Have questions? Of course you do. And we have answers. Check our list for the questions that most often come our way. If you have additional questions, get in touch with a Mortgage Advantage consultant and he or she will get you going.
DO I QUALIFY FOR A MORTGAGE?
Within 24 hours we can assess your situation and provide you details on your qualification status.
DO I NEED GOOD CREDIT?
Although good credit is an important criterion, we understand that life sometimes brings unwanted credit problems. We have solutions for you.
DOES THE MORTGAGE ADVANTAGE CHARGE A FEE?
Typically no, since it is our Lenders that normally pay us a commission. However, there are certain types of transactions where a brokerage fee may be charged. Ask us for details.
WHAT MAKES YOU BETTER THAN GOING TO MY BANK?
We provide you with unbiased options and seek out the best financing solution given your circumstances. After all, we have over 50 Lenders to choose from.
HOW LONG WILL IT TAKE TO GET A MORTGAGE IF I QUALIFY?
Depending on your circumstances, you can receive approval within five business days or earlier.
WHAT IS THE DIFFERENCE BETWEEN FIXED OR VARIABLE RATES?
Fixed rate mortgages lock in the interest rate throughout the term of the mortgage; whereas the interest rate in variable rate mortgages fluctuates with the prime rate throughout the term.
WHAT IS A PRE-APPROVED MORTGAGE?
A pre-approved mortgage enables an applicant to pursue a mortgage based on pre-defined and approved qualifications. The applicable interest rate is usually held for 90-120 days, depending on the lender.
MY HOME IS MORTGAGE FREE. I’VE HEARD THAT A REVERSE MORTGAGE CAN FREE UP SOME CASH. HOW DOES THIS WORK?
A reverse mortgage is a mortgage loan that enables you to access the unencumbered value of your property. Ask us for details.