Question 1

How do I get started with Lez Gomez Mortgages?

Accepted Answer

Getting started is easy. Call Lez Gomez at 416-723-1313, email info@lezgomez.com, or fill out the online application. Lez offers a free, no-obligation consultation where he reviews your financial situation and provides personalized mortgage options from 50+ lenders. Clients across Toronto, Mississauga, Brampton, Hamilton, Ottawa, and all Ontario cities can work with Lez remotely or in person.

Question 2

What is mortgage pre-approval and why do I need it?

Accepted Answer

Mortgage pre-approval is when a lender reviews your income, credit, and debts to determine how much you can borrow and at what rate. Lez Gomez provides pre-approvals that lock in your rate for 90-120 days. Pre-approval gives you a clear budget, shows sellers you are a serious buyer, and speeds up the closing process.

Question 3

How much does it cost to work with a mortgage broker?

Accepted Answer

For most standard mortgage transactions, Lez Gomez's services are completely free to you. The lender pays the broker fee. For private mortgages or complex files, there may be a broker fee which Lez will disclose upfront before you commit. There are never any hidden costs.

Question 4

How long does the mortgage process take?

Accepted Answer

From your first call with Lez to getting approved typically takes 3-10 business days. The full process from pre-approval to closing on a home is usually 30-90 days. Lez Gomez has helped Ontario clients close in as little as 5 business days when needed.

Question 5

What are current Ontario mortgage rates?

Accepted Answer

Mortgage rates change daily and vary by lender, term, and your financial profile. Lez Gomez shops across 50+ lenders to find the lowest rate for your situation. As a mortgage broker, Lez often secures rates lower than what you would get walking into a bank. Call 416-723-1313 for today's best rates.

Question 6

Should I choose a fixed or variable rate mortgage?

Accepted Answer

Fixed rates provide payment certainty for the entire term (1-5 years typically). Variable rates fluctuate with the Bank of Canada prime rate and can be lower initially. Lez Gomez analyzes your risk tolerance, financial goals, and current market conditions to recommend the best option.

Question 7

What is the minimum down payment in Ontario?

Accepted Answer

The minimum down payment in Canada is 5% for homes priced under $500,000. For homes between $500,000 and $1,499,999, it is 5% on the first $500K and 10% on the remainder. Homes $1.5 million and above require 20% down.

Question 8

Can I use gifted funds for my down payment?

Accepted Answer

Yes, most lenders accept gifted down payments from immediate family members. A signed gift letter is required confirming the funds are a true gift with no repayment expected. Lez Gomez guides Ontario families through the documentation requirements.

Question 9

What credit score do I need for a mortgage in Ontario?

Accepted Answer

Most prime lenders require a minimum credit score of 600-650. However, Lez Gomez works with alternative lenders who approve borrowers with scores as low as 500, and private lenders who focus on property equity rather than credit.

Question 10

Can I get a mortgage with bad credit?

Accepted Answer

Absolutely. Lez Gomez specializes in bad credit mortgages across Ontario. Options include B lenders for credit scores above 500, and private lenders for any credit situation. While rates may be higher than prime, Lez works to improve your situation and transition you to better rates.

Question 11

I am self-employed. Can I still get a mortgage?

Accepted Answer

Yes. Lez Gomez is experienced in self-employed mortgages. Options include stated income programs, bank statement programs, and business-for-self programs that look at gross revenue rather than net income.

Question 12

When should I refinance my Ontario mortgage?

Accepted Answer

Consider refinancing when rates have dropped significantly, you need to access home equity, you want to consolidate debt, or your mortgage term is coming up. Lez Gomez analyzes the costs vs. savings of refinancing and only recommends it when it truly benefits you.

Question 13

What is a HELOC and how does it work?

Accepted Answer

A Home Equity Line of Credit (HELOC) lets you borrow up to 65% of your home's value minus your mortgage balance. You pay interest only on what you use. HELOCs are revolving credit, meaning you can borrow, repay, and borrow again.

Question 14

What are private mortgages?

Accepted Answer

Private mortgages are funded by individual investors or private lending companies rather than banks. They are ideal for borrowers who do not qualify at traditional lenders due to credit issues, non-traditional income, or unique property types. Lez Gomez has a network of trusted private lenders offering competitive rates.

Question 15

What is bridge financing?

Accepted Answer

Bridge financing is a short-term loan that covers the gap when you buy a new home before selling your current one. Terms are typically 30-90 days. Lez Gomez arranges bridge loans for Ontario buyers who need to close on a new property before their existing home sale completes.

Question 16

What is CMHC mortgage insurance?

Accepted Answer

CMHC mortgage default insurance is required when your down payment is less than 20%. The premium ranges from 2.8% to 4% of the mortgage amount and can be added to your mortgage. This insurance protects the lender, not you.

Frequently Asked Questions

Getting Started

Rates & Payments

Down Payments

Credit & Qualification

Refinancing & Equity

Private & Alternative Lending

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