Sarabjit Singh — Senior Mortgage Specialist serving Mississauga, Oakville & the Greater Toronto Area

Lenders look at two ratios: your housing costs as a share of income (capped around 39%), and all your debt payments as a share of income (capped around 44%). Your exact number depends on income, debts, credit and the stress test rate — I'll walk you through yours on the first call.

Pre-qualification is a quick estimate based on numbers you give me. Pre-approval is the real thing — a lender verifies your income, credit and debts, and typically holds a rate for 60 to 120 days so you can shop with a firm number.

In Canada it's 5% on the first $500,000 of the purchase price and 10% on the portion between $500,000 and $999,999. At $1,000,000 or more you need at least 20% down. Anything under 20% requires mortgage default insurance.

Federally regulated lenders have to qualify you at the higher of your contract rate plus 2%, or the Bank of Canada's benchmark rate — even if your real rate is lower. It's there to confirm you could still manage payments if rates climbed.

A bank can only offer its own products. As a licensed mortgage broker, I compare rates and terms across major banks, credit unions, alternative and private lenders on your behalf — usually at no direct cost to you, since I'm paid by the lender.

Yes. Self-employed borrowers can qualify with two years of tax returns and business financials, or through stated-income programs. Newcomers with limited Canadian credit history can qualify through dedicated newcomer programs, often with as little as 5–10% down.

A pre-approval usually turns around in 24–48 hours once your documents are in. Full approval after a signed offer — appraisal and underwriting included — typically takes 5–10 business days, longer for complex commercial files.