Frequently Asked Questions
As mortgage professionals serving Kelowna and beyond since 2010, there are a number of questions that we have heard frequently. Check out our FAQs below. Can’t find the answer that you’re looking for? No problem. Contact us today — we’d love to hear from you!
Why should I work with a mortgage broker?
It’s free for you! You don’t pay us a thing. We get paid a fee when your mortgage is approved.
Hiring a skilled licensed mortgage professional ensures that you have sound advice as you go about making one of the most substantial financial commitments of your life. A quality mortgage broker will guide you through the entire mortgage process, highlight any challenges, understand the fine print and will help you find the best lender for your needs. In many cases, this results in better mortgage terms, more options, quicker results, an easier process and lower costs, and all with the minimum amount of effort on the client’s part.
How do I choose a mortgage broker?
There are lots of mortgage brokers out there, including many right here in Kelowna and the Okanagan.
Our advice is to work with a Canadian mortgage professional with a track record of success. Your broker should be someone you feel you will be able to work well with; someone you trust. As you navigate your mortgage journey, you’ll be working extremely closely with your broker so you’ll want to work with someone who you like working with and who is capable of delivering results.
At Oliver Mortgage, we offer a no-obligation initial consultation where you can get to know Dan before committing to working with him. Should you choose to work with us, we are 100% committed to you, and your success and ask that you provide the same level of commitment. Click here to schedule an appointment with Dan.
We recommend completing our online mortgage application before the chat, so we can truly tailor the conversation to your specific needs. The application is used internally only and it will not impact your credit score. Any information provided will be kept strictly confidential.
How do mortgage brokers get paid?
Generally speaking, mortgage brokers are paid by the lender; when we do business with them they pay a finder’s fee. This is very cost-effective for lenders and allows them to provide their best options through the broker channel. You can rest assured Oliver Mortgage will present you with the best possible terms and interest rates as we proceed with securing your mortgage.
What's a ‘good deal’ on a mortgage?
The definition of ‘good deal’ varies from person to person and it’s more than a rate. That said, generally speaking, it’s probably fair to say that we all like the idea of paying less. In the complex world of mortgages and mortgage approvals, terms and lender guidelines are more important than ever. First and foremost, you need a lender that approves your mortgage. This is where a broker is golden as we have access to numerous lenders encompassing hundreds of programs and options.
You can think of a mortgage as two distinct parts: the original (or principal) loan amount and the interest that is to be paid on that principal loan amount. Throughout the life of a mortgage, the interest is the most costly part of the deal. With that in mind, in the most general of terms, the lower the interest rate, the better the deal. Now there are variables and exceptions to that, and a good mortgage broker will help you navigate those variables and exceptions.
My mortgage application was rejected by a big bank. Can you help me?
There are many factors that determine mortgage qualification including credit, income, employment status, down payment and even the property you are looking at buying. If you’ve been turned down for a mortgage by a big bank, with infinitely more options at our disposal, we may be able to help. Book a no-obligation appointment with Dan to discuss your specific needs. Ahead of the call, we recommend completing our online mortgage application, so that we can truly tailor the conversation to your situation. The online application is used internally only and it will not impact your credit score. Information provided will be kept in the strictest confidence.
Do I need to complete an application before I book a meeting?
We highly recommend completing an application before our meeting. Our application is confidential and won’t impact your credit score. Basically, it helps us get ready for our meeting.
If you don’t complete an application, a lot of our meeting time may be spent asking you for the information that’s on the application.
With a completed application, we can jump straight into problem-solving mode!
What's the benefit of completing an application before our meeting?
A completed application gives us a lot of the basic information that we need to start talking options with you. It covers things like contact information, income, desired mortgage amount, etc.
If you don’t complete the application before our meeting, we will probably spend a good chunk of our time filling out those questions anyway. A completed application allows us to make the most of your time.
What makes Oliver Mortgage different?
Clear communication and managing expectations. Led by experienced Canadian mortgage professional Dan Oliver, Oliver Mortgage has access to over 60 lenders and a fantastic, near-perfect, funding history. The Oliver Mortgage team is committed to open, clear communication, results and integrity. Oliver Mortgage tackles the details, so you can focus on making the very best decision for your unique needs.
“Thanks so much for all the help and advice on this project. You have been a key player in helping us achieve our dream of becoming homeowners, it’s been a long time coming!”