Mortgage Default Insurance:
- Will compensate the lender if the borrower goes into default (normally by failing to make mortgage payments).
- Required when the down payment is less than 20%.
- Can be paid on closing in cache, or added to the mortgage amount (“dissolved” in the mortgage).
HOW OUR COOPERATION FLOWS
In our days, almost all clients prefer to communicate via emails to save their time. And, indeed, there is no need for a personal meeting - the Internet copes perfectly with the task of communication, and urgent issues (if any) are resolved by phone. For the vast majority of clients, it comes as a relief when they learn we can make it happen electronically in the most productive way.
In general outline, the process consists of a few steps:
STEP 1: The client contacts us using one of the following methods:
• 'CONTACT NOW' widget on the left of the screen.
• Online application.
STEP 2: We ask the client a few brief qualifying questions in writing to exactly determine and carefully analyze the personal economic situation the best possible mortgage should be found for.
STEP 3: We ask the client to collect the documents, required by the lender (the list of the needed documents is provided). The client sends them to us as an email attachment.
STEP 4: The client signs the agreement, approved by a lender. This final step can be done remotely as well, so no worries if you live far from the GTA. But if you prefer a face-to-face meeting, then welcome to our office (400 Applewood Cres, Suite 100, Vaughan ON, L4K0C3).
WAIT, WAIT A SECOND! WHICH STEPS? FIRST OF ALL, WE WANT TO ASK THE MAIN QUESTION: "WHAT IS THE BEST RATE YOU CAN DO?"!
It is not even theoretically possible to answer this question before execution of STEP 3. That is why it is completely pointless to ring up various mortgage agents in order to determine who will offer the best terms - such calling can only determine who is more eloquent and better in the art of persuasion, or more "brave" in their promises. But that is not what you need. You need a REAL mortgage on better terms. Please read what we wrote here: "In the real life, the rate depends on many different factors related both to you (credit score, down payment size, income, type and length of employment, and many-many others) and the mortgage parameters and options... It is likely that we will get the desired best rate for you (after all, we work with the same lenders as those "masters of promise", and we want you to be satisfied and recommend our service), but no mortgage agent in Canada can honestly guarantee it in advance."
WE ALWAYS ADHERE TO THESE RULES, AND ASK OUR CLIENTS TO DO THE SAME:
• If an email is NOT supposed to be answered (like one which is an answer itself, or contains requested documents attached), the recipient replies anyway - simply with "OK", to let the sender know that his/her email has been received (any email has a chance to go to Deleted or Spam folder).
• If, in a reasonable time, there is no clear evidence that an important email has been opened, the sender should contact the other side by SMS or phone call and make sure the email is received. It's a hundreds of thousands of dollars deal, so none of us wants to think that the partner "disappeared" just because some email went to the spam folder...
You will get documents for signing, so please double check that your printer and scanner are in the working condition.
A bit of philosophy...
The philosophy of always doing what is best for the client differs from always doing what is suitable for him/her. Constant application of this philosophy leads naturally to the fact that the business increases over time. We do care about getting you happy since we know that you're a future referral source, and we want to see you coming back to renew your mortgage with us after a few years. You are a future success story. Even though sometimes we may make less money on a single transaction, that results in increased earnings overall. A practical reason for doing things which are right for you!
Once you are interested in obtaining a mortgage, then you most likely will also be interested in the help of an experienced real estate agent: