Frequently Asked Questions
Yes. Our lenders offer pre-approvals from 60 days to 120 days. When it comes to new construction many lenders will extend that pre-approval time to fit the construction schedule. This will allow you to hold a great interest rate while you shop for or build a new home.
How long does it take to complete a mortgage transaction?If all information requested by the lender (i.e. Income verification, down payment verification and property details) are given to the broker in a timely matter than the transaction can be completed in as little as 2 weeks.
How much can I qualify for?Qualifying guidelines vary depending on the lenders criteria and products available. To find out exactly what you can qualify for, please submit your application for a quick approval.
If I have a declared bankruptcy can I still qualify for a mortgage?Some lenders will consider your mortgage application depending on the circumstances surrounding your bankruptcy and your credit history since the bankruptcy has been discharged. The best way to determine if you can qualify for a mortgage after being discharged from bankruptcy is to call a mortgage consultant.
What can I use for a down payment?In most cases:
- Registered Retirement Savings Plan (RRSP's may be used as a down payment up to a maximum amount of 20,000 and is not subject to income tax if repaid within a specific time period)
- Gift from immediate family
- Accumulated savings
- Sale of existing home
- Sweat equity
In most cases:
- Full time employment/proof of income
- Good credit rating
- Verifiable down payment
- Online Approval Application