KEVIN SUDDABY
CALGARY MORTGAGE ASSOCIATE
TEL 403.282.7052
FAX 403.282.7032
kevin@calgary-mortgage.com
CALGARY MORTGAGE ASSOCIATE
TEL 403.282.7052
FAX 403.282.7032
kevin@calgary-mortgage.com
EVALUATE ALL YOUR MORTGAGE
OPTIONS WITH ONE CALL
Get the financing and the peace
of mind you need right here.
OPTIONS WITH ONE CALL
Get the financing and the peace
of mind you need right here.
Frequently asked questions
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Frequently Asked Questions about Mortgages and Financing
What is the cost of using a Mortgage Associate's services?
A Mortgage Agent will refer your mortgage business to the lending institution you select, once the best rates have been determined. The lending institution pays the agent a commission and in most cases there is no cost to the borrower. Fees do apply for commercial or private mortgage applications.
A Mortgage Agent will refer your mortgage business to the lending institution you select, once the best rates have been determined. The lending institution pays the agent a commission and in most cases there is no cost to the borrower. Fees do apply for commercial or private mortgage applications.
What is the Advantage of using a Mortgage Associate?
Applying for a mortgage through a mortgage agent is a quick and effective method of accessing information about mortgage products from 30 Canadian mortgage lenders. Your mortgage agent reviews your specific application and can quickly provide you with the best rate and terms that will satisfy your particular mortgaging needs. The electronic mortgage process is very efficient, cost effective, and a huge time saver. Your mortgage agent assists during the entire process - from the application right through to funding.
Applying for a mortgage through a mortgage agent is a quick and effective method of accessing information about mortgage products from 30 Canadian mortgage lenders. Your mortgage agent reviews your specific application and can quickly provide you with the best rate and terms that will satisfy your particular mortgaging needs. The electronic mortgage process is very efficient, cost effective, and a huge time saver. Your mortgage agent assists during the entire process - from the application right through to funding.
How long does it take to get approved?
Once you have submitted an electronic application, a follow up call will refine the details of the application. Thereafter, the file will be submitted to the appropriate lender for review. Depending on the lender and the complexity of application, the response time will vary from a few hours to a few days.
Once you have submitted an electronic application, a follow up call will refine the details of the application. Thereafter, the file will be submitted to the appropriate lender for review. Depending on the lender and the complexity of application, the response time will vary from a few hours to a few days.
What is the benefit of getting pre-approved?
As a real estate purchaser, your first call should be should be to your Mortgage Agent rather than your Realtor. Start your mortgage process early so that you know how much home you can afford, know what your mortgage payment will be and, evaluate your total debt load. Your realtor will appreciate the fact that you have made the effort to be pre-approved. Pre-approvals save everyone a great deal of time and allow you to quickly focus your attention on properties in the right price range. Pre-approval also eliminates a great deal of stress when it comes to putting in an offer and proceeding with a purchase—much of the paper work can be done in advance. In the event of an aggressive seller's market, pre-approvals also give you a decided advantage in negotiating a purchase, not to mention the fact that your interest rate is held for up to 120 days.
As a real estate purchaser, your first call should be should be to your Mortgage Agent rather than your Realtor. Start your mortgage process early so that you know how much home you can afford, know what your mortgage payment will be and, evaluate your total debt load. Your realtor will appreciate the fact that you have made the effort to be pre-approved. Pre-approvals save everyone a great deal of time and allow you to quickly focus your attention on properties in the right price range. Pre-approval also eliminates a great deal of stress when it comes to putting in an offer and proceeding with a purchase—much of the paper work can be done in advance. In the event of an aggressive seller's market, pre-approvals also give you a decided advantage in negotiating a purchase, not to mention the fact that your interest rate is held for up to 120 days.
What documentation is required to confirm my down payment?
For funds derived from a bank account, lenders require 3 months bank statements to confirm consistent accumulation. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.
For funds derived from a bank account, lenders require 3 months bank statements to confirm consistent accumulation. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.
What documentation is required to confirm income for Business for Self (BFS) applicants?
Most lenders require 3 years Notice of Assessment (NOAs) from the Canada Customs and Revenue Agency, 3 years T1 generals from your tax returns outlining your businessactivities, and 3 years financial statements from your accountants. There are exceptions to the above depending on the lender and the type of business you operate.
Most lenders require 3 years Notice of Assessment (NOAs) from the Canada Customs and Revenue Agency, 3 years T1 generals from your tax returns outlining your businessactivities, and 3 years financial statements from your accountants. There are exceptions to the above depending on the lender and the type of business you operate.
How do variable or floating rate mortgages differ from fixed rate mortgages?
Variable or floating rate mortgages provide that the interest rate chargeable will change on a periodic basis during the term of the loan according to a pre-determined formula. This formula is typically based on the prime-lending rate set by the Bank of Canada, approximately every six weeks. For example, your variable rate mortgage may fluctuate at a rate of prime less 0.50% over the term or the mortgage. Fixed rate mortgages provide that the interest rate chargeable will not change throughout the term of the mortgage but is set at a fixed rate at the beginning of the term.
Variable or floating rate mortgages provide that the interest rate chargeable will change on a periodic basis during the term of the loan according to a pre-determined formula. This formula is typically based on the prime-lending rate set by the Bank of Canada, approximately every six weeks. For example, your variable rate mortgage may fluctuate at a rate of prime less 0.50% over the term or the mortgage. Fixed rate mortgages provide that the interest rate chargeable will not change throughout the term of the mortgage but is set at a fixed rate at the beginning of the term.
What are typical pre-payment privileges available with my mortgage?
Most lenders today offer pre-payment privileges of 15% of the original mortgage balance. There are a few exceptions that offer only 10% and others that offer 20% and even 25%. You can increase the payments by up to double the regular payment but it is not necessary to double up. Pre-payment privileges can typically be taken advantage of in the form of annual lump sum payments, too.
Most lenders today offer pre-payment privileges of 15% of the original mortgage balance. There are a few exceptions that offer only 10% and others that offer 20% and even 25%. You can increase the payments by up to double the regular payment but it is not necessary to double up. Pre-payment privileges can typically be taken advantage of in the form of annual lump sum payments, too.
What are the early payout penalties that apply to my mortgage?
Either a three-month interest penalty or interest differential penalty will apply if you close out your mortgage prior to the maturity date of the term. The greater of the two applies. Interest differential is charged when interest rates have decreased relative to your rate whereas three-month interest charges are typically charged when interest rates have increased relative to your rate.
Either a three-month interest penalty or interest differential penalty will apply if you close out your mortgage prior to the maturity date of the term. The greater of the two applies. Interest differential is charged when interest rates have decreased relative to your rate whereas three-month interest charges are typically charged when interest rates have increased relative to your rate.
Who are the lenders? Do I have to do other business with the mortgage lender?
Mortgage lenders include chartered banks, trust companies, credit unions and mortgage backed security companies. Other sources of funds included private lending institutions and second mortgage companies. Invis has access to over 30 sources of mortgage funds. There are very few lenders that actually require that you do additional business with them in order to qualify for a mortgage.
Mortgage lenders include chartered banks, trust companies, credit unions and mortgage backed security companies. Other sources of funds included private lending institutions and second mortgage companies. Invis has access to over 30 sources of mortgage funds. There are very few lenders that actually require that you do additional business with them in order to qualify for a mortgage.
Can I get a mortgage to renovate my property or pay off my credit cards?
Mortgages can be obtained for a great variety of purposes including purchasing a home with additional funds for improvements, refinance to pay off debts or to develop or renovate. You can refinance to add a second story to your property or to purchase a revenue property. Second mortgages or private mortgage funds may be more appropriate in some cases, depending on the application and purpose of the mortgage.
Mortgages can be obtained for a great variety of purposes including purchasing a home with additional funds for improvements, refinance to pay off debts or to develop or renovate. You can refinance to add a second story to your property or to purchase a revenue property. Second mortgages or private mortgage funds may be more appropriate in some cases, depending on the application and purpose of the mortgage.
Why do I have to pay for the appraisal? Why is an appraisal required?
An appraisal is a written estimate of value based on comparable properties that have recently sold in the marketplace. Usually, it is a written statement giving an opinion of value of an adequately described property, at a specific date, and supported by pertinent data. Basically, lenders secure some form of assurance on every mortgage. In the case of non-conventional mortgage, GE Capital or CMHC provide insurance. With conventional mortgages, the lender is assured that they are lending on quality property and that the total mortgage does not exceed 75% of the current value. This assurance comes in the form of an appraisal. With discounted mortgage rates, it is typically the borrowers’ responsibility to cover the cost of an appraisal.
An appraisal is a written estimate of value based on comparable properties that have recently sold in the marketplace. Usually, it is a written statement giving an opinion of value of an adequately described property, at a specific date, and supported by pertinent data. Basically, lenders secure some form of assurance on every mortgage. In the case of non-conventional mortgage, GE Capital or CMHC provide insurance. With conventional mortgages, the lender is assured that they are lending on quality property and that the total mortgage does not exceed 75% of the current value. This assurance comes in the form of an appraisal. With discounted mortgage rates, it is typically the borrowers’ responsibility to cover the cost of an appraisal.
If I take possession of my new property before the closing date on my existing property, can I get interim financing?
With most lenders, interim financing can be arranged so that the equity in your existing property can be accessed in the form of a short-term loan, up to three months prior to the final sale of your existing property. The property that you are selling, however, must have a firm unconditional sale in place. Typically, up to 90% of the equity can be accessed in the form of interim financing.
With most lenders, interim financing can be arranged so that the equity in your existing property can be accessed in the form of a short-term loan, up to three months prior to the final sale of your existing property. The property that you are selling, however, must have a firm unconditional sale in place. Typically, up to 90% of the equity can be accessed in the form of interim financing.
Can I qualify for a mortgage if I am unable to confirm my income?
There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Another normal requirement is that the applicant have good credit. The amount of the mortgage advance will typically be 65% of the total property value but mortgages of up to 75% of the total can also be arranged.
There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Another normal requirement is that the applicant have good credit. The amount of the mortgage advance will typically be 65% of the total property value but mortgages of up to 75% of the total can also be arranged.
What if I have a poor credit history?
As a licensed Mortgage Agent I can review your credit history and advise you on your options. There are many lenders and products available, depending on the severity of your credit situation. With regard to interest rates, I will access the best possible rate and term depending on your particular situation. There are also mortgage options available for applicants who have never accessed credit.
As a licensed Mortgage Agent I can review your credit history and advise you on your options. There are many lenders and products available, depending on the severity of your credit situation. With regard to interest rates, I will access the best possible rate and term depending on your particular situation. There are also mortgage options available for applicants who have never accessed credit.
Legal
Law Society of Alberta
Canadian Law List - directory of law firms, lawyers, judges and government
Law Society of Alberta
Canadian Law List - directory of law firms, lawyers, judges and government
CMHC- Canada Mortgage & Housing Corporation
