FAQ's
Frequently asked questions regarding the Canadian mortgage industry.
The following is a list of frequently asked questions and their answers. If your question is not answered here please ask Dan Grant using one of the
contact methods offered. If the question you would like to ask is not listed below, please be kind enough to ask us so we can make sure your experience with us is as good or better than the happy homeowners we've already helped.
Q. What is the advantage of using Dan's services?
A. The name says it all. We offer no strings attached service and you will get an answer on the first call to us. We offer the best rates up front and realize if you do not get the best up front, you may go elsewhere and we would lose out on your business.
Q. What does this cost?
A. This is an absolutely free service for you to use for qualifying First Mortgages. In fact, our lenders pay us a finders fee for bringing them a deal.
Q. Are the rates on your web site up to date?
A. Yes, our rates are consistently updated. Usually as soon as we receive notification from a lender, we will post the update the rate right away. Although sometimes may take longer as we are usually spending time with our clients.
Q. What if I see another site that offers a lower rate?
A. In the rare event you see a lower published rate, chances are it is a promotional rate or a teaser rate and you should find out everything about that lender (get it in writing before you sign any paperwork) and make sure the broker is reputable. We try to publish the best rates as they come in and sometimes we can't post new rates right away. Our guarantee is to provide the lowest rate as they come in and we will match any reasonable lower rate.
Q. How secure is this?
A. Very secure. Your private personal and financial information is not sent anywhere until you decide to do so. When you click on the "Submit Application" button, your data is sent to us via FTP protocol.
Q. What if my bank isn't one of your lenders?
A. That's fine, we send you to a lender that offers the best possible deal for your financial position. The lender that we send you to can then debit the mortgage payment from the institution of your choice.
Q. What if my mortgage application is not qualified?
A. In the event your application is declined we will review all the information in person to ensure nothing has been missed that may have a bearing on your application and we will appeal the decision with the Lender. If the decision stands, we will review a game plan with you to get approved at a later date and will schedule a follow-up meeting with you.
Q. If I qualify, am I committed to take the lender's mortgage?
A. If we don't get the best mortgage for you, we wouldn't expect you to take it. Nothing is ever final until after you have signed for the mortgage at your lawyers and even then nothing is final until you receive the funds.
Q. Is it possible to get an amortization schedule?
A. Yes. Ask us and we can print off and email you any equations you like with our mortgage calculators.
Q. How long will this take?
A. The entire process from the first phone call to us and until you receive the funds is about two weeks if all goes smooth. Depending on the documents required, it can take longer. It also depends on the condition for financing date and the possession date.
Q. How long before I get a reply after I send in my application?
A. Under normal circumstances, you will be contacted the same day. We try to get back to each client right away.
Q. Where are your services available?
A. We are located in Calgary, Alberta and we do mortgages in other area's thanks to modern technology like email and fax.
Q. What about a home improvement loan, do I go about it the same way as a mortgage?
A. Yes you would. If you are planning to refinance your mortgage to do your home improvements, this is the perfect place to do it.
Q. Is this service for principle residences only or can I also apply for a rental property mortgage?
A. In the
online mortgage application you are asked the purpose of the mortgage. Indicate that the property will be a revenue property. Please note that not all lenders have the same underwriting guidelines and they may need to get more details from you.
Q. Who is CMHC?
A.
Canada Mortgage and Housing Corporation is a federally owned and operated institution that evaluates the client and property to allow the borrower to purchase a home with a lower down payment requirement. This corporation insures the mortgage on behalf of the bank, through a premium added to your mortgage. This way the banks are obligated to provide a mortgage for those with less than a 25% down payment.
Q. How can dangrant.ca get a better rate than my own bank?
A. Most banks will offer a higher rate than a dangrant.ca rate. Most of the lenders we use are not main stream banks. Most of the lenders we use do not offer other products such as checking accounts, savings accounts or RSP's ... They deal strictly in mortgages and have lower overhead than the main banks and therefore by factoring in our volume with them, we are able to get low rates which we pass on to our clients.
Q. What if I have had poor credit, or have been discharged from bankruptcy within the last 3 years? Can I apply for a mortgage?
A. Yes you can! Most conventional banking institutions put restrictions on who they lend money to for a mortgage. We have the resources to shop for financing regardless of your credit situation.
Q. Can I get pre-approved before I find the home I want to purchase?
A. Yes. Our lenders offer pre-approvals from 120 days to 180 days and 180 days for new construction. When and if rates go down during this period, you are guaranteed to get the lower rates!
Sometimes we can pass on to our clients quick close special rates as they are quite low sometimes if the deal funds within 30 days of submission.
Q. What can I use for a down payment?
A. Normally:
- Cashed Registered Retirement Savings Plan
- RRSP's may be used as a down payment up to a maximum amount of $25,000 and is not subject to income tax if repaid within a specific time period.
- Gift from immediate family
- Accumulated savings
- Sale of existing home
- Sweat equity
