Frequently asked questions

What are the fees associated with a mortgage?

There are NO broker fees on residential mortgages that are funded. Only in cases of commercial, private lending or special files will there be a fee. Keep in mind of the other fees that may be associated with a purchase: 1. Appraisal fee 2. Lawyer/Notary fees 3. Home Inspection fee 4. Land Transfer fee 5. Taxes

How much downpayment should I have?

The minimum down payment required to purchase a home is 5%. There are several factors to consider when choosing your downpayment amount, which we can discuss further.

Is a fixed rate the best option for me?

Due to the constant fluctuations in the market today with interest rates, it may benefit you to lock in your rate. If you feel like interest rates will increase, solidifying your loan with a fixed rate will be a smart way to keep your interest rate from increasing.

Is there a penalty for prepayment?

A prepayment penalty is when your lender charges you a fee to pay off your mortgage earlier than originally agreed. The reason for this is If you pay a mortgage back sooner than planned, the borrower doesn’t make as much money from interest and therefore charges a fee. During the mortgage process we will go over some of the prepayment priveleges with the lender you choose.

What documents would I need to provide?

I have attached a link to a checklist with all the documents I would require to create your file.

What happens if I have bad credit?

Credit is one of the 3 factors that are important in the mortgage approval process along with income and downpayment. We can work together through a financial plan and I offer alternative/private lending solutions while we fix your score.

What benefits do I have as a first time home buyer?

As a BC resident purchasing a property to live in under $525,000 you will be eligible for: 1. Eliminating Land Transfer tax 2. Tax refund of $750 Also as a first time home buyer you may withdraw up to $35,000 from your RRSPs without any tax.