FAQs

A mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders. They help you find the most suitable mortgage options from a variety of lenders, provide expert advice, and guide you through the entire mortgage application and approval process.

Unlike a bank, a mortgage broker has access to multiple lenders, which means they can offer you a wider range of mortgage products and competitive rates. Brokers work on your behalf, providing personalized service and tailoring mortgage solutions to your specific financial situation and goals.

In most cases, you do not have to pay for a mortgage broker’s services. Brokers are compensated by the lenders they work with. They are paid a commission when a mortgage is finalized. This means you can benefit from their expertise without incurring any direct fees.

The specific documentation required may vary based on your financial situation and the type of mortgage you are applying for. Generally, you will need to provide proof of income, employment verification, identification documents, bank statements, and details about your assets and liabilities.

Several factors impact mortgage eligibility and interest rates, including your credit score, income, debt-to-income ratio, down payment amount, employment history, and the type of mortgage product you choose.

Mortgage pre-approval is a formal commitment from a lender to provide you with a mortgage up to a specified amount. It’s highly recommended to get pre-approved before house hunting, as it gives you a clear budget, strengthens your negotiating position, and helps expedite the mortgage process once you find your dream home.

Yes, we have experience working with self-employed individuals. While the process may require additional documentation to verify income, we can help find mortgage options tailored to your unique financial circumstances.

Refinancing your mortgage can offer various benefits, including securing a lower interest rate, consolidating debts, accessing home equity for renovations or investments, or changing your mortgage term to better align with your financial goals.

The timeline for mortgage approval can vary based on factors such as the complexity of your application, responsiveness in providing required documentation, and the specific lender’s processing times. On average, it takes around 30 to 45 days to complete the process.

The mortgage stress test is a method used to determine if you’ll be able to sustain your mortgage payments in the event that an interest rate hike occurs.

A bridge loan is a short-term loan typically used to cover the gap between when you’ve closed on a new home and when your existing home has sold and closed. It allows you to extract the equity available in your current home to use as a down payment on the purchase of your next home.

You can contact us through the contact form on our website, call us directly at (778) 322-3138, or send us an email at info@bansalmortgages.ca. We look forward to assisting you with your mortgage needs!