Frequently Asked Questions

A fixed-rate mortgage has the same interest rate for the entire term, while an adjustable-rate mortgage (ARM) may change periodically based on market conditions.

Most conventional loans require 5% to 20%, but some insured programs allow as little as 5% or even 0% for qualified applicants.

Typically, a score of 620 is the minimum for most lenders, but higher scores can help you secure better interest rates and terms.

You’ll usually need proof of income (pay stubs, tax returns), bank statements, governmentissued ID, and a list of debts and assets.

You fill out an application, submit financial documents, and your lender will perform a credit check and assessment to determine how much you can borrow

Closing costs typically range from 2% to 5% of the home’s purchase price and include legal fees, appraisal, title insurance, and other administrative expenses.

On average, it takes 30 to 45 days from application to funding, depending on your situation and lender responsiveness.

Yes, but you may need to provide more documentation such as two years of business financials, tax returns, and proof of income stability

Mortgage default insurance protects lenders when the down payment is under 20%. It’s required by law in Canada for high-ratio mortgages.

A broker can offer access to multiple lenders and competitive rates, whereas banks typically offer only their own products. It depends on your needs.

Most mortgages allow early payments, but some may include penalties. Always ask about prepayment privileges before signing.

It could impact your credit score and lead to penalties. If you're struggling, contact your lender immediately to discuss solutions.

A rate hold is a lender’s guarantee to honor a quoted rate for a set period, usually 90 to 120 days, while you finalize your purchase.

Pre-qualification is an estimate based on self-reported information. Pre-approval is a formal offer based on verified income, credit, and documentation.

It depends on your financial goals, risk tolerance, and how long you plan to stay in your home. Speak with a mortgage expert to weigh your options.

While securing a competitive rate is crucial, it's just one aspect of finding the right mortgage. We aim to offer the best rate and tailor the mortgage to suit your needs and preferences.

Yes, we do need to pull credit reports for all clients. However, the impact on your credit score can vary depending on your circumstances and credit history.

Our services are usually free to clients as we earn a commission from the lender. However, in some situations, such as with alternative, private, or construction mortgages, we may charge a fee if the lender doesn't cover our costs.

The minimum down payment is 5%, even for second properties. However, a 20% down payment is necessary for rental properties.

The decision between a fixed or variable rate ultimately depends on your preferences and financial situation. Our role is to provide information, clarify differences, and help you make an informed choice based on your unique circumstances.