Frequently asked questions

No. My service is free for you, from the first call to the day you get your keys. The lender pays me when your mortgage funds, so you never get a bill from me.

Yes. When your mortgage closes, I thank you with a gift. My service is free for you too: the lender pays me.

Yes, when we apply. Your credit report is pulled once and shared with the lenders we approach.

Usually ID, recent pay stubs, an employment letter and proof of your down payment. Self-employed? Two years of notices of assessment. I will send you a list that fits your file.

Four to six months before the renewal date. Many lenders hold a rate for up to 120 days, which leaves time to compare.

A pre-qualification is a quick estimate from the numbers you give me. A pre-approval goes further: a lender reviews your income, down payment and credit, and can hold a rate for you, often for up to 120 days. The final approval still depends on the property.

With a down payment under 20%, the mortgage has to be insured against default, through CMHC, Sagen or Canada Guaranty. The premium is 2.8% to 4% of the loan and is usually added to the mortgage. It protects the lender, not you.

Lenders have to check that you could still make your payments at a higher rate: your rate plus 2%, or 5.25% if that is higher. It limits how much you can borrow. It does not change what you pay.

Yes. At the end of your term you can move your mortgage to another lender without a penalty. The new lender needs an application and your documents, and I handle that with you. Start a few months ahead.