Mortgage & Finance
Mortgage rates, financing, and home loan guides for Ontario buyers
Mortgage Prepayment Penalties in Canada: What It Really Costs to Break Your Mortgage (3 Months’ Interest vs. IRD)
It depends on whether your mortgage is "open" or "closed." According to the Financial Consumer Agency of Canada (FCAC), an open mortgage can usually be paid off at any time with no prepayment penalty, while most people hold a closed mortgage — and breaking that before the term ends means paying a pr
CMHC, Sagen & Canada Guaranty: What Mortgage Default Insurance Really Is When You Put Less Than 20% Down
It's mortgage default insurance (also called high-ratio mortgage insurance). In Canada, any mortgage with a down payment below 20% of the purchase price is legally required to carry it — and here's the part that surprises most buyers: the insurance protects the lender, not you. If you default and th
Canada’s 2026 Mortgage Renewal Wave: How Much GTA Payments Will Rise — and How to Prepare
For most five-year fixed borrowers, meaningfully. Many homeowners locked in rates of roughly 1.x%–2.x% in 2020–2021; by 2025–2026, market rates have climbed back above 4%. According to the Bank of Canada (2025), about 60% of all mortgages renew in 2025–2026, and five-year fixed holders face an avera
Assumable Mortgages in Canada Explained: Is Taking Over a Seller’s Low Rate Worth It?
An assumable mortgage lets a buyer — with the lender's approval — take over the seller's existing mortgage in place: the remaining balance, the interest rate, the remaining term, and the repayment terms all carry over, and the buyer keeps paying the same lender. According to the Financial Consumer A
Using a Gifted Down Payment in Canada: The Gift Letter, Proof of Funds, and Tax
Yes. Lenders and CMHC (Canada Mortgage and Housing Corporation) generally accept a gifted down payment from immediate family. The core requirement is a signed gift letter stating the money is a true gift with no expectation of repayment, plus proof that the funds were deposited into your account and
When the Home Appraisal Comes In Low: A Buyer’s Playbook for Ontario
Your lender will not finance against your contract price. It lends against the lower of the purchase price and the appraised value. The shortfall — the appraisal gap — is money the bank simply will not lend, so you have to cover it in cash. According to Canada Mortgage and Housing Corporation (CMHC)
Does a Mortgage Pre-Approval Guarantee You’ll Get the Loan? What Ontario Buyers Need to Know
No. A pre-approval is a conditional estimate, not a funding commitment. The Financial Consumer Agency of Canada (FCAC) states plainly that a pre-approval does not guarantee you'll get a mortgage, and that the pre-approval amount is only the maximum you might receive. What actually decides your purch
Co-Signer vs Guarantor on a Canadian Mortgage: What Every Parent Helping a Child Buy in the GTA Should Know
Co-signing or guaranteeing your child's mortgage in Canada? They are not the same. Arthur Zhao breaks down liability, who goes on title, the credit-report hit, and how to get removed later.
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