Frequently Asked Questions
At IK Financial, we are committed to helping clients navigate the often-complex world of home financing. With years of experience and a team of dedicated mortgage professionals, we are here to guide you through the mortgage process and answer any questions you may have along the home-financing journey. We believe that understanding the ins and outs of home financing is crucial to making informed decisions, which is why we have created this comprehensive 'Frequently Asked Questions' page. Here, you will find answers to some of the most commonly asked questions about IK Financial, our processes, as well as mortgages.
About IK Financial
IK Financial is a mortgage agency founded in 2010 by licensed mortgage agents Inna Bogdanov and Katerina Markevich. With a strong network of lending partners, IK Financial's main focus is to find the best lending opportunity in the home-finance market. IK Financial strives to bring all the latest technologies into daily practices with a client experience and data security in mind.
We have strong and experienced mortgage underwriters team behind the scenes. They evaluate, analyze, and prepare your file for successful fundings. Our key to success is the personal involvement of Inna and Katerina in every home-finance transaction. You can learn more about the IK Financial team on our "Our Team" page.
We have strong and experienced mortgage underwriters team behind the scenes. They evaluate, analyze, and prepare your file for successful fundings. Our key to success is the personal involvement of Inna and Katerina in every home-finance transaction. You can learn more about the IK Financial team on our "Our Team" page.
IK Financial provides a wide spectrum of home-finance services. Our team is experienced with all home-finance services that are available on the lending market. IK Finacial works with all client types, whether you are employed, self-employed, or incorporated. Our services include and are not limited to:
- Residential Mortgages;
- Commercial Mortgages;
- Mortgage Refinance;
- Home Equity Line of Credit (HELOC);
- Mortgage Renewals.
IK Financial founders, Inna Bogdanov and Katerina Markevich, have been in the industry for over 20 years. Their journey started in one of the major banks, and their close partnership led to the creation of IK Financial. Our experience, knowledge, and access to lending solutions will benefit your short and long-term goals.
What to learn more about our company? Visit the 'About Us' page and check out one of our latest videos.
What to learn more about our company? Visit the 'About Us' page and check out one of our latest videos.
IK Financial partners with over 30 lenders, including Major Banks, B Lenders, Credit Unions, Mortgage Companies, and other National, Regional and Private lenders. All this variety allows us to create a tailored home-finance solution that would suit your unique situation and personal goals.
Mortgage product is very individual and will vary from person-to-person. Our strong history with banks and lenders opens up some great opportunities, benefits, and offers to all IK Financial clients. Book your complimentary consultation to speak with our licensed mortgage agent.
Mortgage product is very individual and will vary from person-to-person. Our strong history with banks and lenders opens up some great opportunities, benefits, and offers to all IK Financial clients. Book your complimentary consultation to speak with our licensed mortgage agent.
IK Financial stays on top of all new technology developments to accommodate clients' needs promptly and conveniently. In 2021 our team fully merged into the online world to accommodate a higher volume of clients. As we hold all consultations and processes online, our team follows all industry standards and guidelines to securely store and process mortgage applications, which eliminates the need for in-person meetings and consultations.
We are very open with our community and we ask all our clients to share their experiences with IK Financial. If you are looking for an unbiased client experience, we are inviting you to check our Google Business Page.
IK Financial is a mortgage agency that was founded in 2010 by licensed mortgage agents Inna Bogdanov and Katerina Markevich. With a strong network of lending partners, IK Financial's main focus is to find the best lending opportunity in the home-finance market. IK Financial strives to bring all the latest technologies into daily practices with a client experience and data security in mind.
We have strong and experienced mortgage underwriters team behind the scenes. They evaluate, analyze, and prepare your file for successful fundings. Our key to success is the personal involvement of Inna and Katerina in every home-finance transaction. You can learn more about the IK Financial team on "Our Team" page.
We have strong and experienced mortgage underwriters team behind the scenes. They evaluate, analyze, and prepare your file for successful fundings. Our key to success is the personal involvement of Inna and Katerina in every home-finance transaction. You can learn more about the IK Financial team on "Our Team" page.
IK Financial provides a wide spectrum of home-finance services. Our team is experienced with all home-finance services that are available on the lending market. IK Finacial works with all client types, whether you are employed, self-employed, or incorporated. Our services include and are not limited to:
- Residential Mortgages;
- Commercial Mortgages;
- Mortgage Refinance;
- Home Equity Line of Credit (HELOC);
- Mortgage Renewal.
IK Financial founders, Inna Bogdanov and Katerina Markevich, have been in the industry for over 20 years. Their journey started in one of the major banks, and their close partnership led to the creation of IK Financial. Our experience, knowledge, and access to lending solutions will benefit your short and long-term goals.
What to learn more about our company? Visit the 'About Us' page and check out one of our latest videos.
What to learn more about our company? Visit the 'About Us' page and check out one of our latest videos.
IK Financial partners with over 30 lenders, including Major Banks, B Lenders, Credit Unions, Mortgage Companies, and other National, Regional and Private lenders. All this variety allows us to create a tailored home-finance solution that would suit your unique situation and personal goals.
Mortgage product is very individual and will vary from person-to-person. Our strong history with banks and lenders opens up some great opportunities, benefits, and offers to all IK Financial clients. Book your complimentary consultation to speak with our licensed mortgage agent.
Mortgage product is very individual and will vary from person-to-person. Our strong history with banks and lenders opens up some great opportunities, benefits, and offers to all IK Financial clients. Book your complimentary consultation to speak with our licensed mortgage agent.
IK Financial stays on top of all new technology developments to accommodate clients' needs promptly and conveniently. In 2021 our team fully merged into the online world to accommodate a higher volume of clients. As we hold all consultations and processes online, our team follows all industry standards and guidelines to securely store and process mortgage applications, which eliminates the need for in-person meetings and consultations.
We are very open with our community and we ask all our clients to share their experiences with IK Financial. If you are looking for an unbiased client experience, we are inviting you to check our Google Business Page.
Online Application
There are many ways you can reach out to IK Financial team. One of the fast and convenient ways is to book your complimentary consultation online. If you have any questions on your ongoing file, you can always email us at team@ikfinancial.com or contact us at 647-244-1371 to speak with team representative.
If you received an email with an online form from our mortgage agent, you are going through an onboarding process with IK Financial. Don't worry, this is not a mortgage application, we won't pull your credit report at this stage, and there are no obligations. This form will help us verify your identity and evaluate some information to find better mortgage opportunities in the home-finance market.
This step is very important and will help us provide more information on your request.
This step is very important and will help us provide more information on your request.
If you received an email with a list of required documents from our mortgage agent, you are going through a verification process with IK Financial. Don't worry, this is not a mortgage application, we won't pull your credit report at this stage, and there are no obligations. Our team of mortgage underwriters will sort and evaluate all the documents to verify and prepare your file. Once we have more information on your profile, our mortgage agents will connect and advise on the strategies and available home-finance opportunities.
This step is very important and will help us provide more information on your request.
This step is very important and will help us provide more information on your request.
We value each and everyone who is reaching out to IK Financial to discover home-finance opportunities. However, we value our time, reputation, and trustworthiness that we deliver to our clients. As we are online company, we can trust facts only. With this being said, we will proceed evaluating your financial information and creating your personal strategy only by having a complete online form and all the scanned documents as per our initial email. We do this for your best interest, and we hope for your understanding.
Once IK Financial receives your full information, we pass this documents to our underwriting team. They evaluate all the data and create your personal application. Once this is done, our mortgage agent will connect with you and discuss your home-finance opportunities that are available to you.
We value your personal information. At IK Financial we handle all your data with respect to you and local Laws and Regulations. To learn more, please visit 'Privacy & Security' page.
There are many ways you can reach out to IK Financial team. One of the fast and convenient ways is to book your complimentary consultation online. If you have any questions on your ongoing file, you can always email us at team@ikfinancial.com or contact us at 647-244-1371 to speak with team representative.
If you received an email with an online form from our mortgage agent, you are going through an onboarding process with IK Financial. Don't worry, this is not a mortgage application, we won't pull your credit report at this stage, and there are no obligations. This form will help us verify your identity and evaluate some information to find better mortgage opportunities in the home-finance market. This step is very important and will help us provide more information on your request.
If you received an email with a list of required documents from our mortgage agent, you are going through a verification process with IK Financial. Don't worry, this is not a mortgage application, we won't pull your credit report at this stage, and there are no obligations. Our team of mortgage underwriters will sort and evaluate all the documents to verify and prepare your file. Once we have more information on your profile, our mortgage agents will connect and advise on the strategies and available home-finance opportunities. This step is very important and will help us provide more information on your request.
We value each and everyone who is reaching out to IK Financial to discover home-finance opportunities. However, we value our time, reputation, and trustworthiness that we deliver to our clients. As we are online company, we can trust facts only. With this being said, we will proceed evaluating your financial information and creating your personal strategy only by having a complete online form and all the scanned documents as per our initial email. We do this for your best interest, and we hope for your understanding.
Once IK Financial receives your full information, we pass this documents to our underwriting team. They evaluate all the data and create your personal application. Once this is done, our mortgage agent will connect with you and discuss your home-finance opportunities that are available to you.
We value your personal information. At IK Financial we handle all your data with respect to you and local Laws and Regulations. To learn more, please visit 'Privacy & Security' page.
Common Mortgage Questions
The type of mortgage product that is right for a person will depend on their individual circumstances, such as their financial situation, credit score, and the type of property they are purchasing. Some common factors that can affect a person's mortgage options include the size of their down payment, the loan-to-value ratio, and their ability to qualify for certain types of loans. IK Financial team is here to help evaluate your options and choose a mortgage product that is right for you.
Book your complimentary consultation to speak with our licensed mortgage agent.
Book your complimentary consultation to speak with our licensed mortgage agent.
While it is recommended to have at least 20% down to avoid Mortgage Default Insurance, you still can purchase your investment with less than 20% down payment.
So, what down payment should you have then? Here is a break down:
*Example: If the property price is $750,000, the minimum down payment would be $25,000 (5% from first $500,000) + $25,000 (10% from the difference $750,000-$500,000=$250,000) Total downpayment is $50,000.
So, what down payment should you have then? Here is a break down:
- For homes $500,000 or less, a 5% down payment is required;
- For homes $500,000 or less than 1 mil., you'll need to put 5% down for the first $500,000 and 10% for the remaining purchase price;
- And finally homes that are 1 mil. or more require a 20% down payment and are not eligible for mortgage loan insurance.
*Example: If the property price is $750,000, the minimum down payment would be $25,000 (5% from first $500,000) + $25,000 (10% from the difference $750,000-$500,000=$250,000) Total downpayment is $50,000.
For over 20 years in the mortgage industry, we have seen a lot, and our experience and access to various landers open up great opportunities for everyone, whether you are employed, self-employed or incorporated.
The main difference between A and B banks, credit unions, and private lenders is the type of financial institution they are.
- A and B banks are traditional financial institutions that are regulated by the government and offer a range of financial products and services, including checking and savings accounts, loans, and investment options;
- Credit unions are non-profit financial institutions that are owned and controlled by their members, and they typically offer similar products and services as banks but may have different fees and eligibility requirements;
- Private lenders are individuals or companies that provide loans or financing to borrowers, often with different terms and interest rates than banks and credit unions.
All the above options are home-finance products that are among to help you achieve your goal. In short, here is a quick intro to all those products:
- A mortgage is a loan that is used to purchase a property or real estate;
- A home equity line of credit (HELOC) is a type of loan that allows a homeowner to borrow money using their home as collateral;
- A refinance is the process of replacing an existing loan with a new one, often with different terms or interest rates;
- A renewal is the process of extending the term of an existing loan.
The type of mortgage product that is right for a person will depend on their individual circumstances, such as their financial situation, credit score, and the type of property they are purchasing. Some common factors that can affect a person's mortgage options include the size of their down payment, the loan-to-value ratio, and their ability to qualify for certain types of loans. IK Financial team is here to help evaluate your options and choose a mortgage product that is right for you.
Book your complimentary consultation to speak with our licensed mortgage agent.
Book your complimentary consultation to speak with our licensed mortgage agent.
While it is recommended to have at least 20% down to avoid Mortgage Default Insurance, you still can purchase your investment with less than 20% down payment.
So, what down payment should you have then? Here is a break down:
*Example: If the property price is $750,000, the minimum down payment would be $25,000 (5% from first $500,000) + $25,000 (10% from the difference $750,000-$500,000=$250,000) Total downpayment is $50,000.
So, what down payment should you have then? Here is a break down:
- For homes $500,000 or less, a 5% down payment is required;
- For homes $500,000 or less than 1 mil., you'll need to put 5% down for the first $500,000 and 10% for the remaining purchase price;
- And finally homes that are 1 mil. or more require a 20% down payment and are not eligible for mortgage loan insurance.
*Example: If the property price is $750,000, the minimum down payment would be $25,000 (5% from first $500,000) + $25,000 (10% from the difference $750,000-$500,000=$250,000) Total downpayment is $50,000.
For over 20 years in the mortgage industry, we have seen a lot, and our experience and access to various landers open up great opportunities for everyone, whether you are employed, self-employed or incorporated.
The main difference between A and B banks, credit unions, and private lenders is the type of financial institution they are.
- A and B banks are traditional financial institutions that are regulated by the government and offer a range of financial products and services, including checking and savings accounts, loans, and investment options;
- Credit unions are non-profit financial institutions that are owned and controlled by their members, and they typically offer similar products and services as banks but may have different fees and eligibility requirements;
- Private lenders are individuals or companies that provide loans or financing to borrowers, often with different terms and interest rates than banks and credit unions.
All the above options are home-finance products that are among to help you achieve your goal. In short, here is a quick intro to all those products:
- A mortgage is a loan that is used to purchase a property or real estate;
- A home equity line of credit (HELOC) is a type of loan that allows a homeowner to borrow money using their home as collateral;
- A refinance is the process of replacing an existing loan with a new one, often with different terms or interest rates;
- A renewal is the process of extending the term of an existing loan.
General Questions
Mortgage process with IK Financial is really easy. We also have a team full of experts to support you and your application from our first call to a successful funding.
Here is how mortgage process looks with IK Financial:
Step 1. Discovery interview
When contacting IK Financial for the first time, we will have our introductory telephone interview. Our Mortgage Agents will learn Your needs and answer all Your questions. Shortly after, we will send an email with the required list of documents. This information will help us identify Your eligibility for a mortgage and choose the right lender and product.
Step 2. Qualification and Application review
Do not worry, at this stage we are not applying for a mortgage yet. After carefully going through Your documentation we will be able to find a lender and conditions that would suit Your needs. We do all the math and return with all the information on your financing opportunities.
Step 3. Live Approval and Bank application
When You find a property to purchase, we will require an MLS listing and Purchase agreement. It is time for You to wait while we will do all behind the scenes work. We will submit an application to a lender and provide You with a commitment letter.
Step 4. Enjoy your New Home
Congratulations! On the closing day You will get your Keys. We are glad You achieved this milestone with IK Financial, and we are looking forward to working with you again!
Here is how mortgage process looks with IK Financial:
Step 1. Discovery interview
When contacting IK Financial for the first time, we will have our introductory telephone interview. Our Mortgage Agents will learn Your needs and answer all Your questions. Shortly after, we will send an email with the required list of documents. This information will help us identify Your eligibility for a mortgage and choose the right lender and product.
Step 2. Qualification and Application review
Do not worry, at this stage we are not applying for a mortgage yet. After carefully going through Your documentation we will be able to find a lender and conditions that would suit Your needs. We do all the math and return with all the information on your financing opportunities.
Step 3. Live Approval and Bank application
When You find a property to purchase, we will require an MLS listing and Purchase agreement. It is time for You to wait while we will do all behind the scenes work. We will submit an application to a lender and provide You with a commitment letter.
Step 4. Enjoy your New Home
Congratulations! On the closing day You will get your Keys. We are glad You achieved this milestone with IK Financial, and we are looking forward to working with you again!
While some lenders require wet signatures, most of the lenders today approve digital signatures. Our team of underwriters will prepare all the files and documents and will send you a link. At you convince, you will be able to access these files from any device and sign them from any place in the world.
Not all home-finance transactions require appraisal services, but if one is required we will order it for you. We closely work with lenders and partner with various appraisal companies, so you don't have to worry about industry standards and requirements.
Mortgage process with IK Financial is really easy. We also have a team full of experts to support you and your application from our first call to a successful funding.
Here is how mortgage process looks with IK Financial:
Step 1. Discovery interview
When contacting IK Financial for the first time, we will have our introductory telephone interview. Our Mortgage Agents will learn Your needs and answer all Your questions. Shortly after, we will send an email with the required list of documents. This information will help us identify Your eligibility for a mortgage and choose the right lender and product.
Step 2. Qualification and Application review
Do not worry, at this stage we are not applying for a mortgage yet. After carefully going through Your documentation we will be able to find a lender and conditions that would suit Your needs. We do all the math and return with all the information on your financing opportunities.
Step 3. Live Approval and Bank application
When You find a property to purchase, we will require an MLS listing and Purchase agreement. It is time for You to wait while we will do all behind the scenes work. We will submit an application to a lender and provide You with a commitment letter.
Step 4. Enjoy your New Home
Congratulations! On the closing day You will get your Keys. We are glad You achieved this milestone with IK Financial, and we are looking forward to working with you again!
Here is how mortgage process looks with IK Financial:
Step 1. Discovery interview
When contacting IK Financial for the first time, we will have our introductory telephone interview. Our Mortgage Agents will learn Your needs and answer all Your questions. Shortly after, we will send an email with the required list of documents. This information will help us identify Your eligibility for a mortgage and choose the right lender and product.
Step 2. Qualification and Application review
Do not worry, at this stage we are not applying for a mortgage yet. After carefully going through Your documentation we will be able to find a lender and conditions that would suit Your needs. We do all the math and return with all the information on your financing opportunities.
Step 3. Live Approval and Bank application
When You find a property to purchase, we will require an MLS listing and Purchase agreement. It is time for You to wait while we will do all behind the scenes work. We will submit an application to a lender and provide You with a commitment letter.
Step 4. Enjoy your New Home
Congratulations! On the closing day You will get your Keys. We are glad You achieved this milestone with IK Financial, and we are looking forward to working with you again!
While some lenders require wet signatures, most of the lenders today approve digital signatures. Our team of underwriters will prepare all the files and documents and will send you a link. At you convince, you will be able to access these files from any device and sign them from any place in the world.
Not all home-finance transactions require appraisal services, but if one is required we will order it for you. We closely work with lenders and partner with various appraisal companies, so you don't have to worry about industry standards and requirements.
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