Frequently Asked Questions

 A mortgage is a loan provided by a lender to help you purchase a home. The loan is secured by the property, meaning if you fail to repay the loan, the lender can take ownership of the property. 

A mortgage broker is a licensed professional who acts as an intermediary between you and potential lenders. At Serenity Mortgages, we help you find the best mortgage rates and terms by comparing offerings from a wide range of lenders, ensuring you get the most competitive deal for your needs. 

You can start the mortgage application process by filling out our online application form or scheduling a consultation with Kim. She’ll guide you through each step and help you asses your financial situation and find the best mortgage solution tailored to your needs. 

We offer a wide variety of mortgage options, including:

• Fixed-rate mortgages
   
• Variable-rate mortgages
   
• Adjustable-rate mortgages (ARMs)
   
• Home equity lines of credit (HELOCs) on a primary residence
   
• Refinancing options
   
• First-time homebuyer mortgages

• Porting a breaking a mortgage

Pre-qualification is an informal process where we estimate how much you can borrow based on your self-reported financial information. Pre-approval is a more detailed process, where we review your financial documents, credit score, and other factors to give you a specific loan amount you are likely to qualify for. 

 When applying for a mortgage, you will typically need:

• Proof of income (pay stubs, tax returns)
   
• Employment details
   
• Bank statements
   
• Credit history
   
• Identification (driver's license, passport)
   
• Information about the property you are purchasing (if applicable) 

• Additional documentation may be required

Your credit score plays a significant role in determining whether you qualify for a mortgage and the interest rate you’ll receive. A higher score often results in a better interest rate and loan terms, while a lower score may lead to higher rates or fewer loan options. 

A down payment is the upfront payment you make when purchasing a home. The standard down payment is 20% of the home’s purchase price, but some mortgage options require less. First-time homebuyers, for example, may qualify for lower down payment options. 

 Yes, it’s possible to get a mortgage with a low credit score, but it may come with higher interest rates and less favorable terms. Our brokers work with various lenders and can help you explore options suited to your financial situation. 

 The mortgage approval process typically takes anywhere from a few days to a few weeks, depending on the complexity of your application and the lender's requirements. We work to make the process as quick and smooth as possible for you. 

Mortgage insurance protects the lender if you default on your loan. If your down payment is less than 20% of the home's value, you may be required to purchase mortgage insurance. There are different types, such as CMHC insurance for government-backed loans.   For more details about CMHC Insurance and how it works, check out our CMHC Insurance page, or call us today.

 The amount you can borrow depends on several factors, including your income, debt, credit score, and the value of the home you're purchasing. We can help you calculate what you can afford and guide you through the process to find a loan that fits your budget. 

Yes, you can pay off your mortgage early, but some mortgages may have early repayment penalties. It’s important to review your mortgage terms or discuss options with one of our brokers to ensure there are no unexpected fees.