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Get Pre-Approved
This vital phase of buying a home requires a detailed review of the buyer’s financial profile, credit standing, and the property itself. Lenders determine mortgage approval by evaluating your income, credit history, down payment amount, and the home’s appraised value. Our Lethbridge Mortgage Brokers are here to guide you through each step of this process.
Refinance
Many homeowners refinance their mortgages to reduce monthly payments, lower the total cost of borrowing, or tap into their home equity. This process involves securing a new loan to pay off the existing one, often resulting in a more manageable payment plan or cash‑out options. Let our Lethbridge Mortgage Brokers guide you through your refinance today!
Mortgage Renewal
Experience a smarter way to handle your mortgage renewal. When your Lethbridge mortgage term ends, don’t just renew—partner with The Mortgage Centre. Tailor your payment schedule, lock in a competitive rate, and reach mortgage freedom sooner than you’d expect.
Download our FREE Home Buyer Guidebook
A guide to starting your exciting journey toward lifelong homeownership. Includes: Documents you will require, Mortgage Default Insurance, Credit Profile, Calculate your down payment and upfront expenses
Frequently Asked Mortgage Questions
A guide to starting your exciting journey toward lifelong homeownership. Includes: Documents you will require, Mortgage Default Insurance, Credit Profile, Calculate your down payment and upfront expenses
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What is the role of a Mortgage Broker and how can they help me find the right mortgage?
A mortgage broker acts as a middleman between borrowers and lenders, helping borrowers find the best mortgage product to meet their specific needs and financial situation. Mortgage brokers have access to a wide range of mortgage products from multiple lenders and can assist with the loan application process, including gathering documentation and submitting it to the lender. They can also help borrowers compare rates, terms, and requirements to find the right mortgage that fits their budget and goals. By working with a mortgage broker, borrowers can potentially save time and money, and find a mortgage that they might not have been able to find on their own.
How do mortgage brokers get paid, and is their fee included in the mortgage rate?
Mortgage brokers are typically paid through a commission from the lender. This commission is based on the size of the loan and is a percentage of the loan amount.
How does a mortgage broker differ from a bank or direct lender?
A mortgage broker acts as an intermediary between borrowers and multiple lenders, while a bank or direct lender originates and funds loans in-house.
A mortgage broker has access to a variety of mortgage products from multiple lenders, and can help borrowers compare rates and terms to find the right mortgage for their specific needs. Banks and direct lenders, on the other hand, only offer their own products and may have more limited options.
What is mortgage insurance, and when is it required?
Mortgage insurance is required when the down payment is less than 20%. It protects the lender in case the borrower defaults on the mortgage. The cost of mortgage insurance is usually added to the mortgage amount.
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How long does the mortgage process typically take with a broker, and what documents do I need to provide?
The length of time it takes to complete the mortgage process with a broker can vary, but it typically takes several weeks to a few months. The exact timeline will depend on a variety of factors, including the lender’s requirements, the complexity of the loan, and the borrower’s response time in providing necessary documents.
As for the documents required, common items a borrower may need to provide include:
- Proof of income (pay stubs, tax returns, etc.)
- Proof of employment and job stability
- Proof of identity (driver’s license, passport, etc.)
- Proof of residency (utility bills, etc.)
- Proof of assets (bank statements, investment account statements, etc.)
- Proof of insurance (homeowner’s insurance, hazard insurance, etc.)
A mortgage broker can provide a more comprehensive list of required documents and assist with the process of gathering and submitting them to the lender.
What is the difference between a fixed-rate and variable-rate mortgage?
A fixed-rate mortgage has a consistent interest rate for the entire term, providing predictable payments. A variable-rate mortgage, on the other hand, has an interest rate that can fluctuate based on changes in the market interest rates.
What is pre-approved mortgage, and how does it work?
A pre-approved mortgage is a conditional commitment from a lender for a specified loan amount. It helps homebuyers understand their budget and can speed up the homebuying process.
Can I get a mortgage if I have a poor credit rating?
The quick answer is yes, though it can be trickier, but it is certainly not impossible.