Frequently asked questions

On most residential mortgages, you don't pay a fee for my service. The lender pays me when your mortgage closes. If a fee applies to your situation, I'll explain it upfront and put it in writing before you proceed.

No. We can discuss your situation without a credit check. If you decide to apply, I'll explain the credit check and ask for your consent before it happens.

I'm a licensed Mortgage Agent Level 1 with Pegasus Mortgage Lending Center Inc. I help you compare options from banks, credit unions and CMHC-approved lenders. You can learn more about the Level 1 licence on FSRA's website.

No. You can call while you're still exploring. We'll talk about what you have in mind, what may be possible and what you can prepare when you're ready.

It can be, depending on why your application was declined. Lenders have different requirements for income, credit and property. I'll review your situation and explain whether another lender I work with may be an option or whether something needs to change first.

A mortgage application usually involves a hard credit check, which can affect your score. Checking your own credit report doesn’t. We can start by talking through your plans. I’ll explain when the lender needs a credit check and ask for your consent first.

It depends on the lender. A pre-approval may include a rate hold of 60 to 130 days. I’ll confirm your expiry date, what the rate hold covers and what you’ll need to update if you haven’t found a home by then.

A pre-approval doesn’t guarantee financing for a particular home. The lender still needs to review the property and your application. Before you waive a financing condition, talk to me about any outstanding mortgage requirements, and talk to your real estate agent or lawyer about the risks.

Yes. Changes to your income or debt can affect how much you qualify to borrow. Talk to me before you change jobs, finance a vehicle or take on new credit during your purchase. I’ll tell you whether the lender needs to reassess your application.

Possibly. If your mortgage is portable, you may be able to transfer it to your next home if your lender approves and its restrictions allow it. I’ll compare that option with a new mortgage, including any penalties, extra borrowing and timing requirements.

A useful starting point is 1.5% to 4% of the purchase price for closing costs. On a $500,000 home, that’s $7,500 to $20,000. Your actual costs will vary. I’ll help you estimate them and leave room for moving expenses and a financial cushion.

Having debt doesn’t automatically rule you out. Lenders look at your existing payments alongside your proposed housing costs, income and credit history. Before you use savings to pay off a debt, we’ll check whether paying it down would actually improve your options.

Possibly. Each program defines a first-time buyer differently. For example, the Home Buyers’ Plan looks at your recent ownership and living history, including certain situations involving your spouse or partner. Tell me about your previous home, and I’ll check each program for you.

Eligible first-time buyers can qualify for an insured mortgage with a 30-year repayment period, even with less than 20% down. A longer repayment period generally lowers your payments but increases total interest if other terms stay the same. I’ll compare the payments and total cost against a 25-year option.

When your down payment is less than 20% of the price. The premium is a share of the loan, and it gets smaller the more you put down. Ontario charges PST on it, which you pay at closing rather than adding to your mortgage. The Government of Canada explains how down payments and mortgage insurance work.

The mortgage stress test checks whether you could manage your payments at a higher rate. Lenders add 2 percentage points to your mortgage rate, with a minimum test rate of 5.25%. For example, a 4.5% mortgage is tested at 6.5%. This can reduce how much you can borrow, but your payments still use your actual mortgage rate.

Two. Your housing costs, meaning the mortgage payment, property tax, heating and half of any condo fees, should stay within 39% of your income before tax. Those costs plus your other debt payments should stay within 44%.

Lenders see the balance on your credit report when they check it, and they usually count 3% of it as a monthly payment. If you pay your cards in full, that balance may be lower by the time they look. We can talk about timing before you apply.

There may still be time to compare options. What I can do depends on your situation, the lender's timelines and any documents needed. Get in touch soon so I can review your offer and see what's realistic.

Get in touch a few months before your term ends, even if your renewal letter hasn’t arrived. If your renewal is sooner, we’ll review the options that fit your timeline.

No. A review lets you compare offers, with no obligation to switch. If your current lender’s offer suits you better, staying may be the right choice.

Yes. A new lender needs to approve your application. I’ll review your income, debts and credit beforehand to find suitable options.

You may be able to, but ending a closed mortgage early usually means paying a prepayment penalty. I’ll compare that penalty and other switching costs with what you could save, so you can decide whether to switch now or wait.

Your first conversation doesn’t require a credit check. A formal application may involve a check that can affect your score. I’ll explain what the lender needs and ask for your consent first.

A renewal offer or recent mortgage statement helps, but you don’t need everything ready. We can start with your questions.

Possibly. Adding funds usually means refinancing, and the lender will look at your home equity and finances. I’ll show you how much you could borrow, the estimated payments and the total borrowing cost.

That depends on your home’s value, existing mortgage, income, debts, credit and the lender’s requirements. I’ll help you estimate how much you could access before you apply.

Yes. Having equity doesn’t mean a lender will automatically approve the borrowing. I’ll review what the lender is likely to look at and help you prepare the documents it needs.

Refinancing can replace your existing mortgage and its current terms. Other options may let you keep it in place. I’ll compare the costs before I recommend a change.

No. A lower payment can still lead to a higher total cost if you repay the debt over a longer period. We’ll compare both the monthly payment and the full repayment cost.

The lender may ask for an appraisal or another acceptable property valuation. I’ll tell you what it needs and flag any cost in advance.

Start with your mortgage statement, income documents, property tax information and the balances of any debts you want to pay off. For renovations, bring your budget or any quotes you have. Once we’ve talked through your plans, I’ll let you know what else you need.

Most lenders look for two years of self-employed history and two years of filed taxes. Some consider a shorter track record, especially if you worked in the same field before going out on your own. Tell me when you started and I’ll tell you which lenders will look at it.

Often, yes. Write-offs lower your taxable income without lowering what your business brings in. Some lenders add back certain deductions, and others look at your business deposits instead of your net income. I’ll find the lenders that see what you actually earn.

Not always. With two years of filed taxes and confirmed income, your minimum down payment is the same as other buyers’, starting at 5%. Lower down payments come with insurer rules, so I’ll confirm those before you make an offer. Stated-income and alternative lenders usually ask for 10% or 20%.

Not necessarily. If your tax returns support the income you need, your rate typically matches anyone else’s. If they don’t, an alternative lender is an option, usually at a higher rate. I’ll show you both rates side by side before you choose.

Mostly, it changes the paperwork. Incorporated owners usually provide financial statements, T4 or dividend income and sometimes corporate bank statements. Sole proprietors provide T1s and business schedules. Both can qualify, and I’ll tell you which documents you need.

Yes. Most rural homes in Norfolk County qualify for a residential mortgage. The lender looks at the home, the acreage, the water and septic systems and how you plan to use the land, then decides how much of the property value it will finance.

Many lenders count the house plus a set number of acres and leave the rest out. Barns, shops and other outbuildings often carry little or no value in their calculation. Ask me before you make an offer and I’ll tell you how the lenders I work with treat that specific property.

Sometimes. When a lender excludes part of the land or the outbuildings, your mortgage covers less of the purchase price and you cover the difference in cash. Knowing that number early keeps your offer realistic.

Most lenders ask for a water-quality test, and some ask for a flow test or a septic inspection. I confirm the exact list for your lender as soon as you have a property in mind, so you book the testing in time to meet your financing deadline.

Yes. Lenders want to know the road stays passable year round, who maintains it and whether the home works as a full-time residence. Properties that fall outside those conditions still get financed, though the lender list gets shorter.

Very likely. Lenders set their own rules on acreage, water, access and zoning, so a property that fails one set of guidelines often passes another. Send me the listing and the decline reason and I’ll check it against my other lenders.

It depends on what you’re buying. A completed new home from a builder can qualify for an insured mortgage with less than 20% down. A custom build has its own rules for land equity and the cash you need during construction. I’ll confirm your contribution for the home or project you have in mind.

Usually not. A completion mortgage funds at closing, so early deposits come from your savings or another acceptable source. They can still count toward your down payment. I’ll review the deposit schedule and confirm how you plan to fund it.

That depends on the lender. Some construction mortgages charge interest only on the money advanced so far. Regular payments start once the mortgage is fully funded. I’ll explain your payments during the build and after completion.

Tell me as soon as the date changes. I’ll check your approval expiry, rate hold and any updated documents the lender needs. Extensions aren’t automatic, so I’ll also flag what the delay means for your move or temporary housing.

Not automatically. A higher build cost or a lower appraisal can leave a gap in your funding. The lender can then reassess the project or ask you to cover more yourself. We’ll discuss a contingency reserve when we review your budget.