WE’RE MORTGAGE BROKERS WORKING WITH YOU. FOR YOU.
we make mortgages make senseDon't settle for less
We will find the mortgage Solution That fits your Needs
Solution focused service
Mortgages that fit your life plan
My mission is to represent my clients in obtaining the best products, rates and services tailored to their specific financial needs. My goal is to provide a superior experience through fast response times, exceeding service expectations and keeping my clients best interest always as my number one priority.
With all the choices of different products in the marketplace today, it can be very confusing in finding the right solution. I am here to help navigate you through the choices. I do this by understanding you, your goals, and what is important to you and your family. I have been successfully helping clients achieve their financial goals for over 26 years in the financial services industry.
Why Use a Broker?
- Better than bank posted rates, offering the best rates for your needs!
- Work for YOU, representing your best interests as my client… not the banks.
- No cost to you, the lender compensates my services (oac).
Meet the team
Go Ahead.
You Can Rely on Us.
With 20+ years of experience, we will ensure that you acquire the best products, rates and services for your specific financial needs.
We strive to make the mortgage process transparent, seamless and stress free.
Jennessa Youm
Mortgage Agent
With 20+ years of experience we’ll ensure
you always get the best guidance.
FAQs
Why should I use a Mortgage Broker?
Mortgage Brokers and Agents work for you, the borrower. We have access to a variety of lenders and products that are chosen for your specific needs and goals. We look out for the needs of our clients first. Our specialty is mortgages, therefore we are up to date on the products currently available and all the regulations that must be followed.
How do you calculate what I can afford / qualify for?
That is two different questions. What you qualify for is based on your monthly home ownership costs (mortgage payment, taxes, heating and condo fees) plus all other monthly debts (ie; credit cards, loans, lines of credit) vs. gross income. What you can afford should also include things like monthly savings, RRSP contributions, and basic expenses like groceries, phone, cable and car expenses.
What is the minimum down payment required?
A minimum down payment of 5% is required to purchase a home, subject to certain maximum price restrictions. In addition to the down payment, you must also be able to show you can cover the applicable closing costs, approximately 1.5% of the purchase price (i.e. legal fees and disbursements, appraisal fee, land transfer tax and a survey certificate, where applicable, etc.). Regardless of the amount of your down payment, at least 5% must be from your own cash resources or in the form of a gift from an immediate family member. Newcomers to Canada typically need a 10% down payment. Non-residents will need 35%. The down payment cannot be borrowed, even from a family member. Mortgages with less than 20% down must have mortgage default insurance provided by CMHC, Genworth or Canada Guaranty.
What is mortgage default insurance?
Mortgage default insurance is not the same as mortgage life insurance. Mortgage default insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. It is provided by CMHC (a crown corporation), CG-Canada Guaranty or Genworth (both approved private corporations). The premiums range from 0.60% to 6.0% and can be added to your mortgage amount. Sales tax is applicable in some provinces.
When should I get a pre-approval?
We suggest you talk to a mortgage broker 6-12 months before you plan to purchase a new home or refinance an existing home. This allows the time required to gather all the paperwork required, assess your credit and make appointments to discuss what you need and want in a mortgage. Most of our lenders will guarantee an interest rate for 120 days before a closing date. This gives you time to shop for the right home and ensure that you get a great rate. If the rate is lower when you find that right home you get the lower rate. Apply Here.
Do I need to get a pre-approval?
A pre-approval is not mandatory but has many advantages. It can measure your qualifications and how much house you can afford. Their 120-day rate guarantee protects you if rates rise while you’re house hunting. They make you look more serious to sellers and real estate agents. (In competitive bidding situations, they’re almost mandatory.) They’re free and there’s no obligation to use the lender that pre-approved you. Apply here.
What is a conventional mortgage?
A conventional mortgage is where the down payment is 20% or more of the purchase price. (LTV: loan-to-value of 80% or less.) Mortgage loan insurance is usually not required for this type of mortgage.
How does bankruptcy affect my qualification for a mortgage?
Some lenders will consider providing mortgage financing, depending on the circumstances surrounding your bankruptcy and your credit history since the bankruptcy was discharged. Contact us to discuss your options.
Should I wait for my mortgage to mature?
We recommend you contact a broker about 6 months before your existing mortgage matures. This allows time to consider all the options available; whether it be to plan the purchase of another property, consolidate debt into your new mortgage or just a straight renewal. Lenders will often send out renewal notices offering their posted rates. This usually is not the best rate available. Most lenders will guarantee a rate for 120 days before renewal/closing. This will get you the bast rate available in the 4 months prior to renewal. Contact us with your renewal date and we will be happy to discuss your options.
What is the difference between a fixed and variable rate mortgage?
A fixed rate mortgage is when the interest rate is locked in for the term of your mortgage, most lenders offer 1, 2, 3, 4, 5, 7 and 10 year terms. A variable rate mortgage is where the interest rate is based on the lenders prime rate. (i.e. Prime minus 0.20%) This rate is based off the Bank of Canada prescribed rate and adjusted by the lenders accordingly. This can lead to an increase or decrease in payments each month, unlike a fixed rate where the payments are the same throughout your term. Variable rates are subject to fluctuation and therefore are a riskier product, however they have the potential to average a lower rate for the term. Contact us to setup an appointment to discuss the mortgage that is right for you and your family.
Mortgage Calculator
Determine your monthly payment by testing down payments and amortization scenarios.
Land Transfer Tax Calculator
Don’t forget to include the Land Transfer Tax when considering the total cost of purchasing a home. Learn how much it will cost with our calculator.
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