frequently
asked questions
General Mortgage questions
A mortgage broker acts as an intermediary between borrowers and lenders, helping clients find the best mortgage solution from a wide range of lenders. I negotiate rates and terms on your behalf, and guide you through the entire approval process.
A bank offers only its own mortgage products, while a mortgage broker has access to multiple lenders (including banks, credit unions, and private lenders) to find the best fit for your unique needs.
In most cases, my services are completely free to you. I’m compensated by the lender upon successful funding of your mortgage. If a fee is required (e.g., for complex private financing), I will always disclose it up front.
Down Payment & Qualification
- For homes under $500,000: 5%
- For homes between $500,000 and $1,499,999: 5% on the first $500,000, and 10% on the rest
For homes $1,500,000 or more: 20%
Yes. Gifted down payments from immediate family are accepted by most lenders, as long as you provide a signed gift letter and proof of deposit.
This depends on your income, debts, down payment, and credit score. I can pre-qualify you and provide a clear breakdown of what you can afford based on your specific situation.
Pre-Approvals & Process
Absolutely. A pre-approval gives you a clear price range, locks in your interest rate for up to 120 days, and strengthens your offer when negotiating with sellers.
A typical mortgage approval takes 24–72 hours once all documents are submitted. Complex or unique applications may take longer.
Generally, you’ll need:
- Government-issued ID
- Proof of income (pay stubs, T4s, or tax returns if self-employed)
- Employment letter
- Down payment confirmation (bank statements or gift letter)
- Property details (if purchasing or refinancing)
Mortgage Types & Rates
- Fixed rate: Stays the same for the term of your mortgage, offering stability.
- Variable rate: Fluctuates with the lender’s prime rate, often starting lower than fixed, but can change over time.
It depends on your goals. A 5-year fixed is popular for stability, but shorter or variable terms may offer other benefits. I’ll help you choose the term that fits your situation best.
Renewals, Refinancing & Other Scenarios
You don’t have to stay with your current lender. I can help you shop the market again to ensure you’re still getting the best rate and terms.
Yes. If you have enough equity, refinancing can help you consolidate high-interest debt or access funds for renovations, investments, or major expenses.
Yes. I work with lenders that specialize in self-employed clients. We’ll use business financials, notice of assessments, or bank statements to prove income.
Special Situations
The stress test ensures you can handle future rate increases. You must qualify at the higher of the Bank of Canada benchmark rate or your contract rate plus 2%.
Yes. Many lenders offer financing for rental properties, though minimum down payments and qualifying rules are stricter than for primary residences.
Possibly. I work with alternative and private lenders who consider broader criteria than just credit score. There are options depending on your equity and income.
