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A typical mortgage pre‑approval can be issued within 24–72 hours once we receive all required documents, but actual timing depends on case complexity. Straightforward employed borrowers with stable income, clear credit, and complete documents (photo ID, recent pay stubs, two years’ tax records/notices of assessment, and proof of address) often get same‑day to 72‑hour turnarounds. Self‑employed clients, recent job changes, mixed income sources, or credit irregularities usually require extra verification and can extend processing to 5–10 business days.

Property appraisals and title checks (for purchases) add additional time—appraisals commonly take 3–7 business days. We’ll confirm an estimated timeline at intake, request missing items in one consolidated list, and send status updates at each major milestone. To accelerate approval, upload clear documents in a single batch, respond promptly to follow‑ups, and disclose anything that might affect underwriting up front.

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Yes — we work frequently with self‑employed borrowers and can match you to lenders that accept business income documentation. Standard submissions include two years of personal tax returns and Notices of Assessment, year‑to‑date profit & loss statements, business bank statements showing deposits, and, if incorporated, corporate financial statements and dividend records.

Where two years of tax history isn’t available, some lenders accept a strong one‑year record plus supporting invoices or signed client contracts; others permit accountant letters or GST/HST filings to corroborate income. Provide a concise package: (1) two years’ personal tax returns + NOAs, (2) most recent profit & loss and business bank statements, (3) business registration and a brief description of revenue sources, and (4) any large client contracts or recurring invoices. Expect slightly longer underwriting times but competitive products are reachable with a complete, well‑organized file.

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$1,000,000, the minimum is 5% for the first $500,000 and 10% for the portion above $500,000; properties over $1,000,000 generally require at least 20% down. Investment properties and some condos often need 15–20% minimum.

Larger down payments lower your loan‑to‑value (LTV), which typically unlocks lower interest rates, broader product choices, and eliminates mortgage default insurance requirements. Acceptable sources include savings, sale proceeds, and documented gifts (with a signed gift letter and non‑repayment declaration); borrowed funds are usually not permitted unless explicitly allowed by the lender. Example: on a $600,000 purchase, a 5% down payment increases your LTV and may require mortgage insurance, while 20% down removes the insurance requirement and typically improves available rates and amortization options.

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Credit score expectations differ by lender but here are common thresholds: prime pricing is usually available with scores in the mid‑700s+, mainstream approval is common with mid‑600s, and alternative or near‑prime options exist for lower scores when compensated by factors like larger down payments or strong cash reserves. Score is only one element—lenders also review recent payment history, debt‑to‑income ratio, employment stability, and any derogatory records.

If your credit has blemishes, we can run a no‑impact soft pull to assess your position and recommend improvements (dispute errors, reduce high‑interest balances, avoid new credit applications). For recent bankruptcies or consumer proposals, waiting periods vary by lender (commonly 2–4 years). Even with imperfect credit, viable paths often exist—alternative lenders, co‑signers, or structured steps to rebuild credit while securing more favorable terms later.

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Expect closing costs roughly in the range of 1.5%–4% of the purchase price, depending on region and transaction specifics. Typical items include land/property transfer tax, legal/notary fees, title insurance, appraisal and home inspection fees, and lender or broker fees where applicable. If mortgage default insurance is required (for down payments below conventional thresholds), a premium applies—often added to the mortgage principal or payable upfront. Prepaids may include property tax or condo fee adjustments and utility holdbacks.

For refinances, include appraisal, legal, and registration fees and any mortgage discharge costs. Quick checklist to budget: (1) estimated transfer tax, (2) legal fees, (3) appraisal/home inspection, (4) title insurance, and (5) mortgage default insurance premium (if applicable). We’ll produce a tailored Estimated Closing Cost worksheet for your deal so you can plan exact amounts before commitment.

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A rate hold — also called a rate lock — guarantees a lender’s interest rate for a set period while your mortgage application, appraisal, and closing proceed. Typical hold windows are 30, 45, or 60 days; some lenders offer shorter (7–14 day) or longer (90+ day) holds for a fee. Holds are most useful in purchase transactions where closing timelines are fixed or when rates are rising and you want price certainty. Costs vary: many lenders include a short free hold as part of the product, while extended holds or custom lock extensions may incur a flat fee or a rate premium (e.g., 0.05–0.25% added).

If your deal closes sooner than the hold length, you keep the locked rate; if it closes after expiration, you receive the prevailing rate at closing unless an extension is negotiated. To secure a hold, we’ll confirm the hold length at pre‑approval, document the lock in writing, and advise on extension options; we’ll recommend a hold only when the timing and cost make sense for your transaction.

This is preliminary information only. For additional details contact mortgage broker