Fast Pre Approvals within 24 Hours & Fast Approvals within 48 Hours (Some Conditions Apply)

Arnav Gupta - Mortgage Agent

Mortgage Services FAQ

Here are some mortgage related frequently asked questions, answered by our Arnav Gupta - Mortgage Agent.

  • What is the difference between a fixed-rate mortgage and a variable-rate mortgage?
  • Why do I need a pre-approval for a mortgage?
  • Why should I talk to you and not my bank?
  • Why should I refinance and not just renew my mortgage?
  • I want to buy a house but I don't have a lot of down payment. Can you assist me?
  • Do you get paid on the rate you offer to us?
  • I got denied from the bank at the last minute. I went in with no conditions. I am stressing out. Can you assist me with a mortgage?
  • We are going through a divorce and we own a house together. What are our options?

Fixed-rate mortgage refers to a mortgage that has a fixed interest rate for the entire term of the loan. This means the mortgage has a constant interest rate from beginning to end. The interest rate and monthly payments stay the same for the entire mortgage term. If interest rates go up during the term, you're protected because your rate stays the same. For breaking a fixed rate mortgage you will have to pay the greater of interest rate differential or three months interest.

In a variable-rate mortgage, your interest rate changes when a lenders Prime Rate changes. Your monthly payments may stay the same. But if interest rates go down, more of your payment goes towards the principal. If rates go up, more of your payment goes towards the interest. For breaking a variable rate mortgage you will have to pay just three months interest.

In todays market with multiple offers you should get a pre-approval before you start looking for a home. A pre-approval will let you know how much maximum mortgage you can qualify for, what terms you are looking at and your realtor will consider you as a serious buyer.

Mortgage is one of the many products banks offer. I specialize in mortgages and mortgage is the only product I offer. Mortgage products and rates keep changing, and the market is very competitive than ever before. By working with me, you can access all your mortgage options under one roof. I work on your behalf to find the best mortgage for your situation.

Renewing your mortgage means staying with your current lender for another term mostly at a higher interest rate, and you won’t need to re-apply.

When you refinance, you negotiate for a new interest rate and terms and pay out your existing mortgage. This is usually because you want to access the equity in your home for home renovations, debt consolidation or investment opportunities, etc.

Yes, I can assist you. You need a minimum 5% down payment from your own savings and the rest you can get as a non-repayable gift from your immediate family members like parents or siblings.

I get paid by the banks on the mortgage amount and not on the rate unlike bank employees. That's why getting you the best rate and terms for your mortgage is my primary goal.

Yes, I can assist you get approved and funded for a mortgage in as little as 48 hours.

Divorce is a really stressful time for you and your family but some things are out of our control. I have options available for you and I try to make things as simple as possible. The options available to you are:

  • You can sell the property and split the equity.
  • One spouse can assume the mortgage (i.e., accept sole responsibility for it).
  • One spouse can buy out the other and refinance the property (get a new mortgage).

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