Frequently Asked Questions

To qualify for a mortgage, you'll need to meet certain requirements set by the lender. These requirements may include having a good credit score, a stable income, and a down payment for the property you want to buy.

The amount you can borrow for a mortgage will depend on a number of factors, including your income, your credit score, and the value of the property you want to buy. A mortgage broker can help you determine how much you can borrow.

Many different types of mortgages are available, including fixed-rate mortgages, variable-rate mortgages, and adjustable-rate mortgages. A mortgage broker can help you decide which type of mortgage is best for your needs.

The length of time it takes to get a mortgage can vary depending on a number of factors, including the lender you're working with and the complexity of your financial situation. In general, it can take several weeks to complete the mortgage application process and get approval for your loan.

The amount you need for a down payment will depend on the lender and the type of mortgage you're applying for. In Canada, most lenders require a down payment of at least 5% of the purchase price of the property.

Yes, you can use a mortgage refinance to consolidate your debt. By refinancing your mortgage, you can access the equity in your home and use the funds to pay off high-interest debt such as credit cards, personal loans, or car loans. This can help you simplify your monthly payments, reduce your overall interest rate, and potentially save you money in the long run.

A Home Equity Line of Credit (HELOC) loan allows you to borrow against the equity in your home. It functions similarly to a credit card, with a revolving credit line that you can draw on as needed, up to a predetermined limit. The interest rate on a HELOC is typically variable and tied to the prime rate. This type of loan can be used for a variety of purposes, such as home renovations, debt consolidation, or other large expenses. It's important to note that a HELOC uses your home as collateral, so if you are unable to make payments, you could risk losing your home.