What does a mortgage broker do?

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.

Is using a mortgage broker free?

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.

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

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.

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

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.

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

The minimum credit score for most insured mortgages (under 20% down) is 680. With 20% or more down, some lenders will go as low as 600. 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.

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

Under $500,000 — 5% minimum. $500,000–$999,999 — 5% on the first $500K, 10% on the remainder. $1,000,000 or more — 20% minimum (no mortgage insurance available). Down payment can come from savings, a gift from a family member, RRSP (First Home Buyers' Plan), or a combination.

How long does mortgage approval take?

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.

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

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.

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

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.

Should I choose a fixed or variable mortgage rate?

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.

What is CMHC mortgage insurance and do I need it?

If your down payment is less than 20%, your mortgage must be insured through CMHC, Sagen, or Canada Guaranty. The premium (0.6%–4% of the mortgage amount) 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.

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

Beyond the down payment: land transfer tax (roughly 1.5% of purchase 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 rebate of up to $4,000.

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

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.

What is mortgage refinancing and when does it make sense?

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.

A Home Equity Line of Credit lets you borrow against the equity in your home, up to 65% of its value (combined with your mortgage, total can't exceed 80%). It's flexible — borrow what you need, pay interest only on what you use. Good for renovations, education, or ongoing expenses.

Where are you located and what areas do you serve?

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.

Are you a licensed mortgage broker in Ontario?

Yes. Licensed with the Financial Services Regulatory Authority of Ontario (FSRA), Licence #12360, operating under Dominion Lending Centres National Ltd. You can verify at fsrao.ca.

How do I get started with a mortgage in Ontario?

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.

Mortgage Renewing in soon? Here's What You Need to Know

Sep 23

Written By Tyler Stiller

If your mortgage is coming up for renewal, you've probably noticed rates look different than they did five years ago. You're not imagining it, and you're not alone. Almost 6 out of 10 Canadian homeowners are renewing their mortgage in 2025 or 2026.

Here's what's actually going on, and what you can do about it.

Payments Are Going Up for Most People

If you locked in your rate back in 2020 or 2021, when rates were at record lows, your new payment will probably be higher. For some homeowners it's a small bump. For others, especially those on a 5-year fixed rate, it can be a jump of 15-20%.

It's a real change to your budget. But it's manageable, especially if you plan ahead instead of waiting for the surprise.

You Don't Have to Wait for Your Bank's Letter

Your bank will usually only reach out a few months before your renewal date. That doesn't give you much time to shop around. You can start looking 6 to 12 months early, compare a few lenders, and lock in a good rate before the deadline pressure kicks in.

You Can Often Switch Lenders Without Extra Hoops

Good news: if you want to move your mortgage to a different lender at renewal, you usually don't have to re-qualify under today's tougher rules. That means more options, and lenders competing for your business instead of you just accepting whatever your bank offers.

A Numbers Person Looks at the Whole Picture

I'm also a CPA, so when I look at your renewal, I'm not just comparing interest rates. I'm looking at how the mortgage fits with your taxes, your cash flow, and your overall finances. A slightly lower rate isn't always the better deal if it locks you into terms that don't fit your life.

If Money's Tight, There Are Options

If the new payment is going to strain your budget, you're not stuck. You can spread your remaining balance over a longer time to lower the monthly payment, or roll high-interest debt like credit cards into your mortgage to simplify things. Neither is the "right" answer for everyone, but both are worth knowing about.

The Best Time to Start Is Now

Whatever your renewal date is, don't wait for the letter. A quick call or text now costs you nothing and could save you real money later.

Tyler Stiller