Frequently Asked Questions

In most cases, my services are completely free. This is because I receive a commission from the mortgage lender that your mortgage funds through for most traditional mortgage types. There are times when I may have to charge a fee, typically for alternative financing options. I will always disclose to you up front, both verbally and in writing, how much you will be charged and when that fee is due before you sign into any agreements.

Mortgage Brokers work for YOU. Mortgage specialists at the bank work for the BANK.

As a Mortgage Broker with BRX Mortgage, I am in the business of finding and securing the best mortgage product for your specific situation. With access to a wide variety of mortgage lending options, I'll do the shopping for you to compare not only interest rates, but other mortgage features that you may not have even considered before... features that can save you a lot more money than 0.1% of an interest rate can! I present your options to you based on what your priorities are. 

I'm available 7 days a week, even outside of regular business hours, and pride myself on replying to my clients quickly. You will always talk directly to me, not a customer service desk. No need for formal communication either; you can call, text, email, or stop in my office throughout the mortgage process and beyond. The best part is that you get all of this for free in most cases, because I'm paid by the mortgage lenders, not you!

The first step to buying a house is having a good understanding of your current financial situation. How do you do that, you ask? You talk to me!

I will discuss your situation with you and review your supporting documents to give you a solid grasp on what your current affordability is and what barriers might be in the way. I'll work with you to overcome those barriers and help you reach your homeownership goals, whatever they may be. 

To get started, you can submit an application through the 'Apply' page of this website. This will give you the chance to outline your current situation and send me the appropriate supporting documents. From there, I'll review the information you've given and help you figure out what your next step should be!

There is a minimum amount needed to put towards a down payment in Canada, and the minimum amount required depends on the purchase price.

$500,000 and under = 5% of the purchase price

$500,001 to $999,999 = $25,000 + 10% on amounts over $500k

$1,000,000 and over = 20% of the purchase price

Down payments can come from a variety of places, but there are rules around this. For any buyer, your down payment can come from savings accumulated over time, investments, the sale of one or more assets, down payment support programs, gifted funds from a direct relative, and in some cases, borrowed down payments are allowed.

For first time home buyers, the option exists to use up to $35k from your RRSPs towards the purchase of your first home, with the withdrawal being completely tax-free, as well as the option to use a First Home Savings Account for up to a $40k withdrawal towards your down payment.

Borrowed down payments are allowed through a specific mortgage program called a "Flex Down Mortgage". There are certain criteria that must be met be considered for this type of mortgage, such as (but not limited to):

1. The borrower(s) must have an excellent credit history

2. The borrower(s) must be able to 'debt service' the borrowed funds. This means, you must be able to manage the debt payment on the funds needed for the down payment in addition to your regular debts and the new mortgage you're applying for. 

3. The borrower(s) must not own other properties

If you're needing to borrow some or all of your down payment, it's recommended that we talk about your situation before you borrow those funds and move forward with an application.

Your credit score is one of the key factors in the likelihood of you getting approved for a mortgage. Each mortgage product has a minimum credit score associated with it. With that said though, there are still options for those who have a bruised credit history. 

If your credit score is below 600, you will likely require alternative financing of some sort. This could include B-lenders or private lenders. Since alternative financing options typically have higher rates or fees involved, we plan to keep your mortgage term short and put a plan in place so you won't need to stay in the alternative financing stream for longer than absolutely necessary. I can help you identify possible pain points in your credit history so you can work on making the adjustments needed to get your credit score back up.

Yes, you definitely can! With house prices increasing so much in the last few years, this homeownership strategy has actually become quite common. To make this happen, both you and your friend would complete the application together. I would ensure that between you both, you can qualify for the purchase price you need to meet your needs. When you buy with a friend, it's recommended that you each seek independent legal advice, and have legal documents drawn up to outline each person's financial contribution and responsibilities, as well as planning for the unexpected. You'll need to have serious conversations with your friend before deciding to buy together to answer some of the 'what if' questions..

What would you do if one person was no longer able to make their financial contribution?

What do you do if one person wants to refinance or sell but the other doesn't?

How do you navigate paying for and arranging regular upkeep or repair costs?

Putting some thought into answering the 'what if' questions before you buy, then putting the outcomes of those decisions in a binding legal agreement can help you avoid many of the potential problems associated with buying with friends. I'd love to see both you and your friend reach your homeownership goals - let's get your pre-qualification started today!

When you're trying to get approved for a mortgage, one of the more important factors is your income. Proving consistent income is one way that a mortgage lender can have confidence in you as a borrower to repay your mortgage loan. There is no magic number when it comes to income - how much you need to make depends on how big of a mortgage you want to have. As a very general rule of thumb, you can estimate that you might qualify for around 4x your gross annual income. So, if you make $50k/year, you might qualify for a mortgage of approximately $200k. This generalization, however, doesn't take debt repayment, down payment savings, or credit scores into account.

To really understand your specific situation and how your income impacts your affordability, I suggest completing the pre-qualification or pre-approval process. Through this process, I can help you identify any barriers specific to you that would get in the way of a mortgage approval, then come up with a plan for you to work through them.

An ideal co-signer is typically a relative who has strong credit history, limited debts, and good income. The goal of bringing a co-signer on is to increase your chances of a mortgage approval. Co-signers can be helpful for buyers who make more money than they are able to prove; this is typically seen with first time home buyers who don't have a guaranteed salary, buyers who work for cash, or those who are self-employed. Simply having a co-signer doesn't mean that you'll be approved - I'll need to ensure that your co-signer is helpful to your situation based on their full financial situation.

A co-signer will be on the mortgage application and is therefore considered a co-owner in the property you're purchasing. It's important that your co-signer understands this, because they will be held liable for the mortgage payments should you default. Many people who use a co-signer when they buy are able to remove the co-signer at the time of their first renewal.