Some of the questions most frequently asked by prospective customers:

What is my down payment going to be?

For properties costing more than $450,000 the minimum down payment is 5% of the cost of the property being purchased.

What is the maximum repayment period?

At CMFC we provide mortgages for up to a maximum of 25 years. The mortgage must however be repaid by the borrower's 70^th birthday.

What are the closing costs like?

All legal fees associated with the transaction must be bourne by the borrower. You should therefore consult with your attorney about these costs. In addition to the legal fees, you will also have to pay a Negotiation Fee and valuation fees. It is therefore important that you demonstrate an ability to cover these costs before you can qualify for the mortgage.

How will you gauge my ability to pay?

A very important criterion is your debt service ratio (DSR). At CMFC, to qualify for a loan your DSR (Total Debt Payments/Gross Family Income) should not exceed 40%. Debt here refers to other mortgage payments, bank loans, hire purchase loans, credit card debt etc.

What other conditions will I have to satisfy?

Apart from the mortgage security, CMFC will also request that you provide life insurance coverage equivalent to the amount of the mortgage and fire and perils insurance coverage over the property.

Visit the Life Insurance and Homeowners Insurance sections of our site for further details.

How do I get started?

Complete and submit our on-line mortgage application form to start the ball rolling. Please note, you must complete all relevant sections of the application form in order for us to fully evaluate your application.

If you are building a new house you will also need to provide us with the house plans showing the relevant planning approvals.

What if I don't actually have a piece of land on which to build the house?

No problem! View our "Real Estate" section to locate that dream lot then contact us as we can finance it for you.

What if I want to buy rather than build?

Once again, no problem! We at CMFC can help you find the house of your dreams through our "Real Estate" section. Once you are happy with the choice, we can finance it for you.

Contact us today and one of our professionals will be in touch with you!