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Mortgage Types


  • What is a mortgage broker?
    A mortgage broker is an individual who has taken their provincially administered course and passed an exam allowing them to deal in mortgages. From there they are watched forever by their provincial regulatory association to make sure your best interests are always protected. You as a consumer can file a complaint should you need to and I can assure you it is taken very seriously by these associations.
  • What do they do exactly?
    They take the application and gather all the necessary documentation for the mortgage lender. They submit to the lender they see as having the best product for you and work as a go between you and the lender until they know you have the full approval for the mortgage.
  • Who pays them?
    Usually it is the banks and the mortgage lenders but in some cases you pay them directly though you would know this well ahead of time. The commission a mortgage broker makes is budgeted for by these companies. It is a normal cost of business and can be paid to the broker or to the bank employee and the net effect is the same to you the consumer.
  • Why would you consider using a mortgage broker?
    They have access to a wide variety of mortgage lenders. Considering that every situation is slightly unique, it can be a relief knowing that if bank A says no to your application that there are many more the mortgage broker can present your application to without you having to make appointments with each.
  • What if you want a bank you know?
    Mortgage brokers deal with many of the main banks in Canada but often do a much higher volume than you doing just your own mortgage. They can get better rates and often faster turnaround.
  • Are they safe?
    You bet! This group is watched carefully by the regulators.
  • Aren't they just for people with bad credit?
    Mortgage brokers have made the Canadian mortgage market competitive which means lower rates for you and more money in your pocket at the end of the day. According to a CMHC survey, approximately 51% of first time home buyers chose to go through a mortgage broker. They know the pitfalls you need to avoid. Mortgage brokers are a great resource to save you money both now and down the road as well as saving you time and reducing your stress overall. Considering you debt is the largest debt you will ever take on, it just makes sense to ensure you are getting the best mortgage rate and terms possible for your situation.

Mortgage Calculators

Whether you are thinking about getting a home equity loan or line of credit, buying a new home, or refinancing your mortgage, our mortgage calculators can help you explore your mortgage options to help you make an informed, confident and optimal decision regarding your financial well-being. You can also click here to see our current rates. If you’d like to set up a consultation with one of our mortgage professionals, please don’t hesitate to give us a call.

This calculator helps you determine just how much house you can afford.

What Can I Afford?

Get quick access to loan options and the difference they can make in your monthly mortgage payment.

Calculate My Payments

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