What happens after I submit a mortgage application?

We'll be in touch within 24 hours. You will then be provided a secured link to load any required documents.

What if I don't qualify for a mortgage right now?

Then we make a plan to get you there. Buying a home is a major milestone, and it's completely normal to need time to prepare.

Is my application information secure?

Yes, all of your data is encrypted and securely stored on Canadian servers through TMG. We also operate a 100% paperless office, BitDefender is on all electronics including VPN. Your privacy is extremely important to us.

Will I receive a written pre-approval?

Yes! You will be emailed a personalized pre-approval package outlining everything you need to know at this stage.

Do I need a mortgage broker to renew my mortgage?

While you are not required to use a mortgage broker at renewal, working with one can help ensure you are receiving a competitive rate and the right mortgage terms. Many lenders do not offer their best rates upfront at renewal, and a broker compares multiple lenders on your behalf.

Is renewing my mortgage the same as getting a new mortgage?

A mortgage renewal is just as important as your original mortgage. While the process may feel simpler, the decisions you make at renewal can significantly impact your interest costs, flexibility, and long-term financial goals.

Can I switch lenders at mortgage renewal?

Yes. Mortgage renewal is an ideal time to switch lenders without penalty. A mortgage broker can review whether switching lenders could improve your rate, terms, or mortgage features.

When should I start reviewing my mortgage renewal options?

You can begin reviewing your mortgage renewal options up to 120 days before your renewal date. Starting early allows time to compare lenders, secure a rate hold, and plan strategically.

Why shouldn’t I just accept my lender’s renewal offer?

Many lenders rely on convenience and do not always present their best rate or terms at renewal. Accepting the first offer without comparison can result in higher interest costs over time.

Does my credit score matter at renewal?

Yes. Credit score can impact the mortgage rates and lender options available to you at renewal, especially if you are switching lenders. A broker reviews your full profile to determine the best options.

Are mortgage renewal rates one-size-fits-all?

No. Mortgage renewal rates vary based on factors such as mortgage type, credit score, equity, term length, and qualification requirements. A personalized review ensures you receive options suited to your situation.

What does a mortgage broker review at renewal besides the rate?

A mortgage broker reviews not only the rate, but also penalties, prepayment options, portability, charge type, and how the mortgage fits your long-term goals.

Purchase + Improvements Mortgage
aka Renovation Mortgage

The Purchase Plus Improvements mortgage program allows you to add renovation costs to your mortgage at the time of purchase.

If you already own the home and want to renovate, this would instead fall under a mortgage refinance (see our Refinance page for details).

How the Purchase Plus Improvements Program Works

Renovation estimates are required upfront
You must provide written, completed renovation estimates before your mortgage application is submitted to the lender.
As-improved value calculation
The renovation costs are added to the agreed purchase price to create the “as-improved value” (purchase price + renovation costs).
Minimum down payment
Borrowers may be able to put down as little as 5% of the as-improved value, depending on lender and insurer guidelines.

Important timing note

Be sure to extend your financing condition date to allow enough time to obtain renovation estimates and complete lender approval. Missing this step can delay or jeopardize financing.

Renovation Financing Process & Payment Terms

When using a Purchase Plus Improvements mortgage, there are a few important details to understand about how renovation funds are handled:

Upfront renovation payment required
Lenders only reimburse for completed renovation work, meaning you must pay the contractor upfront. Funds are released after receipts are submitted and the work has been verified through inspection.
Mortgage payments begin on possession
Mortgage payments start on your possession date, based on the full mortgage amount, including the renovation funds.
Improvement funds held in trust
The renovation portion of the mortgage is sent to your lawyer, who holds the funds in trust until the improvements are completed and approved.
Appraisal and inspection costs
You may be required to pay for an initial appraisal and a final inspection to confirm the renovations are complete. Estimated cost is approximately $350, if both are required (unless the insurer approves the value as-is).