1. Question: Do I have to pay you for your services?

Lil Archie says: In most standard home purchases, you do not pay June a dime! Instead, the bank or lender pays her a finder's fee directly after your mortgage closes. If you ever have a unique situation where a custom broker fee is required, June will talk about it with you transparently upfront so there are never any surprises.

2. Question: Can I look into refinancing my mortgage if my credit score has taken a hit?

Lil Archie says: We can certainly explore your options. Depending on your home's equity, we may look into alternative or "B" lenders to help consolidate higher-interest debt and work toward rebuilding your credit framework.

3. Question: Can I qualify for a mortgage if I am self-employed or run my own business?

Lil Archie says: There may be options available. Lenders typically review your notice of assessments (NOAs) and business financials, but there are also program options designed for business owners.

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4. Question: Is it possible to buy a fixer-upper home and get extra mortgage funds to cover the renovations immediately?

Lil Archie says: We can look into a program often referred to as a "Purchase Plus Improvements" mortgage. This option allows you to add the estimated cost of specific, approved renovations directly into your primary home loan, subject to lender approval.

5. Question: What options do I have if I am going through a separation or divorce and want to buy out my partner's share of the house?

Lil Archie says: There are specific spousal buyout programs available. Under certain guidelines, you may be able to refinance up to 95% of your home's value to pay out your ex-partner and keep the property, subject to income qualifications.

6. Question: Can a parent or family member help me qualify for a home loan if my income isn't quite high enough on its own?

Lil Archie says: Having a family member act as a co-signer or guarantor is a common approach. This adds their income and credit strength to your application to help meet lender debt-servicing ratios, subject to their financial approval.

7. Question: What happens if my property appraisal comes back lower than the price I agreed to pay for the house?

Lil Archie says: A shortfall in the appraisal can affect your loan-to-value calculation. In these scenarios, lenders base their financing percentage on the lower appraised value, meaning you may need to cover the difference out of pocket or restructure the offer.

8. Question: Can I look into getting a mortgage to purchase a secondary vacation home or an investment rental property?

Lil Archie says: There are excellent programs for alternative properties. Vacation homes can often be financed with a standard down payment, while investment rentals typically require different guidelines and a minimum 20% down payment.

9. Question: Are mortgage rates negotiable?

Lil Archie says: Institutional mortgage rates are set by the lenders themselves based on market conditions and your unique financial profile. However, June can help optimize your application to access lower rate tiers and shop multiple lenders to find the most competitive option available for your situation.

10. Question: What happens if I need to break my mortgage contract early because I have to sell my home?

Lil Archie says: Breaking a mortgage contract early typically results in a payout penalty. The total cost generally depends on whether the loan is a fixed or a variable rate, and the current lender calculates these fees directly.