Mortgage Terms

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Temporary Worker Mortgage Application

Temporary workers in Canada—those employed on a fixed-term contract, through an agency, or seasonally—often face additional challenges when applying for a mortgage. Because lenders prefer stable, long-term employment, temporary workers are seen as higher-risk...

What is a Second Mortgage?

A second mortgage is a loan that is secured against a property that already has an existing mortgage. It is considered "second" because it is subordinate to the first mortgage in terms of priority—meaning that if the homeowner defaults, the first mortgage lender gets...

Getting a Second Mortgage

If you have a first mortgage, can you just go out and get a second mortgage? The short answer is not always. While it is possible to obtain a second mortgage if you already have a first mortgage, several factors must align for you to qualify. You cannot simply go and...

Non-Conforming Apartment Income

As a mortgage agent who underwrites mortgages, I’ve come across countless applications where homeowners and investors alike want to leverage rental income from basement suites or converted spaces to boost their borrowing power. It's a smart move in theory, but the...

Understanding Subordination Agreements

A subordination agreement is a legal document that modifies the lien priority of two or more mortgages on a property. In the context of first and second position mortgages, this agreement allows a lender with a lower-ranking mortgage (such as a second mortgage or a...

The Cost of Mortgage Refinancing

Refinancing a mortgage in Canada can be a powerful financial tool, whether a homeowner is looking to access equity, lower their interest rate, or consolidate debt. However, it’s essential to understand the costs associated with refinancing before making a decision....

What is Mortgage Position

The mortgage landscape is layered with complexities, but one of the most fundamental concepts is the hierarchy of lien positions. Every mortgage or loan secured against a property has a designated ranking, which determines repayment priority in the event of default....

FNF & FCT: Lender’s Title Insurance

In the intricate world of mortgage financing, ensuring the security and legitimacy of property transactions is paramount. Fidelity National Financial (FNF) and First Canadian Title (FCT) play critical roles in protecting lenders, homebuyers, and financial institutions...

Why Lenders Don’t Like Seconds

What is Notarization?

Notarization is the process of certifying the authenticity of a document, signature, or translation by a notary public—a legally authorized official. Notarization ensures that documents are legitimate, trustworthy, and legally recognized by courts, financial...

What is a Second Mortgage?

Oct 22, 2026

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Understanding Variable Mortgages

Understanding Variable Mortgages: The right choice depends on how the product works, what your lender’s contract says, how long you expect to keep the mortgage, and – most importantly – whether your monthly cash flow has enough breathing room when rates move against you.

Understanding Fixed Mortgages

Understanding Fixed Mortgages: A fixed mortgage can feel like putting a fence around one of your household’s biggest expenses: for the length of your term, the interest rate—and usually the required principal-and-interest payment—stays put.

Canada’s Non-Federally Regulated Mortgage Providers

Mortgage providers in Canada are either federally or provincially regulated. Canada's chartered banks are federally regulated while many other lenders (see below) are not. Getting a mortgage from a non-federally regulated mortgage provider in Canada has both...

Ontario Land Transfer Tax Rebate Explained

Imagine you and your partner are excited to buy your first home in Ontario. You spend your weekends looking at homes, dreaming of your future, and planning your perfect space. But then, you start to worry about the extra costs, like the land transfer tax. That's when...

Struggling Under the Stress Test

Discover how the mortgage stress test in Canada impacts the ability of Canadians to afford homes and the actionable steps you can take to address this requirement.

Variable Rate Mortgages: Not All Calculated the Same

Canadians are changing their preferences for mortgages. With a recent decrease in interest rates and speculation that more could be coming, brokers have been advising their clients to return to variable-rate mortgages from the 5-year fixed mortgages that have been the...

Mortgage Term: Insolvency

Discover what insolvency means, the types of insolvency, and how insolvency can impact your credit and your mortgage options.

More Than Rate: Pre-Payment Privileges

Learn about the different kinds of prepayment privileges and discover why prepayment privileges are more important than interest rate when it comes to lowering the cost of your mortgage.

Understanding Condo Reserve Funds

Discover what a condo reserve fund is, the signs it may be insufficient, and how to discover and avoid condos with insufficient reserve funds.

Mortgage Term: ESOP

Discover what an ESOP is and how it can support your mortgage application particularly under a Net Worth Program.

Understanding HELOCS

A Home Equity Line of Credit (HELOC) is not a traditional mortgage but a type of revolving credit secured against the equity in your home. Canadians are very creative in their use of HELOCs using them for everything from investing, to debt consolidation, to using...

Mortgage Term: Liquidity Ratio

Discover how the liquidity ratio is used by underwriters to measure the ability of clients to meet their short-term obligations; such as their next mortgage payment.

Understanding Amortization

Understanding Amortization: This article aims to demystify mortgage amortization, differentiate it from the mortgage term, provide insights into how amortization schedules work, and explain how various payment strategies can impact your financial obligations over the life of your mortgage.

Mortgage Term: Exempt Contribution

Learn about the implications of the exempt contribution and how it relates to registered accounts, indirectly impacting mortgages in several important ways.

Understanding Cash Back Mortgages

Cash Back Mortgages. Home buying is a naturally expensive thing to be doing. You not only have to pay for the house, but you have substantial closing costs as well. You might want to make your new house ‘home ready’ by getting a few new pieces of furniture and don’t forget new window coverings like blinds, drapes, and curtains (never cheap). Wouldn’t it be nice to get a few thousand dollars back when you fund your mortgage to cover these costs?

Mortgage Term: Zero Per Cent Loan

Discover what a zero per cent loan is, its unique characteristics, and how zero per cent loans relate to mortgages.

Critical Guide to Emergency Funds

An emergency fund is an essential financial safety net designed to cover unexpected expenses or financial disruptions without the need to incur debt. It acts as a buffer that can help you maintain your financial stability during unforeseen circumstances such as job...