As soon as possible! If buying a home is a goal—now or in the future—applying for mortgage pre-approval early helps you: ✅ Understand your borrowing power ✅ Identify any financial adjustments needed ✅ Lock in an interest rate for up to 120 days ✅ Be ready to act fast when you find the right home

Planning ahead ensures you’re in the best position to buy when the time is right!

Home Up To $500,000 Purchase Price

5% down payment ($25,000)

Home OVER $500,000 Purchase Price

10% down will be required on any amount over $500,000.

For example, if you're purchasing a $600,000 home:

• 5% on the first $500,000 = $25,000

• 10% on the remaining $100,000 = $10,000

• Total down payment = $35,000

Where Can a Down Payment Come From?

- savings

- gift (from immediate family only)

- sale of assets

- investments

The lender pays the mortgage broker—not you!

✔️ Compensation is based on the mortgage amount and term (longer terms typically pay more).

✔️ A fair estimate of commission is around 1% of the mortgage amount—sometimes more, sometimes less.

✔️ Brokerage fees are also paid to TMG, a company I’m proud to be associated with!

Yes, your privacy is always at the forefront of our minds.

Your data is securely stored on TMG Canadian servers and the application is encrypted. I operate a paperless office, have BitDefender, Exchange (extra encryptions) and MS Defender on electronics including VPN on at all times. Your privacy is extremely important to us.

Best-Rate Mortgage Lenders (A Lenders)

Most best-rate mortgage lenders look for a minimum credit score of 680 to qualify for their lowest rates and best terms.

In some cases, lenders may approve applicants with a minimum score of 650, but there must be a valid explanation, such as:

• A temporary dip caused by too many recent credit checks (this often happens when shopping for a vehicle)

• New to Canada applicants who haven’t had time to establish credit yet

These lenders follow strict guidelines, but they also offer the lowest interest rates and fees when you qualify.

Why Did You Say "Best-Rate Mortgage Lenders"?

Because there are different types of mortgage lenders, and not all lenders use the same rules.

Alternate Lenders (B-Lenders)

B-lenders are a great option for borrowers who don’t fit inside traditional lending guidelines.

Key features of B-lenders:

• Minimum 20% down payment

• More flexible approval criteria

• Can work outside traditional lender “rule boxes”

• Typically ~2% higher interest rates than best-rate lenders

• Expect a 1–2% lender fee (depending on the program)

B-lenders are especially helpful for:

• Self-employed borrowers

• Borrowers with inconsistent income

• Clients rebuilding credit

They often use alternative methods to calculate income, which can make qualifying much easier.

Are There Any Other Mortgage Lenders?

Yes — Private Lenders.

Minimum Down/Equity 35%

Private lenders charge higher interest rates and substantial fees, so a common question is:

Why Would Anyone Use a Private Lender?

Here’s a real example:

I worked with self-employed clients who needed $50,000 for business expenses (a new website and related costs). Their primary mortgage was already at a great rate with a best-rate lender, and they didn’t want to refinance or disturb it.

Like many self-employed individuals, they keep their taxable income low — great for taxes, but not ideal when applying for traditional loans.

The solution:

• We arranged a private second mortgage for $50,000

• The clients paid down a portion at each renewal

• The interest and fees were tax-deductible

• The loan was fully paid off within 3 years

Private lenders can be an excellent short-term solution when used strategically.

The Bottom Line

The key is choosing the right tool at the right time.

That’s where working with an experienced mortgage broker makes the difference.

Oh yes! From ways to save, to tax savings to being eligible for a 30yr amortization, you will find all the info you need. Click here for details.

Below is a free download with easy-to-read features of each type of mortgage.

A mortgage broker:

• Reviews your full financial picture

• Matches you with the right lender type

• Explains trade-offs clearly

• Helps you plan for better rates in the future
  

The goal is not just approval — it’s choosing the right solution now and setting you up for success later.

Yes. You can still qualify for a mortgage after a bankruptcy or consumer proposal. Bruised credit can take the same advice on how to correct their credit rating below. NOTE: ANY collections need to be paid first. I know sometimes its a dispute and it's not fair, but it will continue to hurt your credit, and every lender will ask for it be paid (I believe its part of the Bank Act). So it looks better if you do it ahead.

First, it’s important to know that mortgage lenders treat a bankruptcy and a consumer proposal the same. There is no advantage or disadvantage between the two when it comes to mortgage lending.

Second — life happens. Financial setbacks are more common than people realize. What matters to lenders is how you recover, not the past itself.

When Can I Re-Apply for a Best Rate Mortgage?

You may be eligible to re-apply when all of the following conditions are met: 1. Time Since Discharge

• It has been at least 2 years since your discharge date

2. Re-Established Credit

You must show strong, consistent credit rebuilding, including:

• At least 2 active credit accounts

• Accounts must be established for a minimum of 2 years

• Each account should have a minimum $2,000 limit

• No late payments — even one late payment can impact approval

Lenders want to see that the financial hardship was a specific period in time and that you have successfully moved beyond it. 3. Down Payment Requirements

• The down payment cannot be gifted

• Funds must be from:

  • Personal savings

  • Sale of an asset

  • Non-borrowed funds in your own name

This is a strict requirement for applicants with past credit events.

The Bottom Line

A bankruptcy or consumer proposal does not mean homeownership is off the table.

With:

• Time

• Proper credit rebuilding

• A solid down payment plan

You can absolutely qualify again.

We can help you plan the steps, avoid common mistakes, and position you for the best possible lender options when you’re ready.

Are there any other options now for me?

With 20%-35% down, we can review B Lender Options, who can make early exceptions to these situations.

Most Canadian mortgage lenders use Equifax when reviewing applications. Here’s how to keep your credit mortgage-ready. 1. Check Your Credit Report Review your Equifax report at least once per year and before applying for a mortgage. Watch for errors such as incorrect balances, late payments, or accounts that should show paid or discharged. 2. Never Miss a Payment Payment history is critical.

• No late payments — even one can delay mortgage approval

• Lenders want to see at least 2 years of perfect payment history

Set automatic payments whenever possible.

3. Keep Balances Low Credit utilization matters.

• Keep balances below 30% of your credit limit

• Under 20% is ideal for mortgage readiness

4. Limit Credit Checks Too many credit checks can lower your score.

• Avoid new credit 6–12 months before a mortgage

• Be cautious with car loans and store cards

Always check with your mortgage broker first.

5. Keep Older Accounts Open Longer credit history helps your score.

• Keep older cards active

• Use them occasionally and pay them off Closing old accounts can reduce your score.
  

6. Avoid Inactive Credit Use each account every 3–6 months to keep it active. Inactive credit can hurt mortgage approval. Bottom Line Mortgage lenders care less about your score and more about recent behaviour. Clean, consistent credit use over time is what gets approved.

Yes. One of the first things I determine is whether you are a sole prop or incorporation as the rules are different for each. We first attempt to use what is actually claimed in taxes, don't worry, we know this is usually a self-employed persons block. But it gives the cheapest options, so I check that first.

More often than not, self-employed clients have been utilizing the much friendlier B-Lenders for assistance...

Alternate Lenders (B-Lenders)

B-lenders are a great option for borrowers who don’t fit inside traditional lending guidelines.

Key features of B-lenders:

• Minimum 20% down payment

• More flexible approval criteria

• Can work outside traditional lender “rule boxes”

• Typically ~2% higher interest rates than best-rate lenders

• Expect a 1–2% lender fee (depending on the program)

B-lenders are especially helpful for:

• Self-employed borrowers

• Borrowers with inconsistent income

• Clients rebuilding credit

They often use alternative methods to calculate income (self employed!!!), which can make qualifying much easier.

Yes. It's called the Spousal Buyout and it allows you draw more out of the home than would normally be able to, to payout the other spouse. Click here for details.