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Alberta Mortgages - Gerry Orr - Mortgage Broker in Saskatoon, Alberta, Canada
Apply Now! Let us do the negotiating for your next mortgage
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  FAQs      
Q.
What is a Mortgage Broker?
Q.
Why deal with a Mortgage Broker?
Q.
When should I obtain a pre-approval?
Q.
Can I use money gifted to me for a down payment?
Q.
What is the minimum down payment required to purchase a home?
Q.
If I have a declared bankruptcy can I still qualify for a mortgage?
Q.
What is required to obtain a first Mortgage?
Q.
What can I use for a down payment?
Q.
What costs are involved in obtaining a mortgage?
Q.
How long does it take to complete a mortgage transaction?
Q.
Can I get pre-approved before I find the home I want to purchase?
Q.
How much can I qualify for?
Q.
What is CMHC?
Q.
What is the purpose of a mortgage broker?
Q.
How can a mortgage broker get a better rate than my own bank?
Q.
Other than rates, why should I use a Mortgage Broker?
Q.
How do Mortgage Brokers Find Superior Rates?
Q.
What are the costs to dealing with a Mortgage Broker?
Q.
Why should I go to a Mortgage Broker first?
Q.
Do Brokers only do Residential Mortgage?
Q.
How do Brokers get better deals than many Banks?
Q.
Can I still go through my bank with my Broker?


Q. What is a Mortgage Broker?
A. A licensed Mortgage Broker is a trained professional who can provide expert advice on mortgage options and solutions that best meet your current and future needs.

In addition, a Mortgage Broker has the ability to source out the best mortgage financing available with the most competitive rates.  Your Broker will act as your advocate in negotiations with lenders and arrange all the necessary paperwork to successfully secure your mortgage financing.
 


Q. Why deal with a Mortgage Broker?
A. Mortgage Brokers work for you.  They are not employees of a lending institution. Brokers have unlimited access to many different mortgage products and will seek out the best lender package available, whether it’s with an Insurance or Trust Company, a Chartered Bank or Private Lender. 

Understanding the mortgage process can be a complicated and time consuming effort for many Canadians.  Mortgage brokers search for the best combination of pricing, interest rates, discounts, conditions and overall value for you.  Choosing a trained professional will not only net you the best mortgage to suit your needs, but can also save you thousands of extra dollars.
 


Q. When should I obtain a pre-approval?
A. Prospective homebuyers planning on buying in the near future should obtain a pre-approval for their maximum qualification in order to secure a guaranteed interest rate.  The guaranteed interest rate is usually valid for 60 to 90 days.  The pre-approval is subject to verification of the information provided in your application such as employment details and confirmation of a down payment.
 


Q. Can I use money gifted to me for a down payment?
A. Yes, most lenders will accept a gifted down payment from a family member. Generally, a signed letter is required from he donor which confirms the gift is not a loan.  Download form.
 


Q. What is the minimum down payment required to purchase a home?
A. Generally, the minimum down payment required is 5% of the purchase price of the home. Recent changes to the rules now allow this downpayment to be borrowed or you must possess this minimum as either available cash resources or as a gift from a family member.  There are products available which allow for 100% financing.  For more information, contact us now.  In addition, there are other costs related to closing a mortgage that you should budget for such as appraisal fees, legal fees, survey plans, etc.
 


Q. If I have a declared bankruptcy can I still qualify for a mortgage?
A. You may still qualify for a mortgage depending on your individual circumstances and your most recent credit history since the discharge of your bankruptcy.  Consulting with your Mortgage Broker is your best option to determining your eligibility and finding the best rates available to you.
 


Q. What is required to obtain a first Mortgage?
A. Generally, the following is required:
  • Full time employment/proof of income
  • Good credit rating
  • Verifiable down payment
  • Online Approval of your Application
 


Q. What can I use for a down payment?
A. In most cases, you may use the following:
  • Registered Retirement Savings Plan (RRSP's may be used as a down payment up to a maximum amount of $20,000.  This amount is not subject to income tax if repaid within a specific time period)
  • Gift from immediate family
  • Accumulated savings
  • Sale of existing home
  • Sweat equity
 
Q. What costs are involved in obtaining a mortgage?
A. Costs incurred include:
  • Legal costs (Usually between $600 - $1000)
  • Insurance on the property and mortgage applicant
  • In some cases an appraisal is requested/required
 


Q. How long does it take to complete a mortgage transaction?
A. Once a completed application and the supporting information (i.e. details confirming income, down payment and property details) are provided to the lender, a transaction can be processed in as little as 2 weeks.
 


Q. Can I get pre-approved before I find the home I want to purchase?
A. Yes. You may receive a pre-approval which is valid from 60 days to 120 days before the purchase date.  If you are considering a new construction, you may also obtain an extension to meet the construction schedule.  This flexibility allows you to lock into an optimum interest rate while you shop or plan for your new home.
 


Q. How much can I qualify for?
A. The maximum that you can qualify for may vary from one lender to another based on their criteria and available products.  Please submit your application to let us quickly help you find your best options.
 


Q. What is CMHC?
A. Canada Mortgage and Housing Corporation is a federally owned and operated institution. It provides mortgage loan insurance to homebuyers to allow them to make a down payment of less than 20% of the purchase price. By adding a premium to your mortgage, CMHC insures the mortgage on behalf of the bank.  This way, the banks are obligated to provide a mortgage for homebuyers that have less than a 20% down payment.
 


Q. What is the purpose of a mortgage broker?
A. The Mortgage Broker’s job is to find the best individual mortgage product for each client.  To achieve this, we only deal with lenders who are competitive with local financial institutions by offering better rates, terms and service.
 


Q. How can a mortgage broker get a better rate than my own bank?
A. The Mortgage Broker has direct access to lenders whose only service is that of lending money.  These lenders don’t have local offices in every city or town and they don’t have the large overhead expenses that your own bank has.  This fact, combined with the large volume that they handle, allows them to be more competitive and offer lower interest rates than your bank does.
 


Q. Other than rates, why should I use a Mortgage Broker?
A. The Broker’s value is the expertise and knowledge that he or she possesses in mortgage-based financing as well as the intimate understanding of each lender’s preferred type of projects to finance. These are the factors that often determine whether your mortgage is approved or not and obtaining the most competitive rates.
 


Q. How do Mortgage Brokers Find Superior Rates?
A. Your Mortgage Broker stays current with the daily fluctuating interest rates that differ from one institution to another as well as their preferences for various types of mortgage projects. The Broker knows which lender to approach first with your application.  In fact, many institutions will only accept mortgage submissions directly from Mortgage Brokers.   This results in obtaining the best available mortgage rates at the time of placement.
 


Q. What are the costs to dealing with a Mortgage Broker?
A. In some cases, the services of a Mortgage Broker are free.  Depending on the nature and complexity of a project, a one-time fee may be warranted.  In these cases, the amount is negotiated and outlined at the onset of your application.

This investment in professional services to manage your mortgage application is generally returned very quickly in actual time saved and in the quality of the financing obtained.
 


Q. Why should I go to a Mortgage Broker first?
A. An initial professional and quality proposal to a lender will obtain the most favourable response and save you time and money.  Your Broker knows how to make the best presentation to get you the best terms.  Subsequent applications and inquiries to credit bureaus may incur more costs.  Call you Mortgage Broker first and put their expertise and product knowledge to work for you.
 


Q. Do Brokers only do Residential Mortgage?
A. Not at all. Brokers can assist you with all types and sizes of loans as long as they are backed by mortgage collateral.  Whether you need a small loan that is backed by a residential property or a large amount in the millions of dollars that is backed by a commercial property, call your Broker to get the best deal.

Mortgage Brokers can also assist with business financing when based on mortgage collateral.  Their expertise in mortgage loans and knowledge of financial institutions’ interests are a natural fit to managing this kind of activity.
 


Q. How do Brokers get better deals than many Banks?
A. Brokers work with traditional financial sources such as chartered banks, trust companies, and corporate and private pension funds. They also connect professionally with private lenders that will finance various mortgage products that are not available to the conventional sources. For best results call your Broker first.
 


Q. Can I still go through my bank with my Broker?
A. Yes, by all means.  In fact, letting your Mortgage Broker represent you to your own financial institution can result in obtaining a better rate.