Frequently Asked Questions

 A mortgage broker works on your behalf to find the best mortgage product and rate from multiple lenders. We compare options, handle the paperwork, and guide you through the entire process from pre-approval to closing. 

 Our services are free to you. We are paid by the lender when your mortgage closes. In rare situations, a fee may apply (e.g., private or commercial deals), but we’ll always tell you upfront. dd an answer to this item.

 A bank can only offer its own mortgage products, while we have access to multiple lenders, including banks, credit unions, monoline lenders, and alternative lenders. This means better rates, more options, and tailored solutions for your needs. 

 We’ll complete an application and collect some basic information and documents. Then we submit your application to a lender for pre-approval. This gives you a clear idea of your budget and locks in an interest rate for up to 120 days.

• 5% for homes up to $500,000 plus 1.5% for closing costs/legal fees 
• 10% on the portion above $500,000 plus 1.5% for closing costs/legal fees
• 20% or more for homes over $1,000,000 or to avoid mortgage default insurance plus 1.5% for closing costs/legal fees
  

• Fixed Rate: Your interest rate stays the same for the entire term. Great for stability and budgeting. 
• Variable Rate: Your rate may fluctuate with the lender’s prime rate. You could save money if rates go down.

 Common terms are 1 to 5 years. Most Canadians choose 5-year terms, but the right option depends on your financial goals and where interest rates are headed. 

 Most lenders prefer a credit score of 680+ for the best rates, but some options are available for scores much lower. We’ll help you find a solution based on your credit profile. 

 Yes! You’ll need to show income through tax documents or bank statements. We work with lenders who specialize in self-employed mortgages. 

 Absolutely! You may qualify for government programs like the First-Time Home Buyer Incentive and can use your RRSP under the Home Buyers’ Plan for your down payment. 

 We work with lenders who have New to Canada programs, even if you don’t have a long credit history here. Even some permanent resident workers can qualify. 

 Yes, but there may be a penalty. We’ll review your mortgage terms and calculate if it’s worth breaking for a better rate.

Yes. In Newfoundland, you should budget for:

• Legal fees 
• Property tax adjustment 
• Home inspection 
• Title insurance 
• Registration of Deeds

You are required to prove you have at least 1.5% of the purchase price to cover these costs.

 You can renew with your current lender or shop around for a better deal. We’ll help you find the best option when your term is up. 

Yes! You can refinance to access equity, consolidate debt, or get a better rate. We’ll review your situation and help you decide if it makes sense.

 Most mortgages allow prepayment options, like lump-sum payments or increasing your regular payments. We’ll show you the best way to pay it off sooner. 

 Contact your lender immediately. Missing a payment can affect your credit and lead to penalties. We can help you explore options if you’re struggling.