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Banks and "A" Lenders pay us for your residential service. EXCEPT bad credit mortgages, some self employed mortgages from "B Lenders", private mortgages or multi-use and commercial loans - these broker fees are payable to us by clients. Lenders change their products and interest rates without notice.

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Questions & Answers

Ask me your mortgage question! I will respond by posting an answer on this site so that you and others can benefit.

What other visitors asked plus answers

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Can you lose your house if you file a consumer proposal? 
I have a house with some equity. I owe $85,000 on my credit cards, line of credit and other small loans. I have been trying to keep up with the minimum …

What does it take to get 95% ltv spousal separation mortgage? 
I have been told that I can take out a mortgage on my house at 95% of it's worth when I'm separating from my wife. How does this work and what will happen …

Second mortgage after a year in proposal 
I have a house in Oakville Ontario and want to know if i can get a second mortgage after a year in proposal.

How much down payment do I need to buy a home? 
I would like to buy a home but I'm not sure how much I need for a downpayment. Can you help me. Stephanie

I owe thousands of dollars on my credit cards and own a house. Will I lose my home in a Consumer Proposal? 
I have been in a car accident 3 years ago and could not work. I had to use my credit cards to live on and now I owe close to $70,000 on my credit cards. …

I paid money to insure my mortgage with CMHC and wonder why? 
I have recently relocated from the East Coast to Ontario for work. I am making Ontario my permanent home. I have a home on the East Coast which I fully …

How do I improve credit after a bankruptcy 5 years ago? 
I live in Ontario and have recently separated from my wife of 7 years. My credit card was under her name because I have filed for bankruptcy - I've …

Do I need a lawyer to buy a house? 
My wife and I are looking at new homes for the first time. Should I also be seeking out a lawyer to do the legal work? Thank you.

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2 good reasons to ask me a mortgage question

I am always amazed about how many of my new clients lack even the basic mortgage information when making real estate buying or refinancing decisions. This is especially puzzling because a mortgage is one of the biggest investment decisions most of us make.

Ask me your mortgage question - I can't tell you how many shocking stories I have heard from new clients.

Here is one of my favourite:  "We have gone to our bank to get a mortgage, we were told how much we qualified for and where to sign - that's it! Two years later, my husband lost his job and we had to sell our large and expensive house and down size to one more practical. This is when we found out that the penalty to break our mortgage was so huge that we virtually lost most of our initial down payment. After sales commissions, we walked away penniless losing all of our equity.

Later we learned from others who went through a mortgage broker that they got better interest rates, lots of advice on how to pay down the mortgage faster. Theya were placed with lenders whose policies to break the mortgage were transparent and reasonable. If we had gone through a good broker, we would have been able to walk away with enough money left over for a down payment on another property".

My answer: Each bank sells it's own mortgage product which may or may not be suitable for your situation. Mortgage broker works for you and not the banks to give you best advice and search the entire mortgage market for best terms and interest rates. And, whether you agree with me or not, most importantly, place you with best mortgage lenders that will charge you least amount of money on a penalty, if for some reason you have to break your mortgage.

Another new client has been working for the past two years to re-establish and improve her credit. She came to me to re-finance her high interest mortgage into something more reasonable. She was shocked when I told her that unfortunately, she is locked into the whole term and the only way she could get out of her mortgage unless she sells her house. This important element was not disclosed to her when she signed for a long term mortgage. Had she understood the terms and conditions of the contract she signed she would have never agreed to anything longer that two years. 

There are many ever changing terms to each mortgage that you need to understand before you sign. Your best bet is a highly qualified and experienced mortgage broker.

Mortgages are complex and the terms vary from lender to lender, so ask me your mortgage question. 

This is your answer questions or ask a question hub.

Marie Copeland FSU, Hamilton Mortgage Broker


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