FAQs

 Frequently Asked Questions

  • A mortgage broker works with multiple lenders to find you the best mortgage rates and terms, while a bank offers only its own mortgage products. Brokers provide more options and can often secure better deals.

  • Your affordability depends on your income, debts, credit score, and down payment. Generally, your total housing costs (mortgage + property taxes + heating + 50% of condo fees) shouldn’t exceed 39% of your gross income.

  • 5% for homes under $500,000

        •    10% on the portion above $500,000 (for homes up to $1.5M)

        •    20% for homes $1M+ or for investment properties

  •  You need to provide proof of income, employment, credit score, debt obligations, and details about your down payment. A mortgage broker can help streamline this process.

“We have access to a wide variety of lenders for all different types of situations; purchase, refinance, renewal, investment, bruised/damaged credit, 2nd mortgage, past bankcruptcy, etc. You name it, we’ve dealt with it.”

  • Pre-qualification is an estimate based on basic financial info, while pre-approval involves a deeper financial review and gives you a more accurate idea of what you can afford.

  • Mortgage rates change frequently. I can provide the latest rates—just reach out!

  • • First-Time Home Buyer Incentive (shared equity program)

    • Land Transfer Tax Rebate (up to $4,000)

    • First-Time Home Buyers’ Tax Credit ($1,500)

    • RRSP Home Buyers’ Plan (withdraw up to $60,000)

  • If your down payment is less than 20%, you need mortgage default insurance (CMHC). The cost is 2.8%–4% of the mortgage amount, added to your loan.

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  • Open mortgages allow extra payments or early payoff without penalty but have higher rates. Closed mortgages have lower rates but penalties for breaking the term early.

  • It depends on your long-term plans. A 5-year term is most common, but shorter terms work well if you expect rate changes or plan to move soon.

  • • Typically 1.5%–4% of the home price. Includes:

    • Land Transfer Tax

    • Legal Fees (~$1,500)

    • Title Insurance

    • Home Inspection (optional)

  • You may need:

    • A larger down payment (20% or more)

    • A co-signer

    • An alternative or private lender