Question 1

What does a mortgage broker do?

Accepted Answer

A mortgage broker shops your mortgage application to multiple lenders on your behalf — banks, credit unions, monoline lenders, and private lenders. Instead of you going to five banks and getting five different answers, I do that work for you and bring you the best options. I'm paid by the lender when your mortgage closes, so there's no cost to you in most cases.

Question 2

Is using a mortgage broker free?

Accepted Answer

For most clients, yes — completely free. Lenders pay brokers a finder's fee when a mortgage closes. In some cases (self-employed, credit challenges, private lending), a broker fee may apply — I'll always tell you upfront before we go anywhere near an application.

Question 3

What's the difference between a mortgage broker and a bank?

Accepted Answer

A bank can only offer you their own products. A mortgage broker has access to 20+ lenders, so you're getting a real comparison rather than a single institution's best offer. Brokers often beat bank rates — especially for self-employed clients, those with variable income, or anyone the bank considers non-standard.

Question 4

Why use a mortgage broker instead of going straight to my bank?

Accepted Answer

Your bank's goal is to sell you their mortgage. My goal is to find you the best mortgage available. Those are not the same thing. I've seen clients come to me after their bank declined them and we had them approved within days. I've also saved clients thousands of dollars on renewals they were about to sign without shopping around.

Question 5

What credit score do I need to get a mortgage in Ontario?

Accepted Answer

There's no single cut-off. For an insured mortgage (under 20% down), CMHC requires at least one borrower to have a score of 600 or higher. That's the insurer's floor, not the lender's. Most lenders want more than that, and the best rates usually go to scores of 680 and up. With 20% or more down, you don't need mortgage insurance, so each lender sets its own minimum. Credit score is just one piece — income, down payment, and property type all factor in. There are lenders who specialize in credit-challenged files, and there are often quick wins that can improve your score before you apply.

Question 6

How much down payment do I need to buy a home in Ontario?

Accepted Answer

$500,000 or less — 5% minimum. $500,001–$1,499,999 — 5% on the first $500K, 10% on the remainder. $1,500,000 or more — 20% minimum (no mortgage insurance available). Down payment can come from savings, a gift from a family member, your RRSP through the Home Buyers' Plan (up to $60,000 each, repaid over 15 years), a First Home Savings Account (FHSA: first-time buyers can contribute up to $8,000 a year, $40,000 lifetime, and withdraw tax-free for a first home), or a combination.

Question 7

How long does mortgage approval take?

Accepted Answer

A pre-approval can typically be done within 24–48 hours. A full approval after you have a signed offer usually takes 3–5 business days, sometimes faster.

Question 8

I'm self-employed. Can I still get a mortgage?

Accepted Answer

Yes — and this is exactly where a broker adds the most value. Banks are notoriously difficult for self-employed applicants because they look at net income after write-offs. Many self-employed clients qualify for more than they expect when we use the right lender and the right approach. There are lenders who specialize in stated income and business-for-self programs.

Question 9

I was declined by my bank. Can a mortgage broker still help?

Accepted Answer

Often yes. Banks have conservative lending criteria and they only offer their own products. A declined bank application is not the end of the road — it's a signal to look elsewhere. Depending on why you were declined, there may be options through alternative lenders or private lenders.

Question 10

Should I choose a fixed or variable mortgage rate?

Accepted Answer

A fixed rate gives you certainty — your payment doesn't change. A variable rate can save you money if rates drop, but your payment can increase if rates rise. There's no universally right answer — the right choice depends on your risk tolerance, budget flexibility, and where rates are heading.

Question 11

What is CMHC mortgage insurance and do I need it?

Accepted Answer

If your down payment is less than 20%, your mortgage must be insured through CMHC, Sagen, or Canada Guaranty. The premium (2.8%–4% of the mortgage amount for most buyers putting down less than 20%; a 30-year amortization adds 0.20 percentage points; in Ontario the 8% PST on the premium is paid at closing) is added to your mortgage balance. It protects the lender — not you — but it allows you to buy with a lower down payment. It's not optional if you're below 20% down.

Question 12

What other costs should I budget for when buying a home in Ontario?

Accepted Answer

Beyond the down payment: Ontario land transfer tax (about $6,475 on a $500,000 home; it's tiered, so it climbs with price), home inspection ($400–$600), legal fees ($1,500–$2,500), title insurance ($200–$400), home insurance, and moving costs. First-time buyers may qualify for a land transfer tax refund of up to $4,000.

Question 13

Should I just sign my bank's mortgage renewal offer?

Accepted Answer

Almost certainly not — at least not without shopping it first. Banks send renewal offers at rates above what's available in the market. A 15-minute conversation can compare your bank's offer against the full market. If your bank wins, great. If they don't, you'll save real money.

Question 14

What is mortgage refinancing and when does it make sense?

Accepted Answer

Refinancing means breaking your existing mortgage and replacing it with a new one — usually to access equity, consolidate debt, or get a better rate. It makes sense when the financial benefit outweighs the penalty for breaking early.

Question 15

What is a HELOC?

Accepted Answer

A Home Equity Line of Credit lets you borrow against the equity in your home, and at most banks the line itself can go up to 65% of your home's value, with your mortgage plus HELOC together capped at 80%. It's flexible — borrow what you need, pay interest only on what you use. Good for renovations, education, or ongoing expenses.

Question 16

Where are you located and what areas do you serve?

Accepted Answer

I'm based in Strathroy, Ontario and serve clients across all of Southwestern Ontario — London, St. Thomas, Chatham, Sarnia, Woodstock, Stratford, Windsor, and dozens of communities in between. Everything can be handled remotely — phone, email, and digital signing.

Question 17

Are you a licensed mortgage broker in Ontario?

Accepted Answer

Yes. Licensed with the Financial Services Regulatory Authority of Ontario (FSRA) as a mortgage broker, Licence #M20002930, working through Dominion Lending Centres National Ltd. (brokerage Licence #12360). You can verify at fsrao.ca.

Question 18

How do I get started with a mortgage in Ontario?

Accepted Answer

Call or text 519.670.3205 or email tyler@stillermortgage.com. No obligation, no cost for the first conversation. Most people leave that first call with a clear picture they didn't have before.

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