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F.A.Q.
Questions regarding the mortgage process?
If you don't see the answer here, feel free to contact us, anytime!
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Do you charge a fee for your services?
Not at all! Lenders pay us a finders fee for placing your mortgage with them, and you will receive the deepest discounted mortgage rate available by that lender. Our job is to shop the mortgage market for you to ensure that you are receiving the best deal. However, if you have a non-standard financing scenario, a broker or lender fee may apply. This will be disclosed to you at the time of application.
Which lenders do you use?
We deal with Canada's top lending institutions, such as Scotiabank, TD, CIBC, First National, MCAP, and FirstLine, to name a few.
What are the advantages of using The Mortgage Centre - BC Direct Mortgages?
Our goal is to save you both time and money! We also help you understand the terms and conditions of your mortgage, and ensure a stress-free experience!
What is the Accredited Mortgage Professional (AMP) Designation?
The AMP is a national designation for mortgage professionals in Canada. It was developed as part of CIMBL's (the Canadian Institute for Mortgage Brokers and Lenders) ongoing commitment to increasing the level of professional in Canada's mortgage industry through the development of educational and ethical standards.
Are the rates on your website current?
Yes, our rates are updated daily to advise you of the best rates available by Canada's top lenders.
How do I get a pre-approval before I start looking for a home to purchase?
Just give us a call! We will determine with you the mortgage amount you qualify for, and combined with your down payment, the purchase price range can be determined in a matter of minutes! Lenders are now offering amortizations up to 40 years, and this allows you to qualify for an even higher priced home. Also, since there is never any cost for a pre-approval, it is to your advantage to lock your rate in for up to 120 days before you begin your search for a home.
When does a lender need mortgage insurance?
A lender will require mortgage insurance if your down payment is less than 25% of the purchase price or value of the home.
What does amortization mean?
Your amortization is the total length of time it takes to completely pay off your mortgage. Most lenders have traditionally allowed a mortgage to be amortized over 25 years. Today, a 40 year amortization is now also available.
What are my options if I want an interest-only mortgage?
Until recently, an interest only mortgage was available only on a secured line of credit with normally a floating interest rate of Prime. Today, one innovative lender is offering an interest-only product on ANY term for up to 10 years before principal payments are required! Please call us for more details.
Is your online application secure?
Yes! Our online application uses a 128-bit SSL (Secure Sockets Layer) server that is verified secure by Verisign/RSA. This is the exact same type of system and software that most large banks use to secure your online banking. When you visit our application form, look for this lock icon to appear in your browser to certify the connection is secure.
Can I talk to someone first before I fill out an application?
Absolutely! Give us a call toll-free at 1-888-877-3535 to discuss any mortgage question you may have.
Click here to send us an email!
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