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Frequently Asked Questions

Here are some of the most asked questions that our brokers receive from our clients.

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Q: What is a mortgage consultant?

A: A mortgage consultant is a professional, independent business person who negotiates on your behalf with financial institutions and private sources to help you secure the best available mortgage to meet your financial needs.

Q: Why use a mortgage specialist instead of a bank?

A: Banks deal with one lender. Mortgage specialists deal with many lenders at a time providing clients with a broader choice of services. Mortgage specialists use a lot of institutions which give them extra benefits such as lower interest rates and quick approval.

Q: Do I need mortgage insurance?

A: Mid Island Mortgage and savings suggests you have mortgage insurance in place for your family’s peace of mind. However, we offer you the options of whether you wish to be contacted by an insurance agent or whether you wish to decline the insurance.

Q: What is the cost to use a mortgage specialist?

A: For most people it is a free service as it is the lender who pays our fees.

Q: Can I put 5% down to obtain a mortgage?

A: There is a 5% down payment program in place that allows you to put down 5% of the purchase or appraisal price, whichever is less.

The 5% down payment must be from your own resources or a financial gift from an immediate relative. You also have to show that you are able to cover closing costs of 1.5% of the purchase price

GDSR: Your maximum gross debt service ratio (GDSR) cannot exceed 32%. This means your principal, interest, property taxes and heating costs cannot exceed 32% of your gross income.

TDSR: Your maximum total debt service ratio (TDSR) cannot exceed 40%. This means your principal, interest, property taxes, heating costs and monthly obligations including loans and credit cards cannot exceed 40% of your gross income. The mortgage loan insurance premium can be added onto the mortgage or paid separately. Your credit history must be in good standing.