Questions we get all the time.

Pre-qualification is an estimate based on what you tell us — income, debts, assets. Pre-approval is a formal commitment from a lender based on verified documents. It's the one you want before you start making offers. A real pre-approval typically takes 24–48 hours once we have your documents.

Minimum 5% on the first $500,000 of purchase price, 10% on anything between $500,000–$999,999, and 20% for properties $1M+. Below 20%, you'll pay CMHC mortgage insurance. We'll calculate exactly what you need for the specific home you're looking at.

Every mortgage applicant in Canada must qualify at the higher of either 5.25% or their actual rate plus 2%. So if you get 4.5%, you'll be tested at 6.5%. This limits what you qualify for, but it also protects you if rates rise. We build your pre-approval around the real stress-tested number so there are no surprises.

The FHSA lets first-time buyers contribute up to $8,000/year (lifetime max $40,000) in a tax-deductible, tax-free account used toward a home purchase. It combines the best of the RRSP and TFSA. We'll make sure you're using every available program before you close.

For a well-documented file, 24–48 hours for an initial commitment. Full approval (with all conditions met) typically takes 7–10 business days. We'll let you know exactly what's needed and how to move quickly when it matters.

It depends on your risk tolerance, budget, and how long you plan to stay in the home. Fixed rates give certainty; variable rates have historically been cheaper over time but carry short-term risk. We'll walk you through the numbers for both options based on your specific file.

Not without shopping first. Your current lender sends you a renewal offer knowing most people will sign without looking at alternatives. In our experience, we regularly find better rates or terms at other lenders. Switching at renewal costs nothing and requires no new appraisal in most cases.

4–6 months before your term ends. Most lenders will let you lock in a rate 120 days early. If rates rise before your term ends, you're protected. If they drop further, you can often renegotiate before you officially renew.

There will be a credit check (hard inquiry) when a new lender looks at your application, but this has a minimal impact on your score — typically 5–10 points temporarily. The benefit of a better rate almost always outweighs this.

Yes — you'll need to pass the stress test again with the new lender. If your income or debt situation has changed significantly, this matters. We'll assess your current qualification before you commit to switching.

Renewal is a good time to restructure. You can extend the amortization to lower payments, or shorten it to pay off sooner. This is easier than mid-term changes and doesn't require refinancing. We'll model the monthly payment difference for any option you're considering.

Up to 80% of your home's current appraised value. So if your home is worth $900,000, the maximum mortgage is $720,000. If you currently owe $500,000, you could potentially access $220,000 through refinancing.

When you break a fixed mortgage early, lenders charge a penalty — typically the greater of 3 months' interest or the Interest Rate Differential (IRD). IRD penalties can be substantial. We calculate the exact penalty for your situation before recommending a refinance.

Sometimes. Rolling high-interest debt into your mortgage reduces the interest rate on that debt, but extends the payoff period. Whether it makes sense depends on the penalty, the interest savings, and your discipline around not re-accumulating the consolidated debt. We'll model it honestly for you.

A Home Equity Line of Credit (HELOC) is a revolving credit facility secured against your home. You can draw and repay as needed, and you only pay interest on what you use. It's variable rate. A refinance replaces your existing mortgage with a new one at a set amount. HELOCs are more flexible; refinances give you more certainty on rate and payment.

Yes, but you'll pay a prepayment penalty. Whether it's worth it depends on the penalty size versus the benefit of accessing equity or getting a better rate now. In some cases — especially with variable-rate mortgages where penalties are smaller — it absolutely makes sense.

Yes — through alt-doc lending. These products let you qualify on bank statements or stated income. Rates are typically 0.5–1% higher than standard mortgages, but the approval is real and the path to A-lending at renewal is clear if your credit is strong.

Most A-lenders want 2 years of self-employment history verified by NOAs. Some alt-doc lenders are flexible at 1 year. If you're in the first year, the options are more limited but not zero — we'll tell you exactly what's available.

Some lenders add a 15–25% gross-up to your declared income to account for business expenses that reduce your taxable income. For example, if you declared $80,000, the lender may treat it as $92,000–$100,000 for qualification purposes. This can meaningfully increase what you qualify for.

Yes. Incorporated business owners can access retained earnings in certain ways that sole proprietors can't. The documentation required differs, and some lenders have specific policies for each structure. We'll advise based on your exact setup.

For traditional approval: 2 years of NOAs, 2 years of T1 Generals, and business financial statements if incorporated. For alt-doc: 12–24 months of business bank statements and/or a CPA letter. We'll give you a specific list based on your situation before your first submission.

Lenders treat rental income differently. Some count 80% of gross rental income; others use 50%. Some use a Debt Service Coverage Ratio (DSCR) model instead of personal income. We target the lenders whose policy works best for your portfolio structure.

20% for 1–4 unit investment properties. There's no CMHC insurance available on investment properties, so you must have at least 20% equity. Some lenders require 25–35% for certain property types or higher-risk files.

Portfolio lenders hold mortgages on their own books rather than selling them to secondary markets. They have more flexibility on policy — particularly useful when you own multiple properties and traditional lenders start declining due to total debt load. We know who the best portfolio lenders are in Ontario.

Yes — this is a common strategy. You refinance or set up a HELOC on an existing property to access equity, then use that equity as the down payment on the next acquisition. We structure these transactions regularly and can coordinate the timing so both closings work together.

For 2–4 units, it's similar to single-family residential. For 5+ units, you move into commercial financing, which is different — higher rates, shorter amortization, more complex underwriting. We handle both. We'll tell you upfront what product you're dealing with and what to expect.

For A-lenders (banks and credit unions), typically 620–680 minimum, with better rates at 720+. B-lenders start as low as 500. Private lenders focus more on equity than credit score. We assess your full picture — not just the number.

Yes, typically after 2 years of fully discharged status with re-established credit. Some B-lenders will consider you immediately after discharge with a larger down payment. We assess your specific timeline and credit rebuilding progress to identify realistic options.

Most lenders require 2 years of fully discharged status, at least 2 re-established credit accounts, and a minimum 10% down payment. Some private lenders are more flexible. The path exists — we'll be honest about where you are on it and what you need to do.

B-lenders (like Equitable Bank and Home Trust) are regulated, legitimate financial institutions that specialise in mortgages for clients who don't meet A-lender criteria. Rates are typically 1–2% higher, but they're real mortgages from real institutions — and they're often the best option for credit-challenged clients who still qualify for homeownership.

With disciplined credit use (2 trade lines, on-time payments, utilization below 30%), most clients see meaningful score improvements in 12–24 months. We outline exactly what steps to take and check in before your renewal to help you move to a better product as soon as you qualify.