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...

Non-Conforming Apartment Income

Oct 19, 2026

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Mortgage Term: Earnings Statement

An earnings statement, also known as a payslip or pay stub, includes various information detailing an employee's earnings, deductions, and other relevant financial details for a specific pay period. Mortgage agents review and compare the information on an earnings...

Accessing Your Credit Score

In Canada, understanding and monitoring your credit score is crucial for managing your financial health. This score, a numerical representation of your creditworthiness, impacts various aspects of your financial life, from securing loans to negotiating better terms on...

Mortgage Term: Pre-Approval Letter

Discover what a pre-approval letter is and what it is based upon. Learn about what it really means and how it is used.

Lenders Don’t Like Condotels

Condotels, or condo/hotel hybrids, have piqued the interest of many Canadians, particularly those seeking a flexible investment opportunity. Learn what they are, their key features, and if they are an investment right for you!

Basis Points: Key to Smarter Mortgage Decisions

Learn what basis points are, why they are used and their impact on the mortgage application process.

Mortgage Term: Segregated Fund Annuity Contract

In Canada, a Segregated Fund Annuity Contract is a type of investment product offered by insurance companies that combines the growth potential of mutual funds with the security of an insurance policy. Segregated funds are similar to mutual funds but come with...

Mortgage Term: Assistance Holdback Amount

Discover the implications of the assistance holdback amount, how it relates to government programs and how it relates to construction loans and mortgages.

Using a Cash-Back Realtor

In today’s real estate market, many Canadian homebuyers don’t know about the benefits of a cash-back realtor. Imagine getting a part of the agent’s commission for every property deal. This is what cash-back home buying offers, making homes more affordable in Canada.

Mortgage Term: Graduated Rate Estate

Discover the implications of graduated rate estate, how it allows an estate to benefit from graduated income tax rates and the management of an estate’s assets.

Mortgage Commitment: What You Must Know Before Waiving Financing

Discover what a mortgage commitment is and its importance in regards to waiving conditions on your offer to buy a home. Learn what you need to know before waiving financing.

Mortgage Discharge Statement

Learn why the mortgage discharge statement is an important document that ensures transparency and accuracy when calculating the total payout for a mortgage transfer.

What’s Your Best Rate?

Rate is important, but going for the lowest rate mortgage could cost you far, far more. Learn about the ‘hidden’ risks of low-rate mortgages and discover your best rate.

There’s a Mortgage for Everyone

. The current reality for many Canadians is a complex financial profile, uncertain employment, and varied income streams, all of which make qualifying for a mortgage more challenging. However, the good news is that a wide variety of mortgage programs exist to cater to different borrower needs, making homeownership an attainable goal for many.