FAQs

A mortgage broker is a licensed professional who acts as a matchmaker between borrowers and lenders. Collaborating with a mortgage broker can help borrowers find the right mortgage product and secure the best terms and rates available.

I have access to multiple lenders and through my personalized and consultative approach, I offer clients a convenient and seamless mortgage process.

Mortgage brokers have access to a wide network of lenders, including banks, credit unions, and other financial institutions. This means they can provide borrowers with a range of mortgage options to choose instead of a single offering from 1 institution.

Mortgage brokers are mortgage specialists who stay updated on the ever-changing mortgage market. They have in-depth knowledge of different mortgage products, rates, and policies across various lenders. This expertise allows them to provide personalized advice and guidance, helping borrowers navigate the complexities of the mortgage process.

These benefits make the mortgage broker an invaluable partner in the home financing journey, helping borrowers make informed decisions and find the best mortgage solution for their specific needs.

I’ll begin by understanding your unique financial situation, goals, and preferences. I take the time to listen to your needs and assess factors such as your income, credit history, and desired mortgage terms.

Based on your financial profile and goals, I’ll recommend mortgage products that align with your needs. We’ll consider factors such as interest rates, terms, prepayment options, and flexibility to ensure the mortgage suits your specific requirements.

By leveraging my industry knowledge, market access, and personalized approach, we will find the best mortgage product that meets your specific needs. By simplifying the decision-making process, I’ll empower you with information, and guide you towards a mortgage that aligns with your financial goals and priorities.

Working with a mortgage broker may involve a credit check, it is typically a “soft inquiry” that does not impact your credit score. Any potential impact on your credit score would come from the credit check conducted by the lender when you proceed with a specific mortgage application. However, working with a mortgage broker can help minimize the number of hard inquiries on your credit report by accessing multiple lenders with a single application, protecting your credit score in the process.

Mortgage brokers are paid by the lender you choose to work with, and our compensation comes from the mortgage amount and not the interest rate. As a borrower, you do not pay a mortgage broker directly, making it a cost-effective option for accessing our expertise and assistance in finding the right mortgage for your needs.

While having bad credit or a low down payment may present some challenges, working with a mortgage broker increases your chances of finding a suitable mortgage solution. We have lender connections to navigate these situations and help you explore options that can make homeownership a reality.

It's important to have an open and honest discussion with your mortgage broker about your credit situation and down payment limitations. We can provide personalized advice and guidance based on your specific circumstances, working towards finding the best possible mortgage options for you.

When working with a mortgage broker in Alberta, you will typically need to provide certain documents and information to help us assess your financial situation and determine your eligibility for a mortgage. While the specific requirements may vary depending on your circumstances and the lender's policies, here are some common documents and information that you may need to provide:

• A copy of 2 pieces of ID

• 90 day history of where your down payment is coming from

Hourly or salaried:

• Current pay stub

• T4s last 2 years

• Letter of Employment

Self Employed

• Last 2 years T1 Generals

• Last 2 years Notice of Assessments

• Proof CRA personal taxes are paid

• Articles of Incorporation (inc.)

• Company financial statements (inc.)

I will send you a Service Agreement to sign as well. This is basically a permission slip allowing me to access your credit information and represent you to lenders. It does not tie you to me or any fees as I am compensated by the lender you choose.

Our process typically begins with an initial consultation. During this meeting, we’ll discuss your financial goals, talk about the necessary documentation, and start the mortgage application. This initial step can usually be completed within a few hours or a couple of days, depending on your availability and the complexity of your financial situation.

Once all documents are sent back to me, I can start on your file and give you a good idea of

The minimum down payment required on a home, whether it’s your first, or your fifth home is 5% for properties valued up to $500,000. For properties valued between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 and 10% for the portion above $500,000. Properties valued at $1 million or more require a minimum down payment of 20%.

It's essential to find a down payment amount that works for your financial situation. Speaking with a mortgage broker can help you determine the minimum down payment requirements and explore various mortgage options that align with your needs and goals.

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Closing costs are the expenses that homebuyers need to pay at the completion of their real estate transaction, typically on the closing day. These costs can vary, but here are some common expenses associated with a new home purchase:

• Legal fees
  Working with a lawyer is essential for handling the legal aspects of the transaction, including title searches, reviewing contracts, and registering the property in your name. If you need a real estate lawyer and would like a referral to a great one, please let me know

• Title insurance
  Title insurance protects against any issues with the property's title, such as existing liens or ownership disputes. The cost of title insurance can vary based on the purchase price of the property.

• Home inspection
  It is advisable to get a professional home inspection to assess the condition of the property and identify any potential issues. The cost of a home inspection can vary depending on the size and complexity of the property.

• Appraisal fees
  In some cases, a lender may require an appraisal to determine the market value of the property. The appraisal fee is typically paid by the buyer and can vary depending on the size and location of the property.

• Home insurance
  Mortgage lenders require you to have property insurance to protect against potential damages or losses. The cost of property insurance will depend on factors such as the property type, location, and coverage amount.

• Adjustments
  On closing day there may be adjustments for property taxes, utility bills, or other expenses that have been prepaid by the seller.