Mortgage Services


What is the difference between a mortgage broker and a lending institution?


        At Landmark, our mortgage brokers are independent licensed mortgage specialist with the OACIQ. Unlike a bank, a mortgage broker has access to a number of products offered by most financial institutions.

While a bank simply offers their products, a mortgage broker can shop around and find the best products that will suit your personal financial needs.

Furthermore, a mortgage broker works for you rather than a specific financial institution. Plus, he/she only gets paid once the mortgage is disbursed.



Why should I use a mortgage broker?

        With the option of a wide variety of products, the services a mortgage broker offers are much more flexible than the few choices a bank specialist can provide you.

Moreover, mortgage specialists have access to unadvertised rates and they offer unbiased knowledgeable financial advice.



How much can I afford to buy a home?


        We have created a simple tool to help you. Our calculator will help you determine how much you can afford to determine your buying power and monthly payment for your home.



What is the minimum down payment that is needed when purchasing a home?


        In most cases, you need a minimum of 5% of the total loan amount for a down payment.

In addition to the down payment, you must be able to demonstrate that you have at least the total of 1.5% of  the purchase price to cover other closing costs of the mortgage such as (legal fees, taxes adjustment and insurer sale tax of 9% on the insurance premium fee).

For any down payment that is less than 20% of the total value, loan insurance is required. Here is how you could increase your down payment.



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


        A fixed rate mortgage has a pre-determined interest rate at the beginning of the loan term. The advantage of this type of mortgage is that the rate stays the same throughout your full mortgage term which in turn lets you plan accordingly for your monthly payments.

A variable rate mortgage has a fluctuating interest rate (which depends on the market conditions) throughout the loan term. If the rate drops, more of the payment goes towards reducing the principal. If the rate goes up, a larger portion of your monthly payments funds the interest.



What documentation is required to obtain a mortgage?


Along with our credit application, the following documents are usually required for the lender:


  • Signed Credit Application / Consent Form
  • Two valid pieces of personal identification (driver license, medicare, etc.)
  • Employment information including confirmation and proof of income
  • Proof of financial assets
  • Information and details of all bank accounts, loans, and any other debts of the past three months
  • Source and amount of down payment for at least three months demonstrated in the account for the closing costs (usually 1.5% of purchase price)


* Please note other documentation may be required.



What is a mortgage pre-approval?


        A mortgage pre-approval provides you with a guaranteed interest rate and loan amount from lenders.  They may provide the pre-approval up to 120 days for you to shop for your dream home with the pre-approval.


The amount a client is usually qualified for on a mortgage pre-approval is based on the information provided by the client. It must be verified once more if the mortgage is carried on. Conditions, which would need to be verified, would include employment information, proof of down payment, property information, etc…



Can I use funds which were given as a gift for the down payment?


        Funds given to a client as a gift from immediate family members are acceptable as a down payment from most lenders. A gift lender signed by the donor and receiver of the funds is always required to confirm that the funds are actually a gift and not a loan.


Note: you will need 1.5% of personal funds for property purchase


When should I renew my mortgage?

        Most lenders send out their mortgage renewal notices 90 days in advance, with the posted mortgage rates. However, the rate provided to you is not the lowest rate on the market. That is why mortgage brokers are better to work with to receive the best offers from various lenders.



How can I pay off a mortgage sooner?


There are many options when it comes to paying off a mortgage sooner. Here are some options to choose from:


  • Select an accelerated bi-weekly or weekly payment schedule.
  • Double up your mortgage payment.
  • Pay down the loan with the balloon payment between 10 and 20% (certain conditions may apply by lenders)


You could also choose a shorter amortization length at the renewal date. However, it is not advisable on the financial aspect.



Can I use an RRSP for a down payment on my first home?


        As a first time buyer, you can use up to $25,000 of your existing RRSP’s to help you make the down payment in accordance to your most recent federal notice of assessment and revenue.


For further details, check our video



What is a mortgage loan insurance?


        Mortgage loan insurance is provided by Canada Mortgage and Housing Corporation (CHMC), the official government, Genworth Financial, and Canada Guaranty.

This insurance is required by law to insure lenders against defaults on mortgages with a loan to value ratio which is greater than 80%.

The insurance premiums can range from 0.60% to 6.60% and are paid by the borrower. They are usually added directly to the mortgage amount.



Is it possible to qualify for a mortgage if I have been declared bankrupt?


         Some lenders still consider you eligible for a mortgage although you have faced bankruptcy. This decision varies from lender to lender and ultimately depends on the circumstances surrounding the bankruptcy. If you believe this will be a problem, please consult us for more information.



What is a Home Inspection?


        A home inspection is a visual examination of a property by a professional to determine the overall conditions of the property. The inspector gives the results of the inspection in writing to the new buyers within 72 hours.



Is it important to have a home inspection done?


        Yes, it is recommended to have a home inspection done. It is also advisable to present the promise of purchase with the inclusion of the inspection clause.



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 without notice, from time to time subject to changeThe information given serves an educative purpose and is in our sole discretion.