Frequently Asked Questions

Q. What is the cost of using a mortgage broker?
A. Nothing. With only a few exceptions the Mortgage Broker is paid by the lender.

Q. What are the qualifications of a Mortgage Broker?

A.  All Mortgage Brokers in the Province of Alberta must successfully complete qualifying examinations and be licensed by the Real Estate Council of Alberta. The license is subject to annual renewal. Brian Gentles is also an active member of the Alberta Mortgage Brokers Association and the Canadian Association of Accredited Mortgage Professionals.

The Canadian Association of Accredited Mortgage Professionals has established the professional designation Accredited Mortgage Professional (AMP). To be granted this designation a mortgage broker must have successfully completed a qualifying examination, must have completed a course and examination on Ethics, must have a minimum number of years experience in the mortgage industry and must commit to both a Standard of Ethical Practice and continuing education. AMP sets a single national proficiency standard for Canada 's mortgage professionals. Brian is one of the initial group of Canadian mortgage brokers to be granted this designation.

Q. If my credit history is less than A1, can I get a mortgage?
A. Yes. Many lenders, including the "broker only" divisions of banks, offer mortgages to borrowers with less than perfect credit history in the past where there is good credit management today. Prior bankrupts should be two or more years past discharge and have at least one year of re-established credit with satisfactory performance.

Q. Can a mortgage broker assist a self-employed individual obtain mortgage financing?
A. Yes. Several lenders welcome this business and demonstrate an excellent understanding of how small business works. Brian Gentles' experience as a business owner and operator is invaluable in putting together mortgage financing proposals for self employed individuals.

Q. Can I borrow money against equity already established in my home?
A. Yes. Equity is always considered for new and additional mortgages.

Q. Can I borrow money to purchase or refinance revenue property?
A. Yes. Revenue properties are eligible for mortgages.

Q. What are the basic requirements for 100% financing?
A. After October 14th, 2008 the availability of programs for 100% financing will be greatly diminished.  A couple of lenders in the "Tier Two" category (higher rates and higher fees) have indicated that they will continue to underwrite mortgages with Zero Down for well qualified borrowers.  Please consult with your mortgage broker.

Q. Are there programs available to assist new immigrants to purchase a home?
A. Yes. Some lenders have specific underwriting criteria to assist new immigrants.