• Have you represented more than 1 lender in the past 12 months? • How long have you been a mortgage advisor? • What are your qualifications as a mortgage advisor? • Do you have other employment? • Have you closed over $10 million of financing in the last 12 months? • What methods will […]

• If I have a problem with my mortgage after it has closed, who do I call? • Will I get a dedicated mortgage advisor, or talk to someone different each time I have a mortgage question? • How long do I have to wait on hold to speak to my mortgage advisor? • What […]

• Can I split the mortgage into different parts or muli-tiers? • If you pick a mortgage with both long and short terms, remember that the lender may not offer you the best rates on the renewal of your shorter term. Ask “If I don’t like the rate on the shorter term when it matures, […]

• Why aren’t you paying the appraisal fee? There is usually no appraisal cost if your mortgage is insured. • Do you have any processing fees? • Can I see the cost of borrowing disclosure before we sign an application? • Do you have any cancellation fees? • Do you charge “reinvestment fees” on top […]

• Is there any restriction on when I can refinance? Please explain. • Can I increase my mortgage at any time, at fully discounted rates, and without paying any penalty? • Can I extend my mortgage term at any time without penalty, and at fully discounted rates? • Is your mortgage readvanceable? Readvanceable mortgages let […]

• Does your variable rate mortgage have any restrictions? • Some variable-rate mortgages prevent you from porting or blending your rate, prevent increases and have fewer prepayment privileges. • Can I fix my payment so that it doesn’t move if rates increase? • How fast does the lender increase rates when prime rate rises? What […]

• Can I break my mortgage any time I want? Please explain open and closed mortgages. • If a mortgage penalty applies, how do you calculate it? Is it 3 months interest, more than 3 months interest or the IRD (interest rate differential) • Can I port my mortgage to a new property to avoid […]

• How much extra can I prepay each year without penalty? • When can I make these prepayments? • How much can I increase my ongoing payments each year? ie. 10%, 20%, up to 100%? • What payment frequencies do you have? ie. weekly, biweekly, monthly, semi-monthly. Can I have bi-weekly payments that are not […]