Name: Ontario Financial Advisor
Address: Oshawa, ON, L1G, CA
Telephone: +12362382361
Price range: Free
Rating: 4.9

Question 1

How much does a mortgage matching service cost?

Ontario Financial Advisor Team · Accepted Answer

Our mortgage matching service is 100% free for borrowers. We are compensated by the licensed mortgage professionals and lenders when your mortgage successfully closes. You pay nothing for our matching, consultation, or rate comparison services. This aligns our interests with yours — we only succeed when you get approved at a great rate.

Question 2

How fast can I get mortgage pre-approval in Oshawa?

Ontario Financial Advisor Team · Accepted Answer

Mortgage pre-approval in Oshawa typically takes as little as 24 hours through our matching platform. We gather your financial information, connect you with licensed professionals who run a credit check, and submit your application to multiple lenders simultaneously. Having a pre-approval letter strengthens your offer when competing in Durham Region's competitive real estate market and locks in your rate for 90–120 days.

Question 3

What credit score do I need for a mortgage in Ontario?

Ontario Financial Advisor Team · Accepted Answer

Most traditional lenders (banks and credit unions) in Ontario require a minimum credit score of 600–640 for a conventional mortgage. For CMHC-insured mortgages with less than 20% down, lenders typically require 680+. However, we also work with B-lenders and alternative lenders who accept scores as low as 500–550. The higher your credit score, the better your interest rate will be — a difference of 100 points can mean 0.5–1.5% in rate savings.

Question 4

Can self-employed people get mortgages in Canada?

Ontario Financial Advisor Team · Accepted Answer

Yes, self-employed Canadians can absolutely get mortgages, although the process is more complex than for salaried employees. Traditional lenders require 2+ years of self-employment history and use your Notice of Assessment (NOA) to verify income. Many self-employed borrowers minimize their taxable income through deductions, which can reduce qualifying income. We connect self-employed borrowers with specialized lenders who offer 'stated income' programs, use bank statements to verify income, or gross up business income — making approval much more accessible.

Question 5

Should I renew my mortgage with my current bank?

Ontario Financial Advisor Team · Accepted Answer

In most cases, no — you should shop around before renewing with your current bank. Banks typically send renewal offers at posted rates that are 0.5–1.5% higher than what's available in the market. On a $600,000 mortgage, a 1% rate difference costs you $6,000 per year. When your term ends, you can switch lenders completely penalty-free. Our platform compares renewal offers from 50+ lenders, and most clients who use our service save $10,000–$30,000 over their renewal term compared to accepting the bank's first offer.

Question 6

What is the minimum down payment in Canada?

Ontario Financial Advisor Team · Accepted Answer

In Canada, the minimum down payment depends on the purchase price: 5% for homes under $500,000; 5% on the first $500,000 plus 10% on the portion between $500,000 and $999,999; and 20% for homes priced at $1 million or more. Homes purchased with less than 20% down require CMHC mortgage default insurance, which adds 2.8–4% of the mortgage amount to your loan. First-time buyers can also use the Home Buyers' Plan to withdraw up to $35,000 from their RRSP, or the First Home Savings Account (FHSA) to access up to $40,000 tax-free.

Question 7

What is a mortgage stress test in Canada?

Ontario Financial Advisor Team · Accepted Answer

The mortgage stress test is a lending requirement designed to ensure borrowers can still afford their mortgage if interest rates rise. All insured mortgages (less than 20% down) must qualify at either 2% above the contract rate or the Bank of Canada's posted rate, whichever is higher. Uninsured mortgages (20%+ down) use the lender's posted rate as the benchmark. For example, if you want to borrow at 5% with a $500,000 mortgage, you must qualify at 7% (~$3,326/month instead of ~$2,684/month). Licensed professionals help structure applications to pass the stress test while keeping payments manageable.

Question 8

How much does CMHC mortgage insurance cost?

Ontario Financial Advisor Team · Accepted Answer

CMHC mortgage default insurance protects the lender if you default. The cost depends on your down payment percentage: 5% down costs ~4.00% of the mortgage amount; 10% down costs ~3.10%; 15% down costs ~2.80%. On a $400,000 mortgage with 5% down, insurance adds ~$16,000 to your loan. While this increases your monthly payment, it allows you to buy sooner without saving a full 20% down payment. Many first-time buyers find this trade-off worthwhile, and insurance costs can be recouped through faster home appreciation.

Question 9

What is the difference between variable and fixed mortgage rates?

Ontario Financial Advisor Team · Accepted Answer

Fixed-rate mortgages lock in your interest rate for the entire term (typically 3–5 years), protecting you from rate increases but usually charging 0.3–0.7% more than variable rates. Variable-rate mortgages fluctuate with the prime rate — your payments stay fixed but your principal/interest split changes, or your payment increases if rates rise sharply. Fixed mortgages suit risk-averse borrowers or those on tight budgets; variable mortgages work for borrowers comfortable with rate risk who plan to pay down principal faster. Licensed professionals help you choose based on your situation and rate outlook.

Question 10

How much can I borrow? (Mortgage qualification)

Ontario Financial Advisor Team · Accepted Answer

Your mortgage qualification depends on two key ratios: Gross Debt Service (GDS) capped at 32% of gross household income, and Total Debt Service (TDS) capped at 40%. For example, on a $100,000 gross annual income, lenders typically approve mortgages up to roughly $250,000–$300,000 depending on property taxes, utilities, and other debts. Licensed professionals analyze your full financial picture—income, debts, credit, down payment—and connect you with lenders offering favorable qualification programs, including commission-based income or non-traditional verification for self-employed borrowers.

Question 11

What are the closing costs when buying a home in Ontario?

Ontario Financial Advisor Team · Accepted Answer

Closing costs in Ontario typically include: Land Transfer Tax (up to 2.0% in Toronto or 0% on properties under $368,750 for some first-time buyers), legal fees ($1,000–$2,000), home inspection ($400–$600), appraisal ($300–$500), title insurance ($200–$400), and property survey (~$250–$400). Combined, budget 1.5%–4% of your purchase price for closing costs. Licensed professionals help you understand each cost and can recommend lenders who offer title insurance rebates or waive appraisal fees for qualified borrowers, reducing your closing day surprise.

Question 12

Can I get a mortgage with bad credit in Ontario?

Ontario Financial Advisor Team · Accepted Answer

Yes, you can get approved with bad credit, though it may mean higher rates and stricter requirements. Traditional lenders typically require 680+ credit scores; B-lenders and alternative lenders accept scores as low as 500–550. Alt-lenders may charge 1–3% higher rates than prime lenders but can offer faster approval. Licensed professionals on our platform specialize in bad-credit mortgages and can structure applications using alternative credit data, co-signers, or larger down payments to improve approval odds. Even with bad credit, accessing a mortgage is often better than paying high-interest debt.

Question 13

What documents do I need to apply for a mortgage?

Ontario Financial Advisor Team · Accepted Answer

Standard mortgage application documents include: recent pay stubs (last 30 days), Notice of Assessment (NOA) from the CRA (last 2 years for salaried; possibly 3 years for self-employed), T1 Generals, employment letter, bank statements (typically last 2 months), list of debts and liabilities, proof of down payment source, and a valid ID. Self-employed borrowers may also need business return, T1 Generals, and corporate financial statements. Licensed professionals guide you through document collection and advise which lenders have flexibility — some accept stated income or alternative credit verification — making approval faster and less stressful.

Feature	Mortgage Broker	Bank
Lenders Available	50+ lenders (banks, credit unions, monoline, alternative)	Only their own products
Rate Shopping	Compares all available rates automatically	You must ask; limited to bank's offerings
Cost	Free for borrowers (lender-compensated)	Free (rate includes their profit)
Speed	24 hours pre-approval typical	3–5 business days typical
Unique/Poor Credit	Access to B-lenders and alternative programs	Limited options; may be declined
Renewal Leverage	Can switch lenders penalty-free; saves $10K–$30K	You must initiate switch; banks hope you don't
Typical Savings	0.25–1.0% lower rate than bank renewal offers	Base/reference option (no shopping)

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