Mortgage questions, answered plainly

A broker gathers your information once and compares mortgages from multiple lenders, such as banks, credit unions, monoline lenders and, where appropriate, alternative lenders. I'm a licensed mortgage associate at Pineapple National Inc., the brokerage, and I handle your file from application to funding.

For most residential mortgages, no. Compensation comes from the lender after closing. Any fee that would apply to your situation is disclosed in writing up front.

Government ID, an employment letter with your two latest pay stubs (business owners: two years of T1 returns plus the matching CRA assessments), 90 days of statements for your down payment account, and details of any debts. For a renewal or refinance, add your latest mortgage statement and property tax bill.

It depends on income, debts, down payment and the qualifying rate. The payment calculator gives a starting point; a pre-approval gives a real answer.

Federally regulated lenders confirm you could still carry the payment at a test rate: 5.25% or your actual rate plus two percentage points, whichever is greater. It limits how much you can borrow, not the rate you pay.

Often, yes, though the lender, rate and down payment may differ. Tell me what happened; recent late payments matter more than old ones, and some issues can be fixed quickly.

With complete documents, many approvals come back within a few business days. Acreages, new builds and self-employed files can take longer, so build that into your conditions.

Red Deer and the surrounding communities are my focus on this site, but I'm licensed across Alberta, so I can help wherever in the province you're buying or refinancing.

It depends on your tolerance for payment changes, your plans for the property and the penalty structure. I'll lay out both with real numbers rather than guess where rates are going.

I'm still your contact. I'll reach out well ahead of your renewal date, and you can call any time you're thinking about a move, a renovation or paying the mortgage down faster.