HomeDeal Financial Group
Frequently Asked Questions
Q: Why use a mortgage broker?
A: Borrowing money, for whatever reason, can be an extremely daunting task. There are so many details to be aware of to ensure a satisfactory financial arrangement. Mortgage Brokers are well aware of the ins and outs of the industry, and work for you, the client, always keeping your best interests at the forefront.
Q: Did you know?
A: Shopping around to different lenders can hurt your credit score. Every time a credit bureau is pulled your score goes down anywhere from 2 to 50 points. As a Broker, we pull one credit bureau and do the shopping for you, thus maintaining your credit score.
Q: What does it cost to use a broker?
A: For most clients, our services cost you nothing (o.a.c.). The lenders pay our brokerage fees.
Q: What are your office hours?
A: Our knowledgeable and experienced brokers are available 24/7 and will meet with you at your convenience. It is not always necessary for clients to come into the office — much of the application process can be carried out using phone, email and fax and our online application form.
Q: If I am approved for a mortgage, what interest rate can I expect to pay?
A: Interest rates and terms are specific to each individual, based on their personal credit history.
Q: How much will I need for a down payment?
A: A down payment can be anywhere from 5% to 25%, depending on the individual credit situation. In some cases, we can even arrange 100% financing.