FAQs

 Frequently Asked Questions

  • A mortgage broker works with multiple lenders to find you the best mortgage rates and terms, while a bank offers only its own mortgage products. Brokers provide more options and can often secure better deals.

  • Your affordability depends on your income, debts, credit score, and down payment. Generally, your total housing costs (mortgage + property taxes + heating + 50% of condo fees) shouldn’t exceed 39% of your gross income.

  • 5% for homes under $500,000

        •    10% on the portion above $500,000 (for homes up to $1.5M)

        •    20% for homes $1M+ or for investment properties

  •  You need to provide proof of income, employment, credit score, debt obligations, and details about your down payment. A mortgage broker can help streamline this process.

“We have access to a wide variety of lenders for all different types of situations; purchase, refinance, renewal, investment, bruised/damaged credit, 2nd mortgage, past bankcruptcy, etc. You name it, we’ve dealt with it.”

  • Pre-qualification is an estimate based on basic financial info, while pre-approval involves a deeper financial review and gives you a more accurate idea of what you can afford.

  • Mortgage rates change frequently. I can provide the latest rates—just reach out!

  • • First-Time Home Buyer Incentive (shared equity program)

    • Land Transfer Tax Rebate (up to $4,000)

    • First-Time Home Buyers’ Tax Credit ($1,500)

    • RRSP Home Buyers’ Plan (withdraw up to $60,000)

  • If your down payment is less than 20%, you need mortgage default insurance (CMHC). The cost is 2.8%–4% of the mortgage amount, added to your loan.

SUBSCRIBE To Our Monthly Newsletter


Best Mortgage Loans Inc. is committed to providing exceptional service to our clients throughout every stage of the mortgage process—before, during, and after the transaction. We prioritize maintaining ongoing communication and offering valuable insights.

Stay informed with our monthly newsletter, featuring the latest mortgage offerings, market trends, and expert home advice from Scott—delivered directly to your inbox!

  • Open mortgages allow extra payments or early payoff without penalty but have higher rates. Closed mortgages have lower rates but penalties for breaking the term early.

  • It depends on your long-term plans. A 5-year term is most common, but shorter terms work well if you expect rate changes or plan to move soon.

  • • Typically 1.5%–4% of the home price. Includes:

    • Land Transfer Tax

    • Legal Fees (~$1,500)

    • Title Insurance

    • Home Inspection (optional)

  • You may need:

    • A larger down payment (20% or more)

    • A co-signer

    • An alternative or private lender