About Kingston Mortgage Solutions

What is a mortgage broker?

A mortgage broker acts as an intermediary between consumer and lenders (ie. banks, credit unions, or lenders), shopping the market for the best rate and terms on a mortgage loan.

How does Kingston Mortgage Solutions get paid?

We are paid by the lender for good credit applications.

Getting a mortgage

What information is required to be pre-approved?

Basic information like your name, date of birth, current address, down payment source, employer and annual income is required.  Refer to our Online Application for further details.

What other costs do I need to know about when buying a property?

Besides the down payment minimum of 5% of the purchase price, you will require approximately 1.5% of the purchase price for closing costs for first time home, and approximately 2% of the purchase price if you are a repeat buyer, for closing costs.  Closing costs include legal fees, municipal tax adjustments, land transfer tax etc.

What is the minimum amount of down payment required for a mortgage in Canada?

5% down payment

What role does CMHC play in my mortgage?

If you have less than 20% down payment on a purchase, you must pay CMHC (Canada Mortgage and Housing Corporation) premiums on the property.  This is rolled into the mortgage payment and acts as protection for the lender/bank/credit union in the event that you default on your mortgage.

What is the difference between a fixed rate mortgage and a variable rate mortgage?

A fixed mortgage is a set interest rate for the term you choose, usually 5 years.  A variable rate, or often referred to as a floating rate, is based around the prime bank rate which can go up or down during a given mortgage term.

What happens after my mortgage closes?

We are your contact after the transaction, continuing to serve you as intermediary for any questions or concerns.

When should I look at my mortgage renewal?

About 4-6 months prior to your current mortgage maturity date.

Personal Credit

Can I get a mortgage if I have previously declared bankruptcy?

Yes you can, but it must be at least 2 years since being discharged and must have some re-established credit.

Do I need to establish credit?

Yes.  No credit is as bad as bad credit.  Lenders need to see how you use credit before they lend money on a major purchase like a home.

How can I prepare my credit in order to get approved?

Do not miss a payment on any credit item (credit card, car loan, line of credit etc.), and do not exceed 75% of your credit limit.  Also, limit the number of inquiries you make as it negatively affects your credit score.  Using a broker achieves this, since we use only one credit bureau to shop the market with many lenders.

I have bad credit should I bother applying for a mortgage?

Yes, we have a wide range of products to accommodate bruised or damaged credit.

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