What we offer
Mortgage Services
We will help you make informed decisions every step of the way, matching your unique financial situation to the most favourable mortgage solution.
Renewing & Refinancing
Renewals
Don't auto-renew with your bank without checking the market first. We shop your renewal for the best rate and terms.
Common Questions
- When should I start shopping for my mortgage renewal?
- About 4 to 6 months before your term matures. Lenders are now expected to reach out in that window too, but starting the conversation yourself gives you more room to compare options.
- Do I have to renew with my current lender?
- No. You are free to switch lenders at renewal without requalifying under the mortgage stress test in most cases, as long as your mortgage amount and amortization are not increasing.
- Will I have to redo the mortgage stress test to switch lenders at renewal?
- Generally no, if you are simply switching lenders at the same balance and amortization. The stress test typically only applies again if you are increasing your mortgage or extending your amortization.
- What happens if I do nothing when my term matures?
- Most lenders will automatically roll you onto a renewal rate, which is rarely their most competitive offer. Shopping the market first almost always gets you a better rate and terms.
- Is there a fee to switch lenders at renewal?
- Typically minimal to none if it is a straight switch with no increase in mortgage amount, though some lenders may charge a small administrative or discharge fee.
- Can I change my mortgage type or term at renewal?
- Yes, renewal is a natural point to reconsider fixed versus variable, a shorter or longer term, or a different amortization, based on your current goals and the rate environment.
- What if I am having trouble affording my payments at renewal?
- Under the Canadian Mortgage Charter, lenders are expected to offer relief options like temporary amortization extensions or waived fees for borrowers facing genuine financial hardship. Reach out to us before you miss a payment.
- Can I access equity from my home at the same time as my renewal?
- Yes, this is a common time to do a blend, or to refinance alongside your renewal, though refinancing above your current balance does trigger the stress test again.
- Does renewing early ever make sense?
- Sometimes, particularly if rates have dropped significantly or you want to lock in before an expected increase, though breaking early may involve a penalty depending on your current term.
- How much can rate differences at renewal actually cost me?
- Even a small rate difference compounds meaningfully over a mortgage term. Shopping your renewal rather than accepting the automatic offer is one of the easiest ways to reduce your long-term interest cost.
Renewing & Refinancing
Refinances
Access equity, consolidate debt, or restructure your mortgage to better fit your financial goals.
Common Questions
- How much of my home's equity can I access through a refinance?
- Up to 80% of your home's appraised value, minus whatever you still owe on your existing mortgage, is the standard maximum for a conventional refinance.
- Do I have to pass the stress test to refinance?
- Yes, refinancing always requires requalifying at the higher of your contract rate plus 2%, or the 5.25% floor rate, regardless of how long you have had your current mortgage.
- What can I use refinance funds for?
- Common uses include debt consolidation, home renovations, investment property down payments, or covering a major expense. Lenders do not usually restrict how you use the funds once released.
- Will I face a penalty for refinancing before my term ends?
- Likely yes, if you are breaking a fixed or variable term early. The penalty is calculated as either three months' interest or an interest rate differential, whichever is greater, on most fixed terms.
- How long does a refinance typically take to complete?
- Usually 3 to 6 weeks from application to funding, depending on appraisal scheduling and how quickly documentation comes together.
- Is refinancing the same as taking out a second mortgage?
- No. A refinance replaces your existing mortgage with a new, larger one from the same or a new lender. A second mortgage is a separate loan registered behind your existing first mortgage.
- Can I refinance if my credit has changed since I got my original mortgage?
- Yes, though your rate and options will reflect your current credit profile, not your profile when you first qualified. We can review what is realistically available to you now.
- Does refinancing affect my amortization?
- It can. Refinancing gives you the option to reset your amortization schedule, which can lower your monthly payment, though it may extend the total time it takes to pay off your mortgage.
- Is there a minimum amount of equity needed to refinance?
- You generally need enough equity that, after refinancing to 80% loan-to-value, there is meaningful room between your new mortgage and the home's value to make the refinance worthwhile.
- Can I refinance to remove someone from the mortgage, like after a separation?
- Yes, this is one of the most common refinance scenarios, and specific programs exist, like the Spousal Buyout Program, that allow refinancing up to 95% loan-to-value in these situations.
Renewing & Refinancing
Debt Consolidation & HELOC
Roll high-interest debt into your mortgage or set up a Home Equity Line of Credit for ongoing flexibility.
Common Questions
- How much can I borrow with a HELOC?
- A HELOC is capped at 65% of your home's appraised value on its own, or up to 80% combined with your existing mortgage balance, under current federal lending rules.
- How is a HELOC different from refinancing my mortgage?
- A HELOC is a revolving line of credit you can draw from and repay repeatedly, while a refinance replaces your mortgage entirely with a new, larger fixed-payment loan.
- Does consolidating debt into my mortgage actually save money?
- Often yes, since mortgage rates are typically much lower than credit card or unsecured loan rates, but you are converting short-term debt into long-term, home-secured debt, which is worth thinking through carefully.
- Do I have to qualify under the stress test to get a HELOC?
- Yes, HELOCs are subject to the same federal qualification rules as a refinance, including the stress test at your contract rate plus 2%, or the 5.25% floor.
- Can I get a HELOC and a regular mortgage on the same property?
- Yes, many homeowners have both: an amortizing mortgage plus a re-advanceable HELOC that grows as you pay down principal, up to the combined lending limits.
- What happens to my available HELOC credit if my combined debt is above 65% loan-to-value?
- Under current rules, paying down your mortgage principal will not automatically increase your available HELOC room once your combined debt is above 65% loan-to-value. Payments instead go toward reducing your overall debt first.
- Is HELOC interest tax deductible?
- It can be, if the funds are used for investment or business purposes, but not for personal use like paying off a car loan or credit cards. An accountant can confirm how this applies to your situation.
- What is the risk of consolidating debt into my home?
- You are securing previously unsecured debt against your home. If payments are missed, the consequences are more serious than defaulting on a credit card, since your home is the collateral.
- Can I consolidate debt if my credit score has already been affected by that debt?
- It is possible, though your options and rate will depend on how much equity you have and how significantly your credit has been affected. We can review realistic options with you.
- How quickly can debt consolidation funds be available?
- Timelines are similar to a refinance, generally a few weeks, though some HELOC-only applications without a full mortgage change can move faster.
Renewing & Refinancing
Second Mortgages
Additional financing secured against your home's equity, layered on top of your existing first mortgage, for renovations or major expenses.
Common Questions
- What is a second mortgage, exactly?
- It is a separate loan registered against your home's equity, behind your existing first mortgage. It does not replace or change your first mortgage.
- Why would someone choose a second mortgage instead of refinancing?
- Usually to avoid breaking a first mortgage with a good rate or a large prepayment penalty, or because the borrower does not qualify for a traditional refinance and needs an alternative lender.
- How much can I borrow with a second mortgage?
- This depends on your total equity and the lender, but combined first and second mortgage debt commonly tops out between 80 and 90% of your home's value with private or alternative lenders.
- Are interest rates higher on second mortgages?
- Yes, typically noticeably higher than a first mortgage, since a second mortgage is repaid only after the first mortgage in the event of a default, making it a higher risk position for the lender.
- Do second mortgages have shorter terms than regular mortgages?
- Often, yes. Many second mortgages, especially through private lenders, run 6 months to 2 years rather than the 3 to 5 year terms common on first mortgages.
- Can I get a second mortgage through a bank, or only private lenders?
- Both are possible, but private and alternative lenders are more commonly used for second mortgages, since major banks are more selective about lending in second position.
- What can a second mortgage be used for?
- Common uses include renovations, debt consolidation, business needs, or bridging a short-term cash need, similar to the uses for a refinance.
- Does a second mortgage affect my ability to sell or refinance later?
- Yes, both mortgages need to be addressed at sale or refinance, either paid out from proceeds or, in a refinance, potentially rolled into the new first mortgage if there is enough equity.
- What are the closing costs on a second mortgage?
- Expect lender fees, broker fees, and legal costs, often totaling a few percent of the loan amount, which is generally higher proportionally than closing costs on a first mortgage.
- Is a second mortgage a good option if I have been declined for a refinance?
- It can be a reasonable bridge option in the right circumstances, but it is worth understanding the full cost first. We can walk through whether it is the right fit or whether another option makes more sense.
Specialty & Alternative
Reverse Mortgages
Access the equity in your home without selling or moving, with no regular mortgage payments required, for homeowners 55 and older.
Common Questions
- What is the minimum age to qualify for a reverse mortgage in Canada?
- You (or your spouse, if applicable) must be at least 55 years old. Both spouses on title generally need to meet the minimum age.
- How much of my home's value can I access with a reverse mortgage?
- Typically up to about 55% of your home's appraised value, though the exact amount depends on your age, the property's value and location, and the lender. Older borrowers can generally access a higher percentage.
- Do I have to make monthly payments on a reverse mortgage?
- No. A reverse mortgage does not require regular mortgage payments. Interest accrues over time, and the loan plus accrued interest is repaid when you sell, move out permanently, or pass away.
- Can I lose my home with a reverse mortgage?
- As long as you continue to pay property taxes, insurance, and maintain the home as your primary residence, you cannot be forced out for missing a mortgage payment, since none are required.
- Is the money from a reverse mortgage taxable?
- No, funds received from a reverse mortgage are considered borrowed money, not income, so they are not taxed and generally do not affect Old Age Security or Guaranteed Income Supplement benefits.
- What happens to a reverse mortgage when I pass away?
- Your estate has a set period, commonly up to a year, to repay the loan, usually through the sale of the home, though heirs can also choose to pay it off and keep the property.
- Can I still leave my home to my children with a reverse mortgage in place?
- Yes, but the loan balance must be repaid first, typically from the sale of the home or from other estate funds, which reduces what is left for your beneficiaries.
- Are reverse mortgage interest rates higher than a regular mortgage?
- Generally yes, reverse mortgage rates tend to run higher than standard mortgage rates, reflecting the different risk profile and the fact that no payments are made during the loan.
- Do I need to pay off my existing mortgage first to get a reverse mortgage?
- Any existing mortgage balance must be paid off, typically using the reverse mortgage proceeds themselves, as part of setting up the reverse mortgage.
- Is a reverse mortgage right for everyone over 55?
- Not necessarily. It is one option among several, including downsizing or a HELOC, and the right fit depends on your income needs, how long you plan to stay in the home, and your estate planning goals.
Specialty & Alternative
Private Mortgages
Alternative financing through private lenders for borrowers who don't fit traditional bank criteria, with faster approvals and flexible terms.
Common Questions
- Who typically uses a private mortgage?
- Borrowers who do not fit traditional bank criteria: those with bruised credit, unconventional or hard-to-document income, or a need for financing faster than a bank can typically provide.
- What interest rates should I expect on a private mortgage?
- Rates vary widely based on credit and loan-to-value, roughly 5.5% at the lower end for strong-credit first mortgages, up into the low double digits for higher-risk second mortgages.
- How long are private mortgage terms usually?
- Short. Most private mortgage terms run 6 months to 2 years, and they are often used as a bridge while a borrower improves their credit or financial documentation.
- What is the maximum loan-to-value on a private mortgage?
- Typically 65 to 80% for a first-position private mortgage in a stable market, though some private lenders will go up to 90% or higher for second mortgages, at a correspondingly higher rate.
- Are there extra fees with a private mortgage compared to a bank mortgage?
- Yes, expect lender and broker fees, often 1 to 5% of the loan amount, in addition to the interest rate, which is higher up front than most bank mortgages.
- Is a private mortgage a long-term solution?
- Usually not by design. It is most effective as a short-term bridge, with a clear exit plan to refinance into a traditional mortgage once your credit or income documentation improves.
- Do private lenders check credit and income the same way banks do?
- Private lenders focus more heavily on the property's value and equity position than on credit score or documented income, which is exactly why they can approve deals banks will not.
- Can I get a private mortgage if I am self-employed with unconventional income?
- Yes, this is one of the most common reasons borrowers use private lending, since private lenders can be more flexible about how self-employed income is assessed.
- What happens at the end of a private mortgage term?
- You will typically need to refinance into a new mortgage, whether with the same private lender, a different one, or back into a traditional bank product if your situation has improved.
- How quickly can a private mortgage close compared to a bank mortgage?
- Private mortgages can often close in days to a couple of weeks, considerably faster than the typical bank timeline, which is part of why they are used for time-sensitive situations.
Specialty & Alternative
Business-for-Self Mortgages
Tailored solutions for self-employed borrowers and business owners, using alternative income verification when traditional documentation doesn't tell the whole story.
Common Questions
- Can self-employed borrowers get a mortgage with as little as 5% down?
- Yes, if your income is fully documented (through tax returns and Notices of Assessment), you can qualify for the same default-insured, low down payment options as any employed buyer.
- What is a stated income mortgage program?
- A program designed for self-employed borrowers where a reasonable, supportable income figure is used instead of relying solely on the lower net income shown after business deductions on your tax return.
- How much down payment do stated income programs typically require?
- Insured stated income programs may allow as little as 10% down, while B-lender stated income programs commonly require 20 to 25% down, along with a stronger credit profile.
- How many years of business history do I need to qualify?
- Most lenders want to see at least two years of self-employment or business ownership, along with matching Notices of Assessment, to establish a consistent income pattern.
- Will a low reported income on my tax return hurt my mortgage application?
- It can, if a lender is relying strictly on your net income after write-offs. Stated income and alternative programs exist specifically to address this gap for legitimately profitable businesses.
- What documents do self-employed borrowers typically need?
- Two years of personal tax returns and Notices of Assessment, business financial statements or business registration documents, and sometimes 6 to 12 months of business bank statements.
- Are interest rates higher for business-for-self mortgages?
- Sometimes modestly higher than a standard employed-income mortgage, particularly for stated income or B-lender programs, reflecting the different income verification approach.
- Can I use bank statements instead of tax returns to qualify?
- Some B-lender programs allow qualification based on 6 to 12 months of bank statement deposits rather than tax returns, which can help if your tax returns understate your true cash flow.
- Does incorporating my business change how I qualify for a mortgage?
- It can. Lenders may look at your personal income (salary and dividends) differently than they would look at a sole proprietorship's net business income, so how you pay yourself matters.
- Can I improve my mortgage options by adjusting how I report income before applying?
- Sometimes, with enough lead time. Working with us and your accountant a year or two before you plan to buy can help structure your reported income in a way that better reflects your true qualifying capacity.
Specialty & Alternative
Commercial Mortgages
Financing for commercial properties, mixed-use buildings, and small business real estate purchases or refinances.
Common Questions
- How much down payment is required for a commercial mortgage?
- Conventional commercial properties typically require 20 to 35% down, though multi-family properties with 5 or more units can qualify for CMHC's MLI Select program with as little as 15% down.
- What amortization periods are available on commercial mortgages?
- Conventional commercial deals commonly amortize over 15 to 25 years, while CMHC-insured multi-family properties under MLI Select can extend up to 40 or even 50 years in some cases.
- Is the mortgage term the same length as the amortization on a commercial mortgage?
- No. Terms are typically 1 to 10 years, while amortization (the time to fully pay off the loan) is usually much longer, meaning you will renew or renegotiate the mortgage multiple times over its life.
- What types of properties qualify for commercial financing?
- Multi-family buildings, mixed-use properties, retail, office, industrial space, and land, among others. Each property type has its own typical down payment and rate ranges.
- How are commercial mortgage rates determined?
- Rates depend heavily on property type, loan-to-value, whether the mortgage is CMHC-insured, and the strength of the property's income (or the borrower's covenant, for owner-occupied purchases).
- Do I need to show the property's income to qualify?
- Yes, for income-producing properties, lenders assess whether the property's net operating income adequately covers the mortgage payments, in addition to reviewing the borrower's overall financial strength.
- What is CMHC MLI Select, and does my property qualify?
- It is a CMHC insurance program for multi-family properties with 5 or more units that rewards certain features, like affordability or energy efficiency, with lower down payment requirements and longer amortizations.
- Can I get a commercial mortgage as a self-employed or business-for-self borrower?
- Yes, though documentation requirements are more detailed, typically including business financials, and stated income options exist here too, similar to residential business-for-self programs.
- How long does it take to close a commercial mortgage?
- Commercial deals generally take longer than residential mortgages to close, often 6 to 12 weeks or more, due to more extensive underwriting, appraisals, and environmental or property assessments.
- Should I work with a broker for a commercial mortgage instead of going directly to a bank?
- A broker can access a wider range of commercial lenders, including those specializing in specific property types, which often results in better terms than approaching a single bank directly.
Life Transitions
Mortgages Through a Divorce
Structuring a mortgage so one partner can buy out the other's share of the home during a separation or divorce, keeping the transition as straightforward as possible.
Common Questions
- Can I buy out my spouse's share of our home during a separation?
- Yes, this is called a spousal buyout. One spouse keeps the home and refinances to pay the other their share of the equity, while the departing spouse gives up their ownership claim entirely.
- Is there a special program for financing a spousal buyout?
- Yes. Canada's mortgage default insurers offer a Spousal Buyout Program that allows the remaining spouse to refinance up to 95% of the home's value, higher than the standard 80% refinance limit.
- Do I have to qualify for the mortgage on my own income after a separation?
- Yes, the spouse keeping the home must qualify for the full mortgage independently, including passing the mortgage stress test, unless a co-signer is added.
- What if I do not qualify to keep the home on my own?
- Options include adding a co-signer, alternative or private lending, a rent-to-own arrangement through a third-party company, or selling and splitting the proceeds.
- Do we have to pay Ontario's Land Transfer Tax on a spousal buyout?
- No, in most cases. Transfers between separating spouses are specifically exempt from Land Transfer Tax under Ontario Regulation 696, as long as a written separation agreement is in place.
- Do I need a separation agreement before I can refinance to buy out my spouse?
- Pre-approval work can start before the agreement is finalized, but a signed separation agreement or court order documenting the buyout amount is required before funding can happen.
- How is the home's value determined for a buyout?
- Usually through a single appraisal agreed to by both spouses, since that is typically what the lender will require anyway. Two separate appraisals are sometimes used when trust is low or values are disputed.
- Can outstanding debts be rolled into a spousal buyout refinance?
- With some insurers, yes, as long as those debts are specifically named with dollar figures in the separation agreement. This varies by insurer, so the wording of the agreement matters.
- How long does a spousal buyout typically take from agreement to closing?
- Often just a few weeks once the separation agreement is signed and mortgage underwriting is complete, assuming there are no issues qualifying on income.
- Should I involve a mortgage professional before signing my separation agreement?
- Yes, ideally your lawyer and mortgage professional should coordinate before the agreement is finalized, so the financing details, and the numbers, actually work the way the agreement assumes they will.
Real people, real results
Your Neighbourhood, Our Expertise.
Let's find your fit
Free webinars
Special Programs
Live sessions to help you prepare, save, and stay on track, wherever you are in your homeownership journey. Get on the waitlist below and we'll notify you when the next date is confirmed.
Webinar
How to Buy a House
Everything you need to know to prepare to buy your first home, from budgeting and pre-approval through to closing day.
Webinar
Fast Track Your Down Payment
Combining tools like the FHSA and the RRSP Home Buyers' Plan into a clear savings strategy, so you reach your down payment sooner.
Webinar
Pre-Con Confidence Check
For pre-construction condo buyers. Whether your closing is 4 years or 4 months out, make sure your financing is still on track as the GTA condo market changes.
Webinar
Mortgages Through a Divorce
Practical guidance on buying out a partner's share of the home, splitting equity, and qualifying on a single income during a separation or divorce.
Official resources
Government of Canada Programs
A few official federal resources worth bookmarking as you plan your purchase. Program details and eligibility can change, so always check the current page, and reach out any time and we'll help you figure out which apply to you.
First-Time Homebuyers
- First Home Savings Account (FHSA) — save up to $40,000 tax-free toward your first home.
- Home Buyers' Plan (HBP) — withdraw up to $60,000 from your RRSP tax-free, repayable over 15 years.
- Home Buyers' Amount (tax credit) — claim up to $10,000 on your return, worth up to $1,500 back.
- First-Time Home Buyers' GST/HST Rebate — reduces or eliminates GST/HST on qualifying new-build homes.
- CMHC: Government of Canada Homebuyer Programs — a full overview of federal incentives and rebates.
- Ontario Land Transfer Tax Refund — up to $4,000 back for eligible first-time buyers.
- Toronto Municipal Land Transfer Tax Rebate — up to $4,475 back for eligible first-time buyers in Toronto, on top of the provincial refund.
New to Canada
- CMHC Newcomers Mortgage Program — mortgage loan insurance for permanent and non-permanent residents, even with limited Canadian credit history.
- CMHC Homebuyers Checklist for Newcomers — a step-by-step guide and workbook for buying your first home in Canada.
Life Transitions & Aging in Place
- Multigenerational Home Renovation Tax Credit — a refundable credit worth up to $7,500 for building a secondary suite so a senior or a relative eligible for the disability tax credit can live with family. Worth knowing about if you're considering a renovation, refinance, or reverse mortgage to help a parent age in place.
Our network
Some of Our Lender Partners
This is just a sample of our lending partners, not the complete list. Reach out and we'll find the right fit from our full network.
BMO
TD
National Bank
Desjardins
Meridian Credit Union
Alterna Savings
DUCA
First National
MCAP
Merix Financial
RMG Mortgages
CMLS Financial
Equitable Bank
Home Trust
Manulife Bank
Haventree Bank
Optimum Mortgage
B2B Bank
MCAN Financial
Bridgewater Bank
Community Trust
RFA Mortgage Corporation
BMO
TD
National Bank
Desjardins
Meridian Credit Union
Alterna Savings
DUCA
First National
MCAP
Merix Financial
RMG Mortgages
CMLS Financial
Equitable Bank
Home Trust
Manulife Bank
Haventree Bank
Optimum Mortgage
B2B Bank
MCAN Financial
Bridgewater Bank
Community Trust
RFA Mortgage Corporation