Browse by situation
The lowest advertised rate assumes a salaried borrower with clean credit buying a straightforward property. If that is not you, the situation matters more than the rate.
Self-employed
Lenders treat business income differently from a T4. Some read the notice of assessment, some add back write-offs, and a few will work from bank statements alone.
New to Canada
A thin Canadian credit file is not the same as bad credit. Newcomer programs exist at most major lenders, with different rules on down payment source and permanent residency status.
First-time buyer
The first purchase involves rules that never come up again: minimum down payment tiers, insured versus uninsured, land transfer tax rebates and the FHSA.
Bruised credit
A past bankruptcy, consumer proposal or run of late payments does not close the door. It changes which lenders will look and what the file needs to show.
Mortgage renewal
Signing the renewal letter your lender sent is almost never the best available outcome. Switching at renewal has its own rules and its own paperwork.
Refinance
Refinancing mid-term means breaking the existing mortgage, which brings a penalty calculation that varies enormously between lenders.
Debt consolidation
Folding unsecured debt into a mortgage lowers the monthly payment and lengthens the term. Whether that helps depends on what happens to the freed-up cash flow.
Rental property
Lenders handle rental income three different ways, and which method applies decides whether the file qualifies at all.
Private mortgage
Private lending is short-term, equity-driven and expensive. It works as a bridge to somewhere, not as a destination.
Construction
Construction financing advances in draws against completed stages, which makes cash flow planning the hard part rather than qualification.
Reverse mortgage
A reverse mortgage converts equity to cash with no required payments. The trade-off is compounding interest against the estate.
Bridge financing
When the purchase closes before the sale, bridge financing covers the gap. It is short, quick and priced accordingly.
Commercial
Commercial lending is underwritten on the property’s income rather than the borrower’s, with different ratios and much longer timelines.