Question 1

What does FAFI stand for?

Accepted Answer

FAFI is the brand abbreviation for Fast Approve Financial Inc., a licensed Ontario mortgage brokerage.

Question 2

How much down payment do I need?

Accepted Answer

The required down payment depends on the purchase price, occupancy, property type, lender policy and whether mortgage default insurance applies. A lender also needs a clear source-of-funds trail, not just the final account balance.

Question 3

What income documents do lenders review?

Accepted Answer

Lenders usually review income type, stability and documentation. Employed borrowers may need pay stubs, a job letter and tax slips. Self-employed borrowers may need tax returns, notices of assessment, business records and bank statements.

Question 4

Why does the appraisal matter?

Accepted Answer

An appraisal helps the lender confirm property value and suitability. If the appraised value, property condition or property type does not fit lender policy, the approved loan amount or terms may change.

Question 5

What happens after I submit a mortgage application?

Accepted Answer

The file is reviewed for income, credit, down payment or equity, debts, property details and required documents. The lender may issue conditions, request more documents, approve different terms or decline the file.

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