20 Questions to Ask your Toronto Mortgage Lender

By Evan Sage

1.   What types of loans do you offer?
2.   Can you please outline the terms and conditions of each loan?
(ie. How often does the interest rate change? Are there any
prepayment privileges? What is the renewal term?)
3.   Do fixed rates or variable rates apply to those loans?
4.   What are the particulars of the prepayment privileges?
5.   Is the mortgage portable?
6.   What, if any, insurance is required?
7.   Is there a discharge penalty if we sell the house before the
expiry of the mortgage term? If so, what is the penalty?
8.   Would the discharge penalty be waived if new owner assumed
the existing mortgage? Are there any assumption fees?
9.   Does the mortgage broker charge any arranging fees?
10. Does mortgagee charge mortgager any fees?
11. What underwriting standards get applied? (housing requirements,
debt ratios, etc.)
12. Do you give a loan commitment?
13. What are the, if any, loan commitment restrictions?
14. How long does it take to process the loan?
15. What has to be done to obtain final loan approval?
16. Can I get pre-qualified online?
17. Does the mortgage place any restrictions on the home?
18. For how long have you been a mortgage broker?
19. What percentage of your transactions is in residential real estate?
20. Can you please provide me with some reference?

Evan Sage is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division. Evan is also a regular contributor to the Muddy York Blog.  Evan’s web site is located at www.evansage.com.

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