Frequently asked questions

For a standard residential file the borrower typically does not pay me a separate broker fee. Lenders pay the brokerage on funded deals. If a file would involve a fee, that is disclosed before you commit.

No. The first conversation is a map. A credit bureau happens when we are ready to price a real option, and I will tell you before it happens.

Not automatically. Banks use one box. Clover can shop B-lenders and private when equity and ability to pay are still there.

No. That letter is one offer. We can compare a renewal, a switch, or a refinance after looking at penalties.

Staying with the same lender at renewal is usually not run through the full OSFI test. A refinance that adds cash is fully stress-tested. Confirm on your file.

Qualify at the higher of contract rate + 2% or the 5.25% floor. Your payment is at the contract rate.

5% on the first $500,000, 10% on the rest up to $1.5 million, 20% above $1.5 million.

Default insurance protects the lender. The insurable purchase cap is $1.5 million. Premiums are often added to the mortgage.

On many insured first-time-buyer and new-construction purchases, yes, with an insurance surcharge.

Often yes, with rules. Bring the plan to the first call so we do not double-count cash.

Usually T1s, NOAs, and sometimes business bank statements. I will send the exact pile for your lender.

Many files take about two weeks. When title, equity, and documents line up, some files can fund in a day or two. Not a 24–48 hour guarantee.

Refinance replaces the first. A HELOC is a line if the setup allows it. A second sits behind a first you want to keep.

No. They are typed from a brokerage sheet.

Some files, case by case. Send the property type and use of funds.

No. Use the official apply link or a channel I name after first contact.

Based in Mississauga. Files across the GTA and Ontario when the property and lender fit.

Tell me before we pick stay / switch / refinance. It can change how a lender sees the building.