Frequently Asked Questions

As there are many different types of situations in real estate lending, borrowers will be asked to provide various forms of documentation to support their application. Your Peet & Cowan broker can help you prepare for what is need up front which may include the following:

a) Job letter with a recent pay stub
b) Notice of Assessments
c) T1 Generals
d) Financial Statements
d) Confirmation of downpayment with a 90 day history
d) Appraisal
d) Purchase contract and all addendums
d) MLS listing

On most occasions there is no cost to the consumer for using the services of a mortgage broker because they are usually paid by the lender. We will tell you up front about any and all costs; e.g. appraisals, C.M.H.C. fees, legal fees, broker/lender fees, etc. There may be situations where we are unable to quote exact fees; e.g. legal fees. This is due primarily to continually increasing government charges, costs for land title registration and other services beyond our control.

In Canada any institutional mortgage where the borrower puts less than 20% requires mortgage lender insurance. These are standard premiums provided by either CMHC (http://www.cmhc-schl.gc.ca/en/co/moloin/faq_006.cfm), Genworth or Canada Guaranty. If a borrower puts 20% or more down insurance premiums usually will not apply and the lending criteria can become slightly more relaxed.

From start to finish mortgages take approximately 2 weeks on average to complete. This is due to the fact that 3rd parties such as lenders, appraisers, realtors, and lawyers become involved.

Typically most communication will be done over the phone, fax and email. You must attend the lawyer or notary for closing to provide identification. For more complicated transactions it is common for a face to face meeting to take place as it can help alleviate any confusion. Peet & Cowan Financial Services has a downtown Vancouver office and will on occasion make house calls.