Latest · Renewals
Five mortgage renewal mistakes Ontario homeowners keep making
The renewal letter in your mailbox is a first offer. Here is what it costs to treat it as the only one.
July 28, 20266 min read
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Ontario - License #11000073 · Nova Scotia - Licence #2023-3000786 · Mortgage Outlet Inc #12628
Mortgage guides written for Ontario homeowners
No rate hype and no jargon. These are the explanations we give clients on the phone, written down so you can read them before you call.
First-Time Buyers
17 guidesHow much down payment do you actually need in Ontario?
The minimum is not the same at every price point, and the down payment is not the only cash you need on closing day.
July 14, 20265 min read
How Much Home Can I Afford Based on My Income?
Affordability is not just a salary multiple. Lenders compare qualifying income with housing costs and recurring debts, while you should also decide what.
August 10, 20263 min read
How Much Down Payment Do I Need in Ontario and Canada?
Canada uses minimum down-payment rules based on purchase price, but the amount you should bring to closing can be higher once closing costs and lender.
August 7, 20263 min read
How Do I Qualify for a Mortgage as a First-Time Home Buyer?
First-time status can unlock certain programs, but the core mortgage approval still comes down to income, debts, credit, down payment, property and.
August 4, 20263 min read
What Credit Score Do I Need for a Mortgage in Canada?
There is no single credit-score number that guarantees a prime mortgage approval.
August 1, 20263 min read
How Much Income Do I Need to Buy a House in Ontario?
The income required to buy a home in Ontario changes with the home price, down payment, mortgage rate, property taxes, heating costs and your existing.
July 29, 20263 min read
What Documents Do I Need for a Mortgage Application?
Organizing documents early is one of the easiest ways to make a mortgage approval smoother, especially when a purchase agreement includes a short.
July 26, 20263 min read
Should I Get Pre-Approved Before Looking at Houses?
A mortgage pre-approval gives you a more credible price range before emotions and competition enter the home search.
July 23, 20263 min read
How Long Does a Mortgage Pre-Approval Last?
Mortgage pre-approvals and rate holds expire. The exact period depends on the lender, and your file can still need to be refreshed even before that date.
July 20, 20263 min read
Does Getting Pre-Approved Hurt My Credit Score?
A mortgage pre-approval may involve a credit inquiry, but the practical effect is usually better understood in the context of responsible rate shopping.
July 17, 20263 min read
How Much Should I Save Beyond the Down Payment?
Using every dollar for the down payment can leave a new homeowner financially exposed.
July 14, 20263 min read
What Closing Costs Should First-Time Buyers Expect?
The purchase price and down payment are only part of the cash needed to close a home purchase in Ontario.
July 11, 20263 min read
What First-Time Home Buyer Programs Are Available in Ontario?
First-time buyers in Ontario may be able to combine federal savings programs with provincial or municipal tax relief, depending on eligibility and the.
July 8, 20263 min read
Can I Use My FHSA for a Down Payment?
The FHSA was designed specifically to help eligible first-time buyers save for a qualifying home while receiving both contribution deductions and tax-free.
July 5, 20263 min read
Can I Use My RRSP to Buy My First Home?
The Home Buyers' Plan can let eligible buyers withdraw money from an RRSP for a qualifying home without the withdrawal being immediately included in.
July 2, 20263 min read
Can I Use Both the FHSA and Home Buyers’ Plan?
Eligible buyers can use both a qualifying FHSA withdrawal and a Home Buyers' Plan RRSP withdrawal for the same qualifying home, which can materially.
June 29, 20263 min read
What Is the Difference Between a Deposit and a Down Payment?
A deposit and a down payment are related, but they happen at different stages of an Ontario home purchase.
June 26, 20263 min read
Rates
1 guidesFixed or variable: how to decide without guessing rates
Nobody can forecast the overnight rate. You can still make this decision on evidence rather than opinion.
June 30, 20266 min read
Qualifying
1 guidesThe stress test, explained with actual numbers
You are not qualified at the rate you are offered. Here is the rate lenders actually use, and what to do about it.
June 12, 20265 min read
Refinancing
1 guidesWhen refinancing to consolidate debt is worth it
Trading 22% interest for mortgage-rate interest is compelling arithmetic — until the penalty and the habit are added in.
May 26, 20266 min read
Mortgage Rates
12 guidesWhat Is a Good Mortgage Rate in Canada?
A good mortgage rate is not simply the lowest number advertised online.
June 23, 20263 min read
How Are Mortgage Rates Determined?
Canadian mortgage rates are influenced by market funding costs, Bank of Canada policy, bond yields, competition, lender risk and the characteristics of.
June 20, 20263 min read
Will Mortgage Rates Go Down in Canada - and Should I Wait to Buy?
No one can reliably predict the exact path of mortgage rates. Waiting only for a lower rate can backfire if home prices, competition or your personal.
June 17, 20263 min read
Why Are Mortgage Rates Different Between Lenders?
Two lenders can quote different rates on the same day because they do not have identical funding costs, risk policies, product features or business.
June 14, 20263 min read
How Can I Get the Lowest Mortgage Rate?
Getting competitive prime mortgage pricing starts long before the rate quote.
June 11, 20263 min read
Does My Credit Score Affect My Mortgage Rate?
Credit can affect both mortgage eligibility and pricing, but the relationship is not a simple chart where every extra point automatically earns a lower.
June 8, 20263 min read
Does a Bigger Down Payment Give Me a Better Mortgage Rate?
A larger down payment lowers the mortgage amount, but it does not always produce a lower interest rate.
June 5, 20263 min read
Why Are Insured Mortgage Rates Sometimes Lower?
Mortgage default insurance protects the lender against borrower default, which can reduce the lender's credit risk and funding cost.
June 2, 20263 min read
Can I Negotiate My Mortgage Rate?
Mortgage rates are often negotiable within a lender's pricing framework, especially when your application is strong and competing lenders are offering.
May 30, 20263 min read
What Is a Mortgage Rate Hold and How Long Does It Last?
A rate hold can protect an eligible borrower from certain rate increases for a limited period while they search for a property or complete a transaction.
May 27, 20263 min read
What Happens If Rates Drop After I Get Pre-Approved?
A pre-approval rate hold is mainly protection against rates rising.
May 24, 20263 min read
Can My Mortgage Rate Change Before Closing?
A mortgage rate can change before closing if the rate was never formally held, the hold expires, the transaction changes or the borrower no longer meets.
May 21, 20263 min read
Fixed vs Variable
9 guidesShould I Choose a Fixed or Variable Mortgage?
The fixed-versus-variable decision is mainly about risk tolerance, cash-flow flexibility and how much certainty you value - not about guessing interest.
May 18, 20263 min read
What Happens to a Variable Mortgage When Rates Rise?
Not all variable mortgages react to a rate increase in the same way.
May 15, 20263 min read
Can I Switch From a Variable to a Fixed Mortgage?
Many variable mortgage contracts allow the borrower to convert to a fixed term with the same lender, but the available fixed rate and term are determined.
May 12, 20263 min read
Is a 3-Year or 5-Year Fixed Mortgage Better?
A 3-year term gives you an earlier opportunity to reset your mortgage, while a 5-year term provides longer rate certainty.
May 9, 20263 min read
What Mortgage Term Should I Choose?
Mortgage term is the length of your current contract, not the number of years it will take to pay off the mortgage.
May 6, 20263 min read
How Does the Bank of Canada Affect Variable Mortgage Rates?
Variable mortgage rates are closely connected to lender prime rates, and prime rates usually respond when the Bank of Canada changes its target for the.
May 3, 20263 min read
What Affects Fixed Mortgage Rates in Canada?
Fixed mortgage rates do not simply wait for the Bank of Canada to move.
April 30, 20263 min read
Can I Break a Fixed Mortgage Early and What Is the Penalty?
You can usually break a closed fixed mortgage before maturity, but the prepayment penalty can be substantial.
April 27, 20263 min read
What Is the Penalty for Breaking a Variable Mortgage?
Closed variable mortgages often use a different prepayment-penalty approach than fixed mortgages, which is one reason borrowers value their flexibility.
April 24, 20263 min read
Qualification
14 guidesHow Do Lenders Calculate How Much Mortgage I Qualify For?
Mortgage qualification is built from verified income, housing costs, recurring debts, the qualifying interest rate and the lender's policy limits.
April 21, 20263 min read
What Is the Mortgage Stress Test in Canada?
The mortgage stress test requires many borrowers to prove they can afford payments at a qualifying rate higher than the mortgage rate they will actually.
April 18, 20263 min read
What Income Can Be Used to Qualify for a Mortgage?
Mortgage lenders focus on income that is documentable, sustainable and acceptable under their policy.
April 15, 20263 min read
Can Overtime, Bonus or Commission Income Be Used to Qualify?
Variable employment income can often be used for a prime mortgage, but lenders usually want evidence that it is established and likely to continue.
April 12, 20263 min read
Can I Get a Mortgage After Changing Jobs or While on Probation?
Changing jobs does not automatically prevent a prime mortgage approval.
April 9, 20263 min read
Can Two Incomes Be Used to Qualify for a Mortgage?
A mortgage application can usually use qualifying income from more than one borrower, which can increase purchasing power but also brings every borrower's.
April 6, 20263 min read
Can I Use a Co-Signer to Qualify for a Larger Mortgage?
A co-signer can sometimes strengthen mortgage qualification by adding income and credit, but co-signing is a real legal and financial obligation - not a.
April 3, 20263 min read
How Does Car Debt Affect Mortgage Qualification?
A car payment can reduce mortgage buying power because lenders include recurring vehicle debt when calculating total debt service.
March 31, 20263 min read
Do Student Loans Affect How Much Mortgage I Can Get?
Student debt does not automatically block a mortgage, but the required payment can reduce the amount of housing debt you are able to carry.
March 28, 20263 min read
Does Credit Card Debt Affect Mortgage Approval?
Credit-card balances can affect a mortgage in two ways: they influence credit utilization and create a monthly debt obligation for qualification.
March 25, 20263 min read
What Are GDS and TDS Ratios?
GDS and TDS are debt-service ratios lenders use to compare your income with housing costs and total recurring debt obligations.
March 22, 20263 min read
How Much Does Credit Score Matter Once I Am Above 680?
Once a borrower is comfortably inside a lender's prime-credit policy, additional score points may matter less than income, debts, down payment and the.
March 19, 20263 min read
Can Investment Income Be Used to Qualify for a Mortgage?
Some investment income can support a mortgage application when it is recurring, well documented and acceptable under the lender's policy.
March 16, 20263 min read
Can Rental Income Help Me Qualify for a Mortgage?
Rental income can improve mortgage qualification, but the amount lenders recognize depends on the property, lease, expenses and lender calculation method.
March 13, 20263 min read
Down Payments
7 guidesWhat Happens If I Put Less Than 20% Down?
For an eligible home purchase in Canada, a down payment below 20% generally means the mortgage must be insured against default.
March 10, 20263 min read
What Is CMHC Mortgage Insurance?
CMHC mortgage loan insurance is one form of mortgage default insurance used when an eligible borrower has a high-ratio mortgage.
March 7, 20263 min read
How Much Does Mortgage Default Insurance Cost?
Mortgage default insurance premiums are calculated as a percentage of the insured mortgage amount, with the percentage generally increasing as.
March 4, 20263 min read
Is It Better to Put 5%, 10% or 20% Down?
The best down payment balances four competing goals: buying sooner, minimizing insurance costs, keeping monthly payments manageable and preserving.
March 1, 20263 min read
Can My Parents Gift Me a Down Payment and What Proof Is Required?
Family gifts are a common source of down payment for Canadian homebuyers, but lenders need to verify that the money is truly a gift and trace where it.
February 26, 20263 min read
Can I Borrow Money for My Down Payment?
Borrowed down payments can be permitted in some mortgage programs, but they change the risk and affordability calculation because the new loan creates.
February 23, 20263 min read
What Is the Difference Between Insured and Uninsured Mortgages?
An insured mortgage is protected by mortgage default insurance for the lender.
February 20, 20263 min read
Choosing a Lender
12 guidesShould I Use a Mortgage Broker or Go Directly to My Bank?
A bank can offer its own mortgage products. A mortgage broker can compare products from multiple lenders, which may include banks, credit unions and.
February 17, 20263 min read
Does Using a Mortgage Broker Cost Money and How Are Brokers Paid?
For many standard prime residential mortgages, the lender pays the broker a commission and the borrower does not pay a separate broker fee.
February 14, 20263 min read
Can I Apply With Multiple Mortgage Lenders?
You can compare more than one mortgage lender, but submitting full applications everywhere is not always necessary or efficient.
February 11, 20263 min read
Will Shopping for Mortgage Rates Hurt My Credit?
Mortgage shopping can involve credit inquiries, but responsible comparison is different from repeatedly applying for unrelated forms of credit.
February 8, 20263 min read
What Should I Ask a Mortgage Broker Before Choosing a Mortgage?
A good mortgage conversation should cover far more than today's interest rate.
February 5, 20263 min read
What Should I Look for Besides the Mortgage Rate?
The interest rate is important, but it is only one line in a contract that may last several years.
February 2, 20263 min read
What Are Mortgage Prepayment Privileges?
Prepayment privileges let you pay extra principal above the regular schedule without triggering a prepayment penalty, up to the limits in your contract.
January 30, 20263 min read
What Is the Difference Between a Standard and Collateral Charge Mortgage?
Standard and collateral charges are different ways a lender can register security against a property, and the distinction can affect future borrowing and.
January 27, 20263 min read
What Is a Portable Mortgage and Can I Transfer It When I Move?
Mortgage portability can let you move an existing mortgage to a new property instead of breaking the contract, subject to lender approval and timing.
January 24, 20263 min read
What Is the Difference Between an Open and Closed Mortgage?
An open mortgage prioritizes repayment flexibility, while a closed mortgage usually offers a lower rate in exchange for restrictions on paying out the.
January 21, 20263 min read
Can I Make Lump-Sum Payments or Increase My Regular Mortgage Payments?
Many closed mortgages let borrowers accelerate repayment through lump sums, higher regular payments or both, without a penalty when they stay within the.
January 18, 20263 min read
What Hidden Restrictions Should I Look for in a Mortgage?
A very low mortgage rate can come with restrictions that only become expensive when your plans change.
January 15, 20263 min read
Credentials you can check
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