1) Who do I contact for questions, or for help filling out an application?
For any questions or inquiries, please call (416) 270-2910, 8am to 8pm, Monday to Friday, and 8am to 11am on Saturday. We will be pleased to help you.
2) What happens after I apply for a mortgage?
Expect a fast response! Within 1 to 24 hours we will get in touch with you and show you where you stand in our straightforward approval process. The best thing you can do in the meantime is to assemble documents: bank statements, tax returns, ID, etc.
3) What if I’ve been through BANKRUPTCY, or have done a CONSUMER PROPOSAL?
No problem! MortgageMop has extensive experience with lenders who are far less interested in your credit history; many lenders will focus more on the equity you have in your property. The “equity” is how much of a home that you own. To find out how much equity you have, there are 3 easy steps! (Keep reading…)
STEP ONE: Your home’s value: $500,000.
STEP TWO: Your mortgages: (1) 1st mortgage: $100,000, (2) 2nd mortgage: $100,000. Add these together. You have debts of $200,000 registered against this property.
STEP THREE: Home value ($500,000) – Mortgages ($200,000) = Your home equity ($300,000).
In this example, the borrower has $300,000 of home equity, and $200,000 of debt registered against the property.
4) What if I have BAD CREDIT, or BRUISED credit, or POOR credit, or NO credit?
No problem! Click here to start making progress.
5) What if I’m under POWER OF SALE (foreclosure)?
Again, no problem! We have that base covered for you! Click here to start making progress.
6) What if I have irregular income, earn commissions, or if I’m self-employed?
And again, no problem! Click here to start making progress.
7) How fast will MortgageMop approve my application?
Generally very fast! But no lender can give any assurance about a loan without reviewing documents. Anybody who gives you a “verbal approval” during a phone call is misleading you–you will have to submit documents and those documents will determine when and if the mortgage can be approved. Many companies, including big banks, will effectively renege on pre-approvals once they check (or re-check) the documents. At MortgageMop we can usually offer preliminary approvals within 1 to 24 hours. We review your application the same day (often the same hour it’s received), and e-mail you a confirmation. The best thing you can do to speed things up is to completely and accurately fill out your application!
8) Applying for a mortgage with MortgageMop is free, right?
Yes, of course! There are no application fees, and no charge for the suggestions and advice we give you. That’s all free.
If MortgageMop offers you a preliminary approval, then you have the option of moving forward. The next step is often (but not always!) for a home appraiser to appraise the value of your home. This confirms how much your home is worth. Depending on where you live, this can usually be arranged within 1 to 48 hours.
9) Why the “Mop” in MortgageMop?
Because we make your mortgage application shine where there is value for different types of lenders. If you have credit issues, we help you mop them up and improve your situation. Some people come to us with messy mortgages, or their financials in turmoil – we can often give you solutions to refinance your debts into a new mortgage with clearer (and cleaner!) terms.