Applying for a Mortgage in Toronto and the GTA? GTA Mortgages with Kevin Boucher - Mortgage Agent - InvisMortgage FAQs Q. Why use a mortgage consultant as opposed to a bank? Q. Are there any fees involved with a mortgage consultant? Q. Should I wait for my mortgage to mature? Q. What is mortgage loan insurance? Q. What is a conventional mortgage? Q. What is a high-ratio mortgage? Q. What can I use for a down payment? Q. What is the minimum down payment needed to buy a home? Q. How much can I afford to pay for a home? Q. How does bankruptcy affect my ability to qualify for a mortgage? Q, What do I need to bring to my initial consultation? Q. What paperwork do I need to provide for approval of my application? Q. Why use a mortgage consultant as opposed to a bank? A. When dealing with a bank, you are limited to their product line, which may not be the best product for you. But they won t tell you that, because it s their job to sell you their products. As well, the bank has to look out for their bottom line and at times clients suffer by getting much higher rates than they deserve. When dealing with a mortgage consultant like me, it s much different - a consultant can provide you with a wider range of mortgages designed to fit your needs, and you can benefit from lower rates without the haggling. You can also rest assured that I will be fully looking out for your best interests, and you can expect the highest level of customer service from me, as a result of my long experience in the financial industry. Back to top Q. Are there any fees involved with a mortgage consultant? A. In most instances, there are no fees involved. Mortgage consultants receive a commission from the lending institution that receives and funds your mortgage application. If you do not qualify normally due to bad credit, job instability or other unseen factors there may be a brokerage fee, but it will be disclosed to you prior to proceeding. Back to top Q. Should I wait for my mortgage to mature? A. No. Allow me to to begin shopping around for an interest rate at least 120 days before your mortgage matures. Lenders will often guarantee you an interest rate as much as 120 days before your mortgage matures. As long as you are not increasing your mortgage, they will cover the costs of transferring your mortgage as well. This means a rate promised well in advance of your maturity date, which eliminates any worries about higher rates and if rates drop before the actual maturity date, the lender will adjust your interest rate to the lowest it has been during the 120 days since the application was submitted, Back to top Q. What is mortgage loan insurance? A. Mortgage loan insurance is provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and Genworth and AIG United, approved private corporations. This insurance is required by law to ensure lenders against defaults on mortgages with a loan to value ration of more than 80%. The insurance premiums, ranging from .50% to 2.75% are paid by the borrower and can be added directly into the mortgage amount. This is not the same as mortgage life insurance. Back to top Q. What is a conventional mortgage? A.
Invis Inc. - Your Mortgage Guy is Newmarket-based company (Ontario, Canada) with a phone number 905.836.7698. Our data show that the company is located at the address: 340 Eagle St. The company has a web site: www.yourmortgageguy.ca.
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