Frequently Asked Questions


1. I have bad credit, can I still get a mortgage?
Even with bad credit but with equity in your property we can get you approved for mortgage financing

2. How quickly will my mortgage application be approved?
Once your application has been submitted it will be reviewed by our experienced Underwriting Department the same day and subject to the completeness and accuracy of the application a preliminary approval usually occurs within 4-12 hours

3. Is there a cost to submitting a mortgage application?
NO! Please be assured that you will not incur any application fees whatsoever for our services. You will be advised of any up front costs such as appraisal fees payable to a Appraiser after our Underwriting Department has reviewed your application, obtained a preliminary mortgage approval and has reviewed them with you for your approval.

4. Does Mortgage Central Nationwide have programs for mortgage applicants who have been turned down elsewhere due to income, credit, length of time on the job, being a new resident past bankrupt, self employed, on commission, divorced or for other reasons?
YES! Mortgage Central Nationwide specializes in this area, we have arranged mortgage funds for many of home buyers and existing home owners who required mortgages strictly on the sufficient equity in the subject homes.

5. How does bankruptcy affect my qualifications?
If you own a house and do have equity, we can get your home refinanced for you, even if you are not a discharged bankrupt. In order to purchase a home, depending on your down payment, we can get you a mortgage, provided you are discharged from bankruptcy.

6. How do I know if I qualify?
There are many ways to qualify for a mortgage, some mortgages are based on the equity of your home, with no income qualifications needed. Others, are based on salary and credit worthiness.

Each mortgage application is treated differently and can be approved subject to your specific needs and qualifications. We are experts in determining how we can process your application and get you the best mortgage rates in the marketplace.

7. What are 'mortgage terms'?
Mortgages are available with either a fixed rate or variable of interest for various terms, ranging from 6 months to 10 years, with payments amortized over periods of up to 40 years, or variable rate mortgages.

8. What is CMHC?
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 20% down payment.

9. Who do I contact for Information and Questions?
If you have any inquiries prior to completing the online application, please call (905) 709-1089, 9am-10pm 7 days a week or fax your questions to (905) 709-3033. Ron or Warren will be happy to answer all of your questions.