Question 1

1. What does a mortgage broker do?

Accepted Answer

At MullenandMullen Mortgage Architects, we shop the entire mortgage market for you. Instead of visiting one bank, you gain access to top lenders, competitive rates, and tailored mortgage solutions — all with one streamlined application.

Question 2

2. Do I have to pay for a mortgage broker?

Accepted Answer

Most residential clients pay no fee. Lenders compensate us directly once your mortgage funds. If a fee is ever required (ex: private lending), we tell you upfront.

Question 3

3. Why choose MullenandMullen instead of a bank?

Accepted Answer

Banks only offer their own products — we offer multiple lenders, flexible approvals, and customized advice to help you save money and choose the right mortgage for your goals.

Question 4

4. What is the minimum down payment in Ontario?

Accepted Answer

5% for homes up to $500,000
5% on first $500,000 + 10% on remainder to $999,999
20% for homes $1M+

Question 5

5. What credit score do I need?

Accepted Answer

Most lenders prefer 650+, but we also work with alternative lenders for unique situations.

Question 6

6. How much income do I need for a mortgage?

Accepted Answer

This depends on your debts, home price, and down payment. We provide free pre-approvals to determine your exact mortgage qualification.

Question 7

7. What documents do I need?

Accepted Answer

You may need:
ID
Income verification (T4s, pay stubs, job letter, or self-employed documents)
Bank statements
Down payment proof
Property details

Question 8

8. How long does approval take?

Accepted Answer

Pre-approval: 24–48 hours
Full approval: 2 business days

Question 9

9. What is a pre-approval?

Accepted Answer

It estimates your borrowing power and may hold a rate for 90–120 days, protecting you from rising rates.

Question 10

10. Do you help self-employed clients?

Accepted Answer

Yes — we specialize in self-employed mortgage programs, including bank-statement and alternative income verification.

Question 11

11. What if I have past credit issues?

Accepted Answer

You still have options. We work with lenders comfortable with past collections, late payments, and consumer proposals.

Question 12

12. What types of mortgages do you offer?

Accepted Answer

Fixed
Variable
Adjustable-rate
First-time homebuyer
Renewals
Refinances
Investment / rental property
HELOC
Private lending
Cottage & vacation property financing
Self- employed mortgages

Question 13

13. What is mortgage default insurance?

Accepted Answer

Required when your down payment is under 20%. Provided by CMHC, Sagen, or Canada Guaranty.

Question 14

14. Can you help with mortgage renewals?

Accepted Answer

Yes — renewals are one of the best opportunities to secure lower rates or better terms.

Question 15

15. Can I refinance my home?

Accepted Answer

Yes. Refinancing allows you to:
Consolidate debt
Access equity
Renovate
Lower monthly payments
Invest

You can typically borrow up to 80% of your home’s value.

Question 16

16. Should I choose a fixed or variable rate?

Accepted Answer

Fixed: Stable payments, predictable budgeting
Variable: Moves with prime rate and can save money depending on rate trends

Question 17

17. What’s the difference between a variable-rate mortgage and an adjustable-rate mortgage?

Accepted Answer

Variable-Rate Mortgage (VRM)
Payment usually stays the same
Interest vs. principal changes
Trigger rate rules may apply

Adjustable-Rate Mortgage (ARM)
Payment changes automatically when prime changes
Amortization remains more consistent

Question 18

18. How do bond yields affect fixed mortgage rates?

Accepted Answer

Fixed rates follow the Government of Canada 5-year bond yield.

Bond yields rise → fixed rates rise
Bond yields fall → fixed rates fall

Question 19

19. What does the Bank of Canada do?

Accepted Answer

The Bank of Canada:
Sets the overnight rate
Controls inflation
Influences lender prime rates
Supports financial/economic stability

Question 20

20. What’s the difference between short-term and long-term rental property financing?

Accepted Answer

Short-Term Rentals (Airbnb, VRBO)
Fewer lenders
20–35% down
Not all lenders count short-term income
Higher risk = stricter guidelines

Long-Term Rentals
Widely accepted
50–100% of rental income may be used
20% down is typical

Question 21

21. What are mortgage prepayment options?

Accepted Answer

Lump-Sum Payments
Make extra payments directly to your principal (often 10–20% of the original balance per year).

Increase Your Regular Payments
Many lenders allow increases of 10–20% per year.

Double-Up Payments
Additional payments that go straight toward principal.

Prepayment reduces interest and shortens your amortization significantly.

MullenandMullen.caMortgage Architects – Mortgage FAQ (Ontario, Canada)

Trusted Mortgage Brokers Serving Simcoe County, Georgian Triangle, Cottage Country & Beyond

Frequently asked questions