It takes 1 business day to be pre approved for a mortgage.

In most cases, a mortgage broker gives you more options and better rates than going to one bank. Brokers aren’t tied to a single lender, so they shop around for you. Plus, they can help get deals approved that banks might decline.

Usually no for regular mortgages. Brokers get paid by the lender. But in complex cases like private mortgages or commercial deals, there may be a broker fee, which they’ll disclose upfront.

Yes. Brokers often have access to volume discounts and broker-only rates not available at bank branches. They’re also more flexible in finding custom solutions.

This depends on your income, debts, credit score, and down payment. A mortgage broker can pre-qualify you in minutes to show your budget range based on lender guidelines.

• 5% for homes under $500,000

• 10% on the portion over $500K, up to $1 million

• 20% required for homes over $1 million or investment properties

Yes—but not always from a big bank. Brokers have access to alternative lenders and “stated income” programs designed for business owners, gig workers, and freelancers.

• Fixed: Locked-in rate and payment for the term (e.g., 5 years).

• Variable: Lower initial rate, but it can change with the market.
  Your broker can break down which is better based on current trends and your risk tolerance.

Yes, but likely not through a major bank. A broker can connect you with B-lenders or private lenders who look at the whole picture, not just your credit score.

Typically:

• Government-issued ID

• Income proof (pay stubs, NOAs)

• Bank statements

• Employment letter

• List of debts and assets
  Brokers help you prep and package everything correctly to avoid delays.

A mortgage pre-approval tells you how much you can borrow and locks in your interest rate (usually for 90-120 days). It makes you a stronger buyer and prevents surprises later.

Yes. There are special New to Canada programs that allow newcomers to buy with as little as 5% down. Brokers can help you qualify even if you haven’t built a full credit history yet.

All hope isn’t lost. Brokers have access to many other lenders. A bank saying “no” doesn’t mean you’re out of options.

• Better rates

• Access to exclusive offers

• Faster approvals

• More lender options (including ones not online)

• Personal guidance with paperwork, strategy, and negotiating

Google won’t call a lender on your behalf or fight to get your deal approved. A broker will.