{"id":3100,"date":"2025-02-25T11:14:35","date_gmt":"2025-02-25T11:14:35","guid":{"rendered":"https:\/\/finovate.vamtam.com\/?page_id=3100"},"modified":"2025-09-04T10:37:16","modified_gmt":"2025-09-04T10:37:16","slug":"faq","status":"publish","type":"page","link":"https:\/\/skgmortgages.com\/index.php\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"\t\t
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Why should I use a mortgage broker instead of going directly to my bank? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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While your bank can only offer you its own products, we have access to a vast network of over 50 lenders across Canada, including major banks, credit unions, and trust companies. This allows us to shop for the best rate and terms for your specific situation, creating competition for your business and ultimately saving you time and money. Our loyalty is to you, not to any single lender.<\/p>

On top of that, it should offer clear, actionable advice and steps to turn your goals into reality. To guide you toward the best decisions, a good plan will also lay out a variety of potential scenarios\u2014plus some alternative ones\u2014for you to consider.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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What is a mortgage pre-approval and why is it important? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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A pre-approval is a conditional commitment from a lender for a specific mortgage amount. It’s crucial because it tells you exactly how much you can afford, allowing you to shop for a home with confidence. It also locks in an interest rate for a set period (usually 90-120 days), protecting you if rates go up while you’re house hunting.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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What are closing costs and how much should I budget for them? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Closing costs are one-time expenses paid on the closing day, separate from your down payment. They typically include legal fees, land transfer tax, and title insurance. A good rule of thumb is to budget for 1.5% to 4% of the home’s purchase price for these costs. We can provide a more detailed estimate based on your specific purchase in Mississauga or elsewhere in Ontario.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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What are the acceptable sources for a down payment? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Your down payment can come from several sources, including your personal savings, a Registered Retirement Savings Plan (RRSP) through the Home Buyers’ Plan, or a non-repayable gift from an immediate family member. We can help you understand the documentation required for each source to ensure a smooth process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Get in Touch<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Reach out to us today if you have any further questions. We are happy to assist with your financial well-being.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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How can I get a mortgage if I am self-employed? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Qualifying for a mortgage can be different for self-employed individuals, but it’s entirely possible! Lenders will typically want to see two years of your tax returns (Notice of Assessment and T1 Generals) to average your income. We also work with lenders who offer specialized programs for business owners, focusing on the strength of your business and credit.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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My mortgage is up for renewal. Should I just sign the offer from my current lender? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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While signing your lender’s offer is easy, it’s rarely the best deal. Lenders often present existing clients with standard rates, not their most competitive ones. A renewal is a perfect opportunity for us to shop the market again on your behalf to find a better rate, potentially saving you thousands. It costs you nothing to let us check.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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What does it mean to refinance my mortgage? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Refinancing means replacing your current mortgage with a new one. People often refinance to access their home’s equity for renovations or investments, consolidate high-interest debt into a lower-rate mortgage payment, or simply secure a better interest rate. We can run the numbers to see if refinancing makes financial sense for you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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What is mortgage default insurance (e.g., CMHC) and do I need it? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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In Canada, if your down payment is less than 20% of the home’s purchase price, you are required to have mortgage default insurance. This insurance protects the lender in case you default on your payments. The premium is typically added to your total mortgage amount and paid off over the life of the loan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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What's the difference between an open and a closed mortgage? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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A closed mortgage usually offers a lower interest rate but has limits on how much extra you can pay towards the principal each year without a penalty. An open mortgage offers the flexibility to pay off some or all of your mortgage at any time without penalty but typically comes with a higher interest rate.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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Do my mortgage payments include property taxes? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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It depends on the lender and your preference. Most lenders give you the option to have them collect and pay your property taxes on your behalf by adding a portion of your estimated annual tax bill to each monthly mortgage payment. This is a convenient way to budget, but you can also choose to pay your property taxes directly to your municipality.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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Why does the lender need a property appraisal? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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An appraisal is an independent, professional valuation of a property’s market value. Lenders require it to ensure that the amount of money they are lending you is not more than what the property is actually worth. It serves as a crucial risk management tool for the lender, confirming the property is sufficient collateral for the loan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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How is my mortgage payment calculated? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Your payment is calculated based on three key factors: the principal loan amount, the interest rate, and the amortization period (the total length of time it will take to pay off the mortgage, e.g., 25 years). Our advisors can show you how changing any of these factors will impact your monthly payment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Common questions on financial planning and investing<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3100","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/pages\/3100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/comments?post=3100"}],"version-history":[{"count":33,"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/pages\/3100\/revisions"}],"predecessor-version":[{"id":987916,"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/pages\/3100\/revisions\/987916"}],"wp:attachment":[{"href":"https:\/\/skgmortgages.com\/index.php\/wp-json\/wp\/v2\/media?parent=3100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}