Mortgage Information

Mortgage Articles :: FAQs

The Mortgage Centre answers frequently asked questions (FAQs) about mortgages in Kamloops BC Canada.

  1. Why should I deal with a Broker instead of my Bank?
  2. What are your fees and charges like?
  3. What if my credit is not good — can you still help me?
  4. What is the Mortgage Market you always refer to?
  5. Is there any advantage to early renewing my existing mortgage and paying the penalty?
  6. I am a first time home buyer — what do I need to know to buy a house?

  1. Back to TopWhy should I deal with a Broker instead of my Bank?

    There are a number of reasons why you should deal with a mortgage broker:

    1. The main difference between a Mortgage Broker and your Banker is that your Broker works for you. Your banker, on the other hand, has the unenviable task of trying to meet your financing needs while, at the same time trying to achieve her employer’s profit targets and conservative lending policies. She is limited to providing you with her employer’s products — which may or may not meet your needs. A broker has access to the myriad of products provided by over 30 of Canada’s leading lenders.
    2. Mortgage Brokers are licensed professional mortgage specialists. They are experts on mortgages, and mortgages only. Your Banker has to divide her knowledge & expertise among numerous products and services. And because she only knows her company’s products and features, she may not know the full scope of what’s available to you in the mortgage market.
    3. Generally, your broker can obtain better rates and more flexible terms. The Mortgage Centre, for example, has access to an exclusive “Mortgage Market” designed to allow lenders to compete for your mortgage business.

  2. Back to TopWhat are your fees and charges like?

    Most of our clients’ mortgages are placed with Banks, Credit Unions and Mortgage Companies without any fee being payable.

    A small percentage of mortgage applications do not conform to these lenders’ guidelines and a Brokerage Fee may be payable. We fully disclose to our clients ALL fees payable before you sign any commitment.

  3. Back to TopWhat if my credit is not good — can you still help me?

    Yes. Not all mortgage applications are successful, but damaged credit does not mean we cannot place your mortgage.

  4. Back to TopWhat is the Mortgage Market you always refer to?

    Our exclusive “Mortgage Market” represents the largest pool of residential mortgage money in Canada.

  5. Back to TopIs there any advantage to early renewing my existing mortgage and paying the penalty?

    The answer here is “That depends!” The only way to determine this is to provide your Mortgage Counsellors with the full details of your existing mortgage. We will do the calculations and advise you if you can early renew and still save money.

  6. Back to TopI am a first time home buyer — what do I need to know to buy a house?

    There are numerous websites that do a good job of answering this question in depth. Try these:

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