Knowledge Base
How mortgages actually work in Ontario. The vocabulary, the costs nobody mentions, and the decisions that matter more than the rate. No predictions and no filler.
Pre-construction, from deposit to final closing
Why the builder's approval is not a mortgage, what interim occupancy actually costs you, and the gap that catches buyers when the appraisal happens years after the price was agreed.
Read more →Using a gifted down payment
What a gift letter has to say, why lenders want the money sitting in your account before closing, and the conditions that quietly turn a gift into a loan.
Read more →How lenders count rental income
Two lenders can look at the same rent and reach answers hundreds of thousands apart. Offset against add-back, what counts as provable rent, and why the basement apartment may not help.
Read more →How mortgage brokers get paid
Who pays the broker on a normal residential mortgage, when a borrower pays a fee instead, and the conflicts of interest worth asking about before you sign anything.
Read more →Buying while on maternity or parental leave
Lenders can use your pre-leave salary rather than your leave benefits, but only with the right letter. What to ask your employer for, and what goes wrong.
Read more →What to do when a mortgage application is declined
Why lenders say no, why a decline from one lender is not a decline from the market, and the order to work through it in before you apply anywhere else.
Read more →When the appraisal comes in low
Lenders fund against appraised value, not the price you agreed. What a shortfall means, who pays it, and the options when the number lands under the offer.
Read more →Where a down payment is allowed to come from
Lenders care where the money came from as much as how much it is. Savings, the FHSA, an RRSP withdrawal, a gift, sale proceeds and borrowed funds, and what each one has to prove.
Read more →Co-signers and guarantors: what you take on
Helping family buy is common and generous. It is also a full legal obligation, and the difference between the two roles matters.
Read more →What to have ready before you apply
The documents lenders ask for, why each exists, and the small things that hold files up. Get these together and approval takes days.
Read more →Fixed or variable: how to decide
The question is not which one wins. It is which one you can live with, and what the penalty looks like if your plans change partway through.
Read more →From accepted offer to closing day
What actually happens in the weeks between a seller saying yes and the keys changing hands, and the points where deals go wrong.
Read more →Taking your mortgage with you when you move
Porting lets you move house without paying a penalty. How it works, the deadlines that catch people, and when it is not worth doing.
Read more →Paying your mortgage down faster
Lump sums, payment increases and accelerated frequency. What your prepayment privileges allow, and which ones are worth using.
Read more →Separation, divorce and the mortgage
How the spousal buyout program lets one partner keep the home, why a separation agreement comes first, and what happens if you simply do nothing.
Read more →Term, amortization and other mixed-up words
A plain explanation of the mortgage vocabulary that trips people up, and why confusing term with amortization leads to bad decisions.
Read more →The stress test, and why approvals shrink
Why lenders qualify you at a higher rate than the one you are offered, how the calculation works, and the 2024 change that exempts switches at renewal.
Read more →What a home costs beyond the mortgage
Property tax, insurance, condo fees, utilities and maintenance. The costs that decide whether a home is comfortable or tight, and which ones lenders count.
Read more →What it costs to break your mortgage
Three months interest or the interest rate differential, why the second one is sometimes enormous, and the posted rate trick that makes it worse.
Read more →What lenders see when they pull your credit
The score is one line on a long report. Here is what else is on it, which parts move the decision, and what to fix before you apply.
Read more →
Looking for something specific?
The articles above explain how things work in general. If you already know what you need, the service pages go considerably deeper.
- How much can I actually borrow?What a real pre-approval involves, and why it differs from an online estimate.
- What does a first-time buyer need?Down payment minimums, insurance premiums and every program you can claim.
- My term is ending. What should I do?Why the letter your lender mails is rarely their best offer.
- I am self-employed and my income looks low on paper.How lenders look past a tax return, and which ones look hardest.
- How do I get at the equity in my home?Refinancing, lines of credit and consolidating expensive debt.
- I am new to Canada with no credit history.The programs built for exactly that situation.
Want the full list? Every service is on the mortgages hub, and the calculators will get you a rough number in a couple of minutes.
Would you rather just ask someone?
Tell us your situation and we will tell you where you stand.