Frequently Asked Questions (FAQs)
Welcome to our FAQ page at The Mortgage Station, your trusted partner among the top mortgage brokers in Ontario. We’re here to guide you through your mortgage journey! Whether you’re a first-time homebuyer or looking to refinance, our team of experts is dedicated to providing you with the best mortgage advice and solutions tailored to your needs. Scroll through our list of common questions to find expert answers and related resources, or contact us directly if you don’t see your question answered!
General Mortgage Questions
How do I get a mortgage in Canada?
Getting a mortgage in Canada involves several steps, including assessing your financial health, understanding your budget, getting pre-approved, and finally, securing a mortgage offer from a lender. It’s important to have a good credit score, a stable income, and a reasonable down payment.
For a step-by-step guide on the process, read more here.
What determines my mortgage rate?
Your mortgage rate in Canada is influenced by multiple factors, including your credit score, the size of your down payment, the loan-to-value ratio, the type of mortgage (fixed or variable), and the overall economic conditions. Lenders also consider your debt-to-income ratio.
For a deeper understanding of how these factors affect your mortgage rate, explore our detailed explanation.
What happens to my mortgage when I move?
When you move, you generally have a few options for your mortgage: porting your mortgage to your new property, breaking your current mortgage and getting a new one, or blending and extending your existing mortgage. Each option has its pros and cons, depending on your circumstances and the terms of your current mortgage.
For more information on managing your mortgage when moving, visit our blog. You can also download our handy moving checklist so that no one important is left out of the loop when you change addresses!
What is a mortgage broker?
A mortgage broker acts as an intermediary between you and potential lenders. The role of a mortgage broker is to work on your behalf with banks or alternative lenders to find competitive interest rates that best fit your needs. You can find out more about why a mortgage broker is a great resource here, or learn how they differ from mortgage agents and specialists.
Why choose The Mortgage Station as your mortgage broker?
As one of the best mortgage brokers in Ontario, we offer personalized service, a wide range of options, and expert advice. Our team is committed to finding the best mortgage solution for you. Meet our team!
How to select a mortgage broker?
Selecting a mortgage broker involves considering their experience, range of services, and client reviews. Look for brokers who are transparent and willing to explain the process.
Read our blog for more insights on selecting a broker.
What is the difference between a mortgage agent, mortgage broker, and mortgage specialist?
Understanding the roles of a mortgage agent, mortgage broker, and mortgage specialist is crucial in navigating your mortgage journey. While these terms are often used interchangeably, they have distinct roles and responsibilities.
- Mortgage Agent (Levels 1 and 2): Level 1 and 2 mortgage agents work under the supervision of a licensed mortgage broker and assist clients in finding suitable mortgage products. They are the initial point of contact for borrowers and work on behalf of the client to negotiate with lenders. It’s worth noting that level 1 mortgage agents have a more limited network of lenders that they are permitted to work with vs level 2 mortgage agents and mortgage brokers, who can work with mortgage investment companies, private individuals, and other agents or brokers.
- Mortgage Broker: A mortgage broker is licensed to operate a brokerage and can manage a team of agents. They have access to a broader range of lender networks than level 1 mortgage agents and are responsible for ensuring that all transactions comply with legal requirements.
- Mortgage Specialist: Typically employed by a bank or financial institution, a mortgage specialist can only offer mortgage products from their employer’s portfolio. They have in-depth knowledge of their institution’s mortgage options.
For a more detailed comparison and understanding of how each can assist you in your mortgage needs, read our comprehensive guide.
What are some of the different types of mortgages available?
There are a variety of mortgage options* to cater to different needs and situations.
Here are just a few:
- Refinancing Mortgages: Ideal for homeowners looking to take advantage of better rates or to cut costs by refinancing their existing mortgage.
- Mortgages for Purchasing Property: Whether it’s a new home, commercial, or investment property, The Mortgage Station provides multiple options for purchasing properties.
- Debt Consolidation Mortgages: These mortgages help in paying off high-interest debts like credit cards, improving monthly cash flow, and potentially paying off your mortgage faster.
- Equity-Based Mortgages: Suited for those who have built equity in their home and wish to leverage it, regardless of their income or credit standing.
- RRSP Mortgages: This unique option allows you to borrow from your RRSPs, which can be used for home renovations, investments, or debt consolidation.
Each type of mortgage has its unique features and benefits, and the team at The Mortgage Station can help you find the right fit for your specific needs. Learn more about these mortgage options and more, or discover which are the most popular!
*Please contact us to confirm product availability.
First-Time Homebuyers
I want to buy my first home – where do I start?
Buying your first home is an exciting journey, but it can also be daunting. Start by assessing your financial health, understanding your budget, and getting pre-approved for a mortgage. Research the housing market, consider your long-term needs, and seek professional advice. For first-time homebuyers, we’ve compiled 9 essential tips to help you navigate the process smoothly.
If you’re ready to embark on your journey to homeownership, then contact The Mortgage Station! We’re here to help you find the best mortgage for your budget.
What is the First Home Savings Account (FHSA)?
The FHSA is a tax-free savings account in Canada designed to help first-time homebuyers save for their first home. Contributions to this account are tax-deductible, and withdrawals made to purchase your first home are tax-free.
How can I get a mortgage with bad credit?
Having bad credit doesn’t mean you can’t get a mortgage. As a leading bad credit mortgage broker in Ontario, we specialize in finding mortgage solutions for those with less-than-perfect credit scores.
Contact us to learn about your options, or read this blog.
Mortgage Renewal & Refinancing
What should I know about mortgage refinancing?
Mortgage refinancing involves replacing your existing mortgage with a new one, typically to secure a better interest rate or to access equity in your home. It’s an opportunity to renegotiate your mortgage terms to better suit your current financial situation.
However, it’s important to consider factors like penalties, fees, and the long-term financial impact. For a detailed guide on refinancing your mortgage, check out our article.
What happens when your mortgage term is up?
When your mortgage term ends, you can renew your mortgage with the same lender or look for a new one. It’s a great opportunity to reassess your needs and find a better rate or different terms! Reach out to our team to see how we can help!
If your mortgage renewal has been denied, don’t fret. Read this blog for helpful information about what it means and next steps, or contact us to discuss your options.
Can I refinance my mortgage with bad credit?
Yes, it’s possible to refinance your mortgage even with bad credit. Our team at The Mortgage Station can help you navigate this process and find suitable options for your situation. Contact us for more information.
Mortgage Calculators & Tools
What is a mortgage calculator?
A mortgage calculator is a helpful tool that allows you to determine your estimated mortgage payments and more based on important factors, such as your mortgage amount, amortization period and interest rate. Try our free mortgage calculator.
How can I estimate my mortgage payments?
You can use our free mortgage calculator to get an idea of your monthly payments. This tool considers your mortgage amount, interest rate, and term to provide an estimated payment schedule. Estimate your payments now.
Don’t see your question answered? No problem! Fill out our short contact form, and someone from our team will be in touch.
You can also discover more insights on our blog.