Frequently Asked Questions

  A mortgage broker helps you understand and compare mortgage options from multiple lenders. We review your situation, recommend suitable options, handle the mortgage application and documentation, and guide you through the process from application to closing. 

 Our services are free to you in most residential mortgage transactions, because we're compensated by the lender when your mortgage closes. In some situations, such as certain alternative, private or commercial mortgages, a broker or lender fee may apply. If a fee applies to your mortgage, we'll explain it to you upfront. 

 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 gives us the ability to compare different mortgage options and help find one that suits your needs. 

 We'll complete a mortgage application, review your income, down payment, debts and credit, and collect the documentation needed to assess your qualification. A pre-approval can give you a better understanding of your potential price range before you begin shopping for a home. Depending on the lender and mortgage product, a rate hold may also be available. 

• 5% for homes up to $500,000, plus 1.5% for closing costs/legal fees
• 5% on the first $500,000 and 10% on the portion above $500,000 for homes priced between $500,000 and $1.5 million, plus 1.5% for closing costs/legal fees
• 20% or more for homes priced at $1.5 million or more, or if you want to avoid mortgage default insurance, plus 1.5% for closing costs/legal fees

The 1.5% for closing costs/legal fees is required in addition to your down payment and should be available from your own resources.

 With a fixed-rate mortgage, your interest rate remains the same for the term, providing predictable payments and protection from rate increases. With a variable-rate mortgage, the interest rate can change when the lender's prime rate changes. Each option has advantages and risks, and we'll help you understand which may be better suited to your situation. 

 Mortgage terms commonly range from one to five years, although other options may be available. The right term depends on your plans, budget, tolerance for changing interest rates and the features that are important to you. We'll help you compare the available options. 

 Most lenders prefer a credit score of 680+ for the best rates, but there isn't one credit score that applies to every mortgage. Lenders consider your overall credit history along with your income, debts, down payment, property and other factors. If you've had credit challenges, there may still be mortgage options available depending on your circumstances. 

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

 Absolutely. First-time home buyers may have access to programs and benefits that can help with purchasing a home, including the Home Buyers' Plan and First Home Savings Account (FHSA). Eligible first-time buyers may also qualify for an insured mortgage with an amortization of up to 30 years. We'll help you understand which options may apply to you. 

 Mortgage options are available for eligible newcomers to Canada, including borrowers who may not yet have an extensive Canadian credit history. Requirements vary depending on your residency status, income, down payment, credit history and the lender. We'll help you understand the options available for your situation. 

 Yes, but your lender may charge a prepayment penalty and other fees. Before making a change, we'll help you review the potential costs and compare them with the benefits of the new mortgage so you can determine whether it makes financial sense.

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. Refinancing may allow you to access home equity, consolidate debt, finance renovations or restructure your mortgage. There can be costs involved, so we'll review your existing mortgage, available equity and overall situation to help you determine whether refinancing makes sense. 

 Many mortgages include prepayment privileges that may allow you to make lump-sum payments, increase your regular payment or make payments more frequently. The options and limits vary by lender and mortgage, so it's important to check your specific terms. 

 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.