Mortgage Broker in Whitby
Commission earners, Brooklin growth and investment-property down payments

A-lenders take a two-year average of your commission income from your T4s or T1 Generals, and if the most recent year is lower they typically use the lower figure. That means one strong year doesn't help much. B-lenders and credit unions will sometimes weight the recent year more heavily or use bank-statement deposits instead, which usually produces a larger approval for someone whose income is genuinely growing.

Yes, and it's common in Durham. A second mortgage releases equity from your home in 5–10 business days without breaking your existing first. The key is confirming the new purchase lender accepts a borrowed down payment — many investment-property lenders do, some don't — and that the combined payments on both properties still fit within debt-service guidelines. We check both before you commit to the purchase.

Private mortgages in Whitby are arranged through a licensed FSRA mortgage brokerage (we're #10874). You provide a recent appraisal or property details, mortgage statement, government ID, and an exit strategy. With Whitby's average home value around $850,000, most Whitby homeowners qualify based on equity rather than income. Approvals typically come in 24–48 hours and funding in 5–10 business days.

As of April 2026, private 1st mortgages in Whitby start at 5.89%, second mortgages from 9.24%, and construction financing from 9.99%. Your actual rate depends on loan-to-value (LTV), property type, and the exit strategy. We compare offers from 80+ lenders to find the lowest rate that approves your file.

A bank decline in Whitby doesn't mean you can't get financing. We work with B-lenders, credit unions, MICs, and private investors who underwrite differently than the big banks. Common reasons for decline — self-employment, recent credit events, unconventional property, or short time in Canada — are routinely approved through our alternative-lender network. Most files close within 7–14 business days.

Yes. Bridge financing in Whitby lets you close on a new home before your current property sells. Given Whitby's Durham Region market, we structure bridge loans for 30–180 days against your equity. Approval is often same-day with funding in 48 hours once your purchase offer firms up.

Usually no. Bank renewal letters in Whitby are often 0.75%–1.50% above broker-channel rates. On a typical Whitby mortgage of $600K–$900K, shopping the renewal can save $3,000–$8,000 per year. We compare your renewal against 80+ lenders for free — there's no obligation if your current bank ends up being competitive.

Yes. Self-employed borrowers in Whitby can qualify through bank-statement programs (6–12 months of business deposits), stated-income programs, or B-lender and credit-union products that add back write-offs to your declared income. Sole proprietors, incorporated business owners, contractors and commission earners all qualify. Whitby self-employed rates start around 4.89% with A and near-prime lenders, and private options remain available if the file needs speed rather than the lowest rate.

Most self-employed programs in Whitby lend up to 80% of the property value on a refinance and up to 90–95% on a purchase with the right insurer program. With Whitby's average home value near $850,000, that typically means $600K–$850K of available financing depending on existing mortgage balances. Lenders look at your business's gross deposits, your CRA notices of assessment, and how long you've been operating — not just line 150.

A second mortgage in Whitby is a registered lump-sum loan behind your existing first mortgage, usually interest-only for a 12-month term, and it's approved on equity rather than income — so it works when a bank HELOC gets declined. A HELOC is a revolving line from a bank at a lower rate, but it requires full income qualification and a stress-test at the qualifying rate. Second mortgages in Whitby start from 9.24%; the trade-off is speed and approval odds over rate.

Most Whitby second mortgages go to 75%–80% combined loan-to-value (CLTV), and select lenders will consider 85% on strong urban properties. On a Whitby home worth $850,000 with a $450,000 first mortgage, an 80% CLTV would leave roughly $150,000–$390,000 in accessible equity depending on the appraised value. There's no income verification on the private side — approval is driven by equity, property type and your exit plan.

Yes. Homeowners 55+ in Whitby can access tax-free equity through a reverse mortgage with no monthly payments — the balance is repaid when the home is sold or the last borrower moves out. It's often a better fit than a second mortgage for retirees on fixed income because there's no payment to carry and no income qualification. We compare CHIP, Equitable Bank, Bloom and private alternatives side by side before recommending one.

Private lenders in Whitby — MICs, mortgage funds and individual investors — generally don't deal directly with the public; they fund through licensed brokerages. We're FSRA-licensed brokerage #10874 and submit your file to 80+ lenders, including private lenders active in the Durham Region market, then present the offers with all costs disclosed: rate, lender fee, broker fee, legal and discharge. That's how you compare real Whitby private mortgage costs rather than advertised teaser rates.