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Straight answers. If something does not match how your file works, we fix it on the call.
For a standard residential file, you typically do not pay me a separate broker fee. Lenders pay the brokerage when a deal funds. If a file would involve a fee to you, that is disclosed in writing before you commit. Ask if you are unsure which bucket your file sits in.
No. The first conversation is a map of your goal, timing, and rough numbers. A credit bureau happens when we are ready to price a real option with a lender. I will tell you before anything is pulled so you are not surprised.
Not automatically. One bank uses one credit box and one policy. Through Clover we can shop other A lenders, B lenders, and private when equity and ability to pay are still there. Bring the decline reason if you have it. It shortens the hunt.
No. That letter is one offer, often a starting rate. We can compare a negotiated renewal, a switch to another lender, or a refinance after looking at penalties and legal costs. Do not auto-sign just because the form looks official.
Staying with the same lender on a simple renewal is usually not run through the full OSFI minimum qualifying rate. Many uninsured straight switches between federally regulated lenders (same balance, same amortization) have been exempt from that prescribed stress test since November 2024, though the new lender still underwrites you. A refinance that adds cash or stretches amortization is typically fully stress-tested. Confirm on your file.
For most federally regulated originations and refinances, you qualify at the higher of your contract rate plus 2% or the OSFI floor of 5.25%. Your actual payment is still calculated at the contract rate. The test is a qualification screen, not the rate you pay day to day.
For a typical insured purchase under the federal rules: 5% on the first $500,000 of purchase price, then 10% on the portion from $500,000 up to $1.5 million. Above $1.5 million you generally need 20% down because the purchase is not insurable at those levels. Bring the purchase price and we will map the cash.
Default insurance protects the lender if you put less than 20% down. CMHC is one insurer; others exist too. The federal insurable purchase price cap is $1.5 million. Premiums are often added to the mortgage balance rather than paid upfront.
On many insured first-time-buyer and new-construction purchases, yes. Expect an insurance premium surcharge for the longer amortization. Not every product and not every buyer qualifies. We check eligibility before you bank on the payment.
Often yes, with separate rules for each program. FHSA and HBP are federal tax tools. Ontario’s first-time buyer land transfer tax rebate is provincial. Bring the plan to the first call so we do not double-count the same dollars as down payment.
Usually personal T1s and Notices of Assessment for the last two years. Some lenders also want business financials or bank statements. I will send the exact pile for the lender we are aiming at, not a generic dump of every document you own.
Many clean files take about two weeks from complete documents to fund. When title, equity, and paperwork already line up, some files can fund in a day or two. That is not a 24 to 48 hour guarantee. Speed depends on the file, not a slogan.
A full refinance replaces your first mortgage with a new one, often to pull equity or change terms. A HELOC is a revolving line, usually only if your setup and lender allow it. A second mortgage sits behind a first you want to keep, which can make sense when breaking the first would cost a painful penalty.
No. They are typed from a brokerage rate sheet and updated when that sheet changes. Your personal rate depends on credit, income, property, and product. Treat the table as a starting point, not a quote.
Some files, case by case. Send the property type, location, and use of funds. If it is not a fit for me, I will say so early rather than waste your week.
No. Do not drop SIN, passport scans, or bank login details into a public contact form. Use the official apply link or a secure channel I name after first contact.
I am based in Mississauga. I handle files across the GTA and wider Ontario when the property and lender fit. Remote intake is normal. The property still has to work for the lender’s geography rules.
Tell me before we pick stay, switch, or refinance. A special assessment can change how a lender views the building and your debt service. Surprises mid-file slow everything down.