Frequently Asked Questions
How do I know if I qualify?
There are many ways to qualify for a mortgage. Some mortgages are based on the equity of your home with no income qualification needed, while others are based on salary and credit worthiness.
Each mortgage application is treated differently and can be approved subject to your specific needs and qualifications. At Maple Leaf Mortgages, we are experts in determining the route to process your application in order to obtain the best mortgage rate in the marketplace on your behalf.
How does bankruptcy affect my qualifications?
If you own a house and have equity, we can get your home refinanced for you, even if you are not a discharged bankrupt. In order to purchase a home, depending on your down payment, we can get you a mortgage provided, you are discharged from bankruptcy.
I am in business for myself and can’t prove income, can I still get a mortgage?
Yes, we can still get you approved for a mortgage. The qualifying process is different as rates and terms may vary depending upon the credit and equity in your property or your down payment towards your purchase.
You will need to answer 4 simple questions:
1. How is your credit?
2. How much are you putting down, if it is a purchase?
3. What is your income?
4. How long have you been in your job?
How long can you hold a rate?
Rates can be held between 90 to 120 days. Rates can drop if rates in the marketplace fall.
Can we arrange bridge financing?
Bridge financing can be arranged depending on the closing date and is usually no more than 6 weeks of the new purchase.
Can we switch from a variable to a fixed rate?
Depending on the terms of your mortgage, you can switch to a fixed rate term from a variable rate mortgage at anytime.
I have bad credit, can I still get a mortgage?
As long as you have equity in your property, we can get you approved for mortgage financing with bad credit.
Can I buy with no money down?
With good credit, job stability and proof of income, you can arrange for a mortgage with no money down up to 100% of the property value or new purchase amount (subject to availability).
