Frequently Asked Questions
Why did my Realtor refer me to you?
A high quality realtor knows that the key to a successful transaction means TEAMWORK with a professional mortgage broker. Any experienced realtor could tell you horror stories about times when a client made a poor choice of mortgage broker, and ended up with big surprises at closing, or worse, no closing taking place at all! A good realtor will form relationships with trusted individuals who have proven themselves time and time again, so that they know you will be given the excellent service that you deserve. It is important to know that your realtor is NOT given any compensation or "kickbacks" for referring you to a mortgage broker. As mortgage professionals, we desire more referrals, both from you and your realtor, so consider the extra motivation this provides for us to take great care with your satisfaction!
First and foremost, because you need an experienced professional working on your behalf. The realtor’s commission is not paid by the buyer, but by the seller of the home being purchased, and it is in each party’s best interest to have professional representation. As a seller, profits are generally maximized by having an experienced realtor market and sell your home, rather than deal with the headaches of trying to do it all on your own.
What happens once I am Pre-Approved?
You are ready to look for a home! Remember that it is very important to inform us of any changes in the financial information that was provided at the time of approval, as it may make a change in the amount or type of loan that you can qualify for. Once you find your home, the bank will need to approve that property and possibly re-verify the information you provided for the pre-approval.
High Ratio vs. Conventional Mortgage?
What is the difference? A high ratio mortgage is any mortgage that has a down payment between 5% - 20%. If you are doing a high ratio mortgage you will be required to purchase mortgage insurance through CMHC, Genworth Financial or AIG. These companies insure the mortgage for the lender in case of default.
