What is the benefit of getting pre-approved?
A pre-approved mortgage is just like applying for a mortgage when you buy a home, but it is done ahead of time. TMG - The Mortgage Group will take all the information it requires from you to determine how much you can comfortably afford to pay each month and what price range of home you can look at purchasing. With a pre-approved mortgage you can shop with confidence, knowing that the biggest hurdle in home buying has been seen to ahead of time. Generally speaking, pre-approval terms and conditions are guaranteed by the financial institution for up to 120 days, giving you the protection of 'locking in' a certain mortgage rate should rates climb higher while you look for a home to purchase. If interest rates go down, the banks will generally give you the lower rate.
Can I qualify for a mortgage if I am unable to confirm my income?
There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Another normal requirement is that the applicant have good credit. The amount of the mortgage advance will typically be 65% of the total property value but mortgages of up to 75% of the total can also be arranged.
What documentation is required to confirm my down payment?
For funds derived from a bank account, lenders require a bank statement confirming the down payment. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.
Can I use gifted funds as a down payment?
For funds derived from a bank account, lenders require a bank statement confirming the down payment. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.
How will child support and alimony affect my mortgage qualification?
Where Child Support and Alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for. Where Child Support and Alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.
Should I wait for my mortgage to mature before obtaining an approval?
No, have TMG - The Mortgage Group begin shopping around for an interest rate at least 90 days before your mortgage matures. Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. Most lenders will cover or offset a majority of the costs of transferring your mortgage. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. And if rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well. Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one.
I'm retired with a pension income. Can I get a mortgage?
Absolutely! Financial institutions are not permitted to discriminate based on age. As such, you are entitled to the same mortgage terms and qualifications guidelines as non-retired persons. Further, pension income qualifies the same as any other income.
As a non-resident, can I qualify for a mortgage?
Yes, as a non-resident you are able to qualify for a mortgage. The maximum Loan to Value Ratio is typically limited to 65%, but can go as high as 75% in special cases. A credit report from the country of origin, proof of income and down payment is also required.
If my mortgage application is approved, am I obligated in any way?
Absolutely not, you are under no obligation to accept a loan offer that is presented to you through TMG - The Mortgage Group. There are also no costs associated with the mortgage application process.
What are the typical costs associated with getting a mortgage in Canada?
In general terms, the following are typical costs which you will incur when obtaining a mortgage in Canada and may depend on your location. We will discuss these costs in detail once your mortgage is approved. The following are given as a guide only: Legal Fees, $1,000 - $1,500; Appraisal, $300 - $500; Title Insurance, $250-$300. Title Insurance is required on most mortgages with loan to value ratios over 65%. A survey certificate may be substituted with some lenders. Depending on your Province, you may be subject to a property purchase tax when purchasing a new home. I will discuss these costs with you when we meet to talk about the process. For more information on the costs associated with the closing of your real estate transaction, please refer to my blog.

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