We realize that arranging a loan of any sort can be a confusing process. To help clear up some of the confusion, we have compiled this page with answers to some of the most common questions regarding Mortgage Network and what we do. If the answer to your question does not appear on this page, please feel free to ask us directly via any of the contact methods located on our contact page.

Some common questions are:

• What is a Mortgage Consultant?
• Who pays for the Mortgage Consultant?
• Who does Mortgage Network arrange mortgages with?
• Why would I go to a Mortgage Consultant rather than my local bank?

You go to an insurance broker to have him search for the most competitive rates for your car or house insurance because he deals with many different companies, not just one. You go to a mutual fund broker for advice on investing your money because he has access to many different investment companies. They're not limited to just one. Similarily, as Mortgage Consultants we search for the mortgage that best suits your needs. After taking your mortgage application, we match it to the information that we have from the banks and other financial institutions to get you a mortgage tailored to your wishes. We inform you of the rates and terms from the different banks and you are then able to make an informed decision as to what best fits your requirements. We then proceed to arrange the mortgage for you.

Who pays for the Mortgage Consultant

In most cases, the banks and financial institutuions where we arrange your mortgage pay for our services. A brokerage fee may be applicable in some cases. You are fully informed of this cost and no money is ever paid in advance of the mortgage being arranged. For the qualified borrower there is absolutely no mortgage consulting fee to arrange your mortgage. There could be lawyers fees, appraisal fee and CMHC underwriting fees depending on the circumstances.

Who does Mortgage Network arrange mortgages with?

We deal with over 25 lending institutions including Firstline Mortgages, Sunlife Trust, MCAP Mortgage Corporation, Toronto Dominion, Bank of Montreal, Bank of Nova Scotia, Trust Companies and more. We have many lenders on our computers that send us their up-to-date interest rates and lending programs. Each company is slightly different in their lending criteria. If we are unable to arrange a mortgage with one company, we have many other lenders at our disposal. It could be a private lender or it may be that we submit your application to a different department of the same bank. Whatever the case, we work to arrange your mortgage for you and we have the information and resources to get the job done.

Why would I go to a Mortgage Consultant rather than my local bank?

Pre-Approvals
We can pre-approve you for a mortgage amount, in person or over the phone.

95% Financing
Through CMHC. we can arrange a mortgage of 95% of the value of your new home, to qualified buyers.

Convenience
I work any hour of the day, 7 days a week to meet with you to gather the information required to arrange your mortgage. We can meet at your home, at your convenience. If necessary, I can take your mortgage application by phone.

Mortgage Rates & Terms
We have information on the latest mortgage rates, terms & discounts being offered by the major banks, Trust and Life Companies. We make this information available to you, a big benefit when you are deciding which interest rate and term best suits you. We tailor the mortgage to your wants, not the banks.

Service
Because we work any hour of the day, 7 days a week and because we will meet with you at your convenience, we are able to gather information required for your mortgage application faster than our competition. You can fax or e-mail your mortgage application to me and as a result you are also informed sooner that you have your mortgage.

Knowledge
We receive mortgage information on rates and terms from many banks and financial institutions to keep us up to date on the latest programs to offer you on a mortgage. We are not restricted to the information from just one bank. Mortgages are our business!