Talk to a broker
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- Phone+1 (416) 555-0123
- OfficeAppointments in person or by video call
- HoursMon to Sat, 9am to 7pm
Questions
Straight answers, before you ask
Does a broker cost me anything?
For most residential purchases, renewals and refinances the lender pays the broker, so there is no fee to you. If a file needs a private or alternative lender, any fee is disclosed in writing before you commit.
What is the minimum down payment?
5% on the first $500,000 of the price, 10% on the portion above that, and 20% on homes of $1.5 million or more. With less than 20% down your mortgage needs default insurance, which is added to the loan.
What is the stress test?
Lenders check that you could still afford payments at the higher of your contract rate plus 2% or the minimum qualifying rate. It caps how much you can borrow, not the rate you pay.
How long does a pre-approval last?
Most lenders hold a rate for 90 to 120 days. If rates drop while you shop you get the lower rate; if they rise, your held rate is protected.
Will checking my options hurt my credit?
We do one credit check, only when you are ready, and use it to approach lenders on your behalf. Shopping through a broker avoids several separate bank inquiries.
Can I switch lenders at renewal?
Yes. At the end of your term you can move to another lender without a penalty. Start about four months before your renewal date so there is time to lock a rate.