Frequently Asked Questions

Mortgage Dynamics is a licensed mortgage brokerage powered by Pineapple Financial — one of Canada's most innovative mortgage technology platforms. We connect Canadian homebuyers, homeowners, and investors with the best mortgage products from a network of 50+ lenders including major banks, credit unions, and private lenders — completely free of charge to borrowers.

We are a mortgage brokerage — not a bank. This means we work for you, not a single lender. Instead of being limited to one bank's products and rates, we shop your mortgage across 50+ lenders to find the best rate and terms available for your specific situation. Our brokers are licensed professionals who are legally required to act in your best interest.

Our service is completely free for borrowers. We are compensated by the lender once your mortgage is funded — similar to how a real estate agent is paid by the seller. You receive expert broker advice, rate comparisons, and full application support at absolutely no cost to you. There are no hidden fees or surprise charges.

We proudly serve clients across all 10 Canadian provinces — including Ontario, British Columbia, Alberta, Quebec, Nova Scotia, New Brunswick, Manitoba, Saskatchewan, Prince Edward Island, and Newfoundland & Labrador. Our digital-first process means you can work with us from anywhere in Canada, completely online.

A mortgage pre-approval is a formal assessment by a lender that confirms how much you can borrow, at what rate, and under what conditions — before you find a property. It's stronger than a pre-qualification because it involves a real review of your income, credit score, and financial documents. At Mortgage Dynamics, we can get you pre-approved in as little as 24 hours.

Most mortgage pre-approvals in Canada are valid for 90 to 120 days, depending on the lender. During this period, your interest rate is locked in — meaning even if rates rise, you keep the lower rate. If your home search takes longer than your pre-approval period, we can renew it for you at no cost.

A pre-approval involves a "hard credit inquiry" which may slightly lower your credit score by a few points temporarily. However, this impact is minimal and short-lived. Multiple mortgage inquiries made within a 14–45 day period are typically treated as a single inquiry by Canadian credit bureaus — so shopping around with us won't significantly impact your score.

For a standard pre-approval you'll typically need: government-issued photo ID, proof of income (recent pay stubs or T4s), Notice of Assessments from the last 2 years, 3 months of bank statements, and details of any existing debts or assets. We provide a personalized checklist based on your employment type — making the process as easy as possible.

A fixed rate stays the same for the entire mortgage term — giving you predictable payments and protection from rate increases. A variable rate fluctuates with the lender's prime rate — meaning your payment can go up or down. Variable rates have historically been lower over time, but carry more risk. Our brokers help you decide which is best based on your risk tolerance and financial goals.

The Canadian mortgage stress test requires you to qualify at either your contracted mortgage rate plus 2%, or 5.25% — whichever is higher. It's designed to ensure you can still afford your mortgage if rates rise. This applies to all insured and most uninsured mortgages. Our brokers help you understand exactly what you qualify for after the stress test and how to maximize your purchasing power.

CMHC mortgage insurance is required if your down payment is less than 20% of the purchase price. The premium ranges from 2.8% to 4.0% of your mortgage amount and is typically added to your mortgage balance. It protects the lender — not you — but it allows you to buy a home with as little as 5% down. Homes priced over $1.5 million are not eligible for CMHC insurance.

Closing costs in Canada typically range from 1.5% to 4% of the purchase price and include: land transfer tax, legal fees ($1,500–$2,500), title insurance (~$300), home inspection ($400–$600), and adjustments for property taxes. In Ontario, first-time buyers may qualify for a land transfer tax rebate of up to $4,000. We always provide a full closing cost estimate as part of our service.

With Mortgage Dynamics, pre-approval typically takes 24–48 hours once all documents are submitted. Full mortgage approval after an accepted offer usually takes 3–5 business days. We recommend starting the process at least 90 days before your intended purchase date to allow time for rate shopping and to avoid any last-minute delays.

The minimum down payment in Canada depends on the purchase price: 5% for homes up to $500,000, 10% on the portion between $500,000–$999,999, and 20% for homes $1 million and above. A down payment of 20% or more avoids CMHC insurance premiums. We help you explore all down payment sources including savings, RRSPs (HBP), and the First Home Savings Account (FHSA).

Yes! Under the federal Home Buyers' Plan (HBP), first-time buyers can withdraw up to $35,000 from their RRSP tax-free to use as a down payment ($70,000 per couple). The withdrawn amount must be repaid back into your RRSP over 15 years. Additionally, the new First Home Savings Account (FHSA) allows you to save up to $40,000 completely tax-free specifically for a first home purchase.

Most major Canadian lenders require a minimum credit score of 680 for the best rates. A score of 600–679 may still qualify with alternative or B-lenders at slightly higher rates. Scores below 600 may qualify through private lenders. At Mortgage Dynamics, we work with all credit profiles — even bruised or poor credit — and help you identify the best available option for your current situation.

We recommend starting your renewal review at least 120 days (4 months) before your maturity date. This gives us enough time to shop lenders, secure a rate hold, and process your renewal without any last-minute pressure. Many Canadians simply sign whatever their bank sends — often missing out on significantly better rates. Contact us early and we'll handle everything.

Yes! At your mortgage maturity date, you can switch to any lender with no prepayment penalty. This is one of the best opportunities to negotiate a significantly better rate. Mortgage Dynamics shops the entire market on your behalf at renewal — and in most cases, we find our clients better rates than their current lender offers. The switch process is simple and we handle all the paperwork.

Renewal happens at your mortgage term end date — you simply continue your existing mortgage with the same or new lender, possibly at a new rate. Refinancing can happen at any time before maturity and involves changing your mortgage terms, borrowing additional funds against your home equity, or restructuring your debt. Refinancing before maturity may involve a prepayment penalty, which we calculate for you upfront.

Absolutely. Being self-employed doesn't disqualify you from getting a mortgage — it just requires a different approach. At Mortgage Dynamics, we specialize in self-employed mortgages and have access to stated income programs, alternative lenders, and B-lenders who understand how business owners earn. Generally, you'll need at least 2 years of self-employment history and a minimum 10% down payment.

Self-employed borrowers typically need: 2 years of T1 General tax returns, 2 years of Notices of Assessment (NOA), business financial statements or accountant letter, proof of business ownership, and 6–12 months of business bank statements. With stated income programs through alternative lenders, documentation requirements may be more flexible — and we'll guide you through exactly what's needed.

Not necessarily. If you qualify through a traditional lender with standard documentation, your rate will be comparable to any other borrower. If you require a stated income or alternative lending program, rates may be slightly higher — typically 0.5% to 1.5% above prime. As your financial profile strengthens, we help you transition back to conventional lending at the best possible rates.