Question 1

What is the difference between a bank rate and a broker rate?

Accepted Answer

A bank rate is the rate posted by one lender — the one bank you happen to walk into. A broker rate is the best of the rates available across the 40+ lenders we are accredited with. Brokers are paid by the lender; there is no fee to you for the service.

Question 2

How much down payment do I actually need?

Accepted Answer

In Canada, 5% on the first $500,000 of purchase price and 10% on the portion between $500,000 and $1,500,000. Properties over $1,500,000 require 20% down. Less than 20% requires insured (CMHC, Sagen, or Canada Guaranty) financing.

Question 3

Fixed or variable?

Accepted Answer

Neither is universally correct. Fixed offers payment certainty for the term. Variable historically averages slightly lower over long periods but introduces payment sensitivity to Bank of Canada moves. We model both for every client.

Question 4

How long is a pre-approval valid for?

Accepted Answer

Most pre-approvals hold rate for 90 to 120 days. The qualification itself is generally honoured for that window provided your income and credit have not materially changed.

Question 5

Do you handle self-employed and commission income?

Accepted Answer

Yes. A significant portion of our book is self-employed and commission-earning professionals. We work with both A-lenders and alt-A lenders that specialize in stated income and business-for-self programs.

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