You’ve probably heard the mantra: “Get out of your private mortgage as soon as you can—move to something cheaper!” And it’s true—most mortgage professionals (myself included) spend our days helping clients transition from private to alternative to prime lending. It’s what we call the mortgage ladder.

If you’ve ever worked with a mortgage agent or lender, you know the paperwork can feel endless. But one topic that often catches people off guard is this: lenders don’t just look at the property you’re buying—they want to know about all the real estate you own. Whether it’s your cottage, a rental condo, or a student house in your kid’s university town, these “other” properties matter.

Most people focus on one thing when thinking about a mortgage—the interest rate. And yes, your rate matters, but it’s not the whole picture. Whether you’re buying, refinancing, or switching lenders, there are other costs directly tied to getting a mortgage. Some are mandatory for every borrower, while others only apply in special situations.

When you think about getting a mortgage, your mind probably jumps straight to rates, payments, and maybe legal fees. But there’s another set of costs that often catches people by surprise—home insurance and utility deposits. These aren’t massive costs, but they’re essential. Without them, your lender might not release funds, and your home might stay dark and cold when you move in.

When you’re arranging a mortgage, most people focus on the big-ticket items: interest rates, down payments, and legal fees. But there are two smaller line items that can catch you off guard if you don’t know about them—

In Ontario, Canada, when a mortgage lender mentions that a “pricing adjustment may apply to price to risk for bankruptcy/proposal in the last 12 months,” it means that the lender is considering the increased risk of lending to someone who has declared bankruptcy or made a consumer proposal within the last year. To compensate for this higher risk, the lender may adjust the pricing of the mortgage. This typically results in a higher interest rate or additional fees for the borrower.

In the context of mortgages in Ontario, a "switch" (also known as a "transfer") refers to the process of moving your existing mortgage from one lender to another without changing the remaining balance or term of the mortgage. This can be done for various reasons, such...