Popular Question

Mortgage Brokers and Mortgage Associates , represent you to the lender of your choice, once a mortgage strategy and mortgage discovery  session has occurred .  Mortgage Brokers and Mortgage Associates have a plethora of Mortgage Lenders available in the market place. These include the  Federally regulated Canadian Banks , Trust companies ,  Credit unions and Mortgage Investment companies  in Canada 

We navigate the approval process , collect and verify the relevant financial information and provide expert unbiased advise  and  financial  solutions in a transparent environment. 

If you go to a retailer that carries only one brand, you will be limited to only those products in that one store. The same applies when you go to your bank. They can only offer you their products, but nobody else’s. Mortgage brokers offer financing solutions from banks as well as many other lenders, giving the consumer the option to compare their choices across multiple brands and therefore multiple solutions. Brokers work directly with Banks, Credit Unions, Monoline Lenders, Commercial lenders and Private lenders. Simply put, Brokers are your one-stop-shop for upwards of 30 different lenders, which means you have access to all of those products as well. Because of this, brokers often have solutions for clients that they might not get at a bank.

No, in fact, the opposite is true since clients will have the benefit of learning the details of multiple lenders, multiple mortgage products and multiple financing strategies whereas a bank will offer only their brand of products and services.

For the vast majority of situations, the answer is “No”, because Brokers usually get compensated directly by the lender in the form of a finders fee. A Broker might charge a fee if they are working with a private lender or a specific type of mortgage product that is not offered by most other lenders. A Broker must disclose to the client in writing if they are charging a fee in accordance with Provincial regulations, and the clients must acknowledge that by signing the form as well.

Mortgage features are incredibly important, and should always be understood and reviewed with your broker to ensure you are getting the most out of them. Sometimes a specific feature can mean the difference between getting an approval or not, or paying down your mortgage faster than you otherwise might be able to, saving potentially thousands of dollars in interest over time.

A fixed rate mortgage is one where the interest rate does not change at all during the term of your mortgage and is determined almost exclusively by the bond market. A variable rate mortgage has an interest rate that can go up or down during the term of your mortgage and is based almost exclusively on the Bank of Canada overnight lending rate (the rate at which the Bank of Canada lends money to other financial institutions).

This is the time period that your mortgage is set at a particular rate (fixed or variable). At the end of this time period the mortgage can either be renewed, paid off entirely, or switched/transferred to another lender. Terms typically range from one year to ten years, with the most popular term being 5 years.

The information required is contingent on the type of mortgage you are seeking .

Your Mortgage Broker will be able to determine and advise you during the Mortgage discovery discussion 

The information required is contingent on the type of mortgage you are seeking . 

In all scenarios , it is most helpful to your mortgage agent to know how your income is generated , as this information will provide valuable information on the type of mortgage you may or may not qualify for 

Examples of  employment types and what documentation to gathe are below : 

Salaried and or Hourly 

  • Last 2 year T4 slips 
  • 2 most recent payslips 
  • Last 2 year Notice of Assessments (NOAs)

Self Employed : Sole Proprietor 

  • Most recent 2 year Personal Income Tax returns including  Statement of Business   Activities   
  • Most recent 2 year Notice of Assessment -(NOA’s)
  • Business License 
  • GST return  -if applicable 

Self Employed -Corporation

  • Most recent 2 year Personal Income Tax returns 
  • Most Recent 2 year Corporate Business  Financial Statements   
  • Most recent Personal  2 year Notice of Assessment -(NOA’s)
  • Most recent 2 year T4 Slips -if applicable 
  • Business License /Articles of incorporation

Investment /Pension Income 

  • T5 Slips for the last and most recent  2 Years from all sources 
  • Last 2 year Personal Income Tax  Returns -to verify sources of investment
  • Most recent 2 year Notice of Assessment -(NOA’s)

We must verify the source  of your downpayment for the purchase of a new home and we will ask you questions , such as and not limited to:

  • is the downpayment coming from RRSP’s under the TFTHB Program  and have you had the RRSPS invested for more than 90 business days ?
  • Is the downpayment from accumulated savings over a period of time ?
  • Are you being gifted the downpayment 
  • Is the downpayment coming from other investments outside of your RRSP?
  • Is the downpayment payment the sale of another property ?
  • is the downpayment being borrowed weed  and from what source ?


Depending upon the source of the downpayment , we will then provide a list of what  documentation we will require  to ensure  that the funds are available . 

Such as and not limited to :

  • 90 day investment account statements showing  your full name  and account number
  • 90 day  RRSP account statements showing  your full name  and account number
  • 90 day  bank  account statements showing  your full name  and account number
  • Sale agreement on property that is being sold 
  • Mortgage statement on the property that is being sold -so we can ensure the net sale proceeds are sufficient for the downpayment
  • If  the downpayment  is being borrowed , it can only be borrowed  from secured  facilities-Certain documentation will be required 
  • If the downpayment is coming from a credit card or other credit facilities – We will need to know all of the details as there are only certain mortgage products that allow clients to borrow unsecured funds for the  downpayment .
  • Gifted funds from an immediate family  member- We will require the loender specific gift letter be signed by the gift-tor  and confirmation of the gift  amount into your bank account must be provided to confirm the source and available able balance . In addition   depending on the amount of the gift   , we may be required to confirm the asset(s) of where the money is coming from .

Call me and let’s have a conversation !