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Frequently Asked Mortgage Questions

As one of the best KW mortgage brokers in the Cambridge, Kitchener and Waterloo area, Steve Futyer provides the mortgage information that home buyers have come to rely on in Ontario.
Whether you are a first-time home buyer, refinancing your mortgage, or currently selling your home and getting ready to buy a new home, Steve can get your mortgage financed and you can start your new life in the Waterloo, Kitchener and Cambridge area confidently, knowing that Steve, your local mortgage broker is available to you at any time to discuss your mortgage needs.

First-time home buyers in Waterloo have a lot of mortgage loan related questions and it's important to understand some of the mortgage terminology, so we have provided answers to these mortgage questions.

What is a residential mortgage?

Answer: A residential mortgage is a loan that is used to purchase a home or property. The loan is secured by the property and is typically paid back over a period of 15 to 30 years.

How much can I borrow for a residential mortgage?

Answer: The amount you can borrow for a residential mortgage depends on your income, credit score, and other financial factors. A lender will typically look at your debt-to-income ratio to determine how much you can afford to borrow.

What is a down payment?

Answer: A down payment is the amount of money you pay upfront when purchasing a home or property. It is usually a percentage of the total cost of the property, and the rest is financed through a residential mortgage.

How much of a down payment do I need for a residential mortgage?

Answer: The amount of down payment required for a residential mortgage can vary, but it is typically around 20% of the total cost of the property. Some lenders may allow a lower down payment, but this may result in higher interest rates or mortgage insurance.

What is mortgage insurance?

Answer: Mortgage insurance is a type of insurance that protects the lender in the event that the borrower defaults on the loan. It is typically required for borrowers who have a down payment of less than 20% of the total cost of the property.

What is an appraisal?

Answer: An appraisal is an evaluation of the value of a property that is conducted by a licensed appraiser. The appraisal is used by the lender to determine how much they are willing to lend for the property.

What is a closing cost?

Answer: Closing costs are fees associated with the purchase of a property that are paid at the closing of the transaction. They typically include fees for appraisal, title search, and other services related to the sale.

What is an interest rate?

Answer: An interest rate is the percentage of the loan amount that the lender charges the borrower for borrowing the money. It is typically expressed as an annual percentage rate (APR).

What is a fixed-rate mortgage?

Answer: A fixed-rate mortgage is a type of mortgage where the interest rate remains the same throughout the life of the loan. This means that the borrower's monthly payment remains the same as well.

What is an adjustable-rate mortgage?

Answer: An adjustable-rate mortgage (ARM) is a type of mortgage where the interest rate can fluctuate over time. The interest rate is typically fixed for a certain period of time, and then adjusts periodically based on market conditions.


Do you need to talk with a local mortgage broker?

When it's time to arrange a mortgage pre-approval, or mortgage financing, contact Steve Futyer, your local mortgage broker in Waterloo, Kitchener and Cambridge, Ontario.

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