Our Mortgage Services
Your path to better financing starts here.
Residential Mortgages
Buying a home or renewing your current mortgage? We compare top lenders to find the rate and terms that fit your life
Commercial Mortgages
Financing for business or investment properties, structured for long-term success.
Refinancing
Unlock home equity, lower your payments, or consolidate debt with a mortgage that works better for you today.
Private Lending
When traditional banks say no, we connect you with trusted private lenders who understand your situation.
Self-Employed Borrowers
Non-traditional income shouldn't mean fewer options. We find lenders who work with self-employed applicants
First-Time Buyers
Clear, patient guidance from pre-approval to closing — so your first home purchase feels simple.
Our Mortgage Services
Your path to better financing starts here.
FAQ
Frequently Asked Questions
Straight answers to the questions we hear most. Don’t see yours? Ask us directly — there’s no cost to talk. Or browse the full mortgage FAQ.
Getting Started
What is mortgage pre-qualification?
A quick, informal estimate of what you might be able to borrow, based on the income, debt and credit details you share with us. Nothing is verified and nothing is guaranteed — but it is a helpful first step for setting a realistic budget before you start looking.
What is a mortgage pre-approval?
A pre-approval goes further: we verify your documents, review your credit, and a lender confirms in writing how much it is prepared to lend — usually with a rate hold of 90 to 130 days. It shows sellers you are a serious buyer, though final approval still depends on the property you choose.
What happens after an offer is accepted?
Things move quickly: your file and the property details go to the lender, an appraisal is ordered if needed, and your financing condition is satisfied before the deadline in your offer. From there, your lawyer handles the closing paperwork and funds are advanced on closing day. We stay involved at every step.
How much down payment do I need?
For homes under $500,000 the federal minimum is 5%. Between $500,000 and $1.5 million it is 5% of the first $500,000 plus 10% of the remainder, and homes of $1.5 million or more require at least 20% down. Try our mortgage calculators to see what this means at your price range.
What is mortgage default insurance?
If your down payment is under 20%, mortgage default insurance (from CMHC, Sagen or Canada Guaranty) is required. The premium — typically 2.8% to 4% of the loan — is usually added to your mortgage rather than paid up front. It protects the lender, but it is also what makes buying with as little as 5% down possible.
Which provinces does Akal Elevate serve?
We are licensed in Ontario (Lic # 13835), British Columbia (BCFSA Lic # MB609691) and Alberta (Lic # 00653331), and we work with clients across all three provinces by phone and video — wherever is convenient for you.
Qualifying & Credit
What happens if I don't qualify with my bank?
A bank can only offer its own products, so a “no” often just means its criteria didn't fit your file. As brokers we work with many lenders — major banks, credit unions, monoline lenders, B lenders and private options — so a decline at one institution is rarely the end of the road.
What is a co-signer?
A co-signer is added to both the mortgage and, usually, the property title. Their income and credit strengthen the application, and they are equally responsible for the payments. It is a common way for family to help a buyer whose income doesn't quite reach on its own.
What is a guarantor?
A guarantor personally guarantees the mortgage payments but typically is not registered on title. It suits situations where the borrower's income qualifies but the lender wants extra security — for example, a limited credit history.
What options are available if I have bruised credit?
More than most people expect. Depending on your situation we may place your file with a B lender, arrange short-term private financing, or build a plan to rebuild your score first. The goal is always the same: solve today's need, then graduate you back to the best available rates.
Can self-employed borrowers qualify for a mortgage?
Yes. Lenders typically look for a two-year track record and will review business financials, notices of assessment and bank statements. Where traditional income proof falls short, several lenders offer programs designed for self-employed Canadians — we package your file so your real earning power comes through.
Your Options
Can Akal Elevate help with refinancing?
Yes. You can generally refinance up to 80% of your home's value to consolidate higher-interest debt, fund renovations or investments, or restructure your mortgage. We weigh the savings against any prepayment penalty and costs — try the refinance tab on our calculators page for a quick estimate.
What happens when my mortgage comes up for renewal?
Your lender will send a renewal offer, but signing it without comparing the market can cost you. Start reviewing your options four to six months before maturity — we shop your renewal across lenders, and switching at renewal is often simpler than people expect.
When might a B lender make sense?
B (alternative) lenders serve solid files that fall just outside the big banks' rules — a recent credit event, newer self-employment or higher debt ratios. Rates are somewhat higher and a fee can apply, but a B lender is often the bridge that gets you approved today, with a plan to return to an A lender within one to three years.
When might private financing make sense?
Private mortgages are short-term, equity-based loans that can close very quickly. They suit unique properties, significant credit challenges, bridge situations and time-sensitive purchases that traditional lenders can't accommodate. Costs are higher, so we only recommend private money with a clear exit strategy.
Does Akal Elevate handle commercial mortgages?
Yes — we arrange commercial financing for investment and business properties, including multi-unit residential, retail and owner-occupied premises. Book a consultation to discuss your project.