Q: How much money can I borrow?
A: The amount of money you can borrow will depend on how much money you make and how much debt you have. The amount you can borrow will also differ from lender to lender. Your mortgage broker can help you determine exactly how much home you can afford.

Q: Can I get a loan if I have credit problems?
A: Whether or not you can get a mortgage will depend on exactly how severe your credit problems are. If a year ago you paid some bills late, but have made on-time payments ever since, you shouldn't have a problem qualifying for a loan. However, if you consistently make late payments you may run into problems getting a lender to approve you. Discuss your credit situation with your mortgage broker and he or she can help you determine exactly where your credit stands.

Q: What documents will I need when applying for a loan?
A: When applying for your mortgage, you will need to provide your birth certificate, your pay slips, your driver's license, tax returns and bank statements. Other documentation may be necessary depending on the lender you are applying with. Your mortgage broker will let you know if any other documentation is necessary.

Q: How much will I need for a deposit?
A: How much you need for the deposit depends on how much you are paying for the home you are purchasing. Depending on your credit, some lenders will require twenty percent while others will only require five percent. If you qualify for the First Home Owner's Grant, your down payment requirements will be lower. Your mortgage broker can let you know exactly how much money you will need to bring to closing.

Q: What is the First Home Owner's Grant?
A: The First Home Owner's Grant is a $7,000 grant that is available to home buyers who have never owned a home.

Q: What is a nonconforming loan?
A: A nonconforming loan, also known as a jumbo loan, is a loan that does not meet secondary market standards so the loan would not be able to be sold on the secondary market.

Q: What is mortgage insurance?
A: Mortgage insurance is insurance that protects the lender in the event that you would default on the loan. If your loan's loan-to-value ratio is greater than 80 percent, you will likely be charged for mortgage insurance in your monthly mortgage payments.