FAQS

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• What types of mortgages are available?

  High ratio mortgages, Conventional mortgages, Fixed rate mortgages, Variable rate mortgages, Open, Closed and Convertible mortgages.

• How much can I afford?

 To qualify for a mortgage loan at a bank, you will need to pass a “stress test”. You will need to prove you can afford payments at a qualifying interest rate which is typically higher than the actual rate in your mortgage contract.

You need to pass this stress test even if you don’t need mortgage loan insurance.

Credit unions and other lenders that are not federally regulated do not need to use this mortgage stress test.

• What documents do I need?

 You'll need to provide the following:

• identification.
• proof of employment.
• proof you can pay for the down payment and closing costs.
• information about your other assets, such as a car, cottage or boat.
• information about your debts or financial obligations.