Frequently Asked Questions
What can I use for my down payment?
- You can use your own resources or a gift from immediate family
- You may also be eligible by the lender to use other sources such as a personal loan, line of credit, lender’s cashback, etc.
Note: Payment on borrowed funds is included for qualification (i.e. TDS – Total Debt Service)
- minimum 5% down payment required
- 1.5% closing cost must be accounted for
- CMHC (Canada Mortgage Housing Corporation) insurance fee will be included in mortgage
When do I need mortgage loan insurance?
- You will require Mortgage Loan Insurance if your down payment is less than 20%.
Should I get pre-approved for a mortgage before I look for a home?
- Yes! Getting pre-approval for a mortgage is a free service.
- You will know exactly what price range you should be looking for.
- How much you can borrow.
- How much your monthly payments will be.
What can the Mortgage Advocate do for me?
- - Personalized one-on-one service
- - Free advice and information about Mortgage Approved Fast products.
- - Find competitive rates for your mortgage loan.
- - Provide assistance with finding: Realtors, Lawyers and anything else that you require to complete your mortgage loan process.