Real questions. Direct answers.

Your bank has access to one lender's products: their own. A broker has access to many. That means we can find the product that actually fits your file, not just the closest thing your bank happens to offer. There's no cost to you for using a broker. Lenders pay broker fees. The only reason to go direct to your bank is if you have a specific existing relationship or product reason to stay. Most people don't.

It complicates the standard underwriting process because the major banks default to your net income from your T1, which is often deliberately minimized for tax purposes. That number looks bad even when your actual cash flow is strong. There are lenders who underwrite self-employed files differently, using gross revenue, bank statements, or stated income programs, and we work with them regularly. If you've been told no by a bank, that is not a verdict on your file. It's a verdict on how that lender reads it.

Pre-qualification is a rough estimate based on a conversation. No credit check, no document review, no commitment from anyone. Pre-approval is a more formal assessment: credit is pulled, income is reviewed, and the lender is giving you a conditional number. The key word is conditional. Pre-approval is not a guarantee of financing. The property still needs to qualify, and your financial situation needs to remain the same. Know what you actually have before you start making offers.

Not before you've looked at whether it's competitive. Banks send renewal letters because most people sign them without asking questions. It's profitable to count on that. At renewal, you can switch lenders without penalty. That means you have real leverage, and we can find out quickly whether your bank's offer is their best one or just their convenient one. This takes a phone call. The potential upside over a five-year term is real money.

The stress test requires that you qualify at a rate higher than the one you're actually getting, currently the greater of 5.25% or your contract rate plus 2%. It's a federal regulation designed to ensure you can still carry the mortgage if rates rise. In practice it reduces your maximum qualifying amount. How much it affects you depends on your income and existing debt. We run this calculation as part of any pre-qualification so you know exactly where you stand before you start shopping.

From application to funding, a straightforward purchase can close in as little as 14 to 21 days with a clean file and a cooperative lender. More complex situations (self-employed income, rural properties, investment files) can take longer. Refinances and switches typically run 3 to 5 weeks. The single biggest factor in timeline is document preparation on your end. The faster we can get what we need, the faster the lender can move. We'll tell you exactly what to pull together at the start.

It depends on what the problem was, when it happened, and what the file looks like now. A missed payment from four years ago is different from a recent bankruptcy. There are lenders who work specifically with what the industry calls B files: borrowers who don't meet prime criteria but have a reasonable story and a plan. The rates are higher and the terms are typically structured toward rebuilding, not long-term holding. In some cases, it makes more sense to spend 12 to 18 months repairing the file before applying. We'll tell you which situation you're in.

You'll pay a penalty. The calculation method determines how much: it's either three months' interest or the Interest Rate Differential (IRD), whichever is greater, depending on your lender and product. IRD can be significant. Whether breaking makes financial sense depends on what you gain on the other side: a lower rate, a refinance, proceeds from a sale. We can run that math with you. The important thing is to know your penalty structure before you're in a position where you have no choice.

For most applications: two years of T4s or T1s, recent pay stubs (if salaried), three months of bank statements, a letter of employment confirming income and tenure, and government-issued ID. Self-employed applicants typically need two years of T1s plus the Notice of Assessment, and sometimes business financials. Investment property files need rental income documentation. We'll give you a specific list based on your actual situation, not a generic checklist that includes things you don't need.

Several ways. The minimum down payment for a rental property is 20%. No insured mortgage option. Lenders use a rental income offset calculation that varies by lender, meaning your qualifying numbers look different depending on who you're asking. And the debt service ratios are tighter. The HRM rental market has specific dynamics I understand well: vacancy rates, rental demand by area, what lenders actually count as income. If you're buying to rent in HRM, it's worth a conversation before you start making offers.