Mortgage Tips

The Mortgage Renewal Process in Ontario: A Step-by-Step Guide (2026) If your mortgage term is ending soon, you are about to get a rare opportunity: a penalty-free chance to renegotiate your rate, change your terms, or move your mortgage to a different lender. The mortgage renewal process in Ontario usually starts about four months before […]

If you own a home in Ontario and you are 55 or older, you have probably seen ads for a reverse mortgage: tax-free cash with no monthly payments. It sounds almost too good to be true, so here is the direct answer to how it works, what it costs, and when it is a bad

What Is a Private Second Mortgage? A private second mortgage is a loan secured against your home that sits behind your existing first mortgage. “Private” means the money comes from a private lender — an individual investor, a mortgage investment corporation (MIC), or a private lending company — rather than a bank. “Second” refers to

If you’re buying a clinic, a plaza, or an investment property in Ontario, one of the first questions you’ll ask is: what commercial mortgage rate should I expect? The honest answer is that commercial mortgage rates in Ontario are not published on neat rate sheets the way residential rates are. Every commercial deal is priced

Private Mortgage Lender vs Bank: Which Is Right for You in Ontario? (2026) If a bank has turned you down for a mortgage — or you are wondering whether a bank is even the right place to start — you have probably asked yourself: should I work with a private mortgage lender instead of a

How to Get a Mortgage With Bad Credit in Ontario: A Practical Guide Can you get a mortgage in Ontario with bad credit? Yes — but probably not the way you first imagined. A bruised credit score closes the door at most banks, yet B lenders and private lenders approve borrowers with imperfect credit every

Last updated: September 2026 TL;DR: If your down payment is less than 20% of the home’s price, Canadian rules require mortgage default insurance. The minimum down payment is 5% on the first $500,000 of the purchase price, then 10% on the portion between $500,000 and $1.5 million, and 20% above that. The insurance protects the

Last updated: September 2026 TL;DR: Your down payment is not the only cheque you write when you buy a home in Ontario. Closing costs — things like land transfer tax, legal fees, title insurance, and property tax adjustments — are usually paid on closing day on top of your purchase price. Most buyers should budget

Last updated: September 2026 TL;DR: Most Ontario mortgages let you pay extra toward your principal each year without a penalty — these are called prepayment privileges. If you break your mortgage early or pay more than your privileges allow, your lender will usually charge a prepayment penalty. The penalty calculation is different for fixed-rate and

Last updated: September 2026 TL;DR — The Short Version A home equity loan gives you one lump sum with fixed payments. A HELOC gives you a revolving credit line to draw, repay, and reuse — usually at a variable rate. Choose the loan for a known cost; choose the HELOC for flexibility. Both are secured