Short answer
A new residential mortgage in Canada is approved on three things: your income and debt ratios, your down payment, and the property itself. Lenders qualify you at the stress-test rate rather than your actual rate, so the payment you can afford and the amount you can borrow are not the same number. Working through a broker means the same application is compared across banks, credit unions, monoline and alternative lenders at no cost to you on most residential mortgages.
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New Mortgage Overview
Purchasing a new property is one of the largest financial decisions you'll make. Having a knowledgeable mortgage broker on your side ensures you get access to the best rates and terms available across multiple lenders.
Why Use a Mortgage Broker?
Unlike dealing directly with a bank, a mortgage broker has access to 100+ lenders. This means more options, unbiased advice, and solutions tailored to your specific needs. I do the shopping for you so you can focus on finding your dream home.
Frequently Asked Questions
What documents do I need?
Typically you'll need proof of income, employment verification, bank statements, identification, and details about the property.
How long is a pre-approval valid?
Most pre-approvals are valid for 90-120 days, depending on the lender.
