Frequently Asked Questions

No. You don't have to save for a 20% down payment. You can put down as little as 3.5% with FHA loans, or even nothing at all with VA and USDA loans. Plus, with Private Mortgage Insurance, you can buy a home without the full 20% down. You've got choices, no matter your situation.

No. Pre-qualification and pre-approval are not the same. Pre-qualification is a lender's initial assessment that you might be able to get a loan based on your finances. Pre-approval is a more formal promise from a lender to give you a mortgage, based on a thorough check of your financial background.

A bank is a direct lender that provides you with the mortgage funds. A mortgage broker acts as an intermediary, offering you loan options from various lenders. Working with a broker offers numerous benefits: they help you gather necessary documents, answer loan-related questions, and tailor options to your specific needs — even for less common mortgage types or unique circumstances like a thin credit file. Brokers handle the paperwork and communication with lenders, streamlining the process and saving you time and stress.

Private Mortgage Insurance (PMI) is insurance you may have to pay if your down payment is less than 20% of your home's price when buying, or if you owe more than 80% of your home's value when refinancing. It protects the lender (not you) in case you can't pay your mortgage.

Yes. Your mortgage advisor can guide you in picking the best options to get money from your home's value before you've paid off your mortgage fully. This money can be used for home renovations, paying for college, or planning for long-term care, among other things. Have a chat with us to learn how you can tap into your home's equity.