LET'S TALK MORTGAGES: STRESS-FREE, SIMPLE SOLUTIONS






 

To qualify for a mortgage, lenders typically look at several key factors, including your income, credit score, down payment, and overall debt load. They will assess your ability to repay the loan by considering your debt-to-income ratio (DTI), which compares your monthly debts to your monthly income. A higher credit score and stable income can improve your chances of approval, while a larger down payment can help you qualify for better terms. But the only way to know for sure is to apply!

The mortgage application process typically takes anywhere from a few days to a few weeks, depending on the complexity of your situation and how quickly you provide the necessary documents.

Yes, it is possible to get a mortgage with a low credit score, but it may be more challenging. Lenders typically prefer higher credit scores because they indicate a lower risk of default. However, there are options available for individuals with lower credit scores. You may also face higher interest rates or be required to make a larger down payment to offset the risk.

Using a mortgage agent offers several advantages over going directly to a bank. Agents have access to a wide range of lenders and mortgage products, allowing them to find better rates and more flexible options tailored to your specific needs. They provide expert guidance and personalized advice, helping you navigate complex mortgage decisions. Mortgage agents can save you time by shopping around on your behalf, and their services are typically free since they’re paid by lenders. Additionally, they offer ongoing support and may be able to assist with non-traditional situations that banks might not be as flexible with.

Mortgage agents are typically paid by the lender, not the borrower. They receive a commission or fee from the lender for bringing business their way. This means their services are usually free for you, and you don't pay extra for their help. However, keep in mind that the agent's fee might be factored into your mortgage rate or terms

A fixed-rate mortgage has a constant interest rate throughout the term, while a variable-rate mortgage has an interest rate that can change over time, usually based on market conditions.

A typical down payment is 20% of the home’s purchase price, but there are programs available with as little as 5-10% down. Keep in mind the down payment can affect your mortgage rate and whether you need mortgage insurance.

Common documents include proof of income (pay stubs, tax returns), employment verification, identification, and details of existing debts and assets.

Yes! A mortgage agent can still help you compare offers, potentially securing a better rate or more favourable terms than the bank’s pre-approval.

Yes, self-employed individuals can get a mortgage, but it may be more challenging. Lenders may require additional documentation like tax returns, financial statements, and proof of consistent income.