Frequently Asked Questions
Find straightforward answers to common mortgage questions.
Get Clear Answers to Make Confident Decisions
Yes, early repayment is possible, but some mortgages include penalties for paying off the balance before the term expires.
Yes. You can adjust your interest type, payment schedule, or term length. Significant changes may require refinancing and lender approval.
Yes, it can help you secure better rates or terms. Start the process a few months before renewal to explore your options.
Yes, approval is possible through alternative lenders, though interest rates may be higher.
Primary lenders are traditional banks and credit unions. Alternative lenders offer more flexible options for those who may not qualify with traditional institutions.
It depends on your income, credit score, debt-to-income ratio, and property value. Pre-approval defines your budget and strengthens your offer.
Yes, refinancing may allow access to up to 80% of your home’s value, depending on lender criteria.
Not always. Minimum requirements vary, and first-time buyers may qualify with smaller down payments under certain programs.
No, pre-approval is typically free and does not commit you to a lender.
HELOC rates are usually variable and tied to the prime rate, meaning payments can change over time.
Yes, refinancing can help combine high-interest debts into a single, lower-rate payment, subject to approval.
Ideally, start 3–6 months before your term ends or when interest rates drop to secure better terms.
Fees may include appraisal, legal, administrative costs, and possible prepayment penalties.
Yes, most lenders offer monthly, bi-weekly, or weekly options. Bi-weekly payments can reduce interest over time.
Yes, they support borrowers with non-traditional income, self-employment, or credit challenges.
Typically, within a few weeks once all documents are submitted and approved.
It depends on your goals. Fixed rates offer stability, while variable rates may offer savings if rates decline.
Most lenders require at least 20% equity. HELOCs may allow access to 65–80% of your home’s value.
Getting pre-approved helps define your budget and strengthens your position when making an offer.
Dominion Lending Centres - Yournesta Financial License #13371
Brad MacDonald
Mortgage Agent Level 1 | License No. M19000357
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