Neither! A mortgage broker has a portfolio of lenders they work with to meet their clients’ mortgage needs. That’s one of the chief reasons brokers help their clients get better deals – unlike banks or other financial institutions, brokers are looking to help you get the best deal on your mortgage, not fill up a target mortgage product quota.
What to Bring
Do's
Don'ts
Applying for a mortgage shouldn’t be hard or confusing,
Who are the mortgage lenders that you use?
We deal with Canada’s top lending institutions, such as Scotiabank, TD, MCAP, and First National, just to name a few. We only work with accredited and reputable mortgage lenders.
Can I transfer my mortgage if I buy another home?
Depending on your mortgage lender, yes. Most lenders are now offering options that allow you to take (or “port”) your mortgage with you. Typically you will not be assessed additional fees if the possession period between your old and new home is 60 days or less.
How long does the mortgage process normally take?
If we are able to get the necessary documentation, we might be able to get an approval in as little as 24 hours. Keep in mind, the longer it takes for us to receive your documents the longer your approval will take to secure. Take a look at our mortgage checklist, for a summary of what you’ll likely need to provide.
Why is an appraisal necessary?
Every conventional mortgage that includes a minimum 20% down payment requires an appraisal because the mortgage is uninsured. The lender wants to see that your purchase price is in line with the property’s fair market value. Lenders want to see that you are purchasing a quality property and that they will be able to recuperate the full amount if you default on the loan.
What is an earnest deposit?
An earnest deposit is a sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.
Are you Accredited?
Accredited members of Mortgage Professionals Canada & Mortgage Brokers Association of BC.
What is equity?
The amount of financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on the mortgage.|
Why should I get a pre-approved mortgage?
There are several benefits to getting a Pre-Approval before you start searching for your next home.
- Your mortgage rate will be secured for 120 days. Even if rates go up, yours won’t.
- You’ll know what you can afford, helping to narrow down the search process.
- Pre-approval will make you look like a more serious buyer, helping you find a good realtor and can give you negotiating power with the home seller.
- A mortgage pre-approval will make the final closing faster since you already have most of the work completed.
Can I make my down payment with gifted money?
In most cases, the answer is yes. However, the funding must be from a family member. There are certain circumstances in which you cannot use gifted funds. For example, your mortgage product may have a limit on the percentage of the down payment that can be gifted. Rampone-Marsh Mortgages can find out if your gifted funds can be applied to your down payment.
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