Question 1

How much can I afford to borrow?

Accepted Answer

It depends on your income, debts, credit score and down payment. As a rule of thumb, most lenders want your total monthly housing costs to stay under about 32% of your gross monthly income, and your total debt payments under 40%. We'll pull the numbers together with you — no guesswork.

Question 2

How much do I need for a down payment?

Accepted Answer

In Canada the minimum is 5% on the first $500,000 of the home price and 10% on any portion above that (up to $1.5M). Anything under 20% down requires default insurance. We'll walk you through what makes sense for your situation.

Question 3

Do I need to be pre-approved before house hunting?

Accepted Answer

Yes — and we highly recommend it. A pre-approval tells you exactly what you can spend, locks in a rate for up to 120 days, and shows sellers you're serious. It's free and takes about 15 minutes.

Question 4

What documents do I need to apply?

Accepted Answer

Typically: photo ID, recent pay stubs, T4s or Notice of Assessment (last 2 years if self-employed), 90 days of bank statements showing your down payment, and details on any other debts. We'll give you a personalized checklist.

Question 5

Should I take a fixed or variable rate?

Accepted Answer

Fixed gives you certainty — your rate and payment don't change for the term. Variable moves with the Bank of Canada's prime rate and has historically saved money over time, but comes with more risk. The right call depends on your budget, timeline and comfort with change. We'll walk through both.

Question 6

What's the difference between the term and the amortization?

Accepted Answer

The amortization is the total length of time to pay the mortgage off (usually 25 or 30 years). The term is the length of your current contract (commonly 1–5 years). At the end of the term you renew, refinance or pay it off.

Question 7

What is an open vs. closed mortgage?

Accepted Answer

Closed mortgages have lower rates but limit how much extra you can pay each year without penalty. Open mortgages let you pay off any amount anytime, but the rate is higher. Most people go closed unless they know they're selling or paying it off soon.

Question 8

Can I pay my mortgage off faster?

Accepted Answer

Yes — most of our lenders allow annual lump-sum prepayments (often 10–20% of the original balance) and let you increase your regular payment. Even small increases can shave years off your amortization.

Question 9

When should I start thinking about my renewal?

Accepted Answer

About 6 months before your term ends. Your existing lender will send an offer — it's almost never their best rate. We'll compare it against the whole market and either negotiate for you or move the mortgage to a better home.

Question 10

What is refinancing and when does it make sense?

Accepted Answer

Refinancing means breaking your current mortgage (or renewing early) to change something — access equity, consolidate debt, drop your rate, or restructure. It makes sense when the savings or benefits outweigh any prepayment penalty. We'll run the math.

Question 11

How much equity can I access on a refinance?

Accepted Answer

In Canada you can typically refinance up to 80% of your home's current appraised value, minus what you still owe. We'll help you figure out what's available and what's smart to use.

Question 12

I'm self-employed — can I still get a mortgage?

Accepted Answer

Absolutely. We work with several lenders who specialize in self-employed and business-for-self borrowers, including options that don't rely only on your Notice of Assessment. There are more paths than you might think.

Question 13

My credit isn't great. Do I have options?

Accepted Answer

Yes. We work with alternative and private lenders for clients rebuilding credit, and we'll also give you a clear plan to move back to prime lending. No judgment — just a path forward.

Question 14

What's a reverse mortgage and who is it for?

Accepted Answer

A reverse mortgage lets Canadian homeowners 55+ access tax-free cash from their home equity without making regular payments. It's highly personal — the right fit depends on your goals, timeline and other assets. Worth a conversation, not a quick answer.

Question 15

Can I buy an investment property with less than 20% down?

Accepted Answer

Owner-occupied (you'll live in one unit) 2–4 unit properties can go with as little as 5–10% down. Pure rental properties generally need 20% down. We can walk through which structure fits your goals.

Question 16

How does a mortgage broker get paid?

Accepted Answer

On most residential deals, the lender pays us — not you. Our service is free to you (O.A.C.). We're paid the same regardless of which lender we place you with, so our advice stays on your side.

Question 17

Why use a broker instead of my bank?

Accepted Answer

Your bank shows you one set of products. We shop 50+ lenders in one application — banks, credit unions, monolines and private lenders — and negotiate on your behalf. Same effort for you, much more choice.

Question 18

How long does the process take?

Accepted Answer

From application to approval usually 1–5 business days depending on the lender and how quickly documents come in. Closings are typically scheduled 30–90 days out.

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