RESIDENTIAL MORTGAGES
WHY USE A MORTGAGE PROFESSIONAL?
Unlike banks, which exclusively provide their products, a licensed mortgage professional offers you a diversified array of financial solutions. This is because the mortgage professional channels millions of dollars annually in mortgage business to financial entities, establishing a dynamic network with major banks, credit unions, trust companies, and various financial institutions.
As a result, you can enjoy a comprehensive selection, ensuring that your mortgage solution is tailored to meet your specific needs and preferences.
Mortgage professionals work for you, and not the banks; therefore, they work in your best interest.
Make smarter mortgage decisions with the help of our powerful mortgage calculators. From estimating your monthly payments to understanding what you can afford, our tools are designed to simplify your journey. Explore them now and take the first step toward achieving your homeownership goals.
Home Purchase
The purchase of a home is the largest purchase most people make during their lifetime. Whether you are a first-time buyer embarking on this journey or an experienced buyer with an excellent credit history, BNQ Financial is your gateway to the very best mortgage products and rates accessible across Canada. Our expertise ensures that you are equipped with the knowledge and resources needed to navigate the intricacies of home financing successfully.
Quick Tips for Your Purchase
Assess your borrowing capacity
Determine your downpayment
Get pre-qualified
Renewal
While most Canadians spend a lot of time shopping for their initial mortgage, the same isn't generally the case when looking at mortgage term renewals. Nearly 60% of borrowers simply sign and send back their first-offered renewal by their lender leaving thousands of extra dollars on the table.
Quick Tips for Your Renewal
Consider your financial goals
Time your renewal
Maximize your savings
Refinancing
One of the easiest and most affordable ways you can access money is through the equity that you've accumulated in your home, especially when you have an excellent first mortgage in place. Leverage the power of your home equity wisely for strategic financial benefits, such as investments, debt management, funding education, or making home improvements.
Quick Tips for Your Refinancing
Review your equity position
Assess your income to debt ratio
Understand pre-payment penalty
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Frequently Asked Questions
What if I don't qualify for the home I want?
This is where your mortgage professional can help provide you options, such as adding a co-signer, increasing your down payment and/or paying off debts. A Mortgage Broker/Agent has access to multiple lenders, so even if don't fit certain lender guidelines, they can shop around to see if another lender may approval your application.
What is a co-signer?
A co-signer is typically added to your application when you don't qualify for a home on your own. We add their income and debts to your application, to see if it increases your overall approval numbers. When someone cosigns for you, they will be added to the title of the mortgage and mortgage documents. This new mortgage debt will also appear on their credit bureau, which can affect their future credit score & loan affordability.
What is a guarantor?
A guarantor is typically added to your mortgage application when you have poor credit repayment or little to no credit history. Sometimes lenders will request a guarantor when your application is slightly weaker than they would want to see to approve you on your own. In most cases, the mortgage will not show on the guarantor's credit bureau, but this can vary from lender to lender.
What is Default Insurance?
Most people refer to this as CMHC fees. That said, there are actually 3 companies that provide this insurance to Canadians, CMHC, Sagen and Canada Guaranty.This is insurance is mandatory for those who purchase a home with less than 20% down. Default insurance is then added to your mortgage and increases your overall mortgage amount.Even though this is an added cost to buying a home, it's still a great way to get into the market when you don't have a 20% down payment. Default insurance is meant to protect your lender, in the event you stop making your mortgage payments & the lender has to foreclose on you.
What is a pre-qualification?
A pre-qualification is when you provide generalized information to a lender or online calculator, without the information being confirmed, and receive an estimated max purchase price.
What is a pre-approval?
A pre-approval is when a qualified mortgage professional reviews the information provided, such as your mortgage application, income & down payment documents, along with verifying your credit bureau to provide you with a more accurate max purchase price.
What is an approval?
After you have an accepted offer to purchase your dream home, your Mortgage Broker will submit your information to a lender. Once the lender reviews & confirms all the information provided, they will provide you with a full approval.
How much do I need for a down payment?
If you're buying an owner-occupied property, you may be eligible to put as little as 5% down. Keep in mind that just because the minimum down payment is 5%, you still need to qualify for the total mortgage amount (based on your income & debts).Many people don't realize that the rules change for a purchase price above $500,000. In this case, you will require 5% on the 1st $500K and 10% on the remainder (up to $1M). If you're purchasing a home for over $1M you will require a minimum of 20% down.If you're purchasing a rental property you will require a minimum of 20% down.
Office: 1670 North Service Rd E, Oakville, ON L6H 7G3, Canada
www.bnqfinancial.com