F.A.Q.

The difference between us and a bank representative is that we are not tied to one lender. For a basic example, If you are dealing with RBC or CIBC, those representatives can only offer you mortgages from the bank they work at. If RBC offered you 2.00% and CIBC offered 1.95%, the RBC representative will not tell you to proceed with CIBC.

At Transparent Mortgages, we can put you with the lower rate lender. Think of us as a representative for multiple lenders. we compare other banks, Credit Unions, and broker-only lending institutions. It is of course not always about rate, we can also compare the pre-payment privileges, penalties and a term that makes sense for your specific circumstances.

No, so long as you have at least 6 – 12 months worth of bank statements showing your business income deposits and a minimum 20% down payment (if purchasing), we can get you approved.

If refinancing, we can go up to 80% of the property value.

Our self-employed lenders prefer to assess your cash-flow rather than tax documentation and financial statements, as they show a better reflection of your earnings.

Yes, absolutely you can. If debts are getting too much of a burden and you are always at the limit, then you can roll them in with your mortgage. This will enable you to pay off your high interest debts, help increase and improve your credit score and make the monthly payments more manageable.

Yes, you can. Whether purchasing or refinancing, it is possible to get financing. The severity of the impaired credit will reflect in the interest rate charges. There is a bit more work involved with these lenders.

Once credit has been repaired, it is possible to switch the mortgage to conventional lenders.

Yes, you can be approved for a Reverse Mortgage. These work differently to conventional mortgages. They lend based on your age and the equity available in your home.

The older you are, the more money you can unlock. These mortgages come as either a payment or NO payment mortgage. In the latter case, the interest of the mortgage rolls-up and is compounded. This means the house is paying for the mortgage and therefore the amount of equity available will be eroding.

It depends on what product you qualify for. We will tell you upfront if fees are applicable. If a fee is applicable to us, we receive it at closing. There are no upfront fees for Transparent Mortgages.

If we can qualify you for an A lender mortgage such as a bank or a broker-only lender, there is no fee for our services.

For adverse credit and self-employed lenders, there is a 1% fee based on the borrowed amount.

For Private financing 1st and 2^nd charge mortgages and Home Equity Line of Credits, there is a fee of 2% (our minimum fee $2,000)

Additional costs to consider:

Legal costs and lawyer fees range from $500.00-$4,000. This depends on the complexity of the transaction, lawyer base fee, debt payouts (if any) and the type of lender. With an A lender, legal costs will generally be less. With a private lender, there are 2 lawyers involved. One for the lender and one for you. You choose your own lawyer and they will provide you with independent legal advice.

Appraisal costs can range from $350-$600.00. Rush service, more expensive/unique properties and rural properties may have a premium associated with them.

A retainer (legal deposit) can range from $500 -$1,500. This applies with private lenders only. Not all have a retainer, but most of them do. At Transparent Mortgages, we only work with lenders that request payment once appraisal, income and credit have been satisfied. The only remaining conditions would be legal work.

The retainer is for the lender lawyer to start legal work. For them to start, they need to pay 3^rd parties (called disbursements) to request title searches and land transfer documents. These documents along with others (called instructions) are then formally provided to your lawyer.

The deposit is subtracted from the total lender lawyer cost. For example, if the cost was $2,000 for the lender the lawyer, and retainer deposit paid was $500.00. Then the total amount owing would be $1,500.00 on closing.

Indeed, we are. For each province in which we operate, Transparent Mortgage is licensed by the provincial regulatory body and our mortgage advisors are all licensed professionals.

Neither Transparent Mortgages nor the lenders will cover payment penalties for breaking an existing mortgage contract; however depending on the details of your current mortgage, it may still be that the savings made by switching to a lower rate are advantageous over these fees. Your Transparent Mortgage advisor can help evaluate whether those penalties are worth the returns.