Question 1

How soon should I start the mortgage process before moving?

Accepted Answer

Ideally, begin at least 60 to 90 days in advance of purchasing a home. This gives us time to secure pre-approval, lock in a rate hold and gather conditions without last-minute pressure.

Question 2

What does it cost to use a mortgage broker?

Accepted Answer

For standard residential mortgages, our service is free to you — the lender pays us. We'll always tell you upfront if a particular product (such as private or alternative lending) carries a fee.

Question 3

Will applying with a broker hurt my credit score?

Accepted Answer

No. We pull your credit once and shop your file across our 100+ lender network with that single inquiry — instead of you applying to multiple banks individually.

Question 4

What's the difference between fixed and variable rates?

Accepted Answer

A fixed rate stays the same for your entire term — predictable payments. A variable rate moves with the Bank of Canada's prime rate — historically lower over the long run, but with payment fluctuations. We'll help you choose what fits your life and risk tolerance.

Question 5

How much down payment do I need?

Accepted Answer

In Canada, the minimum is 5% on the first $500,000 and 10% on the portion above (up to $1.5M). Less than 20% down requires CMHC default insurance. We'll help you understand exactly what you need for your price range.

Question 6

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

Accepted Answer

Absolutely. Banks often turn away business-for-self applicants, but we work with lenders who specialize in self-employed income — including stated-income and bank-statement programs.

Question 7

Should I renew with my current bank?

Accepted Answer

Maybe — but only after you've compared. Banks bank on your loyalty and often offer their renewal clients posted rates, not best rates. A 15-minute renewal review with us is free and could save you thousands over the next term.

Question 8

Can I use my home equity to consolidate debt?

Accepted Answer

Yes. If you have credit cards, lines of credit or loans at high interest, refinancing your mortgage to roll those balances in can dramatically lower your monthly payments and total interest paid.

Question 9

What is the FHSA and should I use one?

Accepted Answer

The First Home Savings Account (FHSA) is a registered account that combines the best of an RRSP (tax-deductible contributions) and a TFSA (tax-free withdrawals) — for first-time home buyers. You can contribute up to $8,000 per year, $40,000 lifetime. For most first-time buyers, yes — open one.

Question 10

How long does the mortgage approval process take?

Accepted Answer

With a complete application and documents, pre-approval often comes back within 24-48 hours. Final approval on an accepted offer is usually 5-10 business days, depending on the lender and how quickly conditions are satisfied.

Question 11

What documents will I need?

Accepted Answer

Generally: photo ID, two recent pay stubs, last two T4s and Notices of Assessment, 90 days of bank statements showing your down payment, and the purchase agreement once you've made an offer. Self-employed clients need two years of T1 Generals and Notices of Assessment.

Straight answers to your mortgage questions.

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