A mortgage broker/agent gives you access to a wide range of lenders, not just one bank. This means more options and potentially significant savings over the life of your mortgage. Brokers also provide unbiased advice since they aren’t tied to a single lender, helping you choose what’s truly best for your situation—while saving you time and money.
Want to see how a broker can save you money? Give us a shout at info@mortgagediligent.com
Not necessarily. While a higher score helps you get the best rates, lenders also look at income, employment, down payment, and the property. Even with less-than-perfect credit, your mortgage agent/broker can find options that fit your situation.
👉 Learn more about credit scores from the Financial Consumer Agency of Canada
Want to see how a broker can save you money? Give us a shout at info@mortgagediligent.com
As a first-time buyer, it’s important to know how much you can afford, understand the minimum down payment rules, and budget for closing costs like legal fees, land transfer tax, and insurance. Getting pre-approved helps you shop with confidence. Your mortgage agent/broker can guide you through each step and explain first-time buyer programs that may save you money.
👉 Learn more about the First-Time Home Buyer Incentive from CMHC
Want to see how a broker can save you money? Give us a shout at info@mortgagediligent.com
Absolutely. Many lenders/banks have programs designed for newcomers, even if you don’t have full credit history in Canada. Income, employment, and down payment are key factors, and your mortgage agent/broker can connect you with lenders that specialize in newcomer mortgages.
👉 Click here for more info from CMHC
New to Canada and looking for a mortgage? Email us at info@mortgagediligent.com.
Yes—you can still get a mortgage with bad credit. While banks may turn you away, a mortgage broker/agent is there to help you out and find solutions you can’t get anywhere else. We work with alternative and private lenders who look beyond just your credit score, focusing on income, equity, and your overall situation. With the right guidance, many clients with bad credit are still approved—and we can even help you rebuild for the future.
Want to explore mortgage options even with bad credit? Email us at info@mortgagediligent.com.
It depends on where you live and current market conditions. In some cities, renting may cost less month-to-month, but buying helps you build equity and long-term wealth. Your mortgage agent/broker can run the numbers for your situation and show whether renting or buying makes more financial sense today.
Want to compare renting vs. buying for your area? Email us at info@mortgagediligent.com.
Yes—you can still get a mortgage. Some lenders are flexible with borrowers who are new to a job or self-employed, especially if other factors like income stability or equity are strong. Your mortgage agent/broker can match you with the right lender for your situation.
Want to see your mortgage options if you’re new to a job or self-employed? Email us at info@mortgagediligent.com.
Should I choose a fixed or variable rate in today’s market?
It depends on your risk appetite and future plans. A fixed rate gives stability with the same payment every month, while a variable rate may save you money if rates drop but could cost more if they rise. Your mortgage agent/broker can review the market and help you choose what fits your preferences and budget.
Want expert advice on fixed vs. variable rates? Email us at info@mortgagediligent.com.
Yes. We work with a wide range of private lenders, giving us an edge in creating customized short-term mortgage solutions. This flexibility helps clients get approved today and then move to a prime lender once their situation improves.
Want to explore private mortgage options tailored to your needs? Email us at info@mortgagediligent.com.
Absolutely. If a bank declines your mortgage, it’s not the end of the world. We work with alternative and private lendersto find flexible solutions. Many clients who are turned down by banks are still able to get approved through us.
Turned down by your bank? Email us at info@mortgagediligent.com we’ll help you find the right option.
Pre-approval helps us set a clear budget, shows sellers you’re serious, and locks in the best rates and terms available. We work with multiple lenders to make sure you’re ready to buy with confidence.
Pre-qualification is a quick estimate based on the basic info you provide, giving you a general idea of what you might qualify for. Pre-approval goes further—we review documents, check credit, and secure a lender’s commitment, which makes your offer stronger. We guide you through each step so you’re fully prepared.Pre-approval helps us set a clear budget, shows sellers you’re serious, and locks in the best rates and terms available. We work with multiple lenders to make sure you’re ready to buy with confidence.
Email us at info@mortgagediligent.com to get started.
Typically, a pre-approval and its rate hold last for 90 to 180 days, depending on the lender.
You’ll usually need ID, proof of income (pay stubs, T4s, tax returns), employment verification, bank statements, and details of assets and debts. Depending on your situation and lender guidelines, your mortgage broker/agent can assess your file and advise on the exact documents required. We guide you step by step to make it simple.
Have questions? Send us an email at info@mortgagediligent.com and we’ll walk you through it.
Your credit score is important, but it’s not the only factor lenders consider. Income, employment, assets, and the property itself also play a big role. Even if your score isn’t perfect, your mortgage agent/broker can explore options with different lenders to find the right fit for you.
Curious about your options? Email us at info@mortgagediligent.com
A down payment is the initial amount of money you put toward the purchase price of a home, with the rest covered by your mortgage.
The minimum is 5% of the purchase price for homes up to $500,000. For the portion between $500,000 and $1.5 million, it’s 10%. For homes priced at $1.5 million or more, a minimum 20% down payment is required.
Example: On an $800K home, the minimum down payment would be $55,000 ($25,000 for the first $500K + $30,000 for the remaining $300K).
You can use this link to calculate your down payment.
Mortgage default insurance protects the lender if a borrower can’t make their payments. In Canada, it’s required when your down payment is less than 20% on a home under $1.5 million. The cost is added to your mortgage and paid overtime.There are 3 default insurers in Canada CMHC ,Sagen and Canada Guranty.
You can use the link below to read more about mortgage default insurance and calculate the premium:
Mortgage default insurance protects the lender if a borrower can’t make their payments. In Canada, it’s required when your down payment is less than 20% on a home under $1.5 million. The cost is added to your mortgage and paid over time. There are three default insurers in Canada: CMHC, Sagen, and Canada Guaranty.
You can use the links below to read more and calculate your premium:
Yes, you can use gifted money from an immediate family member (parent, grandparent, or sibling) for your down payment. The lender will require a signed gift letter confirming the funds are a true gift and not a loan. Your mortgage agent/broker will guide you through the requirements to make sure it’s accepted.
Yes, through the Home Buyers’ Plan (HBP), first-time buyers can withdraw up to $60,000 from their RRSPs to use toward a down payment, tax-free. The amount must be repaid to your RRSP over 15 years. Your mortgage agent/broker can explain how this works and if you qualify.
👉 Learn more here: CRA – Home Buyers’ Plan (HBP)
Yes. Lenders require proof that your down payment is from legitimate sources such as savings, RRSPs, or a gift from family. Most lenders will ask for a minimum of 90-day history of the account where the funds are held, shown through bank statements or official documents. Your mortgage agent/broker will guide you on exactly what’s needed based on your situation.
A fixed mortgage rate stays the same for the entire term, giving you predictable payments and stability. A variable rate can go up or down based on the lender’s prime rate, which means your payments or interest portion may change. Your mortgage agent/broker can explain the pros and cons of each.
Want to know what works best in your situation? Email us at info@mortgagediligent.com.
There’s no one-size-fits-all answer—it depends on your budget, goals, and comfort with risk. Fixed rates offer stability with the same payment every month, while variable rates may save you money if rates go down but can also increase if rates rise. Your mortgage agent/broker can review your situation and recommend the best fit.
Want to know what works best in your situation? Email us at info@mortgagediligent.com.
A convertible mortgage starts as a short-term open or variable option but allows you to switch into a longer-term fixed rate without penalty. It gives flexibility if you’re not ready to commit but want the option to lock in later. Your mortgage agent/broker can explain if this strategy makes sense for you
An adjustable-rate mortgage (ARM) has payments that change as interest rates change. Unlike a variable-rate mortgage—where payments may stay the same but the interest portion shifts—an ARM adjusts your payment amount directly when rates move. Your mortgage agent/broker can explain the pros and cons and whether this option suits your goals.
A closed mortgage has restrictions on paying it off early—you can only make limited prepayments without penalty depnding on your agreement with the lender. Because of this, closed mortgages often come with lower interest rates compared to open mortgages. Your mortgage agent/broker can help you decide if a closed mortgage fits your needs.
An open mortgage lets you pay off part or all of your loan anytime without penalty. This flexibility is great if you expect extra income, plan to sell, or want to pay down your mortgage faster. However, open mortgages usually have higher interest rates than closed mortgages. Your mortgage agent/broker can help you decide if this option makes sense for you.
A high-ratio mortgage is when your down payment is less than 20% of the home’s purchase price. Because the lender is taking on more risk, mortgage default insurance (such as CMHC insurance) is required. Your mortgage agent/broker can explain how this works and help you find the right solution.
A conventional mortgage means you have a down payment of 20% or more, so mortgage default insurance isn’t required.
A collateral mortgage is registered for more than your actual loan amount, giving flexibility to borrow more later without refinancing. However, it can make switching lenders harder at renewal. Your mortgage agent/broker can explain if this type of mortgage is right for you.
The mortgage term is the length of time you commit to your lender, interest rate, and conditions—usually ranging from 6 months to 10 years. At the end of the term, you can renew, renegotiate, or pay off the mortgage.
The total length of time it would take to pay off the entire mortgage in full, typically 25 or 30 years for a new mortgage.Some alt lenders provide 35 years amortization.
The mortgage term is the length of your contract with a lender (e.g., 5 years), while the amortization period is the total time to pay off your mortgage in full (e.g., 25 years). You’ll likely go through several terms within one amortization period.
An appraisal is a professional estimate of a property’s market value, often required by lenders before approving a mortgage. In Canada, the residential appraisal cost iss usually paid by the buyer, though sometimes the lender may cover it. Your mortgage agent/broker can advise you when an appraisal is needed and what to expect.
These are common closing costs when buying a home. Legal fees are paid to a lawyer or notary to handle the property transfer. Title insurance is a one-time fee that protects against issues with property ownership, and land transfer tax is a provincial tax based on the purchase price (with rebates available for first-time buyers in many provinces).
👉 To learn more about land transfer tax and rebates, visit: Ontario Land Transfer Tax
Beyond your down payment, plan for about 1.5%–4% of the purchase price to cover closing costs. These may include legal fees, land transfer tax, title insurance, and adjustments like prepaid taxes or utilities.
The GDS ratio shows what percentage of your income goes toward housing costs like your mortgage, property taxes, heating, and half of condo fees. The TDS ratio includes those housing costs plus all other debts, such as car loans, credit cards, and personal loans. Lenders use these ratios to assess affordability.
Yes. Being self-employed doesn’t stop you from getting a mortgage—you just need to provide extra proof of income, such as tax returns, financial statements, or bank records. Your mortgage agent/broker can guide you through lender requirements and match you with options designed for self-employed borrowers.
A co-signer is added directly to the mortgage and title of the property, sharing ownership and responsibility for payments. A guarantor doesn’t go on the title but promises to cover the debt if the borrower can’t. Lenders use both to strengthen applications when income or credit alone isn’t enough. Your mortgage agent/broker can explain which option works best for your situation.
A mortgage commitment letter is a formal document from the lender that confirms your mortgage approval. It outlines the loan amount, interest rate, term, and conditions you must meet before final funding. Your mortgage agent/broker will review it with you to ensure you make an informed decision.
Mortgage conditions are requirements a lender needs you to meet before finalizing and funding your mortgage. Your mortgage agent/broker will guide you through them to ensure everything is completed on time.
A mortgage discharge is the process of removing your lender’s claim (lien) from your property once the mortgage is paid off, refinanced, or switched to another lender. Your lawyer or lender handles the paperwork, and a discharge fee may apply. Your mortgage agent/broker can guide you through the steps.
Closing day is when your mortgage funds are released, the property title transfers, and you become the homeowner. You provide your down payment balance, closing costs, and proof of home insurance.
For a refinance, your new mortgage pays off the old one, and any extra funds (equity take-out) are sent to you after legal fees are settled.
Your mortgage agent/broker will guide you step by step to ensure everything goes smoothly.
A prepayment privilege lets you pay extra toward your mortgage—by increasing payments or making lump-sum contributions—without penalty, depending on the terms you signed with your lender. This can help you pay off your mortgage faster and save on interest. Your mortgage agent/broker can explain the options available with different lenders.
Most lenders let you pay down your mortgage faster by making lump-sum payments, boosting your regular payments, or switching to an accelerated schedule (like bi-weekly). The exact options depend on the terms you signed. Your mortgage agent/broker can walk you through what’s available and how it can save you money.
With accelerated bi-weekly payments, you make a payment every two weeks instead of monthly—so you end up making 26 payments a year instead of 24. This helps pay off your mortgage faster and saves you thousands in interest.
Example: On a $500,000 mortgage at 5% with a 25-year amortization:
That’s $2,908 extra each year directly reducing your principal. Over time, this can cut 3–4 years off your mortgage and save you $40,000+ in interest.
Want to see how much faster you could be mortgage-free? Email us at info@mortgagediligent.com.
A portable mortgage lets you take your current mortgage with you when you move to a new home—keeping the same rate and terms—so you don’t get hit with a penalty. It’s a handy option if your existing rate is better than what’s available today. Your mortgage agent/broker can help you figure out if porting makes sense for your move.
Want to know if a portable mortgage is right for you? G Email us at info@mortgagediligent.com.
A mortgage refinance means replacing your current mortgage with a new one—often to get a better rate, tap into your home’s equity, or change your terms.
Want to see if refinancing can help you? Email us at info@mortgagediligent.com.
Refinancing can lower your monthly payments, consolidate high-interest debts, give you access to home equity, or let you switch to terms that better fit your needs.
Example: If you owe $80,000 on credit cards , your minimum payments could be around $2,400/month. By refinancing and adding that $80,000 into your mortgage at 5% over 25 years, the payment drops to about $466/month. That’s nearly $1,900/month back in your pocket, freeing up cash flow for savings, investments, or everyday expenses.
Want to consolidate your debts? Email us atinfo@mortgagediligent.com.
A HELOC lets you borrow against your home’s equity and use the money when you need it. You only pay interest on what you use, and you can borrow, repay, and borrow again. For example, many people use a HELOC to pay for renovations, cover education costs, or consolidate debt.
Want to see if a HELOC is right for you? Email us at info@mortgagediligent.com.
A second mortgage is another loan you take on your home, on top of your first mortgage. It lets you use the equity in your house to free up cash. People often use it for debt consolidation, home renovations, or big expenses. Since it’s behind the first mortgage, the interest rate is usually higher
Want to see if a second mortgage is right for you? Email us at info@mortgagediligent.com.
It depends on your goals. A HELOC is flexible—you can borrow, repay, and borrow again, which is handy for ongoing costs like renovations or education. But HELOCs usually come with higher interest rates than second mortgages. A second mortgage gives you a lump sum of cash up front, which works better if you need a large amount right away and plan to use it for the whole term, like debt consolidation or investments.Your mortgage agent/broker can compare both options and help you choose the one that saves you more.
Want to find out which option works best for you? Email us at info@mortgagediligent.com.
When your mortgage term ends, your contract with the lender expires. You’ll need to renew it for a new term, switch to another lender, or pay off the balance in full. Most people renew, often with a chance to change their rate, term, or mortgage type. Your mortgage agent/broker can shop around for a better rate and help you find the best option before your term is up.
Want to make sure you get the best deal at renewal? Email us at info@mortgagediligent.com.
Not always. Renewal offers from your current lender may not include the best rate or terms available. A mortgage agent/broker can shop around with multiple lenders, often saving you money and giving you more options than your bank’s offer.
Want to make sure you’re not leaving money on the table? Email us at info@mortgagediligent.com.
A mortgage penalty is a fee your lender charges if you break your mortgage contract early—for example, by refinancing, paying it off before the term ends, or switching lenders. The penalty can be a few months’ interest or an interest rate differential, depending on your mortgage type. Your mortgage agent/broker can explain how penalties work and how to avoid them.
Want to see how to reduce or avoid mortgage penalties? Email us at info@mortgagediligent.com.
In some cases, yes. You may be able to avoid or reduce a penalty by waiting until your term ends, using your prepayment privileges, or porting your mortgage to a new property. Your mortgage agent/broker can review your options and help you choose the best strategy.
Want to see how to avoid paying a penalty? G Email us at info@mortgagediligent.com.
A blend-and-extend lets you combine your current mortgage rate with today’s lower rate and extend your term without fully breaking your mortgage. It can lower your payments and reduce penalties, but not all lenders offer it. Your mortgage agent/broker can check if this option is available and if it makes sense for you.
Want to know if blend-and-extend could save you money? Email us at info@mortgagediligent.com.
The First-Time Home Buyer Incentive is a government program that helps new buyers by offering 5% or 10% of the home’s purchase price as a shared equity loan. This lowers your monthly mortgage payments without adding to your down payment savings. Your mortgage agent/broker can explain how it works and if you qualify.
👉 Click here for more details from CMHC
Want to see if you qualify for the First-Time Home Buyer Incentive? Email us at info@mortgagediligent.com.
A rental or investment property mortgage is a loan used to buy a property you plan to rent out instead of living in. Lenders often require a larger down payment (usually 20% or more) and may charge slightly higher rates than for a primary residence. Your mortgage agent/broker can help you find the best options for financing an investment property.
Want to explore mortgage options for a rental property? Email us at info@mortgagediligent.com.
Yes. You can get a mortgage for a new build, but the process can be different than buying a resale home. Some lenders offer “construction mortgages,” which release funds in stages as the home is built, while others provide regular mortgages at closing once the home is finished. Your mortgage agent/broker can explain the options and guide you through the process.
Want to explore your options for a new construction mortgage? Email us at info@mortgagediligent.com.
A manufactured or mobile home mortgage is a loan to finance a factory-built home. Lenders may require a larger down payment, shorter amortization, or higher rates than a traditional home. Your mortgage agent/broker can help you find the right lender for this type of property.
Looking for financing on a manufactured or mobile home? G Email us at info@mortgagediligent.com.
A mortgage broker/agent is a licensed professional who works with many lenders to find you the best mortgage rate and terms. Instead of going to one bank, a broker shops around on your behalf and guides you through the process from application to closing.
Want expert guidance on your mortgage? Email us at info@mortgagediligent.com.
In most cases, mortgage brokers are paid by the lender after your mortgage is finalized—so there’s no cost to you. For some specialized or private mortgages, a fee may apply, but your broker will explain this upfront.
Want to work with a broker at no cost to you? Email us atinfo@mortgagediligent.com.
A bank only offers its own mortgage products, while a mortgage broker works with many lenders to find you better rates and terms. Brokers give unbiased advice since they’re not tied to one bank, and they save you time by shopping around on your behalf.
Want to see how a broker can get you more options than a bank? Email us at info@mortgagediligent.com.
There are three main types of mortgage lenders in Canada: A lenders (banks and credit unions) that offer the best rates but have strict approval rules, B lenders (alternative lenders) that are more flexible with credit or income but charge slightly higher rates, and private lenders that focus on home equity and provide short-term solutions.
Want to know which lender fits your needs? Email us at info@mortgagediligent.com.
Yes. You can have a second mortgage or even multiple mortgages on the same property, as long as there’s enough equity and the lender approves it. This is often used for debt consolidation, renovations, or investments. Your mortgage agent/broker can guide you through the options.
Want to see if a second mortgage is right for you? Email us at info@mortgagediligent.com.
Mortgage life insurance is coverage that pays off or reduces your mortgage if you pass away, helping protect your family from losing the home. Some policies also include disability or critical illness coverage. Your mortgage agent/broker can explain the pros and cons and help you decide if it’s right for you.
Want to know if mortgage life insurance makes sense for you? Give us a call at 289-521-6900.
Missing a mortgage payment can lead to late fees, added interest, and a hit to your credit score. If payments continue to be missed, the lender may take legal action. Your mortgage agent/broker can help you review options like deferrals or refinancing before it gets serious.
Worried about missing a payment? Email us at info@mortgagediligent.com.
In Canada, power of sale lets the lender sell your home quickly if you default, with extra proceeds (after the mortgage is paid) returned to you. Foreclosure is a longer court process where the lender takes full ownership of the property and keeps all sale proceeds. Power of sale is more common in most provinces
Want to know your options if facing power of sale or foreclosure? Email us at info@mortgagediligent.com.
A mortgage deferral lets you temporarily pause your mortgage payments, but the skipped payments and interest are added back to your balance. Your mortgage agent/broker can explain if a deferral is the right solution for you.
Want to know if a mortgage deferral can help you? Email us at info@mortgagediligent.com.
The mortgage prime rate is the interest rate major banks and lenders use as a base to set variable mortgage rates and lines of credit. It usually moves in line with the Bank of Canada’s overnight rate—when the Bank raises or lowers its overnight rate, lenders adjust their prime rate shortly after.
A vendor take-back (VTB) mortgage is when the seller of a property lends money directly to the buyer for part of the purchase price. Instead of getting the full amount from a bank, the buyer makes payments to the seller for that portion.
Sellers may offer a VTB to help the deal close faster, attract more buyers, or sell a property in a slower market. It can also provide the seller with steady income from interest payments.
A bridge loan is short-term financing that helps you buy a new home before selling your current one. It “bridges” the gap by giving you access to funds for the down payment or closing costs until your existing home is sold.
In mortgages, a charge is the legal registration of your lender’s interest against your property title. It gives the lender the right to be repaid from your home if you don’t meet your mortgage obligations.
A private mortgage is financing from an individual or group of investors instead of a bank. Approval is based more on the property’s equity than your credit or income, making it a flexible option for unique situations, short-term needs, or fast closings.
Want to see if a private mortgage is the right fit for you? Email us at info@mortgagediligent.com
A reverse mortgage lets homeowners aged 55+ borrow against their home’s equity without making monthly payments. The loan, plus interest, is repaid when the home is sold or the homeowner moves out. It can provide tax-free cash for retirement, expenses, or debt repayment.
Want to know if a reverse mortgage is right for you? Email us at info@mortgagediligent.com
A port and blend mortgage lets you transfer (“port”) your existing mortgage to a new property while also combining (“blend”) your old interest rate with the lender’s current rate. This option is useful if you’re moving but don’t want to break your mortgage and pay a penalty.
Want to know if a port and blend mortgage is right for you?Email us at info@mortgagediligent.com
