Who is acting for whom?
Akal Elevate Mortgages is a mortgage brokerage, not a lender. Ask who the brokerage represents in your transaction, which lenders can be considered and whether another brokerage or referral arrangement is involved. Access to a lender does not establish eligibility for every product.
How can a brokerage be paid?
Compensation may include a lender payment, a borrower-paid fee or other disclosed benefits, depending on the arrangement. Ask for the compensation, referral relationships, potential conflicts and any borrower fees to be explained in writing. This page does not state the fees applicable to your file.
Look beyond the interest rate
Compare the total borrowing cost, applicable APR, lender and broker fees, valuation and legal expenses, prepayment rights, penalties and renewal terms. A lower headline rate may not create a lower overall cost. Ask when each charge is payable and whether it is refundable.
Private financing needs an exit plan
Discuss the payment obligation, fees, term, renewal uncertainty and how the loan could be repaid or refinanced. Future property appreciation or a future approval should not be treated as certain. Waiting or choosing a different approach may be appropriate.
Written disclosures belong to your transaction
Website information supplements the personalized disclosures required for your transaction; it does not replace them. Review the brokerage’s role, compensation, conflicts, material risks and borrowing costs with your mortgage professional before committing.
Further reading: FSRA disclosure requirements. Ask your mortgage professional which provincial requirements apply.