Mortgage brokers get better results. This is why every year more and more Canadians turn to brokers to help them plan for and arrange their next mortgage rather than turning to their own banks. A big reason is that a broker represents your best interests, not the bank's. An experienced mortgage broker familiar with the offerings of dozens of lenders (not just one) can generate options to help you achieve the best solution and terms for your current situation and save thousands of dollars in interest at the same time (and there's no charge!).
When you have questions about obtaining a mortgage loan, the mortgage broker will work with you closely to determine your borrowing objectives and to help develop a plan to achieve them. The actual application takes about 10 - 15 minutes of your time to complete and captures information about the type of mortgage loan you're applying for, as well as your personal financial situation. To fill out the application, you (and the co-borrower, if you have one) need to give the lender detailed information about your financial situation. This will include:
- Income (including overtime and bonuses, if possible)
- Debts
- Employment history
- The source of your down payment* and closing costs**
- Current rent
- Bank account information
- Any bankruptcy history
- Any legal actions you're involved in
- Citizenship status
- Alimony or child support obligations
- Foreclosure history
- Value of stocks and bonds
- Value of life insurance
- Value of automobiles owned
- Value of other major assets
* Default mortgage insurance from Genworth or CMHC exists to allow you to have less than 20% down payment.
** Closing costs may include a property value appraisal, a home inspection, property survey, legal fees, property tax adjustments, etc. - budget 1.5%
