Here are some answers to your frequently asked questions. Please call me anytime for more details.

Q. What is Invis Financial?

A. Invis Financial is one of the largest full-service mortgage brokerage company in Canada.

Q. How do you, as an Invis Mortgage Consultant, get such low mortgage rates?

A. I generate a large volume of business for lending institutions. Lenders acknowledge this business by granting maximum discounts off their posted rates. Lenders covet my business and contact me regularly with their best deals.

There is no conflict of interest - I work for you
I do not work for the lender. I am paid on the amount of the mortgage, not the rate. Therefore, it is in my best interest to ensure that you receive the best mortgage rate and terms. There is no benefit for me to do otherwise.

The lender doesn't have to pay for my operating costs
This wholesale approach means that the lenders' overhead expenses (e.g. employee salaries, storefront leases, etc.) are not incurred in your rate. The lender doesn't have to pay for any part of my business until I bring them business. This makes dealing with a broker extremely cost-effective for a lending institution.

Q. What are the advantages of having you as my mortgage consultant?

A. The benefits of having me as your mortgage consultant are:

• I can help you get rates that are much lower than posted bank rates.
• I make the mortgage application process very efficient. With just the click of a computer mouse, I can send your application out to several lending institutions.
• I offer personalized service; you always deal directly with me.
• I have flexible hours. I am available above and beyond typical bank hours through phone, fax, e-mail, or in person.
• I can offer you a wide range of mortgage products and options. I shop the market for you and help you determine the right mortgage for your needs.
• If you have poor credit or employment history, I can help you - even if you don't qualify through traditional avenues.
• I can help you optimize your purchasing power.

Q. What is amortization?

A. Your amortization is the total length of time it will take you to pay off your mortgage. The length of time it takes to pay off your mortgage is determined by the interest rate, the loan amount, and your payment amount.

Q. What is the best amortization period to seek?

A. You should first qualify for a 25-year amortization and then try to lower your amortization by making increased payments, lump sum payments and/or accelerated weekly or bi-weekly payments Effectively reducing your amortization will help you to reduce your interest payments over the period of your loan. A couple of other strategic financial goals to aim for are:

• Pay down your mortgage by at least 1% each year from the original amount.
• When interest rates are low, make your mortgage payments as large as possible within your monthly budget.

Q. What is a fixed-rate mortgage?

A. For the term of your mortgage the interest rate is a fixed amount (i.e. It will not change during the term of your mortgage).

Q. What is a variable-interest rate mortgage?

A. Compared to a fixed rate mortgage, a variable-interest rate floats. This floating is directly related to changes in the prime lending rate. The mortgage payment amount can stay the same but the actual interest charged can change from month to month. A drop in the prime rate is great news if you have a variable rate mortgage because more of your mortgage payment will reduce your mortgage principle. However, if interest rates rise, less money will go towards the principle as more money will pay the interest.

Q. What is the difference between an open mortgage and a closed mortgage?

A. An open mortgage is a loan that allows payment of the principal, in part or in full, at any time without penalty. A closed mortgage requires you to maintain a specific payment schedule. With a closed mortgage, penalties can be incurred for repaying the loan before the end of the term. Open mortgages offer more flexibility than closed mortgages. However, interest rates associated with open mortgages are often higher.

Q. Will I be penalized if I switch my mortgage to another lender?

A. No; you won't incur penalties if you switch from one lender to another at your renewal date. Penalties might be incurred if you switch before your maturity or renewal date. It depends on the type of mortgage you have. That's why it's important for you to consult with me. I can help you determine a strategy that will work best for you.

Q. What is Mortgage Loan Insurance?

A. Mortgage Loan Insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC) - a crown corporation, and GE Capital Mortgage Insurance Company - an approved private corporation. Mortgage loan insurance is required by law to insure lenders against default on mortgages with a loan-to-value ratio greater than 75%.

We recommend using Dave Pettenuzzo for your own Mortgage Life Insurance Coverage which will protect the owners versus the lender. Find out more from his web site at www.mortgageinsurance.bc.ca

Q. How does bankruptcy affect my ability to qualify for a mortgage?

A. It depends on the circumstances surrounding your bankruptcy. Contact me to find out more about your options.

Q. Can I get a mortgage to purchase a home and make improvements?

A. Yes, if you are qualified. Even purchasers with 5% down can qualify to buy a home and make improvements to it. Call me to find out more.

Q. Can I use gift money as a down payment?

A. Yes, most lenders will accept down payment funds that are a gift from family. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. See the Down Payment section of the First Time Buyer page for the gift letter form.

Q. How do I get pre-approved?

A. There are a few different ways to get pre-approved. However, they all address the same three basic elements of income, credit, and down payment.

• You can go the Apply On-line section of this website and fill out the application. Once completed, the application will electronically provide me with all of your necessary information. After I review your application, I will phone you to further discuss your options and the documents required.
• You can call me at (250) 592-9400 so we can go through the process over the phone.
• You can call me to set up a time to go through the process in person.

Q. Should I wait for my mortgage to mature?

A. No. You should contact me up to 120 days before your mortgage matures so I can secure you the best rate available at that time. Doing this will protect you from any increases before your renewal date. You will also benefit from any decreases should they occur. Most lenders send out their mortgage renewal notices only a month prior to renewal, offering existing clients their posted interest rates. The rate you are offered is usually not the best. I will investigate all of your options and find the solution that best suits your needs.