Question 1

How much does it cost to use a mortgage broker?

Accepted Answer

For residential mortgages in Ontario, my services are 100% free to you — the lender pays a finder's fee on funded deals. You get access to 40+ lenders at no cost.

Question 2

How long does mortgage approval take?

Accepted Answer

Pre-approval typically takes 24–48 hours once we have your documents. Full approval on a live purchase can be same-day to 5 business days depending on complexity.

Question 3

What documents do I need to apply?

Accepted Answer

Two recent pay stubs, T4 or NOA for the last two years, 90-day bank statements showing your down payment, and photo ID. Self-employed clients need two years of T1 Generals.

Question 4

Why is the broker rate lower than my bank's?

Accepted Answer

Banks quote posted rates and expect you to negotiate. I shop 40+ lenders — monoline lenders, credit unions, and yes, the big banks — and bring you their best discounted rate directly.

Question 5

Fixed or variable — which is better?

Accepted Answer

It depends on your risk tolerance and time horizon. Fixed rates give payment certainty; variable rates historically save money over full terms but move with the Bank of Canada. We'll model both for you.

Question 6

How much equity do I need to refinance?

Accepted Answer

You can refinance up to 80% of your home's appraised value. So if your home is worth $700K and you owe $400K, you could access up to $160K.

Question 7

When should I start shopping my renewal?

Accepted Answer

Most lenders will hold a rate for you 120 days before your maturity date. Start conversations 4 months out to avoid last-minute pressure.

Question 8

Is there a cost to switch lenders at renewal?

Accepted Answer

Usually no — most switch programs cover legal, appraisal and discharge fees. Refinances (increasing the balance) do have costs, which we quantify upfront.

Question 9

Can I get a mortgage if I write off most of my income?

Accepted Answer

Yes. Stated-income and bank statement programs look at business deposits, not just your NOA line 15000. Expect a small rate premium in exchange for the flexibility.

Frequently Asked Questions

Getting Started

Rates

Refinancing

Renewals

Self-Employed