Jodi Whalen

Fort McMurray Mortgage Specialist

(780) 715-7533

Get the Best Fort McMurray Mortgage Rate!

Fort McMurray Mortgage Brokers can help you with your next mortgage. I work for you, not the banks! Using me as your Fort McMurray Mortgage Agent is a free service to ensure you are getting the best rate on your mortgage. I am paid by the bank so there is no fee to you.

Are you buying a new house in Fort McMurray or refinancing your mortgage? If so I will shop to get you the best rates. Living 32 years in Fort McMurray has given me a great deal of knowledge and understanding of the Fort McMurray Real Estate Market. I have seen Fort McMurray grow substantially and watched the market follow.

In fact Canada’s mortgage market has grown and changed significantly and continues to do so which results in constant change in mortgage requirements and the options available. Mortgage lenders throughout Canada have many different specialized mortgage products to fit different client’s needs.

I can work on your mortgage in any province. However as a Fort McMurray Mortgage Broker I understand how those products apply in our unique market. Fort McMurray has a lot of employers who assist in housing with the down payment, as your Fort McMurray Mortgage Brokers we understand these programs and the lenders we use support them.

As a Mortgage Specialist, I understand each mortgage is unique and will keep on top of all the changes to ensure I find a mortgage that fits your needs. If you have any questions feel free to contact me and I will be happy to answer them. I look forward to speaking with you about your existing or future mortgage needs.

After living 31 years in Fort McMurray I have connected with many Fort McMurray professionals. Here are a few that I recommend!

Andrew Weir

Kristy Stonehouse 

Bazylo & Dunn Accountants 

 

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Mortgage Renewal?

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Frequently Asked Questions

What is a mortgage agent?
A mortgage agent is an independent professional that will work with multiple lenders to find you a mortgage that will suit your needs. They will find a lender with the best rates and terms for your situation. This is a free service to you the client and we use over 50 lenders to ensure you are getting the best interest rate. Let me your Fort McMurray Mortgage Associate get you the best interest rate and product for your upcoming mortgage. Your mortgage professional gets paid a commission or finders fee from the lender. It is a free service to you and we get you the best interest rate and product.
Do you deal with lenders that do Suncor and other Employer Housing Programs?
Yes we do. We have lenders who will do all of the Fort McMurray Housing Programs. Some of these programs include but are not limited to Suncor, Nexen and Wood Buffalo Housing Programs.There are many Housing Programs that give their Employee’s the down payment. Our lenders are well aware of these programs in Fort McMurray and support them.
Can I use overtime to qualify?
If you have been at the same job for over 2 years or in the same union for over 2 years yes we can use overtime and bonuses.
Are there 0 % down Mortgages?
Unfortunately they have been discontinued however there are other products such as the ability to use your own line of credit for the down payment at one lender restrictions apply. There are also options for cash back mortgages with higher interest rates however you need to come up with the down payment to qualify. You can also have an immediate family member gift you the down payment.
First time home buyer?
As a first time home buyer you have the ability to access your RRSP for down payment without being taxed on them for years ( ask your RRSP investor for details). If you put in so much into RRSP’s you get a tax break and nice refund then you can access that money for your first time home buyer down payment. This can be used again if you sell your house and pay back the RRSP’s and do not own a home for 3 years.
This is not my first home, how much down payment will I need?
As long as it is your primary residence you should only need 5% down payment regardless if it is not your first home purchase. The requirment is it needs to be your primary home to qualify with as little as 5% down payment.
I have a house and want to turn it into a rental, what are my options?
If you are turning your existing house into a rental and buying a new house to occupy as your primary residence you can do so with as little as 5% down. There are rental offset options to offset the debt of your house you are turning into a rental and allow you to purchase your new home you will occupy.
If I want to buy a rental what should I know?
To buy a rental you will be required to put 20% down payment. Anything less than 20% down requires CMHC or Genworth mortgage insurance and they only support and insure the house you live in also known as your primary residence. A rental is an income property and requires a minimum of 20% down payment.
I want to buy a second home?

You may want to buy a vacation home and you can with 10% down. You may want to purchase another house for a family member and can with 5% down as long as they occupy the residence as a primary residence.

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Why is getting a pre-approved mortgage so important?
Getting a mortgage pre-approval is important for many reasons:
1. It is important to know what purchase price you are qualified for before you go shopping for a home so that you are shopping in the right price range.
2. You need to ensure that you can comfortably afford not only your mortgage payments but all of the other costs of owning a home such as property taxes and utility bills. If you have not owned a home before, these amounts may be a bit surprising. Your mortgage professional will help you take a look at the entire picture.
3. You need to ensure that you will qualify for a mortgage based on the lenders criteria. If there are issues, it is better to discover them at pre-approval stage so that you and your mortgage professional can work on fixing those issues prior to your search for a home. If you are not able to qualify for a mortgage at this time, we can assist you in taking the steps necessary to qualify for a mortgage in the future.
Once I am pre-approved for a mortgage, I will have no problem obtaining a mortgage, right?
It is important to note that a pre-approval qualifies you as the applicant. Your mortgage professional will have confirmed your income, credit and down-payment at this stage. However, we are not able to pre-approve the property you will be purchasing. This is still subject to lender/insurer approval. Therefore, it is important that you always put a “subject to financing” condition on your offer to purchase. Your real estate agent will assist you in writing the offer to purchase. Also, a pre-approval is only valid if there is no material change in your financial situation. If something has changed since you received your pre-approval (i.e. changed jobs, acquired new debt etc), please contact your mortgage professional so that they can review your file.
What happens when I find a home?
Once you find a home, you and your real estate agent will write an offer to purchase. Once the negotiations have been completed, a copy of the offer to purchase and property highlight sheet is forwarded to your mortgage broker. They then submit the mortgage for final approval to the lender. Once the lender/insurer approval has been obtained, the lender will send a mortgage commitment to your mortgage broker outlining the details of the approval along with any paperwork that may still be required. Your mortgage broker will then contact you to go over the approval and ask you for the paperwork required to complete the mortgage file. Once the paperwork has been received and approved by the lender, your mortgage file will be complete and you can remove your “subject to financing” condition on your offer to purchase.

 

Once you have removed all of your other conditions, such as “subject to home inspection”, then you have purchased your home! Your next step will be to go to your lawyers to sign the legal paperwork required in order to complete your purchase. You should expect to go to the lawyers approximately 10 days prior to the possession date. When you go to your lawyers, you will be expected to bring the remaining down-payment and closing costs. These funds must be in the form of a certified cheque or draft. Once you have completed the paperwork at the lawyers, you will then wait to take possession of your home on the possession date negotiated.