Mortgages-FAQs

FAQ

  • What exactly is Pre-Approved Mortgage?

    A Pre-Approved Mortgage is a tentative assurance given to you by the lender to loan you a specific amount of money. This promise is valid for only certain period of time from 60 to 120 days. The final decision for your pre-approval is made after reviewing information given by you and meeting certain conditions like inspecting your income report, credit history and your down payment.

    A Pre-Approved Mortgage will set a budget for you under which you can look for your property. Most of real estate agents prefer clients to have pre-approved mortgage so that they show you property within your range.

    Get your Pre-Approved Mortgage as early as possible by calling us at Call: 416-669-6412

  • What documents do I need to confirm my down payment?

    To confirm your down payment, following documents are required:

    • Your current mortgage statement and final contact of sale.
    • Bank statements for last 3 months with your name and account number.
    • Investment statements for 90 days along with your name and account number.
  • Short-term or Long-term Mortgage, which is better?

    In short-term mortgage, you have low interest rates but your rate might go up at the time of renewal in the end of your term. On the other hand, in long-term mortgage, you have high interest rates but in this you do not require renewal for a very long time. Depending on your situation, you can choose that suits you.

    It's better to choose long-term mortgage if interest rates are low whereas if interest rates are high, go for short-term mortgage that you can renew at low rate.

  • What is the minimum down payment required to buy a house?

    To buy a house, the minimum down payment is 5%. Along with this, you must ensure that you can cover any costs that is acquired to close a mortgage. These additional costs may include legal fees, appraisal fees, survey certificates etc.

  • How much time does it take to complete mortgage transaction?

    If all the documents and information asked by the lender is provided to the broker at right time, then the process will take less than 2 weeks. The documents may include income verification, verification of down payment, details of the property etc.