Frequently asked questions

No. Our mortgage brokerage service is free, the lender pays us when your mortgage funds, and we'll even cover your property evaluation fees. You get the best rate at no cost and no obligation.

Your bank offers only its own products. We compare rates and products from 15+ lenders and bring you the best one upfront, no haggling, which almost always beats a single bank.

Yes. Team Levine is a one-stop shop for mortgages, insurance (life, disability, critical illness) and investments (RRSP, RESP, TFSA), one trusted team for your whole financial life.

Lenders pay brokers a commission when a mortgage funds. That's why our service is free to you, and because we're paid similarly across lenders, our advice stays focused on your best fit.

The minimum in Canada is 5% on the first $500,000 and 10% on the portion above, up to $1.5M. Under 20% down requires mortgage default insurance (CMHC); 20%+ avoids it.

A pre-qualification is a quick estimate of what you might afford. A pre-approval is a firmer confirmation; when we submit your file to a lender, your rate is held while you shop.

It depends on the type. Our instant online tool, or a pre-approval letter from us, can be ready in minutes to the same day, enough to know what you can afford and shop with confidence. That kind of pre-approval doesn't check your credit or lock in a rate. To actually hold a rate, we submit your file to a lender, which takes a little longer but secures your rate while you shop.

Typically ID, proof of income (pay stubs, T4s, or notices of assessment if self-employed), proof of down payment, and details on the property. We'll give you a simple checklist.

Many lenders look for around 680+ for the best rates, but options exist for lower scores. We match you to the lender most likely to approve you.

Yes. We work with lenders who understand self-employed income and can use bank statements or notices of assessment rather than only pay stubs.

Yes, there are New-to-Canada programs designed for recent immigrants, often with limited Canadian credit history. We'll find the right fit.

A fixed rate stays the same for your term (predictable payments). A variable rate moves with the lender's prime rate, potentially lower, with more flexibility but some uncertainty.

It depends on your plans and the rate outlook. A 5-year fixed is the most common for predictability; shorter or variable terms can suit specific situations. We'll walk you through it.

Lenders must qualify you at the higher of your contract rate + 2% or 5.25%. It confirms you could handle payments if rates rose. It affects how much you can borrow.

If your down payment is under 20%, this insurance protects the lender and is required. The premium is added to your mortgage. Putting 20%+ down avoids it.

A closed mortgage has limits on prepaying/paying it off early but lower rates. An open mortgage lets you pay it off anytime at a higher rate, useful if you expect to sell or repay soon.

Not automatically, the renewal offer in the mail is rarely the best rate. Let us shop your renewal across lenders; switching is often free and can save thousands.

Refinancing replaces your mortgage with a new one, to access equity, consolidate debt, fund a renovation, or get a better rate. It makes sense when the savings or cash-out outweigh any penalty.

Yes, through a refinance or a home equity line of credit (HELOC), you can access up to 80% of your home's value (minus what you owe) for renovations, investments, or consolidation.

You may pay a prepayment penalty, for fixed mortgages it's the greater of three months' interest or the interest-rate differential (IRD). We'll calculate it and whether switching still saves you money.

Quebec's land transfer tax ("taxe de bienvenue") is a one-time municipal tax on the purchase price, due a few months after closing. Our calculator estimates it for your municipality.

First-time buyers may access programs and rebates such as the Home Buyers' Plan, the First-Time Home Buyers' Tax Credit, and certain provincial/municipal rebates. We'll flag the ones you qualify for.

Beyond the down payment, budget roughly 1.5-4% of the price for the welcome tax, notary fees, inspection, adjustments, and title/insurance. We'll give you a personalized estimate.

Yes, it's free. It has live rates, mortgage calculators, a Quebec welcome-tax estimator, a plain-language glossary, and instant pre-approval, your mortgage toolkit in your pocket.