The loan application approval depends on the volume of applications we have coming in at that time. It will usually take approximately 2-4 days for the approval of the loan to come through.

No, there are no extra charges for processing the application.

Pre-qualification is the written estimation of how much the borrower can borrow from a lender. This written estimation would be based on the borrower’s financial information provided to the agent.

Interest rate changes are dependent on the mortgage and the type of loan it is. Prior to applying for a loan, you would be notified about what the loan policies are, and we make sure that you completely understand them before proceeding with the application.

PMI can easily be avoided by putting down a down payment of a minimum of 20%.

This depends on what type of mortgage you are looking to apply for. Consult with your loan officer before gathering up the necessary documents.

You have to get Private Mortgage Insurance (PMI), if you cannot make a down payment of 20%. This is to ensure the protection of the lender in the case of the borrower defaulting the mortgage.

In order to improve your credit score, various measures need to be taken. Examples include but are not limited to: paying your bills on time, paying off past debts, ensure all details reported to the bureau are accurate and they aren’t missing any of your information. Another important aspect to note is to avoid constantly changing addresses, as that too can negatively affect your credit score.

Mortgage rates are constantly changing, you can be presented with one rate one day, and the next day it could have shot up or down, you can never know.Interest rates are extremely unpredictable, which is why it would be in the borrower’s best interest to lock the rate. They can do this via the consent of the lender; the lender is given the option of honoring the interest rate at a set time so long as the deal ends within a certain amount of time or deadline.

No, prequalification can never be considered as an assurance of loan approval. Prequalification is based on the information you provide, so if when the mortgage application is being processed and they find the information to be lacking or inauthentic, it can be grounds for rejection.

An escrow account contains the additional payments that the borrower pays to the lender within the mortgage payment. These additional costs include homeowner’s insurance and property taxes. All these payments are kept separately in the escrow account.

If a borrower switches the current mortgage on his property to another mortgage with a different lender, then this is known as re-mortgage.

There are various mortgage options available to borrowers. In order to choose the best one, many factors need to be considered. For example; what is the borrowers long term plan? Can they afford monthly payments, and more importantly are they able to be consistent with their payments? The borrower also needs to consider how much they make from their income, and be realistic as to how much of it can be put towards the monthly payments? What’s more important after that is choosing and deciding between what you actually need and what you want. All these factors play a pivotal role when trying to pinpoint and choose the best mortgage plan for you.

Both types of mortgages have their own characteristics. If the borrower is looking for a stable rate, the fixed rate mortgage would then be the better option. This is because the adjustable rate mortgage, while it does provide a lower payment plan for the start, the rate is bound to fluctuate and you would need to keep up with it.

Short term mortgage has lower interest rates since it would be for three years or less. Long-term mortgages tend to have a slightly higher interest rate;however, it may be beneficial when the current interest rates are low and the borrower wants to lock it in for a long time.

By comparing the rates which you have received from one lender with another, you are able to see which offer would make more sense for you. However, due to the regulations, you would find more times than not that the lenders all tend to offer in the same range due to the government regulations. So, then it would be more important to see which lender will help with lowering added costs, such as closing costs, lawyer fees, appraisal costs and so on. This will help you save and therefore aid in you choosing the best deal for you.

If say the spouse is unemployed, the lender would have to conduct a full review of the purchaser’s financial plan and see if the purchaser is able to pay the mortgage using their current income. If the lender has satisfied themselves with the condition of the purchaser, they would then seek legal council to find out if the borrower is able to qualify for such loan modifications.

This would depend on the borrower and the type of mortgage they have. Some mortgages may allow for the renewal before the term ends and others may not. It would also be important to note that if the renewal prior to end of term is granted, there may be an additional charge for prepayments.

This is dependent on the type of mortgage the borrower would have. Typically there wouldn’t be a charge, however, once again, it depends on the borrower and the lender and what policies the lender has in place.

You can start by looking into some of our options and information on our website, and/or proceed to contacting us, we will set you up with an agent who will explain everything, putting you at ease.