In most instances, there are no fees involved. Mortgage consultants receive a commission from the lending institution that receives and funds your mortgage application. If you do not qualify normally due to bad credit, job instability or other unseen factors there may be a brokerage fee, but it will be disclosed to you prior to proceeding.

To determine 'affordability' you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half the monthly condominium maintenance fees will also be included in this calculation.

A minimum down payment of 5% is usually required to purchase a home, but there are exceptions. Regardless of the down payment chosen you must be able to show that you can cover the applicable closing costs (Legal fees, appraisal fees and a survey certificate when appropriate).

No. Allow me to to begin shopping around for an interest rate at least 120 days before your mortgage matures. Lenders will often guarantee you an interest rate as much as 120 days before your mortgage matures. As long as you are not increasing your mortgage, they will cover the costs of transferring your mortgage as well. This means a rate promised well in advance of your maturity date, which eliminates any worries about higher rates and if rates drop before the actual maturity date, the lender will adjust your interest rate to the lowest it has been during the 120 days since the application was submitted.

A high-ratio mortgage is one where the amount to be borrowed is greater than 80% of the purchase price or appraised value. High-ratio mortgages generally require mortgage loan insurance provided by either CMHC, a crown corporation or Genworth, a private insurer.

Depending on the circumstances surrounding your bankruptcy, generally some lenders will consider providing mortgage financing.

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price; a loan to value of less than 80%; and does not normally require mortgage insurance.

Mortgage loan insurance is provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and Genworth and AIG Guaranty, approved private corporationa. This insurance is required by law to ensure lenders against defaults on mortgages with a loan to value ration of more than 80%. The insurance premiums, ranging from .50% to 2.75% are paid by the borrower and can be added directly into the mortgage amount. This is not the same as mortgage life insurance.

A minimum down payment of 5% is usually required to purchase a home, but there are exceptions. Regardless of the down payment chosen you must be able to show that you can cover the applicable closing costs (Legal fees, appraisal fees and a survey certificate when appropriate).

Employment and income documents proving income such as recent paystub, letter of employment. For self employed, commissioned or seasonal workers (such as oilfield, construction, truck driving etc), you will need to provide 2-3 years of Revenue Canada Notice of Assessments.

When dealing with a bank, you are limited to their product line, which may not be the best product for you. But they won't tell you that, because it's their job to sell you their products.