Talk to Tim at 403-648-1541

‘Tis the season to be spooked but don’t let it be about your potential mortgage. While the October air can have more bite to it than the new jalapeño avocado toast you’re trying for breakfast, you shouldn’t worry about getting bitten by the misunderstood mortgage monsters under your bed.

That’s why we’re debunking 3 common myths about mortgages for you.

  1. Mortgage Brokers Cost Money
  2. Bad Credit Disqualifies You from Getting A Mortgage
  3. Self-Employed Individuals Can’t Get Mortgages

Mortgage Brokers Cost Money

This is not 100% true. In Canada, mortgage brokers are mostly free, with only a very small percentage requiring a fee. For the incredible free brokers out there, they need to give you value, so let’s define what it is that a mortgage broker actually does for you.

A mortgage broker acts as the middle person between you and the lender. The lender can come in many forms: a bank, private lender or trust company. This is where your broker would step in and find a lender with the best rate for your lifestyle and financial situation on your behalf.

Doesn’t that make it a lot less unnerving? Your mortgage broker does it all so you can relax. And they are the perfect person to turn to when you have a unique situation that might make it more difficult for you to qualify for a loan with traditional lenders.

>>Check out our blog Mortgages for Unique Situations for more info.<<


Bad Credit Will Disqualify You From A Mortgage

In Canada, a good credit score sits at around 650 and above, however, if you have a score closer to 600, you would be considered “high risk”. But don’t be alarmed if that’s you!

Your mortgage broker can come to the rescue and show you what to do to turn that “high risk” into a “huge yes” and put you on a path to a better financial future, so you can get that home you really want.

In the chance that a traditional mortgage still seems a little scary for your financial situation, no worries! All of our Kardia Mortgage brokers have connections to experienced real estate consultants that can help you explore unique solutions, like the Rent-to-Own program. Either way, you are only a call away from getting closer to breathing easier and making the steps to owning your own home!

Self-Employed Individuals Can’t Get Mortgages

In recent years, “gigging” has risen to become a common way of making the majority of household incomes. But when it comes to getting a mortgage, lenders need to be guaranteed that they will be paid back, which means they need to make sure self-employed individuals can make that guarantee. 

But don’t bite your nails over it…

Your mortgage broker can help you with the steps you need to take to prove your earnings, so you can qualify. 

Now that mortgages are just as real and harmless as the ghouls and goblins in Scooby-Doo, you can move forward and find the home that fits your lifestyle!

For further insight on any of these myths debunked and an opportunity to get advice from Tim Lacroix, mortgage broker and mentor, click here 


Move forward and find the home that fits your lifestyle.

Your mortgage broker can help you with the steps you need to take to prove your earnings, so you can qualify.