FAQ

What is a fixed rate mortgage?

A fixed-rate mortgage is a fully amortizing loan agreement where the interest rate remains the same throughout the term of your contract regardless of what happens to the prime rates. This way there are no unpleasant surprises for you!


My mortgage is up for renewal. Should I just sign the renewal form and send it back to my lender?

It really depends on the situation. If you aren’t informed of the best interest rates out there, or aren’t satisfied with the rate that’s being offered by your lender, we recommend that you consult with an Accredited Mortgage Professional (AMP.) With their expertise, they can give you the proper information regarding the interest rate offered to you by your lender, and whether it’s actually the best rate that they can offer you. Remember that you have control when it’s time to renew your mortgage- we strongly urge you to explore your options before signing a mortgage renewal.


How much can I qualify for?

What you qualify for can depend on several factors, such as the lender’s criteria, along with the products that are available to you. If you would like to find out the exact amount that you can qualify for, feel free to send us your application, or contact us.


What is the minimum down payment required to purchase a home in Ontario?

For a home in Ontario, the minimum down payment that’s required is 5%, which is subject to maximum price restrictions. You must also be able to verify that you can pay off any costs related to closing your mortgage, which can include appraisal fees, legal fees, survey certificates, and other services and fees.


Can you really save me money on my mortgage?

We can certainly help you save money on your mortgage. Our expert mortgage professionals have a thorough knowledge of the many options that are out there, and can help you select the one that can provide you with the best rate, payment flexibility, term, and pre-payment privileges. The seasoned mortgage brokers at Noble Mortgage Architects can assist you by securing lower rates than what your local financial institution can offer you, due to our access to over 50 lending institutions, including major banks, credit unions, trusts, and other significant national and regional lenders. It’s not just about having the lowest interest rate- we can show you other significant ways that you can save your hard-earned money during your mortgage period.


What’s the difference between pre-qualifying and pre-approval?

Pre-qualifying for a mortgage is essentially a calculation that can help you find a price that you can adequately afford. A mortgage broker can assist you during this process by reviewing your down payment, income, estimated property taxes, heating costs, and any other applicable monthly expenses to help you calculate a price that meshes with your budget.

On the other hand, a pre-approval for a mortgage is when you apply for and receive advance approval from a lending institution. This is done in order to streamline the approval process before you make an appropriate offer. At this point, all that needs to be done is approve the actual property. Afterwards, your mortgage broker will send over your application and credit information to the appropriate lender. If approved, the lender will then issue a pre-approval certificate quoting an interest rate, maximum mortgage amount, expiry date, and any possible conditions or stipulations. A pre-approval certainly speeds up the financing process.


Why should I use a mortgage broker?

Our expert mortgage brokers can provide you with the proper assistance that you need. They can find you the best possible rates and terms for your mortgage, due to their access to a myriad of different national and regional lenders. Mortgage brokers are there to help you and keep your best interests in mind, while a bank lender only has to provide you with a duty of care.


What is a variable rate?

A variable rate mortgage is affected by a lender’s prime rate, which typically follows the Bank of Canada interest rate fluctuations.