Questions about Kal-Mor Mortgages

Why use Kal-Mor mortgages and Investments first ?

These days time is precious and having to shop your own mortgage from bank to bank cannot only take a significant amount of time, but can also be very daunting given the wide variety of products. In addition, most people don't know all the right questions to ask.

Updated daily, Kal-Mor Mortgages and Investments sees the lowest interest rates and best mortgage products being offered by financial institutions from across Canada and is able to use this knowledge to get you the best mortgage product available.

Because Kal-Mor Mortgages and Investments is not associated with any one financial institution, we are not limited in the products we can offer you and can seek out the best lender package to suit your specific situation, whether it's with a Chartered Bank, Trust Company, Credit Union, or Private Funds.

Choosing the wrong mortgage can cost you thousands of extra dollars. Kal-Mor Mortgages and Investments has the knowledge, experience and resources to shop the mortgage market for the best rates and terms.

How does Kal-Mor Mortgages and Investments work?

Kal-Mor Mortgages and Investments is made up of a team of professionals trained to represent you, the borrower, in obtaining mortgage financing from a variety of lending sources offering a unique range of mortgage solutions.

By accessing numerous Canadian mortgage lenders including Chartered Banks, Trust Companies, Credit Unions, and private lenders, Kal-Mor Mortgages and Investments is able to find you the best mortgage solutions for your specific needs now and in the future, from lenders all across Canada.

Kal-Mor Mortgages and Investments has developed a proprietary, secure, mortgage application process that is available 24 hours per day, 7 days per week. By simply filling out our online mortgage application, you will be given an answer within minutes and in some cases seconds!

Where in Canada can I get a mortgage?

Kal-Mor Mortgages and Investments 's network of lenders will mortgage properties across Canada.

Top 5 Mortgage application questions

Instant Mortgage Approval! - What's the catch and how do you do it?

What's the catch? Plain and simple, there is no catch...We have just taken the process of obtaining a mortgage to a new level. The difference between Kal-Mor Mortgages and Investments and other brokers/financial institutions is that our application and approval process is completely online.

How do we do it? Kal-Mor Mortgages and Investments has developed an online mortgage qualification system that is able to qualify mortgage applications through a filtering process. Applications that meet the requirements are given an "Instant Mortgage Approval" or "Instant Pre Approval". No strings...

If you have reasonable credit, and the property qualifies, there is no reason why you will not be given an "Instant Mortgage Approval" or "Instant Pre Approval".

Even if you have less than perfect credit we encourage you to go through the mortgage application process and let a member of the Kal-Mor Mortgages and Investments Mortgage Approval Team work to find the mortgage that best suits your needs.

What interest rate can I expect with KalMor Morgages and Investments?

Kal-Mor Mortgages and Investments surveys Canadian mortgage lenders including Chartered Banks, Trust Companies, Credit Unions and private lenders, to get you the lowest possible mortgage rate available. Our interest rates are posted on our homepage and are updated on a daily basis when required. Find a lower rate? We'd be surprised, but let us know and we would be happy to investigate it.

Instant Approval! What are the costs to use Kal-Mor Mortgages and Investments ?

Even when your application is approved, there are still no costs. Also, at no time are you under any obligation to accept our mortgage offer.

Of course if you decide to accept our approval and follow through with the mortgage, there will be some costs associated with the mortgage itself and may include costs for items like appraisals, legal fees, surveys, etc. These costs are not specific to Kal-Mor Mortgages and Investments but are normal expenses associated with mortgages in Canada. Once your mortgage application has been approved, a member of the Kal-Mor Mortgages and Investments Mortgage Team will be in contact with you to go over these costs in detail.

In some cases, when secondary lenders are required to facilitate your mortgage requirements which may be the result of credit concerns, etc, brokerage fees may apply. However, you will be made fully aware of any fees prior to your commitment.

If my mortgage application is approved, am I obligated in any way?

Absolutely not! You are under no obligation to accept a loan offer that is presented to you through Kal-Mor Mortgages and Investments . There are also no costs associated with the mortgage application process.

What types of mortgages do you arrange?

- Pre-approvals

- 1st and 2nd mortgages

- Mortgage renewals and switch mortgages

- Construction mortgages

- Mortgage transfers

- Refinance debts

- Debt consolidation mortgages

- Self employed applicants

- Even bank declined mortgages

Other Canadian mortgage and loan questions

What is the benefit of getting pre-approved?

A pre-approved mortgage is just like applying for a mortgage when you buy a home, but it is done ahead of time. Kal-Mor Mortgages and Investments will take all the information it requires from you to determine how much you can comfortably afford to pay each month and what price range of home you can look at purchasing.

With a pre-approved mortgage you can shop with confidence, knowing that the biggest hurdle in home buying has been seen to ahead of time. Generally speaking, pre-approval terms and conditions are guaranteed by the financial institution for up to 120 days, giving you the protection of 'locking in' a certain mortgage rate should rates climb higher while you look for a home to purchase. If interest rates go down, the banks will generally give you the lower rate.

What is the difference between floating rate and fixed rate mortgages?

Variable or floating rate mortgages provide that the interest rate will change on a periodic basis during the term of the loan according to a pre-determined formula. This formula is typically based on the prime-lending rate set by the Bank of Canada.

Fixed rate mortgages provide that the interest rate will not change throughout the term of the mortgage, but is set at a fixed rate at the beginning of the term.

Can I get a mortgage to renovate my property or pay off credit cards?

Yes! Mortgages can be obtained for a variety of purposes including home purchases, home renovations, or refinancing to pay off other high interest rate debt.

What are typical pre-payment privileges available with my mortgage?

Most lenders today offer pre-payment privileges of 15% of the original mortgage balance. There are a few exceptions that offer only 10% and others that offer 20% and even 25%. You can increase the payments by up to double the regular payment but it is not necessary to double up. Pre-payment privileges can typically be taken advantage of in the form of annual lump sum payments, too.

What are the early payout penalties that apply to my mortgage?

Either a three-month interest penalty or interest differential penalty will apply if you close out your mortgage prior to the maturity date of the term. The greater of the two applies. Interest differential is charged when interest rates have decreased relative to your rate, whereas three-month interest charges are typically charged when interest rates have increased relative to your rate.

Can I qualify for a mortgage if I am unable to confirm my income?

There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Another normal requirement is that the applicant have good credit. The amount of the mortgage advance will typically be 65% of the total property value but mortgages of up to 75% of the total can also be arranged.

What if I have a poor credit history?

While you may not be given immediate mortgage approval, Kal-Mor Mortgages and Investments has access to many lenders and products, which will probably work. The terms and interest rates will depend on the severity of your credit situation.

What documentation is required to confirm my down payment?

For funds derived from a bank account, lenders require a bank statement confirming the down payment. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.

Can I use gift funds as a down payment?

Most lenders will accept down payment funds that are a gift from family as an acceptable down payment. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. Where the mortgage requires Mortgage Loan Insurance, the gift money is required to be in the purchaser's possession before the completion of the mortgage.

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

Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing mortgage financing. If you have been previously discharged from bankruptcy, the best way to determine whether or not you qualify at this time is to fill out an application and have one of the Kal-Mor Mortgages and Investments team members discuss your situation. Kal-Mor Mortgages and Investments has many lenders to approach based on your circumstances.

How will child support and alimony affect my mortgage qualification?

Where you pay Child Support and Alimony to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for.

Where Child Support and Alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.

Should I wait for my mortgage to mature before obtaining an approval?

No, have Kal-Mor Mortgages and Investments begin shopping around for an interest rate at least 90 days before your mortgage matures. Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. Most lenders will cover or offset a majority of the costs of transferring your mortgage. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. And if rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well.

Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one.

I'm retired with a pension income. Can I get a mortgage?

Absolutely! Financial institutions are not permitted to discriminate based on age. As such, you are entitled to the same mortgage terms and qualifications guidelines as non-retired persons.

Further, pension income qualifies the same as any other income.

As a non-resident, can I qualify for a mortgage?

Yes, as a non-resident you are able to qualify for a mortgage. The maximum Loan to Value Ratio is typically limited to 65%, but can go as high as 75% in special cases.

A credit report from the country of origin, proof of income and down payment is also required.

Questions about cost

What does it cost to use Kal-Mor Mortgages and Investments?

There are absolutely no costs associated with the online mortgage application process. Even when your application is approved, there are still no costs. Also, at no time are you under any obligation to accept our mortgage offer.

Of course if you decide to accept our approval and follow through with the mortgage, there will be some costs associated with the mortgage itself and may include costs for items like appraisals, legal fees, surveys, etc. These costs are not specific to Kal-Mor Mortgages and Investments but are normal expenses associated with mortgages in Canada. Once your mortgage application has been approved, a member of the Kal-Mor Mortgages and Investments Mortgage Team will be in contact with you to go over these costs in detail.

In some cases, when secondary lenders are required to facilitate your mortgage requirements, which may be the result of credit concerns, brokerage fees may apply. However, you will be made fully aware of any fees prior to your commitment.

What are the typical costs associated with getting a mortgage in Canada?

In general terms, the following are typical costs, which you will incur when obtaining a mortgage. Again, these costs are not specific to Kal-Mor Mortgages and Investments but are normal expenses associated with mortgages in Canada and may depend on your location. A member of the Kal-Mor Mortgages and Investments Mortgage Team will discuss these costs in detail once your mortgage is approved. The following are given as a guide only.



Legal Fees $850 - $1,000
Appraisal $200 - $300
* Title Insurance $200

*Title Insurance is required on most mortgages with loan to value ratios over 65%. A survey certificate can be substituted.

Depending on your Province, you may be subject to a property purchase tax when purchasing a new home. Again, a Kal-Mor Mortgages and Investments Mortgage Specialist will be in contact with you to discuss these costs.

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