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General Questions

We are Mortgage Architects.

We are an established national Mortgage Brokerage led by a seasoned management team and supported by a network of experienced and caring Mortgage Brokers. We help homeowners ask the right questions, compare mortgage rates and privileges, design a mortgage based on their needs, and understand how to make their mortgage work for them.

We are here for Canadians like you who are looking to fall in love with their first home, move up to their dream home or vacation property, or renew a mortgage using the equity in a home for everything from renovations to debt consolidation.

We have access to more than 50 lending institutions, including major banks, credit unions, trusts and other national and regional lenders to ensure we are able to provide just the right mortgage solution for you needs today and tomorrow.

It is important to talk to us before signing on a home. Let us help you get your approval on that first-time home buyer loan or home improvement loan squared away. When you find your dream home, you’ll have the confidence to secure it. Mortgage Solutions Financial puts you in the right home purchase loan first so that you can build a secure future.It is important to talk to us before signing on a home.

Mortgage clients typically do not pay a fee for the services of a Mortgage Broker. Financial institutions pay a finder’s fee to Mortgage Brokers and at the same time offer them their best discounted rates and fast approvals in order to gain their business. This helps financial institutions gain a larger share of the market. A Mortgage Broker can shop among many financial institutions for the best rate and mortgage product for the needs of the client.

A fee may be necessary for clients who have difficult credit and cannot be placed with a traditional lender. This cost must always be disclosed to the client up front and must be authorized in writing by the client before it can be charged.

Case Specific Questions

A home inspection is an examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection. A pre-purchase home inspection can add peace of mind and make a difficult decision much easier.

Where child support and alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for. Where child support and alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.

Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. And, as long as you are not increasing your mortgage, they will cover the costs of transferring your mortgage too. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. And if rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well. Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one. Always investigate the possibility of a lower interest rate with the lender or another lender. If you don’t you may end up paying a much higher interest rate on your renewing mortgage than you need to.

There are ways to reduce the number of years to pay down your mortgage. You’ll enjoy significant savings by: Selecting a non-monthly or accelerated payment schedule Increasing your payment frequency schedule Making principal prepayments Making Double-Up Payments Selecting a shorter amortization at renewal.

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and GE Capital Mortgage Insurance Company, an approved private corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from .50% to 3.75%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.

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