Question 1

What is a mortgage broker and how are you different from a bank?

Accepted Answer

A mortgage broker works independently on your behalf — not for any single lender. James Fleming has access to over 50 lenders including major banks, credit unions, trust companies, and private lenders. That means he can shop the entire market to find you the best rate and terms, rather than being limited to one institution's offerings.

Question 2

Is there a cost to use a mortgage broker?

Accepted Answer

In most cases, the service is completely free to you. James is compensated by the lender once your mortgage closes. For certain specialized situations such as private mortgages, a broker fee may apply — and James will always be upfront about that before proceeding.

Question 3

What documents do I need for a mortgage pre-approval?

Accepted Answer

Typically you will need: government-issued ID, proof of income (pay stubs, T4s, or NOAs for self-employed), proof of employment (letter from employer), bank statements (90 days), and details of any existing debts or assets.

Question 4

How long does a mortgage pre-approval take?

Accepted Answer

In most cases, a pre-approval can be completed within 24–48 hours once all documents are received. A pre-approval locks in your rate for up to 120 days, giving you confidence when shopping for a home.

Question 5

Does getting pre-approved affect my credit score?

Accepted Answer

A mortgage pre-approval does involve a credit check, which may have a minor, temporary impact on your score. However, multiple mortgage inquiries within a short window (14–45 days) are typically treated as a single inquiry by credit bureaus — so shopping around won't significantly hurt your score.

Question 6

Can self-employed borrowers get a mortgage in Ontario?

Accepted Answer

Yes. Self-employed borrowers have several options, including stated income programs and alternative lenders who specialize in this area. James Fleming works with many self-employed clients and knows exactly which lenders are most flexible.

Question 7

What is the difference between a fixed and variable rate mortgage?

Accepted Answer

A fixed rate stays the same for the entire term, giving you predictable payments. A variable rate fluctuates with the lender's prime rate — it can save you money when rates drop, but payments may rise if rates increase. The right choice depends on your risk tolerance and financial goals.

Question 8

Can a mortgage broker get me a better rate than my bank?

Accepted Answer

In most cases, yes. Because James works with 50+ lenders and brings significant volume, he often has access to rates that aren't advertised publicly. Even a small rate difference can save you thousands over the life of your mortgage.

Question 9

When should I consider refinancing my mortgage?

Accepted Answer

Refinancing can make sense if you want to access your home equity, consolidate high-interest debt, lower your interest rate, or change your amortization. James will run the numbers to make sure the savings outweigh any penalties before recommending it.

Question 10

My mortgage is up for renewal — should I just sign with my current lender?

Accepted Answer

Not without shopping around first. Lenders count on most clients to simply renew without negotiating. James will review your renewal offer and compare it against the full market — often finding better rates or terms. This service is free and takes very little of your time.

Question 11

Can I get a mortgage with bad credit?

Accepted Answer

Yes. James works with alternative and private lenders who specialize in helping clients with bruised or limited credit. These solutions may come with higher rates, but they can be a stepping stone to rebuilding your credit and qualifying for better terms in the future.

Question 12

What is a private mortgage?

Accepted Answer

A private mortgage is funded by a private investor rather than a traditional institution. They're typically used when a borrower doesn't qualify through conventional channels — due to credit issues, self-employment income, or a unique property. Terms are usually shorter (1–2 years) with the goal of transitioning to a traditional lender.

Question 13

What types of commercial properties can you finance?

Accepted Answer

James can arrange financing for a wide range of commercial properties including office buildings, retail spaces, industrial warehouses, multi-unit residential buildings (5+ units), mixed-use properties, hotels, and special-purpose properties. Each property type has unique financing requirements.

Question 14

How is commercial mortgage financing different from residential?

Accepted Answer

Commercial mortgages typically require larger down payments (20–35%), have shorter amortization periods (15–25 years), and are evaluated based on the property's income-generating potential rather than just personal income. Lenders focus heavily on debt service coverage ratio (DSCR), property cash flow, and the borrower's commercial real estate experience.

Question 15

What is a debt service coverage ratio (DSCR) and why does it matter?

Accepted Answer

DSCR measures whether a property generates enough income to cover its mortgage payments. It is calculated by dividing the property's net operating income by its annual debt obligations. Most lenders require a minimum DSCR of 1.20–1.25, meaning the property must generate 20–25% more income than needed to cover the mortgage.

Question 16

What is the minimum down payment in Canada?

Accepted Answer

The minimum down payment is 5% for homes under $500,000, 5–10% for homes between $500,000–$999,999, and 20% for homes $1,000,000 and over.

Question 17

What is CMHC mortgage insurance?

Accepted Answer

CMHC (Canada Mortgage and Housing Corporation) insurance is required for high-ratio mortgages where the down payment is less than 20% of the property value. This insurance protects the lender if you default on your mortgage. The premium is added to your mortgage balance.

Question 18

What is a HELOC and how does it work?

Accepted Answer

A Home Equity Line of Credit (HELOC) lets you borrow against the equity in your home, up to 65% of its value. It works like a revolving credit line — you borrow what you need, repay it, and borrow again. It's commonly used for renovations, investments, or emergency funds.

Mortgage Questions, Answered

Getting Started

Pre-Approval & Qualification

Rates & Terms

Refinancing & Renewals

Special Situations

Commercial Mortgages & Business Financing

Mortgage Glossary

Top 10 Things to Do When Applying for a Mortgage

Call Me

Still Have Questions?