Mortgage questions, answered plainly.

A broker shops your file across 50+ lenders. A bank shops only their own products. Brokers are paid by the lender, not by you (for standard files).

Zero for standard A-lender and B-lender files. The lender pays our commission when the mortgage funds. Private-lender or alternative files may have broker/lender fees — we disclose those before you commit.

Pre-approval: usually same-day to 48 hours once we have your documents. From offer accepted to closing: typically 30-60 days, depending on the property type, the lender, and how quickly the appraisal and insurance come back. Renewals and refinances usually wrap in 2-4 weeks.

Five percent on the first $500,000 of the purchase price and 10% on the portion between $500,000 and $1.5 million. Above $1.5M you need 20% down. Anything under 20% is an insured (CMHC) mortgage; 20% or more is conventional. New construction and rental properties have their own rules.

Every federally regulated lender has to qualify you at the higher of your contract rate plus 2% or the Bank of Canada qualifying rate (currently 5.25%) — not just your actual rate. The point is to make sure you can still afford payments if rates rise at renewal. It's the single biggest reason a mortgage calculator number and a real pre-approval often come back different. Provincially regulated credit unions and private lenders are not required to use it.

Personal savings, RRSP (via the Home Buyers' Plan, up to $60K per person), TFSA / FHSA, gifted funds from an immediate family member with a signed gift letter, proceeds from selling your current home, or in some cases a HELOC against an existing property. Every dollar needs to be sourced with a 90-day paper trail.

Pre-qualification is a rough estimate based on numbers you give us. Pre-approval is a real underwriting review with a rate hold (90-120 days) — it's what makes your offer competitive. Always get pre-approved before you start shopping.

Two recent pay stubs (or 2 years of tax docs if self-employed), last 2 NOAs, 90-day history of your down payment, photo ID. Every file is a little different — Rahul will tell you exactly what to bring.

No. Final approval depends on the specific property and final document review. But a real pre-approval is a strong signal of approval likelihood.

Yes. A-lenders want 2 years of tax-reported income; B-lenders and stated-income programs accept bank statements and business income instead.

Often yes for B-lender or stated-income files (10%+). With strong T1 income at an A-lender you can sometimes still go to 5%.

On T1-based reviews, sometimes yes. We can add some back when packaging the file.

Yes. Several A-lenders run newcomer programs for work permit holders, usually 5-10% down.

Helpful but not required. We use home-country credit letters, rent payments, utilities, and employer references instead.

Yes — must be properly documented (source, transfer trail, 90-day history once landed in Canada).

You can refinance up to 80% of your home's value (LTV).

For a straight switch (same balance, same amortization), most lenders cover legal and discharge fees. Adding new money makes it a refinance with normal costs.

Refinances yes. Straight switches at renewal — usually exempt at most lenders.

A-lenders want 680+. Down to 600 is possible with strong income/down payment. Below 600 is B-lender territory. Below 500 typically means private or rebuild first.

After discharge: B-lenders right away with re-established credit; A-lenders typically want 2 years of clean credit post-discharge.

Same framework as bankruptcy. B-lender placement possible while active; A-lender pricing usually requires completion plus re-established credit.

Rates change weekly. We pull live rates across 50+ lenders when we look at your file — nothing on this site is real-time. Text us for today's number.

Depends on your tolerance for change and your timeline. We walk through scenarios with you. We don't guess the future on rates.

We don't predict central-bank moves. We build mortgages that work in multiple scenarios.

Lender conditions get cleared (income docs, appraisal, fire insurance), then the file moves from conditional to firm to funded. Your lawyer handles the final transfer. We coordinate.

Legal fees, land transfer tax (rebated in some cases), property tax adjustments, home inspection, moving costs. We'll send a closing-cost worksheet specific to your purchase.

Sometimes — if conditions allow and timing works. We can review.