Interest rates may be higher compared to ‘A’ lenders, reflecting the increased risk. However, we work to find the most competitive terms available for your situation.
Will I have to pay a much higher interest rate? Read More »
We often work with individuals who have experienced bankruptcy, consumer proposals, collections, or a history of missed payments. Every situation is unique.
What kind of credit issues can you typically help with? Read More »
With all necessary documentation provided, prequalification can often be obtained within a few business days, sometimes even faster.
How quickly can I expect to get prequalified? Read More »
Typically, you’ll need proof of income (pay stubs, T4s), statements for debts (loans, credit cards), and confirmation of your down payment funds.
What documents are generally needed for prequalification? Read More »
No, it’s conditional. Final approval depends on the lender’s review of the property you choose and no significant changes to your financial situation or credit.
Is a prequalification a final guarantee I’ll get the mortgage? Read More »
A prequalification requires a credit check, which is a “hard inquiry.” While a single inquiry has a minimal impact, working with a broker can help limit multiple inquiries.
Does getting prequalified negatively affect my credit score? Read More »
Pre-approvals, and any associated rate holds, are usually valid for 90 to 120 days, depending on the lender. This gives you a window to find a suitable home.
How long is a mortgage pre-approval typically valid? Read More »
It can be, as mortgage debt usually has lower interest rates than credit cards or personal loans. However, it means converting unsecured debt to secured debt, which we can discuss.
Is using home equity for debt consolidation a good idea? Read More »
Costs can include appraisal fees, legal fees, and potentially a prepayment penalty if you break your current mortgage term early for a refinance. We’ll outline all potential costs.
What are the typical costs involved in accessing home equity? Read More »
