FAQs

Mortgage rates consist of: 1.) Variable, or short term rates, which are tied to the Bank of Canada Prime (usually much lower than fixed rates), and 2.)Closed, or long term fixed rates, which are tied to the Bond Rate. These rates have declined in the last few years for several reasons, but it all comes back to supply and demand. There may be a rise in rates over the next year.

You may obtain our rate guarantee until your maturity date. If rates go up before maturity, you are protected. If rates decline, your rate will drop. There are usually no application /switch, or processing fees, providing your mortgage is transferable. Some lenders pay the transfer fee (about $200) charged by your present lender, or they may pay for an appraisal,if necessary.

It takes about 24 hrs to get an approval, subject to income confirmation etc. If you are buying a home, it takes about 10 days to remove all subjects, and another 10 days to have the legal documents processed. So it is possible for you to move into a home as early as three weeks after you apply for a mortgage and sign a Contract of Purchase and Sale.

You would normally have to be on a job for at least a year. Or past the probationary (3 mos)point in a new job, in a related field. It helps to have good credit. Also a good net worth (you own more than you owe). Don't let all of the requirements bother you however. We help many people who do not meet all of the requirements. Apply anyway. There are no application fees on regular residential mortgages.

The best 5 year rate is posted on our site. This rate changes as we receive offers from various lenders on a daily basis, all bidding for your business. We not only try to get you the best rate, we try to get you the best product, with a lender that provides excellent service. What use is a low rate if you cannot call your lender, and talk to someone when you need them.

If your credit has improved lately we can often get you approved with a 5% downpayment. If you have recent late payments then it is much tougher. Each situation is unique. Regardless, we present your case in the best possible light so that lenders may be interested, and you may get a good rate also. If you can't get a good mortgage now, then we will work with you until we find you the best deal.

This is a great time to buy. Private sales can be a great way to get some equity. We can help you with that. We can also help you to try and fix your credit. There is no charge.


Yes we would be pleased to help you. We have several years experience with draw mortgages. The easiest way is to have a builder buy the lot and build the house, and you give them a deposit. Then you get a mortgage to pay him out when the house is built. You could also buy the lot(or finance part of it), and have a builder do the construction, using your draw mortgage to fund each stage. Then your mortgage is booked like a regular mortgage. Or you can buy the lot, get a draw mortgage, and build it yourself, or act as your own general contractor. This could save you a lot of money.

Large parcels are harder to sell than a regular city property with a house. This increases the risk for a lender. To offset the risk, they will want more money down, or ask you to obtain CMHC or GE mortgage insurance. There is no blanket answer, as each situation is unique. We can help if you email us with more info. Sometimes we can get lenders to accept less down - like 10%.

When you co-sign, you are taking on the full responsibility for the mortgage, usually with no benefit, or interest in the property. Also this may limit you getting credit for yourself in the future. If the owner has good equity in the property, then you can feel comfortable that they will make their payments. If not, there are other ways to help someone buy a home without taking on this whole debt. I am recently self employed, renting and I hate it. Is it possible to get a mortgage having been self employed only 2 yrs? Thanks. It is possible to get a mortgage when the Banks say no! We do it all the time. Why should you have to wait. Please contact us and we will help you get a mortgage asap

You bet. This is a great way for many people to get back on their feet. It may surprise you that often we can get you a good low rate, and sometimes lower than you may be paying now.

It may take some time to get approved as lenders like to see only good credit lately. It's better to start working on fixing your credit now so that you are all ready to buy. Please email or call us and we will get the ball rolling & help you buy asap.

We can do a lot when you have a good job. Please email or call us and we'll start helping you work your way out of this situation

Yes it is. We try to get you the same low rates as everyone else. Don't worry if you don't have all of the down payment yet, just apply and let us help you. Email rob@simhouse.ca or call us asap. Thanks

If you have re-established credit, then you have a good chance of buying a home. If you email us then we can help get you started

Generally you do not need Mortgage Insurance with 20% down. There are exceptions however depending on the location, or type of property being bought. As noted the CMHC Insurance fee is low, and this may have saved you from appraisal and other costs. Also you may be getting a better interest rate from your bank because of the insurance.