What is mortgage insurance?

Mortgage insurance protects lenders by spreading a portion of their lending risk to a separate, private company. This process enables borrowers to buy a home with a lower down payment than they could, without mortgage insurance.

How long does it take to get a mortgage?

It takes about 24 hours to get approved for a mortgage loan, subject to income confirmation, etc. It then takes about a week for the necessary confirmations and another week to process the legal documents.

Why should I use a mortgage broker?

An effective mortgage broker can help you navigate the constantly changing mortgage market and help you identify the best opportunities. The key to choosing the right broker is the same as for choosing any other professional. Rely on word-of-mouth references, and make sure to check out the broker's background, experience and reputation.

What factors are considered for pre-qualification?

It is necessary to get pre-qualified before securing a mortgage. Lenders consider your employment history, credit history, present income, and monthly expenses to determine what amount they will pre-qualify you for.

Yes. Your credit doesn't have to be perfect to purchase a home. If you can demonstrate that the problem is in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in good standing to secure a mortgage. Don't hide information; speak to your lender honestly about the situation. Remember that lenders don't just look at your history; they also evaluate your ability and willingness to pay in the future.