Mortgage Tips

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

Last updated: September 2026 TL;DR: When your mortgage term ends in Ontario, you do not have to stay with your current lender. A switch moves your loan to a new lender at renewal — same balance, same amortization — and many borrowers switch for a better rate or better service. Start four to six months

Last updated: September 2026 TL;DR: Inflation is the general rise in prices over time — it shrinks what your dollar can buy. Canada’s Consumer Price Index (CPI) is the main tool used to measure it, and the Bank of Canada aims to keep inflation at 2% a year. When inflation runs hot, borrowing usually gets

Last updated: September 2026 TL;DR: The Bank of Canada sets a policy interest rate about eight times a year. It does not set your mortgage rate directly. Variable-rate mortgages react fast because lenders move their prime rate when the policy rate changes. Fixed-rate mortgages react to the bond market, which moves on what investors expect

Private Mortgage Rules in Ontario: What Every Borrower Should Know (2026) Last updated: September 2026 Private mortgages are fully legal in Ontario — but they operate under a specific set of rules that most borrowers never hear about until they are sitting at a lawyer’s office. The short version: private lending in Ontario is regulated

If a bank has turned you down because of your credit score, you can still borrow. Ontario private mortgage lenders approve based mainly on your home equity, not your credit score. The trade-off is a higher rate, higher fees, and a short term — but used properly, a private mortgage can stop a power of