Question 1

Why use a mortgage broker instead of my bank?

Accepted Answer

A mortgage broker works for you, not for a financial institution. We have access to over 20 different lenders (banks, cooperatives, virtual lenders) and can compare offers to find you the best rate and terms. Additionally, our services are generally free for you, as we are paid by the financial institution that grants the loan.

Question 2

How much do your services cost?

Accepted Answer

In the vast majority of cases for standard residential loans (Purchase, Renewal, Refinancing), our services are 100% free for you. We are paid directly by the financial institution where we place your mortgage. Brokerage fees may only apply for alternative or commercial files, and this will always be disclosed to you in advance.

Question 3

What is the difference between a pre-qualification and a pre-approval?

Accepted Answer

A pre-qualification is a quick estimate of your borrowing capacity based on verbal information. A pre-approval is a written commitment from a lender, following the analysis of your documents (income, down payment) and your credit file. It guarantees an interest rate for a given period (often 90 to 120 days) and demonstrates to sellers that you are a serious buyer.

Question 4

How long does it take to get a pre-approval?

Accepted Answer

Once we have received all your required documents (proof of income, notice of assessment, proof of down payment), we can generally obtain a pre-approval in 24 to 48 business hours.

Question 5

Can I buy a house with only 5% down payment?

Accepted Answer

Yes, in Canada, it is possible to buy a property with a minimum down payment of 5% for the portion of the purchase price up to $500,000. For the portion between $500,000 and $999,999, the required down payment is 10%. Note that any down payment of less than 20% requires mortgage loan insurance (e.g., CMHC, Sagen, or Canada Guaranty).

Question 6

When should I start shopping for my mortgage renewal?

Accepted Answer

We recommend contacting us about 4 to 6 months before your current term's maturity date. This allows us to lock in a favorable rate in advance (up to 120 days) and protect you against potential rate hikes, while giving you time to evaluate your options.

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