Free Advice
(What Questions to Ask?)
10 Questions to ask your Bank when shopping for a Mortgage.
This is likely the largest financial transaction of your life. It is important to have as much knowledge as possible to make an informed decision. We have compiled a list of ten basic mortgage questions. Ask your Lender these questions and sit back and listen to the answers. It probably wouldn't hurt to write down the answers.
How is the interest on my calculated? What is the difference between monthly and semi-annual compounding?
Is the mortgage portable? Is the mortgage assumable?
Am I still responsible if someone assumes our mortgage?
It this a collateral mortgage or a conventional mortgage? What is the difference?
What are mortgage interest rates based on?
When the Bank of Canada changes interest rates, how does this impact my mortgage?
What penalties would I pay if I wish to move to another Bank or payoff this mortgage?
Is there a way to avoid or reduce mortgage penalties?
How are these penalties calculated? What does interest differential mean?
Is there a method to make this mortgage tax deductible?
Mortgage Advice
Unfortunately, we hear the frustration and anxiety almost daily - your own bank doesn't return your call or has declined your request for a mortgage.
Many of these same requests are approved within hours at
Why? We have access to over 50 different and distinct mortgage companies in Canada, many of which are simply not available to the general public, or do not advertise to the public. What people don't realize is that the entire Banking system is designed around one basic concept, Reducing a Bank's Risk of Loss, and therefore, they impose very restrictive and sometimes ridiculous lending rules. Not everyone fits a Bank's criteria for Income and Credit, however, at, our only business is mortgage financing and we are experts in finding a Mortgage Institution that meets your needs.
We also understand that there are times when people encounter periods of financial difficulty, due to a loss of job, credit problems or a marriage breakdown. We are here to solve problems and find solutions - and not to judge individual circumstances.
If you are self-employed (which is close to 25% of the entire population), your bank will put you through the ringer and make you jump through hoops only to ask you for income confirmation that you told them was not available. There are many, many other solutions available. There are Banks that specialize in this area.
It helps tremendously to have an expert to represent your individual circumstances. We know what information is important, what questions to ask, and most importantly, how to package up a mortgage transaction and sell it to the bank for their approval.
If you are frustrated, give the team at a call at (416) 222 8067. Or you may email us.
We have a huge selection of mortgage loans
Our Mortgage Products
Our Mortgage Features
Rental income properties
100% financing
First mortgages
Fixed mortgage rates
Second mortgages
Home equity line of credit
Commercial mortgages
Home equity mortgages
Reverse mortgages
High-ratio mortgages
Farm Mortgages
Construction mortgages
The Mortgage Process
1. Create an application
2. Obtain the client's credit history
3. Qualify the client for the loan
4. Find the appropriate lender
5. Collect all the documents
6. Electronic submission through Filogix
7. Submit to the lender
8. Get approval from the lender
Why Use a Mortgage Broker...
Mortgage Brokers are professionals whose primary expertise is to educate each individual client with all options available in the mortgage industry. We keep current with the best rates and products offered in the marketplace and have developed expertise in what type of mortgage product best fits our client’s needs.
At Advance Mortgage, we have over 30 years experience in the industry. Experience definitely does make the difference. Our focus is mortgage lending solely. Since we have already developed professional relationships with most major financial institutions, this enables us as Mortgager Brokers to obtain the best possible discounted rates. We educate you, save you time and most importantly save you MONEY!!!
Some people still believe you only go to a Mortgage Broker as a last resort, why not reward yourself and call us, Your Personal Mortgage Broker!
More choice is what sets us apart.
All mortgage brokers have access to several lenders, but only Mortgage Leaders Group Inc. offers you real choice every time.
Our exclusive Mortgage Market represents the largest pool of residential mortgage money in Canada. It's made up of Canada's leading mortgage lenders, with some of the most innovative, most competitive mortgage products available today.
What makes our Mortgage Market unique is that it gets the lenders to compete for your mortgage through an automated process that puts their best offers in front of you, so you can clearly see your options.
Here are the lenders we work with: