1. Why should we deal with a Mortgage Broker as opposed to going to the bank ourselves?
- Make Informed Decisions
- Save Time
- Save Money
- Protect Your Credit Rating
- Get Better Service
- Get Approved
2. Is there a fee for your service?
There are no fees to assess your mortgage needs. We are paid by the bank once the mortgage transaction has closed. For situations where clients don’t meet standard mortgage approval guidelines, lender or broker fees may be charged. However if this were the case, all fees would be disclosed up front.
3. Which financial institutions does your firm deal with?
We deal with most lenders across Canada.
4. What is your best 5-year rate?
Rates, terms, and products vary based on the specific needs of each client and the quality of their application. At CLN Mortgages, our goal is to find the best mortgage product that the client can qualify for.
5. How are you able to get lower rates than my bank?
Based on the high volume of business we send to the various lenders, we are given preferred rates that we pass onto our clients.
6. How do I get Pre-Approved?
Anyone contemplating the purchase of a home should be pre-approved for a mortgage. It only takes a few minutes with our secure online application and you could be pre-approved within 24 hours.
A mortgage pre-approval provides you with a rate guarantee which will give you peace of mind. If rates go up, you’re protected!
7. Am I eligible for the Home Buyer's Plan?
The Federal Home Buyer’s Plan allows first time home buyers to withdraw up to $25,000 from their RRSP for the purpose of buying or building a qualifying home. The primary benefits are that the RRSP issuer will not withhold tax on the amount nor will you have to claim the amount as income. The amount must be repaid to the RRSP within 15 years with a minimum annual payment of 1/15th of the amount withdrawn. If a repayment is not made for a given year the minimum repayment is included as taxable income for that year.
For more information, please visit the following website: http://www.cra-arc.gc.ca/hbp/.
8. What is Mortgage Insurance?
Having a good life insurance policy in place is important to protect you and your family in the case of an emergency. There are three types of mortgage insurance products available:
- Life insurance
- Criticial illness insurance
- Disability insurance
It is important to make the best informed decision about your mortgage insurance and by contacting CLN Mortgages, we can lead you in the right direction.
9. How much can I afford?
It is always wise to get a pre-approval done. A pre-approval does not take into account some other potential debts or expenses that you may have. This is why it is important to also complete a personal budget for yourself. Please feel free to click here to fill one out.