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Frequently Asked Questions
What is a pre-qualification?
A pre-qualification is when you provide generalized information to a lender or online calculator, without the information being confirmed, and receive an estimated max purchase price.
What is a pre-approval?
A pre-approval is when a qualified mortgage professional reviews the information provided, such as your mortgage application, income & down payment documents, along with verifying your credit bureau to provide you with a more accurate max purchase price.
What is an approval?
After you have an accepted offer to purchase your dream home, your Mortgage Broker will submit your information to a lender. Once the lender reviews & confirms all the information provided, they will provide you with a full approval.
How much can I qualify for?
If you're buying an owner-occupied property, you may be eligible to put as little as 5% down. It's important to note that while the minimum down payment is 5%, you still need to qualify for the total mortgage amount, which is based on your income and debts. Keep in mind that the rules change for a purchase price above $500,000. In such cases, you will require 5% on the first $500K and 10% on the remainder (up to $1M). For homes over $1M, a minimum of 20% down is required. If you're purchasing a rental property, a minimum of 20% down is also necessary.
Should I got with a variable or fixed rate mortgage?
Choosing between fixed and variable rates? A fixed mortgage offers stable payments over a set term, ideal for budgeting. Yet, consider penalties and your long-term goals. Variable rates fluctuate with Prime, great in falling rates, riskier in rising markets. Guarantee consistency with a fixed rate for staying put, explore variable for flexibility. Connect with our experts for guidance!
What is a co-signer?
A co-signer is usually added to your application when you don't qualify for a home on your own. Their income and debts are included to assess if it enhances your overall approval. When someone co-signs, they become part of the mortgage title and documents. This new mortgage debt reflects on their credit bureau, potentially affecting their future credit score and loan affordability.
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