You Got Questions...We've Got Answers!
Below is a list of the most Frequently Asked Questions we answer.
Question: Where can I find the Lowest Mortgage Rates?
Answer: FOCUS Mortgage Solutions has the lowest mortgage rates.
Question: What makes you the best mortgage broker in Regina?
Answer: Full disclosure - we are not the BEST in Regina - we have a small handful of excellent Mortgage Brokers in Regina - so calling ourselves the best would be hubris...but we're not afraid to say - We are pretty damn close to being the best mortgage broker in Regina!!
Question: Do you really have the lowest mortgage rates available?
Answer: Yes! We really do have the lowest mortgage rates available. We have over 20 years experience and have carved out awesome relationships with our lending partners - all to make sure our clients get the best and lowest mortgage rate in Canada.
Question: Do you charge fees? Will there by any hidden charges?
Answer: NO! We do not charge fees for Mortgage Services - HARD STOP!! That said - for our Credit Rehabilitation Services - we do charge a fee of $150.00 which is simply to recover our costs when we have to complete Equifax Credit Investigations to improve impaired credit.
Question: Do you do mortgages for Self Employed people?
Answer: Absolutely! We are proud to admit our favourite clients are self employed professionals! We absolutely provide mortgages to self employed professionals. We have programs from as little as 1 year Self Employment.
Question: Do you have mortgages for people with Bad Credit?
Answer: Yes, FOCUS Mortgage Solution does have mortgages available to people with Bad Credit. We like to refer to it as impaired credit though because most of the time your credit can be sobered up! You read that right. We have a specialized set of programs available to people who have had some negative credit issues. Regardless of reason - we take the time to understand your situation as best we can - and then we put a program together to get you back to where you need to be. More often than not - your credit isn't as bad as you think it is and we are often able to right the ship.
Question: Do you really really really have the lowest mortgage rates in Canada? What about in Alberta? What about in Ontario? What about in Saskatoon, SK? Do you have the lowest mortgage rates in all these places??
Answer: Yes, we have the lowest mortgage rates (and mortgage products) in Canada. Yes, we have the lowest mortgage rates in Alberta. We have the lowest mortgage rates in Ontario. We also have the lowest mortgage rates in Saskatoon! Yes, yes, and yes again - we really do have the lowest mortgage rates!
Question: What are your hours of availability?
Answer: We are open Monday to Friday from 8:00am to 5:00pm with our latest in office appointment for 3:30pm daily. We extend availability to 8:00pm nightly for phone calls and email correspondance. We are also available in office Saturdays and Sunday from 12:00pm to 5:00pm with extended availability to 8:00pm for phone calls and email correspondance.
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If you do not find what you are looking for, we invite you to email us directly or call us. We will take the time to listen to your question and we will provide you with the best answer possible.
- How Much Can I Afford To Buy a Home?
- What is a Home Inspection? Should I Have it Done?
- What is the Minimum Down Payment That I Need to Put Down?
- What is Mortgage Loan Insurance? Do I Need It?
- What is a Pre-Approved Mortgage? What is the Benefit of Getting a Pre-Approved Mortgage?
- Can I Qualify for a Mortgage if I Have Declared Bankruptcy, OPD or a Consumer Proposal?
- What Documentation is Required to Obtain a Mortgage?
- How Will Child Support and Alimony Support Affect My Mortgage Qualifications?
- What is the Difference Between a Fixed Rate Mortgage and a Variable/Adjustable Rate Mortgage?
Answers
How Much Can I Afford to Buy a Home?
Affordability of a home is a bit more complex than most people would think. We have a dedicated page set up to answer this question.
Click >HERE< to visit our "Affordability" page.
What is a Home Inspection? Should I Have it Done?
A home inspection is never a bad thing. Asking whether or not you need one is the same as asking if you need a Tooth Brush.
The truth is, you don’t need it…but the reality is, it wouldn’t hurt. Ok, dental hygiene is probably not the best comparison, but it does get the point across doesn’t it?
A home inspection is completed by a certified individual that studies the structural integrity and mechanical reliability of your potential new home. Structural integrity focuses on the foundation and construction of the property. The mechanical inspection covers your larger components of the house like the furnace, water heater, water softener, fireplace, etc.
Home Inspections are costly and carry their own risks...there's not much legal recourse set up if the Inspector misses something.
The unfortunate truth is that you have little to no recourse in the event that your Home Inspector is in error.
The only recourse you truly have is that you may get your “Home Inspection Cost” recovered – there is no “freebie” if they admit to error.
Don’t feel deterred from a home inspection based on this detail; the Home Inspection could quite possibly point out some major adverse issues to the home that will better educate you to make a wiser decision.
Hey, you could also get Gingivitis from your nasty toothbrush...but that shouldn't stop you from brushing your teeth!
What is the Minimum Down Payment That I Need to Put Down?
5% is the Minimum Down Payment required for most mortgages when a home is being purchased. But...as with "affordability", there are some other dynamics at work.
We've got a whole page dedicated to this question. Click >HERE< and get directed to our Down Payment Page.
What is Mortgage Loan Insurance? Do I Need It?
Mortgage Loan Insurance is also referred to as Mortgage Default Insurance.
And wouldn't you know it - we've got a page dedicated to that too!
Why not click >HERE< and get redirected to our Mortgage Insurance page. You are bound to find what you are looking for right there.
What is a Pre-Approved Mortgage? What is the Benefit of Getting a Pre-Approved Mortgage?
A Pre-Approved Mortgage is the most important step in the entire Mortgage Process.
By getting pre-approved, you are provided a clear cut set of guidelines specific to you and your mortgage. Affordability boundaries are established, you are informed of the required documents that are going to be needed, and you find out if there are any skeletons in your credit closet that you may have been unaware of...like that old Cell Phone Bill you decided not to pay. Oh yeah...that little $300.00 item could be a real problem for you.
The Pre-approval may also provide you with a Rate Hold. Depending on whether or not your broker submits the application to a lender. The rate hold could be up to 120 days in length...it could be only 90 days. Every lender is different and some lenders don't participate in pre-approvals.
It's important to note, a Pre-Approved Mortgage is NOT A GUARANTEE...only when a piece of property is submitted and the file is reviewed by the Mortgage Insurance company (CMHC/Genworth/Canada Guaranty) that a Mortgage Application is truly approved. Pre-approvals usually only reach the Broker or the Lender. But if you have a good Broker, like us here at FOCUS, you shouldn't be worried...we're good at this gig!
Can I Qualify for a Mortgage if I Have Declared Bankruptcy, OPD or a Consumer Proposal
The short answer is "YES." However, there are some variables to consider. You may have to put down 10% for a Down Payment.
You also have to have 2 years of re-established credit with at least 2 new pieces of credit you obtained AFTER you were discharged from your insolvency.
For something like this...we suggest making an appointment with a Broker to see if you meet the minimum requirements.
What Documentation is Required to Obtain a Mortgage?
Generally we require proof of Identifcation, proof of income and/or employment, and proof of Down Payment Savings. We usually obtain your Drivers license to confirm your Identification, a Letter of Employment and most recent pay stubs to confirm employment (If you are self employed we generally as for last 2 years of completed income tax), and lastly for the down payment source we require the most recent 90 days of bank statemens showing the accrual of the funds in your possession, confirming the funds are yours and not from a borrowed source. When a gifted down payment is involved - we also collect a completed Gift Letter and confirmation the funds have been deposited in to your account.
How Will Child Support and Alimony Support Affect My Mortgage Qualifications?
This is a bit of a gray area. It depends on the age of the dependent in most cases and is best dealt with one on one with us. Loosely speaking, if you are paying support - generally we treat it as a monthly liability...and this of course impacts the total mortgage amount you can qualify for. If you are receiving support payments - we can only recognize the payments if they are going to extend for at least the duration of the mortgage term.
What is the Difference Between a Fixed Rate Mortgage and a Variable/Adjustable Rate Mortgage?
Fixed rates are exactly that - FIXED! Unmoving. They are same day 1 as they are on the last day of the mortgage term.
Variable and Adjustable Rate Mortgages are two hairs of the same beast - both can fluctuate up and down following the Bank of Canada rate adjustments, and both affect how much interest and principal is paid - HOWEVER - they are not the same!
Variable Rate Mortgages work with CAPPED PAYMENTS and can either result in a surplus of payments, that pays down principle, or an INSUFFICENCY of payments and requires a TOP UP Payment in order to keep your mortgage amortization in line and out of delinquency.
Variable Rate Mortgages SUCK! We don't do them.
We instead offer the ADJUSTABLE Rate Mortgage. This product works on the ACTUAL payment requirement if/when there is a fluctuation in rates, your payment makes the necessary adjustment to keep your mortgage current and out of delinquency and it maintains your mortgage amortization stays on course.
NOTE: Every client has different questions - and we'll answer all of them. If you have any questions not listed - just give us a call - we will take the time to go over everything in proper detail in order to equip you with the information you need to make sure you are making the right decisions regarding your mortgage.
