Your Mortgage Questions, Answered 💛

I love questions. There’s no such thing as a silly one, especially with something as important as your home. Here are the ones I hear most often from families in Newmarket, Aurora and across York Region.

What does a mortgage broker do?

A mortgage broker works for you, not for one bank. I compare options from many lenders (big banks, credit unions and other lenders), explain the pros and cons of each in plain language, and help you choose the one that fits your goals. Then my team and I handle the paperwork and keep you updated all the way to closing day.

Does it cost me anything to work with you?

For most mortgages, no. In most cases the lender pays the broker when your mortgage closes. For some specialized situations, like certain private or alternative mortgages, there may be a fee. If there is, I’ll always explain it clearly, in writing, before you decide anything.

Can I switch lenders at renewal?

Yes! Your current lender’s renewal letter is just one option. When your term ends, you can usually move your mortgage to a different lender. Switching needs a new application and approval, so it helps to start early.

When should I start thinking about my renewal?

About 4 to 6 months before your renewal date. That gives us time to compare options, answer your questions and make a calm decision, instead of signing whatever arrives in the mail. Your renewal date is on your mortgage statement.

How much do I need for a down payment?

It depends on the purchase price. In Canada, some homes can be bought with as little as 5% down, and the minimum goes up for higher-priced homes. With less than 20% down, your mortgage will need mortgage default insurance. Rules change from time to time, so let’s look at the current requirements for the home you have in mind.

What is a pre-approval, and why should I get one?

A pre-approval is a lender’s review of your income, credit and down payment that shows how much you may be able to borrow, and it can hold a rate for a period of time. It helps you shop with confidence and lets you move quickly when you find the right home. A pre-approval isn’t a final approval; the lender still needs to approve the property and your final details.

I’m self-employed. Can I still get a mortgage?

Yes. Self-employed clients are a big part of what I do. Lenders look at income differently for business owners, and some have programs designed for them. We’ll talk about your situation and which documents will show your income best.

My credit isn’t perfect. Can you still help?

Very often, yes. Life happens, and there’s no judgment here. Depending on your situation, there may be options with different lenders, or a plan to strengthen your credit for the future. Let’s talk it through.

What’s the difference between a refinance and a HELOC?

A refinance replaces your current mortgage with a new one, often to access home equity, combine debts or change your terms. A HELOC (home equity line of credit) is a line of credit secured by your home, which you can draw on as you need it. Each has pros and cons, and the right fit depends on your goals.

What documents will I need?

It depends on your situation, but usually: photo ID, proof of income (like pay stubs, a job letter or tax documents), proof of your down payment, and details about any debts. My team will send you a simple checklist so you know exactly what’s needed.

Where are you located? Do we need to meet in person?

My office is at 16945 Leslie St, Units 27-29, in Newmarket. I help families across Newmarket, Aurora, East Gwillimbury, Richmond Hill, Bradford, King and all of York Region, as well as across Ontario. We can meet in person, by phone or by video call, whatever is easiest for you.

Have a question that isn’t here? I’d love to hear it. There’s no cost to talk, and no pressure, ever.

📞 416-616-8436 · ✉️ Cherity@CherityGoerk.com

This page is general information, not advice for your situation. Every situation is different; talk to a licensed mortgage professional about yours.

Cherity Goerk, Mortgage Broker, Licence #M08010836 | Dominion Lending Centres TLC Mortgage Group, Brokerage Licence #12988