In most cases we do not have a fee as the lender reimburses us.
A comfortable amount of time for a mortgage is three weeks, however in certain circumstances we can do it sooner than that. A large part of the mortgage process is for you, as our client, to collect the necessary supporting documents for the lender. The sooner you can get that together, the sooner the mortgage can close.
Closed mortgages offer the lowest interest rate while still giving you the opportunity to pay extra towards your principle. An open mortgage has a much higher interest rate and unless you expect to win the lottery or plan to sell your home within a short period of time, the benefit is outweighed by the higher rate.
A co-signer is needed in the event that you do not qualify for the mortgage on your own. This could be because of poor credit or not enough income.
A co-signer is added on title to the property and if that property is sold, they are equally liable for capital gains. A guarantor is added to the mortgage to provide additional stability to the deal. Because a co-signer is added to the title of the property, they bring the most strength to your mortgage. Depending on the application, the lender will determine if a guarantor is enough or if a co-signer is required.
During the mortgage process, an appraisal is needed in most cases where your house has a mortgage of 80% or less on it. In cases over 80%, the insurer (CMHC or Genworth) will typically conduct an appraisal themselves, either through their database or physically sending an appraiser to the property. In unique circumstances, appraisals are needed when the insurer has not given a fair value for the property.