A. The minimum down payment required by the Canada Mortgage and Housing Corporation (CMHC) is five percent (5%) of the purchase price. This money cannot be borrowed, it must come from the applicant's savings or be a gift from a family member.

Q. How do I ascertain how much I qualify for?

A. The simplest way is to fill out our on line application, and we will gladly work the numbers and send you an email response within 48 hours.

Q. Why would I use a broker instead of just going to the bank for a mortgage?

A. Depending on what type of mortgage and term you are looking for, your bank may not have the most competitive product. Dealing with so many lenders on a daily basis, we know which lenders are the most competitive on specific terms. Some may offer a great variable rate, however their long term fixed product is not that competitive. One quarter to one one half percent (1/4% to 1/2%) difference in interest can cost you thousands of dollars.

Q. What does it cost to use a broker?

A. Good news.

1. There is NO cost to use a broker for standard applications*.
2. We are not trying to help the lenders bottom line. We work only for you!
3. No line-ups, no hassles, you can apply on-line, right here, right now.

Q. Can I qualify for a mortgage if I have had credit problems in the past?

A. Our team of brokers has access to three (3) different types of lenders.

1. 'A' Lenders (big banks and most mortgage companies)
2. 'B' Lenders (finance companies that are willing to overlook some past credit problems)
3. 'PRIVATE' Lenders (investors that lend to individuals that do not qualify for regular financing - equity is the key component in these type of deals)

Q. What is the CMHC premium that I have to pay?

A. Canada Mortgage and Housing Corporation is a federal corporation that insures mortgages for Canadian lenders. By doing so, CMHC guarantees that the lender will not be at risk when they lend on high ratio mortgages, thus allowing Canadians to buy their homes with very little down payment. Buying a home with five or ten percent down would not be possible without this insurance.

Finally, if you have any other questions, please contact First Citizens by clicking here now to send an email info@firstcitizensmortgage.com. We will respond within 24 hours!

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