Question 1

What does a mortgage broker do?

Accepted Answer

A mortgage broker acts as an intermediary between you and dozens of lenders, shopping your application to find the best rate and terms for your situation. Unlike going directly to a bank, a broker presents your file to multiple lenders at once.

Question 2

Is there a fee to use a mortgage broker?

Accepted Answer

In most cases, no. Mortgage brokers are paid a finder's fee by the lender when your mortgage funds. You receive the same mortgage — often at a better rate — without paying anything out of pocket.

Question 3

What is the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an informal estimate based on self-reported information. A pre-approval involves a full application, credit check, and income verification, and gives you a rate hold for up to 120 days.

Question 4

How do brokers access better rates than my bank?

Accepted Answer

Brokers have access to wholesale lender rates not available to the public, plus a network of trust companies, credit unions, and private lenders. Volume relationships allow negotiation that individual applicants cannot replicate.

Question 5

How long does pre-approval take?

Accepted Answer

Most pre-approvals complete within 24 to 48 hours once documents are submitted. Complex files — self-employed, investment properties, or credit challenges — may take a few additional days.

Question 6

What documents do I need for pre-approval?

Accepted Answer

Typically: 2 years of T4s or NOAs, recent pay stubs, 90 days of bank statements showing the down payment, a void cheque, and government-issued ID. Self-employed applicants will also need 2 years of business financials.

Question 7

What is the mortgage stress test and how does it affect me?

Accepted Answer

The stress test requires lenders to qualify you at the greater of your contract rate plus 2% or 5.25%. It reduces the maximum purchase price you qualify for. A broker can show you exactly how the stress test applies to your income and down payment.

Question 8

Can you help with investment property or rental financing?

Accepted Answer

Yes. Rental financing in Victoria uses a rental offset calculation where 50 to 80% of rental income reduces your debt load. Investment properties require a minimum 20% down payment. A broker helps structure the file to maximize what lenders will approve.

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