General Questions About Mortgages
Getting started with the mortgage application process
Updated daily, Balance Mortgages sees the lowest interest rates and
best mortgage products offered by financial institutions across Canada. We use this knowledge to get you the best mortgage product available.
Because Balance Mortgages is not associated with any one financial institution, we’re not limited in the products we can offer you. Our job is to seek out the best lender package for your specific situation, whether it’s with a Chartered Bank, Trust Company, Credit Union, or Private Funds.
Choosing the wrong mortgage can cost you thousands of extra dollars. Balance Mortgages has the knowledge, experience and resources to shop the mortgage market for the best rates and terms.
By accessing numerous Canadian mortgage lenders including Chartered Banks, Trust companies, Credit Unions, and private lenders, Balance Mortgages is able to find you the best mortgage solutions for your specific needs now and in the future.
At Balance Mortgages we have developed a proprietary, secure, mortgage application process that is available 24 hours per day, 7 days per week. By simply filling out our online mortgage application, you will be given an answer within minutes and in some cases seconds!
Balance Mortgages also has a number of professional affiliations which can be reviewed on our about us page. Our policies and practices adhere to the ‘Ten Principles of Privacy’ which comply with the Personal Information Protection and Electronic Documents Act (PIPEDA) and corresponding Provincial Privacy Acts.
Our interest rates are posted on our homepage and updated on a daily basis when required. Find a lower rate? We’d be surprised, but let us know and we’d be happy to check it out.
- 1st and 2nd mortgages
- Mortgage renewals and switch mortgages
- Construction mortgages
- Mortgage transfers
- Refinance debts
- Debt consolidation mortgages
- Self employed applicants
- Bank declined mortgages
At this time we do not offer commercial mortgage applications.
Top 5 Questions About Balance Mortgages Inc
How do we do it? Balance Mortgages has developed an online mortgage qualification system that is able to qualify mortgage applications through a filtering process. Applications that meet the requirements are given an “Instant Mortgage Approval” or “Instant Pre Approval”. No strings…
If you have reasonable credit, and the property qualifies, there is no reason why you will not be given an “Instant Mortgage Approval” or “Instant Pre Approval”. Approval guidelines.
Even if you have less than perfect credit we encourage you to go
through the mortgage application process and let a member of the Balance Mortgages Team work to find the mortgage that best suits your needs.
Of course if you decide to accept our approval and follow through with the mortgage, there will be some costs associated with the mortgage itself and may include costs for items like appraisals, legal fees, surveys, etc. These costs are not specific to Balance Mortgages but are normal expenses associated with mortgages in Canada. Once your mortgage application has been approved, a member of the Balance Mortgage Team will be in contact with you to go over these costs in detail.
In some cases, when secondary lenders are required to facilitate your mortgage requirements as a result, for example, of credit concerns, etc, brokerage fees may apply. However, you will be made fully aware of any fees prior to your commitment.
Questions about Mortgage Costs
Of course if you decide to accept our approval and follow through with the mortgage, there will be some costs associated with the mortgage itself and may include costs for items like appraisals, legal fees, surveys, etc. These costs are not specific to Balance Mortgages Inc but are normal expenses associated with mortgages in Canada. Once your mortgage application has been approved, a member of the Balance Mortgages Inc Mortgage Team will be in contact with you to go over these costs in detail.
In some cases, when secondary lenders are required to facilitate your mortgage requirements which may be the result of credit concerns, brokerage fees may apply. However, you will be made fully aware of any fees prior to your commitment
|Legal Fees||$850 – $1,000|
|Appraisal||$200 – $300|
|* Title Insurance||$200|
*Title Insurance is required on most mortgages with loan to value ratios over 65%. A survey certificate can be substituted.
Depending on your Province, you may be subject to a property purchase tax when purchasing a new home. Again, Balance Mortgages Inc Mortgage Specialist will be in contact with you to discuss these costs.
Answers to Canadian Mortgage and Loan Questions
Mortgage Loan Insurance premiums range from .50% to 3.75% of the mortgage amount and are calculated based on the overall loan to value. For instance, borrowers with a 5% down payment, a loan to value of 95%, would pay a premium of 3.75% while those with a 20% down payment, a loan to value of 80%, would pay an insurance premium of 1.25%.
Mortgage Loan Insurance should not be confused with Mortgage Life Insurance.
With a pre-approved mortgage you can shop with confidence, knowing that the biggest hurdle in home buying has been seen to ahead of time. Generally speaking, pre-approval terms and conditions are guaranteed by the financial institution for up to 120 days, giving you the protection of ‘locking in’ a certain mortgage rate should rates climb higher while you look for a home. If interest rates go down, the banks will generally give you the lower rate.
Fixed rate mortgages provide that the interest rate will not change throughout the term of the mortgage. The rate is set at the beginning of the term.
Article: Fixed or Variable rate mortgage
Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate offered is usually not the best one.
Further, pension income qualifies the same as any other income.
A credit report from the country of origin, proof of income and down payment is also required.