A first mortgage is the loan registered in first position against your home. First position is why it carries the lowest rate available on the property.
First positionLowest rate available
Five factorsCompared, not rate alone
One credit pullAcross every lender
Who we arrange these for
- You are buying and want more than the one product your bank sells.
- You have a pre-approval from a bank and want to know whether it is competitive.
- You are switching lenders at renewal and need a new first mortgage arranged.
- You are refinancing and replacing your existing first mortgage entirely.
- You were declined and were never told which part of the file failed.
What to check before you sign
- The rate is not where people lose money. The terms attached to it are.
- Read the penalty formula. Two mortgages a tenth of a percent apart can differ by five figures if you break one early.
- Check the prepayment privilege: how much you can pay down each year, and when you are allowed to do it.
- Ask whether the charge is standard or collateral. A collateral charge makes switching lenders later more expensive.
- Confirm the mortgage is portable if there is any chance you move mid-term.
- Compare on total cost over how long you actually plan to hold the property, not on the headline rate.
Documents to gather
- Government photo ID for each applicant
- Two most recent pay stubs and a letter of employment stating position, salary and start date
- Two years of T4s or Notices of Assessment
- Ninety days of history on the down payment funds
- Purchase agreement and MLS listing, if you are buying
- Current mortgage statement and property tax bill, if you already own
How we place the file
- 01 Free 20 minute callWhat you are buying, how you earn, what you have saved. No credit pull yet.
- 02 Costed optionsRate, penalty formula, prepayment privileges and charge type shown side by side, not rate alone.
- 03 One credit pull, one submissionWe submit only where the file fits, which protects your score.
- 04 Conditions and closingWe clear lender conditions, coordinate the appraisal and work with your lawyer to funding.
Want a real comparison?
Start the application, or call 647-505-1096 and talk it through first.
Questions we get asked
- Is the lowest rate always the best mortgage?
- No. A restrictive product can cost far more than the rate saves if you break it, port it, or need to refinance mid-term. We show the penalty formula alongside the rate so the comparison is complete.
- What is a collateral charge and does it matter?
- A collateral charge registers the mortgage for more than the loan amount, which makes it easier to borrow more later but usually means paying legal fees to switch lenders at renewal. It matters if you expect to move lenders.
- How long is a pre-approval good for?
- Most lenders hold a rate for 90 to 120 days. The rate hold is not the same as an approval on a specific property, which comes after you have an accepted offer.
- Can I get a mortgage with 5% down?
- Yes on a property priced at $500,000 or less. Above that the minimum rises: 10% on the portion between $500,000 and $1,500,000, and 20% above $1,500,000.