Frequently Asked Questions
Welcome to our FAQ section for Kanwar Brar Mortgages, your trusted Mortgage Broker in Surrey, British Columbia. Here, we address common inquiries about our services, including mortgage consultation, approval, and refinancing. Get informed and let us help you navigate the complexities of obtaining the best mortgage for your needs.
What are the eligibility criteria for getting a mortgage?
To be eligible for a mortgage, you need a good credit score, stable income, consistent employment, and a sufficient down payment.
Are there any fees associated with mortgage refinancing?
Yes, there may be legal fees associated with mortgage refinancing, although some options may not have fees.
What is the minimum down payment required for a mortgage in Canada?
In Canada, the minimum down payment is typically 5% for homes under $500,000.
What documents are needed for mortgage approval?
You will need to provide proof of income, employment verification, credit history, and details about your assets and liabilities.
What is mortgage refinancing?
Mortgage refinancing involves replacing your existing mortgage with a new one, often to secure a lower interest rate or access home equity.
How long does the mortgage approval process typically take?
The mortgage approval process usually takes about 1 to 2 weeks, but it can vary based on individual circumstances.
Can I switch from a fixed-rate to a variable-rate mortgage?
Yes, it is possible to switch from a fixed-rate to a variable-rate mortgage, depending on your lender's terms.
How does mortgage pre-approval work?
Mortgage pre-approval involves a lender reviewing your financial situation to determine how much you can borrow and at what interest rate.
Can I get a mortgage with a low credit score?
While a low credit score may make it more difficult, it is still possible to obtain a mortgage with alternative lending options.
How can a mortgage broker help me?
A mortgage broker assists you in finding the best mortgage products by comparing various lenders and rates, saving you time and potentially money.
Need More Information?
Contact Kanwar Brar Mortgages for expert advice and personalized mortgage solutions tailored to your needs.