Self-employed borrowers can qualify for mortgages, but lenders often review income differently than they would for salaried employees. Instead of relying only on pay stubs, lenders often review tax returns, business financial statements, or bank-statement mortgage programs designed for self-employed borrowers.

A Brampton mortgage broker can help determine which lenders are best suited to your business structure and income documentation.

A bank can only offer its own mortgage products, while a mortgage broker can compare options across multiple lenders, including major banks. This broader view can help borrowers see different rates, approval guidelines, and mortgage features.

Many buyers choose to work with a mortgage broker in Brampton so they can evaluate more options without having to approach lenders individually.

Mortgage rates in Brampton change frequently as lenders adjust pricing based on bond markets, economic conditions, the Bank of Canada, and competition between lenders.

The rate you qualify for also depends on factors such as credit score, downpayment, income, employment status, and mortgage structure. A Brampton mortgage broker can compare current options across multiple lenders to help you understand what rates may be available for your situation.

Minimum down payments depend on the purchase price of the property. In Canada, homes priced under $500,000 require a minimum 5% down payment, while homes between $500,000 and $1.5 million require 5% of the first $500,000 and 10% of the remaining amount.

Many buyers also combine savings with programs such as the FHSA or RRSP Home Buyers’ Plan to help build their down payment.

A mortgage pre-approval helps determine how much you may be able to borrow before you start house hunting, so you are clear on your price range. It allows lenders to review your credit, income, and downpayment, allowing you to understand how lenders view your situation.

Many buyers obtain a pre-approval with a mortgage broker in Brampton so they can move quickly when they find a property they want to purchase.

Yes. Mortgage brokers often work with a wider range of lenders, including alternative lenders that may consider applications traditional banks decline.

A Brampton mortgage broker can review the reasons for the decline and help identify lenders whose approval guidelines better match your financial situation.