FAQ
Frequently Asked Questions
First Time Buyer?
Avoid first time buyer mistakes.
Home loans Ontario mortgage questions Burlington, Oakville, Hamilton
 

Shopping for a Home?
Your first step should be getting a pre-approved mortgage.

 

Low Credit Score?
We can still help you with a
Bad Credit Mortgage.

 

Drowning in Debt?
If you own your own home, we have some debt consolidation options that will help you reduce your monthly payments and save you money.

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Home Loan Burlington Ontario Canada

Mortgage Ontario Canada Mortgages Milton Burlington Oakville Ancaster Dominion Lending

 

Frequently Asked Mortgage Questions

  • Home Loans Ontario FAQ

    How much does it cost to use a mortgage broker/agent?

    That is the best part about using a mortgage agent – the residential mortgage services are free but they could save you thousands over the term of your mortgage.  Commercial mortgages and other more complicated transactions may have some fees, but call for details.

    Shouldn’t I just deal with my bank?

    Whether you are getting a new mortgage or renewing a mortgage, it pays to shop around.  We often have access to special rates that are not available to the general public.  It costs you nothing to find out – so give us a call.  We will find the best deal available and you can compare it to your offer.  We can also help broker a deal with your current bank, since we often get rates or products that customers do not have access to.

    I have bad credit.  Can I still get a mortgage?

    We have access to many mortgage lenders across Canada, so even if the banks turned you down, other lenders have different criteria.  We specialize in hard to place mortgages, so give us a call.

    Can’t I just shop the mortgage on my own?

    Each time you apply for a loan, the lender will want to pull a credit report.  Having many credit reports pulled in a short period of time will usually result in a lower credit score.  We only require you to fill out one application and can shop it over all our lenders.  We also have access to home loan products not available to the general public.

    I have credit card debt and other debts.  Is there a way to lower my monthly debt payments or interest charges?

    If you have high interest debt, it usually makes sense to get a secured home loan in the form of a line of equity, second mortgage or a refinance for a higher amount.  Since mortgage debt is secured against the value of the home, that interest rate will be much lower than unsecured debt interest rates – like credit cards.  You can use the low interest debt to pay high interest debt and save interest and lower monthly payments.

    I am a first time home buyer.  Any advice?

    The best place to start before you shop for a home is with your mortgage expert.  We can pre-qualify you for a mortgage.  This way, you will know what to expect and how much you can afford.  It will also help your real estate agent streamline the buying process and only show you homes in your price range.  See our first time buyer’s page for more details.

    We found a cottage we love, but don’t have 20% for a traditional down payment.  Can you help?

    Yes.  You may be able to use the equity in your home to help you buy the cottage.  There are also mortgages available to those who qualify where you need less than 20% down.  Call us for details

     

    We are looking at new homes from a builder, but are afraid rates will go up before the homes are finished.  Is there anything we can do to lock in a rate now before they rise further?

    Yes, I have several lenders who will lock in a current rate for up to 120 days.  This gives you time to close on a new home, or shop for a resale home.  Being pro-active can definitely save you money.  Plus, you will know what to expect in terms of monthly payments.

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