Frequently Asked Questions About Mortgages

Purchasing your first property can be a fantastic experience if you manage to land your perfect home. However, if you need to secure a mortgage to fund that dream, you may have tons of questions about the application process but may find it tricky to get all the answers that you’re seeking.

So, to ensure you have all your doubts cleared, Pash Financial / Mortgage Architects has answered some of the most frequently asked questions about mortgages.

1. How do I secure the best mortgage rate?
If you would like to secure the best mortgage rate, you need to have a good credit score, and a secure job to pass the stress test. It’s also essential to have the support of an experienced mortgage advisor that can match you with an appropriate lender that suits your unique needs.

2. How much do I need to qualify for a mortgage?
The amount you will need to qualify for a mortgage depends on how much you can afford to initially pay as a downpayment, the amortization period and mortgage insurance. To estimate how much you will be allowed to borrow, you can use the mortgage calculator on my website.

3. Should I go for a fixed rate or variable rate mortgage?
It depends on several factors, including interest rates. If they are generally low but are slowly increasing, it is better to lock in a fixed term. Variable rates have more risk due to unpredictable fluctuations. However, they could also end up saving you thousands of dollars.

4. Can non-residents purchase property in Canada?
Yes! If they are working in the country with a valid visa and are filing tax returns, their salary slips can qualify them for a mortgage.

5. Can foreign nationals purchase property in Canada?
Yes. There is no restriction on foreign nationals buying land in Canada. However, specific criteria needs to be followed, and additional taxes get levied.

If you have any more questions about mortgages, get in touch with the experts at Pash Financial / Mortgage Architects. As a licensed mortgage professional in Mississauga, ON, I endeavor to use my expertise and vast network of lenders to provide incredible services.

My services include residential mortgages, home purchase mortgages, new immigrant mortgages, self-employed mortgages, mortgage refinancing, and switches. I also assist with debt consolidation, bad credit mortgages, second and third mortgages, investment properties, construction mortgages, and commercial mortgages for clients.

I serve clients across Toronto, Mississauga, Vaughan, Markham, Scarborough, Brampton, Caledon, Ajax, Oshawa, Milton, Oakville, Burlington, the GTA, and the surrounding areas.

To learn more about how I can help you, please click here or contact me by clicking here.