The Right Way To Get A Mortgage

Become pre-approved. To buy a property, you should speak to our Maple Ridge mortgage brokers to determine the viability of the investment. Then, calculate your budget and obtain a ‘rate hold,’ or pre-approval, to maintain the present rate of interest for four months. This will safeguard you from fluctuations in the market.

What’s the pre-approval policy concerning rate drops?

Reputable lenders will grant you pre-approval at a special rate for four months. Throughout that period, if the prices fall and you choose to settle on a mortgage, you ought to qualify for the reduced rate. Should the rates go up, you can still take advantage of the reduced rate. All lenders have different rules regarding this, though.

Is there anything that will stop me from getting approved?

Although lenders might grant you pre-approval at a specific rate, for a particular investment amount, you will be unaware whether you are completely approved for the mortgage, until a specific property is on your radar. Lenders have to know the property’s total cost — including maintenance expenses, property taxes, actual price and condo charges, etc. — prior to giving you the cash. If your situation changes — for example, with respect to your employment status or credit score — this might reduce your chance of approval too.

Can I get notifications when better rates or products become available upon renewal?

Lots of banks and lenders renew current clients at the published rate, instead of the reduced rate. Our staff will make sure that you are informed of your mortgage’s impending renewal — along with the best mortgage products and rates on offer — so you will have enough time to select the most suitable mortgage. Four months before renewal, we attempt to contact every client, so they have sufficient time to find the right mortgage.

Can I transfer my mortgage to another property if I move house?

If you intend to move before the term of your mortgage expires, you should ensure that you get a portable mortgage. This means that you can use it, with your current rate of interest, on your new property without paying any extra fees. Also, you should check that you do not need to pay extra Genworth/CMHC premiums if your downpayment is below twenty percent of the overall investment.

Will, my mortgage consultant, protect my interests, or will quotas, incentives or targets intended to sell a particular product to me, influence them?

It is vital to ask this question to any mortgage consultant. We have good relationships with many different lenders to get the right mortgage for your circumstances. We aim to make your mortgage experience seamless — and locate the best deal for your requirements. This way, we know that you will recommend us to your family and friends!

Can you explain your prepayment privileges?

Lots of ‘basic’ mortgages have reduced rates, but no prepayment privileges. Although most homeowners do not end up using prepayment privileges, securing a normal mortgage will grant you prepayment privileges of fifteen to twenty percent. In addition, numerous lenders permit regular payments to be increased, and this could range from fifteen percent to twice as much.

If I opt for a product with a variable rate, what rate will I get if I decide to lock into a set rate?

In the event that the Canadian Bank’s prime rate of interest begins to go up, and you opt to lock in a mortgage with a variable rate, your rate is not set in its’ present state — you will be assigned the appropriate fixed rate (for five year terms, for instance, it would be the current fixed rate for five years). Check beforehand that you will lock into the reduced rate.

Are ‘rate differentials’ calculated using posted rates or the reduced rates?

People who refinance their mortgages before their terms expire usually have to pay penalties of roughly twelve weeks interest. Either that or they will pay a ‘differential interest rate,’ which is the amount your existing mortgage rate differs from the new, reduced rate. Occasionally, banks will calculate the rate differential using the published rate on the date you started your first mortgage and the new mortgage’s reduced rate. This increases the rate differential significantly. Always read the small print.

If I work for commission or for myself, can a buy a mortgage from you?

People who follow these career paths often find it hard to get mortgage approval from banks. However, as a mortgage broker, we can access many more lenders than local banks — so we should be able to find you a suitable lender. Of course, you will need proof of income for a minimum of twenty-four months.

Will this product be right for my situation?

We will provide our advice, explain the advantages and disadvantages to you, and answer your queries. This way, you can decide for yourself.

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