A mortgage agent shops your application across many lenders (banks, credit unions, and monoline lenders) to find the best fit on rate, terms, and flexibility, then manages the process through to funding. For most residential mortgages there is no fee to you: the lender pays the brokerage once your mortgage funds. If a fee ever applies, such as on some private or alternative lending files, it is disclosed in writing before you commit.

The minimum is 5% of the first $500,000 of the purchase price and 10% of the portion above that, up to the insured price cap. Above the cap, 20% is required. With less than 20% down, mortgage default insurance is added to your mortgage. Chad can show you exactly what each down payment level means for your payment and your insurance premium. Rules do change, so always confirm the current thresholds.

Federally regulated lenders must qualify you at the higher of your contract rate plus 2% or a set floor rate. It doesn't change what you pay; it limits how much you can borrow so you have room if rates rise. Some lenders, such as credit unions, are not bound by the same rule, which can matter for certain borrowers.

With your documents ready, a pre-approval can often be completed within a couple of business days. Most lenders hold the rate for up to 120 days. If rates fall before you buy, you get the lower rate; if they rise, you're protected.

It depends on your budget flexibility, how long you plan to keep the property, and your comfort with change. Fixed rates give payment certainty; variable rates have historically cost less over time and usually carry smaller penalties if you break early. Chad walks through both with your actual numbers rather than a one-size-fits-all answer.

Yes, and it's often the easiest time to improve your rate. A straight switch at maturity moves your mortgage to a new lender without changing the amount or amortization, and the new lender frequently covers legal and appraisal costs. Start the review about 120 days before your maturity date.

Absolutely. Some lenders qualify you on your tax returns, while others offer programs that consider business bank statements or stated income with supporting documentation. The right lender depends on how your income is structured, which is exactly where an agent adds value.

Beyond your down payment, plan for land transfer tax (Toronto buyers pay both provincial and municipal tax, with rebates for eligible first-time buyers), legal fees and disbursements, title insurance, a home inspection, and adjustments for property tax or utilities. A common rule of thumb is 1.5% to 4% of the purchase price, depending on location.

Not at all. Chad can place your mortgage with major banks as well as lenders you can't access directly. You keep your everyday banking wherever you like. The difference is that your mortgage goes where it fits best rather than where you happen to have a chequing account.

Chad is based in Toronto and works with clients across the Greater Toronto Area and throughout Ontario. Most of the process happens by phone, video call, and secure online document upload, so location is rarely a barrier.