Things people ask us every week.

For standard residential mortgages, no: the lender pays us when your mortgage closes. You get the market shopped, the paperwork handled, and the negotiation done, at no cost to you.

No. We pull your credit once and share that single report with every lender we approach. That's one of the biggest practical advantages over applying at banks one by one.

Your bank can only offer you its own products and its own posted rate. We keep relationships with the best lenders in the market — banks, credit unions, monolines, alternative and private — and match your file to the right one on a single application. Same paperwork on your end, a product chosen for your situation, and usually a sharper rate.

On a standard residential deal, the lender pays us a finder's fee when your mortgage funds; it doesn't change your rate or get added to your balance. The only time a fee would ever come from you is on certain private or specialty files, and we'd tell you the exact number in writing long before you commit to anything.

We deliberately don't chase every lender in the market — we're built on long-standing relationships with the best ones, through the Mortgage Centre Canada network: big banks, credit unions, monolines, and alternative and private lenders for the files that don't fit the usual box. The roster shifts as the market does; what doesn't change is that we match your file to the lender that fits, instead of forcing it onto a single shelf.

Typically 24–48 hours once we have your documents. Most lenders will then hold your rate for 90–120 days; if rates rise while you shop, you keep the lower one.

For most employed applicants: photo ID, recent pay stubs and a letter of employment, last year's T4 or Notice of Assessment, and 90 days of statements for your down payment. Self-employed or commission income needs a bit more, usually two years of Notices of Assessment and financials. We'll send you a checklist.

5% on the first $500,000 of the price and 10% on the portion above that (20% for homes over $1.5M). Below 20% you'll add mortgage default insurance; we'll show you exactly what it costs and whether waiting to save more is worth it.

To qualify, lenders have to confirm you could still afford payments at a higher "qualifying" rate: the greater of 5.25% or your contract rate plus 2%. It means you're approved for a little less than the headline rate alone would suggest. We factor it in from the first conversation.

Plan for closing costs on top: typically 1.5%–4% of the price. The big ones are land transfer tax, legal fees and disbursements, a home inspection, title insurance, and any adjustments the seller has prepaid. We'll walk you through a realistic all-in number before you write an offer.

Usually not: the first renewal offer is rarely the bank's best rate. Renewal is the one moment you can switch lenders with minimal cost — use it. Send us the letter; it takes us a day to tell you if you can do better.

Yes. When your term ends there's no prepayment penalty for moving, and a straight switch (same balance, no new money) is often low- or no-cost, and many lenders even cover the transfer fees. It's the cleanest chance you get to look at the whole market before you sign.

Often, yes: rolling high-interest credit cards or a renovation into your mortgage can cut your monthly outlay dramatically, because the mortgage rate is a fraction of card rates. You can typically borrow up to 80% of your home's value. We'll run the real before-and-after numbers, including any penalty.

It depends on your lender and rate type. On a variable mortgage the penalty is usually three months' interest; on a fixed mortgage it's the greater of that or an "interest rate differential" (IRD) that can be much larger. Send us your details and we'll calculate the exact penalty, and tell you honestly whether breaking still comes out ahead.

This is exactly when a broker matters most. Beyond the big banks, we work with credit unions, alternative and private lenders who underwrite real-life situations, and we'll map the route back to prime lending.

Yes. Variable income just needs the right lender and the right documentation, usually a two-year average from your Notices of Assessment, sometimes paired with contracts or bank statements. Some lenders treat this kind of income far more generously than others; our job is to find the one that does.

Absolutely. Rentals, vacation homes and second properties each have their own down-payment and qualifying rules, and lenders vary a lot in how they treat rental income. We'll structure it so the property's income works for your application, not against it.

There's no universal answer. Fixed buys you certainty: the same payment for the whole term. Variable can save money over time but moves with the Bank of Canada, so your payment or amortization can shift. It comes down to your budget, your timeline, and how you sleep at night. We'll talk it through with your numbers, not a generic rule of thumb.

More than the headline number suggests: your credit, your down payment, whether the mortgage is insured, the property type, and the lender you end up with all move the rate. A "low" rate with a punishing penalty or a low prepayment limit can cost more than a slightly higher one. We weigh the whole package, not just the number on the ad.

Almost always: most mortgages let you prepay a percentage of the balance each year and increase your regular payment, both without penalty. The exact limits vary by lender, and they add up to years off your amortization. If paying down fast matters to you, tell us up front and we'll prioritize lenders with generous prepayment terms.

Usually, yes: most mortgages are "portable," letting you carry your existing rate to a new home and avoid a penalty. If you need to borrow more, lenders can blend your current rate with today's on the new money. It's one of those fine-print features that's easy to overlook at signing and very valuable later, so we factor it in from the start.