About Our Service

Learn how Loan Lizard helps you find the perfect mortgage

What is Loan Lizard and how does it work?

Loan Lizard is a free mortgage broker matching service that connects you with licensed mortgage brokers across Canada. Simply fill out one form with your mortgage needs, and we'll match you with qualified brokers who compete to offer you the best rates and terms. You'll receive multiple offers, allowing you to compare and choose the option that works best for you—all without any obligation or fees.

Is Loan Lizard really free? Are there any hidden fees?

Yes, our service is 100% free for you—no hidden fees, no charges, ever. We're compensated by the mortgage brokers in our network when you successfully close a mortgage with them. This means you get access to expert advice and competitive rates without paying anything out of pocket. You're also under no obligation to accept any offers you receive.

How many brokers will I be matched with?

Typically, you'll be matched with 2-4 qualified brokers based on your specific needs and location. This gives you enough options to compare rates and services without being overwhelmed. Each broker is licensed, experienced, and carefully vetted to ensure they meet our quality standards. You're free to speak with all of them or choose to work with just one.

How long does it take to get matched with brokers?

Most clients are matched with brokers within 24 hours of submitting their information. In many cases, you'll start receiving broker contacts within just a few hours. Once matched, brokers will reach out to you directly via phone or email to discuss your mortgage needs and provide personalized quotes.

Are all the brokers in your network licensed?

Absolutely. Every broker in our network is fully licensed and regulated by their provincial mortgage broker authority. We conduct thorough background checks and ongoing quality monitoring to ensure all brokers maintain professional standards and provide excellent service to our clients. Your peace of mind is our priority.

Mortgage Rates & Terms

Understanding rates, qualifications, and mortgage options

What mortgage rates can I expect?

Mortgage rates vary based on several factors including your credit score, down payment, property type, and market conditions. Currently, rates in Canada typically range from 4.5% to 7% depending on whether you choose a fixed or variable rate mortgage. The brokers we connect you with will provide current rates specific to your situation and can often secure better rates than you'd find on your own due to their industry relationships.

What's the difference between fixed and variable rate mortgages?

A fixed-rate mortgage locks in your interest rate for the entire term (typically 1-5 years), providing payment stability and protection from rate increases. A variable-rate mortgage fluctuates with the prime rate, meaning your payments can go up or down. Variable rates are often lower initially but carry more risk. Your matched brokers can help you decide which option suits your financial situation and risk tolerance best.

How much down payment do I need?

In Canada, the minimum down payment is 5% for homes under $500,000. For homes between $500,000-$1 million, you need 5% on the first $500k and 10% on the remaining amount. For homes over $1 million, you need at least 20%. With less than 20% down, you'll need mortgage default insurance (CMHC, Sagen, or Canada Guaranty). Your broker can explain all options and help you determine the best down payment strategy for your situation.

What credit score do I need to qualify for a mortgage?

While requirements vary by lender, most traditional lenders prefer a credit score of 680 or higher for the best rates. However, you can still qualify for a mortgage with a score as low as 600 (or even lower with certain alternative lenders). A lower credit score may result in higher interest rates or require a larger down payment. The brokers in our network work with a wide range of lenders and can find solutions even if your credit is less than perfect.

Can I get a mortgage if I'm self-employed?

Yes! While self-employed mortgages can be more complex, they're definitely available. You'll typically need to provide 2 years of tax returns, notices of assessment, and potentially financial statements. Some lenders offer stated income programs for self-employed borrowers with strong credit and larger down payments. Our network includes brokers who specialize in self-employed mortgages and understand the unique documentation requirements and lender options available to you.

How much can I afford to borrow?

The amount you can borrow depends on your income, debts, credit score, and down payment. Lenders typically use two key ratios: GDS (Gross Debt Service, usually max 39%) and TDS (Total Debt Service, usually max 44%). These ratios ensure your housing costs and total debts don't exceed certain percentages of your gross income. Use our free mortgage calculator to get an estimate, and the brokers we match you with can provide a detailed pre-qualification based on your complete financial picture.

The Application Process

What to expect when applying for a mortgage through our service

What documents do I need to apply for a mortgage?

Typical documents include: government-issued ID, proof of income (pay stubs, T4s, or tax returns for self-employed), employment letter, 90 days of bank statements, proof of down payment, property details (if you've found a home), and credit report authorization. Your matched broker will provide a complete checklist specific to your situation and guide you through gathering everything needed.

How long does the mortgage approval process take?

Pre-approval can often be obtained within 24-48 hours once you submit your documents. Full approval (after you've made an offer on a property) typically takes 1-2 weeks, though this can vary based on the complexity of your application and the lender's processing times. Your broker will keep you informed throughout the process and can often expedite urgent applications.

What's the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate of how much you might be able to borrow based on basic financial information. Pre-approval is a formal commitment from a lender (usually valid for 90-120 days) after they've verified your income, employment, and credit. Pre-approval gives you more negotiating power when making an offer on a home and shows sellers you're a serious buyer. Most brokers will help you get pre-approved early in the process.

Will applying hurt my credit score?

Initially submitting your information to Loan Lizard does not affect your credit score. When brokers pull your credit for pre-approval, it's typically a "soft inquiry" that doesn't impact your score. Multiple mortgage inquiries within a 14-45 day period are usually counted as a single inquiry, so shopping around won't significantly hurt your credit. Your broker will explain the credit check process and timing to minimize any impact.

Can I switch brokers if I'm not satisfied?

Absolutely. You're under no obligation to work with any broker we match you with. If you're not satisfied with the service, rates, or communication from your matched brokers, you can request to be matched with different brokers. Our goal is to ensure you find the right professional fit and get the best possible mortgage solution. Your satisfaction is our priority.

Do I need to have a property already to get started?

No! In fact, it's often better to get pre-approved before you start house hunting. This helps you understand your budget, strengthens your negotiating position, and shows sellers you're a qualified buyer. Whether you're just starting to explore options or have already found your dream home, brokers can assist at any stage of the process.

Special Situations

Mortgages for unique circumstances and needs

Can I get a mortgage with bad credit or past bankruptcy?

Yes! While traditional banks may decline applications with poor credit or past bankruptcy, alternative lenders and private lenders can often help. You may need a larger down payment (typically 20-35%) and will likely face higher interest rates, but homeownership is still possible. Many brokers in our network specialize in credit-challenged situations and can find lenders willing to work with your circumstances. After 2-3 years of rebuilding credit, you can often refinance to better rates.

What if I'm new to Canada or don't have much credit history?

Newcomers to Canada can qualify for mortgages even without extensive Canadian credit history. Many lenders offer newcomer programs that consider foreign credit history, employment history, and larger down payments (typically 20-35%). Some programs are available to permanent residents, work permit holders, and even those still overseas. Brokers who specialize in newcomer mortgages can guide you through the specific requirements and documentation needed.

Can I get a mortgage for an investment property or rental?

Yes! Investment property mortgages are available, though they typically require a minimum 20% down payment and may have slightly higher interest rates than primary residence mortgages. Lenders will consider rental income when calculating your qualifying income. Whether you're buying your first rental property or expanding your portfolio, brokers can connect you with lenders who specialize in investment mortgages and understand the unique qualification criteria.

What's a HELOC and how does it work?

A Home Equity Line of Credit (HELOC) is a revolving credit line secured by the equity in your home. You can borrow up to 65% of your home's value (minus your existing mortgage), and you only pay interest on what you use. HELOCs are great for renovations, debt consolidation, or having access to funds for emergencies. Interest rates are typically variable and lower than unsecured credit. Your broker can help you determine if a HELOC or traditional refinancing is better for your needs.

Should I renew my mortgage with my current lender?

Not necessarily! Many homeowners accept their lender's renewal offer without shopping around, potentially missing out on better rates and terms. About 90-180 days before your mortgage term ends, it's wise to compare options from other lenders. There's usually no cost to switch lenders at renewal (no legal fees or penalties), and you could save thousands over your term. A broker can negotiate on your behalf and ensure you're getting the most competitive rate available.

What if I want to pay off my mortgage early?

Most mortgages allow prepayment privileges, typically 10-20% of the original principal per year without penalty. Some lenders also allow you to increase your regular payment amount annually. If you want to pay off more than the allowed amount or break your mortgage mid-term, you'll face a prepayment penalty (usually 3 months' interest for variable rates, or the greater of 3 months' interest or the Interest Rate Differential for fixed rates). Your broker can help you find a mortgage with the prepayment flexibility that matches your goals.

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