Buying a home is a milestone—and for many Canadians, it’s also one of life’s biggest financial decisions. These days, though, simply qualifying for a mortgage can feel like an obstacle course. If you’ve heard stories from friends or family about smooth approvals in years past, you might be surprised at just how much the rules have changed. You’re not imagining it: Getting a mortgage today is genuinely more complex, requiring greater documentation, tighter scrutiny, and a more nuanced understanding of new regulations.
But there’s good news—even in this challenging environment, you have options. By partnering with a trusted mortgage broker, and by extension a lender dedicated to supporting brokers—like Marathon Mortgage—you can still navigate the process confidently and secure a mortgage that fits your needs.
The New Reality: Why It’s So Much Harder to Qualify
In the past, buying a home often meant filling out some paperwork, submitting a pay stub, and waiting for an approval. Now, everything from the source of your down payment to the way your income is structured is under far closer scrutiny.
Down Payments Under the Microscope
Today’s anti-money laundering (AML) rules mean lenders must carefully trace every dollar you use for a down payment. Even innocent deposits—funds from the sale of a car, a gift from family, or a lump-sum transfer between accounts—can trigger requests for supporting documents and explanations. The upside? Canada’s mortgage system remains among the world’s safest. The downside? More homework for buyers, and a process that can feel daunting without guidance.
Documentation: From Simple to Sophisticated
Gone are the days of “just a job letter and a pay stub.” Now, lenders require full tax documents, detailed employment letters, investment statements, debt summaries and more. If your income is non-traditional—say, you’re self-employed or have income from rentals—the process can get even more involved. Navigating what’s truly needed and what’s overkill is one of the biggest reasons to work with a broker backed by an experienced lender.
The New “Loan to Income” Policy
Recent rules from Canada’s banking regulator now cap most mortgages at 4.5 times your household income. If your family earns $100,000, you’re likely limited to a $450,000 mortgage—even with excellent credit and minimal debt. Lenders are also held to these limits across their entire mortgage portfolio, making them reluctant to consider exceptions, regardless of your assets or circumstances. Homeownership in hot markets, in particular, can now feel out of reach unless you plan strategically.
Who Feels These Changes the Most?
Everyone faces more paperwork today, but some groups find the obstacles particularly tall. Small business owners and the self-employed may have stable income, but it may not show up on traditional forms. Medical professionals who keep income within a corporation may not be credited for their full earning power. Retirees can find that future pension or RRSP withdrawals don’t “count” toward their mortgage application.
For anyone outside the typical salaried workforce, these rules can be more than an inconvenience—they can be a roadblock without the right help.
The Role of Your Broker—and How Marathon Mortgage Makes a Difference
The growing complexity of today’s mortgage world means the right partner matters more than ever. A mortgage broker is your personal guide through the maze, helping you avoid roadblocks, clarify rules in plain English, and anticipate what’s needed before you get tripped up.
Behind your broker, you’ll usually find lender-partners like Marathon Mortgage. Unlike banks that work directly with consumers, Marathon is dedicated to supporting brokers exclusively—offering specialized products, nuanced underwriting, and timely regulatory updates. While you may never speak to Marathon directly, our expertise and flexibility flow through your broker, empowering you at every step.
When documents are requested, your broker—armed with Marathon’s checklists and supports—helps you submit them right the first time. When guidelines change, your broker gets Marathon’s up-to-the-minute insights, so you’re never left guessing. It’s a partnership built not just for compliance, but for your peace of mind.
Understanding Exceptions: Why “Special Circumstances” Are Getting Rarer
In the past, lenders often made allowances for unique financial situations—an entrepreneur’s first year of business, a doctor launching a practice, or a retiree who’d just sold a business. With today’s regulatory limits, those “exceptions” are much less common. Lenders are under pressure to apply rules strictly, not just for you but for their whole portfolio.
If you expect your story to stand out, it’s more important than ever to have a broker who knows exactly what’s possible and can present your strengths the right way. Brokers using Marathon Mortgage see the real-time criteria and can save you from chasing opportunities that aren’t realistic—focusing instead on solutions that work.
Mortgage Renewals: Why Keeping Your Options Open Matters More Than Ever
It’s not just first-time buyers feeling these effects—renewing your mortgage these days can come with its own set of requirements. Lenders sometimes revisit your financial profile, especially if you’re hoping to shop around for a better rate or switch product types. If your income or credit situation has changed, or if you want to transfer your mortgage to a new lender, you might face fresh documentation hurdles.
A broker simplifies this process by comparing available options—including Marathon Mortgage’s broker-focused products—helping you understand all requirements, and ensuring your renewal or switch goes as smoothly as possible. In today’s market, shopping around at renewal isn’t just smart—it might be essential to keeping your costs in check.
Staying Resilient: The Value of Timely Advice in a Fast-Changing Market
Mortgage policies aren’t static. What’s true at the time of pre-approval can shift by the time you’re ready to buy or renew. Economic trends, regulatory changes, and lender appetite for certain types of income can alter your options, sometimes with little notice.
The best defense? Up-to-the-minute guidance from your broker, with Marathon Mortgage quietly working in the background to ensure every new detail is addressed. A broker’s job is to stay on top of the latest trends and to relay those insights in easy-to-understand advice—so you can act quickly, protect your interests, and keep your homeownership journey on track.
Moving Forward: Your Best Strategy in a Tougher Marketplace
Today’s reality is undeniable: getting a mortgage—or even renewing one—takes more preparation and professional guidance. But the path forward isn’t closed. By choosing a dedicated mortgage broker, you tap into a network of expertise and support that banks simply don’t offer. Marathon Mortgage’s role is to empower these brokers with the know-how, products, and flexibility to ensure you’re never left to fend for yourself.
- Connect with a mortgage broker early: Whether you’re buying, refinancing, or renewing, starting early gives you more options.
- Stay organized: Collect your documentation early to save time and stress later.
- Lean on your broker’s experience: They’ll know when to use Marathon’s most up-to-date tools and strategies.
Final Thoughts: You Don’t Have to Go It Alone
Canada’s mortgage landscape may feel more complicated than ever before, but your goals are still within reach. When you work with a broker, you benefit from a vast pool of market insight, regulatory know-how, and tailored solutions—all quietly fueled by experience from behind the scenes at Marathon Mortgage.
Your broker is your advocate, making sense of tough new rules and finding the right solution, even when your situation is outside the ordinary. And while you may never have to call Marathon Mortgage yourself, you can feel confident that our lender expertise is always working on your behalf—through the professional you trust.
Ready to take the next step? Consult with your mortgage broker to learn about the support, products, and resources Marathon Mortgage offers to help Canadians achieve their homeownership goals.
