Verico Summit Mortgage Services Inc. 1.888.707.0883 or 705.645.8645

First mortgage or renewing soon?

First mortgage or renewing soon?

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Think outside the bank

Think outside the bank

Our rates are great, and our service? Invaluable.

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Your interests come first

Your interests come first

We shop all lenders and compare options

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First home or vacation getaway?

First home or vacation getaway?

Muskoka’s mortgage broker is here to help.

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FAQs

Call or email us with any question, anytime

 

It’s normal to have questions about any mortgage process, even if you’ve applied for mortgages before. It’s always best to call us so we can chat in person, but here are some of the most common questions we get — along with some questions we urge you to ask our competitors, too!

What’s your question? Our FAQ page is presently under construction – and will always be a work in progress. Don’t see your question answered here? Please email info@summitmortgageservices.ca. We’ll get back to you and add your question to this page to help others.

Q:  How long have you been in the mortgage business?

A: Almost 30 years. Our experience is vast in the lending and mortgage business. (Experts say you should always select a broker that’s been in business a minimum 2-5 years).

Q: Do I have to wait until my mortgage is up for renewal to consult with you?

A: Have rates dropped significantly since you signed your existing mortgage? Depending on your current contract, the time left, and the cancellation privileges, you may be able to change lenders and save money every month. Talk to us and let us see if that’s an option you should consider. If it’s in your best interest we can help – if not, we’ll tell you so.

Q: Do you do over 50 per cent of your business with one lender? (If so, why?)

No.

Q: Where is your office?

Bracebridge and we’ll meet you wherever is most convenient for you.

Q: I have no credit history? Can I get a mortgage?

Not having a credit history or a lower credit bureau score doesn’t have to stop you from getting a mortgage. We analyze your financial status, and long term goals, and link you with the appropriate lenders. We review their offers and present the best ones to you. We can also help you work on a plan to re-establish your credit if needed.

Q: I’m a first time home buyer. Can you help me?

We know how difficult it can be to deal with financial institutions when you are just starting out and have no credit history. This doesn’t have to stand in the way of obtaining a mortgage.

Only after you are fully successful in obtaining a mortgage that you are satisfied with, do we consider our job complete.

Q: I’m self-employed. Can you help me get what I need?

If you are self-employed and lack the traditional income documentation, call us. we can get you the mortgage financing you’re looking for – no problem! (Add in 3 reasons why Summit from Self Employed page)

Q: I’m seeking mortgage financing for recreational purposes or a property that doesn’t meet the standard criteria of the big banks. Can you help?

Yes, we have a multitude of lenders with different lending criteria. We also have private funds available.

Q. I’ve never bought a house before. Why should I use a Mortgage Broker?

To navigate through the process.

Mortgage brokers are even going to bat for first-time home buyers frustrated by legislative changes that may make it appear it will be harder to get a mortgage. In Spring 2013, brokers took up the cause for first-time home buyers with the federal government. You can read about that action in The Globe and Mail article, Brokers pursue mortgage break for first-time home buyers The Globe and Mail, published Mar. 10, 2013.

Q: How many lenders does your team have “top-tier status” with? (Preferably six to seven or more)

As a member of the Verico network, Summit Mortgage enjoys top tier status. An individual broker without that support couldn’t do enough volume to achieve top tier status for more than one or two vendors but with Verico, we have seven or eight.

Q: Is the rate you’re quoting me the lowest rate for that term on that lender’s broker rate sheet? (If not, why not?).

There are reasons why you might not get the lowest rate, including your credit history. There may even be a problem that you aren’t aware of that we can help you solve. If you ever wonder why a rate isn’t what you expected it to be, ask us about it.