1. How do your rates compare with the bank rates? Usually, our rates are half a percent lower than bank rates.

2. What is amortization? It is the lifetime of a loan. Usually, it is expressed in years. Traditionally, 25 years is the typical amortization of a Canadian mortgage.

3. How soon can I expect a reply to my on-line mortgage application? Within 24 hours.

4. Why is it beneficial to use a mortgage broker? At Mortgage Connection, our goal is to surpass your regular banking experience and provide superior service, experience and rates. We provide access to more than one lender, so your rate and product choices are better than most banks.

5. What if we’re not sure if we have a large enough down payment or enough money for a lawyer or closing fees? Mortgage Connection has cash back programs to help you in this regard. Or, if you can wait 4 months to buy a home, we also offer a first time home buyer’s program.

6. I can’t meet for face to face meetings, can we communicate by email instead? Yes, we will provide you with email responses within 24 hours on business days guaranteed.

7. Do you use email or the internet to communicate with your various lenders and clients? Yes, we have the ability to connect to you or our lenders within seconds, which means that we provide you with fast, convenient, complete service. However, remember that we are also available by telephone at any time during business hours.

8. How do Mortgage Brokers get paid? In 99% of cases, we are paid by the bank so that you don’t have to pay any fees.

9. Why would I use a Mortgage Broker if I don’t have bad credit? You may find that you have excellent income and credit, and still can’t get approved through a bank for the amount of financing that you require. Mortgage Connection has a variety of products to fit your lifestyle and we are confident that you’ll find our service worth switching for too.

10. Can I use a Mortgage Broker and still stay with my bank? Of course you can and we can probably give you a better rate than your bank.

11. Are property taxes included in my mortgage? Typically, property taxes are not included, however, we can often include them by special request.

12. What is property transfer tax? This is a tax that is levied against buyers who have owned before, are buying a rental home or have lived in B.C. for less than one year. Currently it is 1% of the first $200,000 and 2% of the balance of the purchase price.

13. What happens to my rate at renewal? Some lenders guarantee the same lower than market rate.

14. If I have a variable rate and I want to lock it in or renew it, what rate will I get? Some lenders guarantee a lower than market rate at the time of lock in or renewal.

15. You speak a lot about “equity” in your mortgage products…what is it? Equity is the difference between the current appraised value of your home and the outstanding balance of your mortgage.

16. How do I estimate the value of my home so that I can determine my equity? To estimate the value of your home, you can ask a real estate agent to give you their unbiased opinion of its value or compare homes similar to yours on mls.ca . For the most accurate estimation of your home’s value, call us and we’ll have one of our professional, reliable appraisers give you their accurate opinion so that you can move forward with peace of mind.

17. What is an appraisal? It is an action performed by a professional in order to determine the market value of your home. Appraisals are usually required by the lender if they are lending a large percentage of the value of the home (ie: when your down payment is less than 40%). Appraisals typically cost $275 to $400.

18. What is an Interest Adjustment Date (IAD)? This is the date that determines interest expenses between the date your mortgage closes and the first payment of your mortgage. It is a closing expense that can simply be avoided by ensuring that your mortgage closes on the 1st or 31st of the month. Call or email us, and we’ll explain how to avoid paying interest at completion.

19. What is High Ratio Mortgage Insurance? High Ratio Mortgage Insurance is a premium assessed and applied by CMHC to protect the lender. When you’re financing over 75% of the value of your home or property, this one time “insurance” premium is added to your mortgage.

20. What is Mortgage Life Insurance? Mortgage Life Insurance protects the borrower and their family by paying the mortgage off upon death.

21. For a down payment of 5%, what is the maximum purchase price? Currently, there is no maximum.

22. What is the difference between an open and a closed mortgage? An open mortgage may be prepaid at any time with no penalty. A closed mortgage can usually paid out with a penalty.

23. What is a home inspection? A home inspection is a valuable way for the purchaser of a home or property to determine if there are any problems with a home before committing to purchase it.

24. Who is responsible for the cost and acquisition of the surveyor's certificate? If you are purchasing a home or property and borrowing more than 50%, you are responsible for providing the surveyor’s certificate.