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Frequently Asked Questions
What Is a Mortgage?
A mortgage is a loan used to purchase property, where the property serves as collateral for the loan.
What’s the Difference between a Fixed-Rate and a Variable-Rate Mortgage?
With a fixed-rate mortgage, the interest rate remains constant for the entire term of the loan period. Whereas,variable-rate mortgage changes over time based on shifts in the economic environment and market conditions.
How Long Does It Take To Get Mortgage Pre-Approval?
If you provide us with all the required supporting documents, our experts will pre-approve you in 24 hours.
What Documents Do I Need to Apply for a Mortgage?
For Salaried Clients:
- Two recent pay stubs
- The last two years of T4s
For Hourly, Part-time, or Contract Workers:
- Two recent pay stubs
- The last two years of T4s
- Employment letter confirming guaranteed hourly rate and number of hours
For Self-Employed Clients:
- The last two years of T1 Generals
- Articles of Incorporation or Master Business License
For All Borrowers:
- Equifax credit report that they can get on their own for free
- Two pieces of ID (excluding health cards and SIN)
- For any existing properties: a copy of the current mortgage statement, the latest property tax bill, and the lease agreement (if the property is a rental)
- For those receiving child benefit or pension, a bank statement showing the benefit amount
What does Refinancing mean?
Homeowners may choose to refinance their mortgage for various reasons, including:
- Lower Current Interest Rate — This will decrease your mortgage payments
- Change Time Frame Of Loan — You can re-amortize your loan by increasing the time frame from 25 to 30 or vice versa.
- Change Loan Type — You may want to change from a variable rate to a fixed rate or vice versa.
- Obtain Access Home Equity — A homeowner can pay down their mortgage balance or home value increases, which results in build-up equity.
- For example, if a home is worth $500,000 and the homeowner owes $200,000 on the mortgage, they have $300,000 in equity.
- The homeowner can use the $300,000 for investments, have an emergency fund, use it towards home improvement, or use it towards child education.
What Are the Benefits of Debt Consolidation through a Mortgage with Dove Mortgages?
We will analyze all your high-interest debts (credit cards, personal loans, etc) and strategize which debts to consolidate/combine into one low-interest mortgage payment. This will save you thousands.
