A mortgage broker is a licensed professional who helps individuals find and secure a mortgage that suits their needs. They work with multiple lenders to provide you with various options and can offer you expert advice on mortgage terms, rates, and the overall loan process. Using a broker means you'll have access to more mortgage products than going directly to a single lender.

There are several types of mortgages available, including:

• Fixed Rate Mortgage: The interest rate is locked in for a set period, offering stability and predictable payments.
• Variable Rate Mortgage: The interest rate fluctuates based on the prime lending rate, which can result in lower initial rates but higher risk if rates rise.
• HELOC (Home Equity Line of Credit): A flexible loan secured by your home’s equity that allows you to borrow and repay funds as needed.
• Open Mortgage: Allows for early repayment without penalties, often at a higher interest rate.

The mortgage application process typically involves the following steps:

1. Pre-Approval: We assess your financial situation to determine how much you can borrow and at what rate.
2. Application: You submit a formal application with all necessary documents such as proof of income, employment, and credit history.
3. Approval: Once approved, we work with you to choose the best mortgage product for your situation.
4. Closing: You finalize the mortgage agreement, and the loan is disbursed for the purchase of your home.

Several factors can impact your mortgage rate, including:

• Your credit score and financial history
• The type of mortgage you choose (fixed vs. variable)
• The length of the mortgage term
• Your down payment size
• The current interest rate environment and market conditions

Yes! Getting pre-approved for a mortgage is an essential step in the home-buying process. It gives you a better understanding of how much you can afford to borrow, streamlines the application process, and makes you a more competitive buyer when negotiating with sellers.