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.

Debt Consolidation Through Mortgage Refinancing in Southwestern Ontario

Jul 15

Written By Tyler Stiller

Yes — refinancing your mortgage is one of the most effective ways to consolidate high-interest debt, and it's something I help clients across Southwestern Ontario with regularly.

If you're carrying credit card balances, a line of credit, or a car loan alongside your mortgage, refinancing lets you roll all of it into a single mortgage payment — usually at a much lower interest rate than what you're paying on that other debt.

How it works

Say you owe $85,000 across credit cards and a line of credit, on top of your mortgage. Instead of juggling several high-interest payments, refinancing combines everything into one mortgage at your mortgage rate — which is almost always lower than credit card or line-of-credit rates. The result is usually one lower monthly payment and real savings on interest over time.

Who this makes sense for

Debt consolidation refinancing tends to make the most sense if:

You have enough equity in your home (generally at least 20%)
Your combined debt payments are putting real strain on your monthly budget
You want one predictable payment instead of several

What it doesn't fix

Refinancing consolidates debt — it doesn't erase spending habits. It works best as part of a real plan to stay debt-free going forward, not just a one-time reset.

Next steps

Every situation is different. If you're in Strathroy, London, St. Thomas, or anywhere across Southwestern Ontario and want to know whether debt consolidation refinancing makes sense for you, let's run the numbers together. Call or text 519-670-3205.

Tyler Stiller is a licensed mortgage broker (FSRA #12360) with Dominion Lending Centres National Ltd.

Tyler Stiller

Debt Consolidation Through Mortgage Refinancing in Southwestern Ontario

Can Self-Employed People Get a Mortgage in Ontario?

Ready for next steps?