Here you can find answers to the most commonly asked questions about getting a mortgage or a loan in Ontario.

For more information or to schedule your free consultation, please do not hesitate to call us!

A mortgage broker or agent typically charges a one-time fee for her services, but not always. In some cases, the fee is passed on to the lender, with whom the broker negotiates the funding for a borrower's mortgage. If there is a fee involved in obtaining your mortgage, it will be disclosed upfront

It may affect the conventional mortgage lender's decision regarding your mortgage application. However, you are still eligible for a private mortgage that NorthView Mortgages will be happy to arrange for you.

Yes! Call NorthView Mortgages today to discuss your circumstances and apply for a private mortgage.

Mortgage loan insurance is the insurance of your mortgage loan underwritten by CMHC (Canada Mortgage and Housing Corporation). CMHC helps protect the lender in case the borrower defaults on her mortgage loan. Mortgage loan insurance is obligatory if the down payment on your property purchase is less than 20% of the purchase price of your home. The insurance premiums may be paid in a lump sum when you buy your property or included into your mortgage loan payments (thus increasing the loan amount).

CMHC is Canada Mortgage and Housing Corporation, a federal institution that assists property buyers in acquiring a mortgage with less than 20% down payment in the form of mortgage loan insurance. CMHC insures borrowers' mortgages on behalf of the lender and charges insurance premiums to the borrower.

The interest rate in a variable rate mortgage changes according to the type of the mortgage you obtain. Most often, the rate is dependent on your lender's prime lending rate: if the rate goes up, so does your mortgage interest rate (and your mortgage payment amounts). It it goes down, your mortgage interest rate lowers as well. The other type of variable rate mortgage establishes a fixed monthly payment amount that doesn't change, but the mortgage is still influenced by market conditions: if market interest rates decrease, more of the monthly payment goes towards decreasing the mortgage loan principle. Accordingly, if the interest rates increase, a bigger portion of your monthly payment goes towards covering the interest accrued.

A fixed rate mortgage carries an interest rate that does not change throughout the mortgage term. The interest rate that you sign up for is the one you pay regardless of the market conditions.

It depends! You may be more comfortable with locking the interest rate in with a long-term mortgage. Or you may want to obtain a short-term mortgage to enjoy the flexibility of being able to renegotiate your mortgage interest rate sooner.

You will be responsible for property taxes, mortgage payments and utility bills (water, gas, electricity, home phone, cable etc). Other costs may include upkeep and maintenance fees, certain municipal taxes (e.g. school tax), waste collection fees and more. Please note that not every fee associated with home ownership will be payable monthly.

Mortgage terms can vary from six months to 25 years. Shorter mortgage terms typically carry lower interest fees, but you may wish to acquire a longer term mortgage if you have low tolerance for interest rate risk and/or believe that the interest rate will not go any lower. Talk to NorthView Mortgages to get advice on your particular situation – we will be happy to provide a tailored mortgage solution for you.

Depending on your financial situation and unique needs, you may speed up the payment of your mortgage by choosing an accelerated payment schedule or by making double-up payments or principal prepayments. You may also select a shorter amortization period when you renew your mortgage. The repayment schedule will be negotiated prior to the loan settlement so that you get a mortgage that best suits your needs.

With a low down payment of 5%, you have to have mortgage loan insurance that covers your mortgage in case of default. You are responsible for the insurance premiums, the cost of the insurance application, as well as legal and appraisal fees.

A down payment is the portion of the home price that you need to provide in cash to finalize the purchase. While not many clients have the funds to buy property outright, they may get a mortgage loan for up to 95% of the property price. The rest is the down payment that is paid with the borrower's own funds.

Yes! Contact NorthView Mortgages today to get started on your mortgage application.