Frequently Asked Questions
Questions Fréquentes
Mortgage agents aren’t tied to a single lender. We shop multiple banks, credit unions, and private lenders to find the best mortgage for your unique financial situation. This means better rates, flexible terms, and higher approval odds, especially if you’ve been declined by a bank.
We are based in Orléans, Ontario and proudly serve the greater Ottawa region. Our services are fully bilingual, and we support clients across all of Ontario through secure digital channels.
The timeline varies depending on your file, but here’s a typical breakdown:
- Initial consultation: 15–30 minutes
- Lender decision: 1–3 business days
- Final documents: within 7–10 days of approval
Fast closings are possible when documents are submitted promptly.
The Mortgage Stress Test ensures borrowers can handle higher interest rates in the future. You must qualify at the greater of 5.25% or your lender’s rate plus 2%. It’s mandatory for all federally regulated lenders in Canada.
- Fixed-rate mortgages: Your interest rate stays the same for the term. Great for budget certainty.
- Variable-rate mortgages: Your rate fluctuates with the prime rate. Often lower at the start, but subject to change.
Choose a fixed rate if you value predictability, have a tight monthly budget, or plan to stay in your home for several years. It’s a popular choice during rising interest rate cycles.
A variable-rate mortgage starts with a lower interest rate than a fixed one. However, your rate may rise or fall based on the Bank of Canada’s prime rate. Ideal for flexible budgets and short-term plans.
Lenders calculate your rate based on:
- Term length (e.g. 1-year, 5-year)
- Type (fixed or variable)
- Credit score
- Income and debt ratio
- Loan-to-Value Ratio
- Amortization Length
We help you understand which factors you can improve to secure a better deal.
Closing costs in Ontario typically range from 1.5% of the purchase price. This includes:
- Legal fees
- Land transfer tax
- Title insurance
- Appraisal (sometime)
We’ll help you budget accurately and avoid surprises.
If you break your mortgage contract early, you may owe a prepayment penalty. This could be a few months’ interest or an interest rate differential (IRD). We review these clauses with you before you commit.
Many lenders allow you to pay extra toward your mortgage each year—up to 10%–20% of the balance—without penalty. This helps you save interest and pay off your mortgage faster.
Yes. We work with alternative and private lenders who consider more than just your credit score. Whether you're recovering from bankruptcy, missed payments, or self-employment, we build a plan that gets you approved.
Still have questions? Don’t hesitate to ask us directly.