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.

When Does Refinancing Actually Make Sense?

May 27

Written By Tyler Stiller

Refinancing gets talked about a lot — but not every situation warrants one. Here's a straightforward breakdown of when it makes sense and when it doesn't.

What Is a Refinance?

A refinance replaces your existing mortgage with a new one. You can refinance with your current lender or switch to a new one. The most common reasons:

Access equity (take cash out for renovations, debt consolidation, investment)
Lower your interest rate
Change your amortization (shorten or extend)
Remove or add someone from title

When It Makes Sense

Debt consolidation — If you're carrying high-interest debt (credit cards, car loans, personal loans), rolling it into your mortgage at a much lower rate can reduce your monthly obligations significantly. The math usually works, but it requires discipline not to re-accumulate the debt.

Rate improvement — If rates have dropped materially since you signed your mortgage, breaking early and refinancing may save more than the penalty costs. This depends heavily on your lender, your penalty type (IRD vs. 3-month interest), and how much of your term is left.

Accessing equity for investment or renovation — Your home may have appreciated considerably. A refinance lets you pull that equity out at mortgage rates rather than borrowing it at higher consumer rates.

Life change — Separation, adding a co-borrower, or a major shift in income can be legitimate reasons to restructure.

When It Probably Doesn't

Less than 12 months left on your term — just wait it out
Your penalty is larger than the benefit — always run the math first
You plan to sell within 1–2 years — closing costs and penalties rarely pay off that fast
You'd be extending your amortization significantly just to cash flow — that's borrowing your way into trouble

The Penalty Question

This is where most people get surprised. Fixed-rate mortgages use an Interest Rate Differential (IRD) penalty — it can be several months' worth of interest, sometimes $10,000–$20,000+. Variable-rate mortgages typically have a flat 3-month interest penalty, which is much lower.

Always know your penalty before you decide. I can pull this for you in a few minutes.

What to Do

If you're wondering whether a refinance makes sense for your situation, the honest answer is: it depends on your numbers. There's no universal rule — it's a quick calculation once we know your balance, rate, remaining term, and what you're trying to accomplish.

Reach out and we'll run it together — no cost, no pressure.

Tyler Stiller