WHY SHOULD I DEAL WITH MORTGAGE MAKERS INC. INSTEAD OF MY BANK?

We work for you, our client and we provide lending options from a multitude of lenders, banks included. This provides you with a wider selection of mortgage options and low rates. Every lender has their suite of products, our job is to make sure that you are getting the right mortgage product for you.

Nothing. Mortgage Makers is paid a finders’ fee by the lenders that we place your mortgages with – not by you the borrower. Our compensation is affected mostly by the size of the loan and the length of the term. 99% of the time we do not charge our clients a fee. Occasionally, however, and with full disclosure in advance, we may need to charge a fee in the event that we are securing specialty financing, such as a second mortgage, commercial mortgage, or some other unusual circumstance.

WHAT LENDERS DOES MORTGAGE MAKERS DEAL WITH?

We have access to a large lending pool which includes major banks, credit unions, trust companies, Mortgage Backed Securities lenders, and more! It’s our job to select the mortgage lender that offers the best product at the best rate to suit your specific needs. So your circumstances and the mortgage options you are looking for will determine what lender will best suit you.

HOW LONG WILL IT TAKE TO COMPLETE A MORTGAGE TRANSACTION?

That all depends on your deal, how fast you can provide documentation, which lender we are dealing with etc. For a stress-free closing you should plan on at least a month. That would include: taking the application, submitting the deal, signing the documentation, sending to lawyers and then funding. We have done and can do deals more quickly but this can in some case limit your lender options, most clients don’t want to be to rushed so we recommend possession to be about a month or so away.

WHY SHOULD I GET PRE-APPROVED?

There are a number of reasons to sitting with a mortgage professional and completing a mortgage pre-approval before you head out into the housing market. First, the pre-approval will give an an accurate idea of how much you qualify for or more importantly what mortgage amount coincides with the payment amount that fits your budget. We can also secure mortgage rate holds for up to 120 days and protects you against rate hikes during that time period. Being pre-approved also helps top speed up the final approval once you have found a property as much of the work has already been done. This process helps us to determine what types of documentation will be needed to finalize your mortgage giving you ample time to gather these items. Lastly many realtors prefer to work with clients who have done their homework ahead of time to make sure they are not wasting your time and theirs looking at the wrong properties. Don’t be fooled! Pre-qualification is not the same as Pre-approval! Make sure you are pre-approved, without actually evaluating your circumstances in advance and providing you a proper rate hold it can be tough to know what you qualify for, at Mortgage Makers we work through that process thoroughly to make sure you are ready to make that first or next real estate purchase.

WHAT ARE CLOSING COSTS?

Closing costs are those costs that are associated with obtaining and finalizing a mortgage. The most common closing costs can include some or all of the following, legal fees, appraisal fees, survey fees, title insurance, property tax adjustment, moving expenses and utility hook ups and Realtor fees.

CAN I GET A MORTGAGE TO RENOVATE MY PROPERTY OR PAY OFF MY UNSECURED DEBTS?

Most certainly. Lenders will allow you to access the equity in your home for a number of different reasons. Some clients borrow to complete home improvements, others to consolidate unsecured debt, some to invest in property or a business or even the stock market. There are many reasons for you to borrow against the equity in your home, let us show you how.

WHY DO I NEED TO PAY A CMHC MORTGAGE INSURANCE PREMIUM?

You pay a mortgage loan default insurance premium when you put less than 20% of the property value as a down payment. Smaller down payments translate to higher risk for the lender as the homeowner as less equity invested. Default insurance helps to protect the lender against mortgage losses should things lead to a mortgage default or foreclosure. The benefit of default insurance from a client’s standpoint? Well it provides those clients who do not have larger down payments access to the same lender and rates as those clients who do possess the 20% or more needed for conventional financing.

WHAT SOURCES CAN I USE TO SUPPLY MY DOWN PAYMENT?

Down payment funds can come from a variety of sources. It can come you’re your savings, investments, gifted funds from family members, RRSPs if you are a first-time home buyer and it can even be borrowed. This gives you lots of options to come up with the down payment funds needed for your first or next purchase.

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What You Need to Know

Tips to get a mortgage without a full-time permanent job

Apr 24, 2019 | Mortgages

Amidst the thriving gig economy, you may be surprised to know that there are many people today who seek a mortgage without having full-time employment. Gig economy implies to professionals who work freelance, independent contractors or people who work for companies...

Tips On Getting a mortgage when building your own home

Apr 1, 2019 | Mortgages

The thought of building your own home can be quite exciting. After all, when you are building your own home, you get to decide so many minor and major aspects of it right from the start. Although the thought is pretty exciting, financing such a major undertaking can...

Can I Get a Mortgage For A Rental Property?

Mar 7, 2019 | Mortgages

With increasing living costs, many Edmonton first time home buyers are considering investing in a second mortgage to buy properties that they rent out and supplement their income. Although the prospect of some additional source of steady income is attractive, it is...

New Mortgage Lending Rules for home buyers in 2019

Jan 15, 2019 | Mortgages

The Canadian government implemented a new stress test on homebuyers in 2018 regardless of their down payment amount. This reduced the amount of financing they qualified for and some estimates showing Canadians being able to afford 20% less house than before the new...

First Time Home buyer Mistakes to Avoid

Dec 15, 2018 | Mortgages

Buying your first home is an exciting and scary process. It is easy to get swept up in the chaos of home shopping, but it also makes it easy to make mistakes. If you are purchasing a home for the first time or it has been more than a decade since you last bought one,...

How Do You Know If You Should Refinance a Mortgage?

Nov 15, 2018 | Mortgages

Refinancing your mortgage means setting up a new mortgage once you have paid of your existing one. You can do this with your same lender or a different lender. There are just as many factors to consider when refinancing a mortgage as there is to get a mortgage. People...

PRE-APPROVAL

Oct 31, 2018 | Mortgages

A pre-approval should be your first step before you start looking at homes. The process is quick, painless, and the advantages are huge. First and foremost, a pre-approval will have you looking in the right price range. There is nothing worse than finding your dream...

DOWNPAYMENT

Oct 31, 2018 | Mortgages

The minimum down payment on a residential mortgage is 5%. This down payment can come from accumulated savings, RRSPs, mutual funds, stocks, bonds, Tax Free Savings Accounts, gifted money from an immediate relative, or some combination of the above. If you have money...

BUSINESS FOR SELF CLIENTS

Oct 31, 2018 | Mortgages

Have you been turned down by your bank because you own your own business? Did they tell you that you do not make enough income on paper? We have solutions! We offer a number of products that allow us to either state your income (within reason), allow add backs, allow...

WHAT HAPPENS AFTER YOU MAKE AN OFFER ON A HOME?

Oct 31, 2018 | Mortgages

From start to finish, here are 10 simple steps to follow in order to buy your home through us: Well, first you should call us right away! 780-436-0390 Have your real estate agent send us a copy of the offer to purchase and feature sheet, or let us know who you are...

WHAT IS THE ADVANTAGE OF WORKING WITH A MORTGAGE BROKER?

Oct 31, 2018 | Mortgages

We are asked this question a great deal and believe that there are a number of advantages to using a broker rather than dealing with a branch of your current financial institution. As a mortgage broker we deal exclusively with mortgage financing, working in this area...

NEW QUALIFYING RULES

Oct 31, 2018 | Mortgages

As of October 17, 2016, all new mortgages that are high ratio (less than 20% down) will have to qualify using a stress test rate. That rate is called a bench mark rate (currently today it is 4.64%). Clients will still receive the lowest discounted rate however they...

BORROW YOUR DOWN PAYMENT

Oct 31, 2018 | Mortgages

Did you know that if you have great credit, income and if borrowing your 5% fits in line with your debt servicing ratios, you can borrow your down payment?This is great for clients who are renting and the landlord just advised them they are selling the house. Since...

IS RATE THE ONLY OPTION YOU SHOULD LOOK FOR IN A MORTGAGE?

Oct 31, 2018 | Mortgages

No! Mortgage rates are an important part of the mortgage application but it shouldn’t be the only item you think about. Questions you should be asking yourself are: How long will you be living in this property, is there a possibility that you might be transferred with...

WILLS

Oct 31, 2018 | Mortgages

Here is a list of the top reasons of why you should have a will: Don’t let the government be in charge of your money and assets. Pick an executor and make sure you tell family where your will is. Make your wishes' known. How are you dividing your assets? Is there...

TIPS FOR FIRST TIME HOME BUYERS

Oct 31, 2018 | Mortgages

Buying your first home can be a challenge, especially if you’re not prepared for all the financial obligations and steps leading up to making an offer. It can be a confusing journey, so here are a few tips for first home buyers, to make this process as painless as...