Frequently Asked Mortgage Questions
This FAQ covers general mortgage topics for Ontario borrowers and does not constitute financial advice. Consult a licensed professional for personalized guidance.
General Mortgage Questions
- What is a mortgage pre-approval?
- A pre-approval is a lender's conditional commitment to lend you a certain amount based on your financial information. It is not a guarantee and is subject to property appraisal and final underwriting.
- How do I choose between a fixed and variable rate?
- Fixed rates offer stability, while variable rates may be lower initially but can change. Your choice depends on your risk tolerance and financial situation.
Broker and Lender Questions
- How is a mortgage broker paid?
- Most brokers are paid a commission by the lender when the mortgage funds. Some may charge a fee for complex files. Always ask about compensation before proceeding.
- Can I get a mortgage if I'm self-employed?
- Yes, but you may need to provide more documentation, such as tax returns and business financials. Some lenders offer stated income programs for self-employed borrowers.
Review note: Expand FAQ with more Ontario-specific questions. Ensure all answers are compliant and do not promise outcomes.
Questions borrowers ask
What is a mortgage pre-approval?
A pre-approval is a lender's conditional commitment to lend you a certain amount based on your financial information. It is not a guarantee and is subject to property appraisal and final underwriting.
How do I choose between a fixed and variable rate?
Fixed rates offer stability, while variable rates may be lower initially but can change. Your choice depends on your risk tolerance and financial situation.
How is a mortgage broker paid?
Most brokers are paid a commission by the lender when the mortgage funds. Some may charge a fee for complex files. Always ask about compensation before proceeding.
Can I get a mortgage if I'm self-employed?
Yes, but you may need to provide more documentation, such as tax returns and business financials. Some lenders offer stated income programs for self-employed borrowers.
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Information is general and not financial, legal, or mortgage approval advice. Confirm all details with a licensed mortgage professional.