Fixed? If you are new to mortgages, the options can seem overwhelming. Here’s a quick summary of some key terms to know:
Open Mortgage - Allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher.
Closed/Fixed Rate Mortgage - Most mortgages in our province are closed mortgages. A fixed mortgage offers you the security of locking in your interest rate so that you know exactly how much principal and interest you will be paying throughout the term. If the mortgage is paid off in its entirety before the end of the term, most lenders will collect a fee of either three months interest or Interest Rate Differential (whichever is higher).
Variable/Adjustable Rate Mortgage - Allows you to take advantage of today's low prime rate. The interest rate fluctuates in relation to the bank prime rate. Lenders compete by offering various discounts below prime. Payments typically fluctuate according to prime. Most lenders will collect a fee of three months interest if the mortgage is paid off in its entirety before the end of the term.
Prime Rate - The prime lending rate is a fluctuating number used to set interest rates of variable rate mortgages. While each bank sets it's own prime rate, it is heavily influenced the Bank of Canada's target for the overnight rate. (When BoC's rate makes a move, prime typically does as well.)
Term - The period of time that one signs on for with a specific lender (5 year terms are very common). Most people do not realize that at the end of the term you may move to another lender, often at no cost to you. Many lenders will not offer their best renewal rate up front so it is always best to speak to a mortgage professional to explore your options before signing a renewal offer.
Amortization - The period of time in which a mortgage will be paid in full if minimum payments are made (25 years is a common amortization period).
Portability - The ability to move your mortgage (with its rate and terms) to a new property without penalty.
Prepayment Privileges - The extra amount that you are able to pay towards the mortgage without penalty.