Before you start
The questions people ask before they know which page to read: cost of the service, documents, timing, down payment, declines, renewal.
Yes. Everything goes by phone, email or video call, and documents are sent online. You can still meet in person, but most files get handled without anyone travelling.
If you’re weighing two offers, if a bank said no, or if you don’t know what you can afford, yes. A review shows what lenders will take from your situation and what’s still missing. On most residential files it costs you nothing, since the lender pays the broker.
Yes. Mathieu goes over the file and tells you if any fees could apply before you go ahead.
On most standard residential or insurable files, the lender usually pays the broker after funding. If your file calls for specific fees, they’re explained before you move forward.
A bank can only offer its own products. A broker compares several lenders and figures out which one suits your file, your timeline and the type of property.
No. The comparison covers penalties, prepayment options, portability, fees, conditions, and how much each lender will tolerate in your situation.
No. Two offers at the same rate can end up thousands apart if you have to break the term. Check the penalty, how much you can prepay each year, and whether the mortgage follows you to your next property.
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Have them before the offer and a five-day financing condition is workable. Have them after and you add weeks.
An answer in 24 to 48 hours is common when the file is complete. The rest of the time goes to the appraisal, the notary and missing documents. Set your financing condition with that in mind.
5% on the first $500,000, then 10% on whatever is above that. Below 20% down, mortgage insurance is added to the loan. For a condo, the condo fees also count in your ratios.
Yes, with a letter from the donor confirming the money doesn’t have to be repaid. The gift isn’t what stalls a file. A big deposit you can’t trace over three months is.
No. Each lender has its own policies, and a decline doesn’t show up on your credit report. What matters is the exact reason for it. Without that, applying elsewhere means starting over blind.
Yes, if declared income supports the loan. The rate follows the file, not the status. What caps the amount is net income after expenses, and that’s where your choice of lender changes the result.
There’s no penalty at maturity, and many lenders will cover the transfer and notary fees to win the file. What you should think about is requalification: a new lender reviews your income and credit from scratch, while staying put usually doesn’t.
Up to 80% of the property’s value, based on the lender’s appraisal and not on what you paid. If you break your current term, the penalty goes into the calculation, and it often decides whether the move is worth it.
Often yes, but not always with your cash. Paying down a card helps your ratios. Emptying your account to do it hurts your down payment. You have to weigh both at once.