Frequently Asked Questions

How can help me save money? is created by a homeowner for homeowners after a frustrating and costly experience when Mike Hamdan decided to ditch renting and buy his first home 20 years ago and end up wasting valuable time and $1000’s of dollars down the drain on the wrong mortgage and greedy service providers.

Mike made it his mission to help new and existing homeowners reduce the rising cost of owning a home, simplify the homeownership experience, increase cash flow and build a user friendly eco-system around it to make your homeownership more affordable and less stressful before, during and after moving in.

Throughout his 13 years of mortgage experience, he offered unbiased advice to 1000’s of new and existing homeowners and he is happy to answer any question with no obligation on your part.

He is currently active on the site under the Mortgage Outlet Inc brand and can be reached at (416) 524-7471 or by email

Cash Back Mortgages VS Bonus Cash Back Mortgages: Which Is Better?

Cash Back Mortgages


  • Get 1% to 3% cash back of your mortgage amount
  • If you are cash strapped, the cash back mortgage can provide huge relief after funding
  • Typically, a cash back mortgage is available with a fixed rate and 3 years term or more


  • Higher rate than a standard mortgage (compare rates and offers before you commit)
  • Your lender may demand the full cash back amount or a portion of the cash back amount back if you break the mortgage before maturity. Be sure to get clarification upfront
  • Some lenders may charge a huge penalty when you break the loan before maturity and some may not allow you to leave unless you sell the property. Be sure to get the facts upfront

Bonus Cash Back Mortgages


  • Better mortgage rate upfront
  • The bonus cash back is yours to keep even if you decide to break the loan before maturity
  • Most financial institutions/mortgage lenders offer bonus cash back. Some mortgage brokers/agents offer it too. Just make sure to ask upfront


  • Don’t get stuck with a mortgage that come with any type of restrictions or a bona fide sales clause that prevent you from leaving unless you sell the property. (For your peace of mind, I only promote non-restricted mortgage products)

For more information, contact Mike Hamdan. Mike is very knowledgeable, resourceful and fun to deal with and packs 13 years of experience.

Throughout his career, he offered unbiased advice to 1000’s of new and existing homeowners. You can always count on Mike to find you a suitable mortgage at the best rate within minutes and his exclusive mortgage offers and rewards are so hard to resist. (Example: you get $50 bonus reward upon approval + $100 upon receiving your signed commitment + 50% of his commission after funding)

Mike is active on the site under the Mortgage Outlet Inc brand and can be reached at (416) 524-7471 or by email or for immediate reply.

My mortgage is coming up for renewal, what are my options?

Shopping around before signing your renewal offer is the smartest thing you can do if you want to reduce your interest rate and save money along the way, but be sure to avoid this common mistake and you will do great. Get the facts upfront at:

Am I better off taking a mortgage from a salaried mortgage advisor or a commissioned mortgage advisor?

Let’s not kid ourselves; it makes no difference who you get your mortgage with as long as you are getting the best service at the lowest rate and with no mortgage restrictions. Shop rates with confidence and earn bonus cash back at

Is a full featured mortgage same as a non-restricted mortgage?

Yes, as long as you can switch lenders during the term and not getting hit with a Bona-Find sales clause. Otherwise, it’s a restricted mortgage and it’s proven to be a costly experience long term. Shop rates with confidence at

I just received my mortgage approval, but not sure if I am overpaying on the rate and if the mortgage terms are the right fit for me, what are my options?

If in doubt, seek a second opinion from a licensed mortgage professional to ensure you are not overpaying on the rate and if the proposed mortgage terms are in your best interest? Or click here for a no obligation mortgage assessment

Do I get any incentives for buying a home in GTA?

Absolutely. In fact, you can get pre-qualified in minutes, secure the best non-restricted mortgage rate and get connected with qualified real estate agent to assist you. Shop with confidence at

I am a first time home buyer and need help understanding this complicated homeownership process?

If you are facing the same challenges, you need to read this short guide. It reveals how to find the right real estate agent to work with? What mortgage options to avoid so you are not stuck with a mortgage that can potentially work against you not for you? How to reduce some of your closing costs if you are buying a home in GTA and much more. Learn more at

What happens if mortgage rates went down before funding my mortgage, do lenders allow rate adjustment and how often?
Not all lenders allow it, so you need to confirm the availability of this key feature with your lender and or mortgage advisor in advance. This could mean $100’s of dollars in reduced mortgage payments per month to $1000’s of dollars back in your wallet.
You helped me fund my mortgage and I was blown away by your service, knowledge and mortgage rates. I will not hesitate to refer friends and colleagues your way. Do you offer referral fee while having my friends and colleagues best interest at all times?

Absolutely. Use this link to submit your referral request: