Ontario Mortgage Brokerage

Nothing. Mortgage brokers in Ontario are paid by the lender when your mortgage funds. You get access to 50+ lenders and independent rate advice at no cost to you. Craig Austin Mortgage Group never charges borrower fees.

Your bank offers their own products at their own rates. A mortgage broker compares rates from dozens of lenders, including major banks, credit unions, and monoline lenders, to find the lowest rate and best terms for your situation. Most Canadians who work with a broker get a lower rate than they'd get by walking into a branch.

Almost never. Lenders send renewal offers with rates that are rarely their best. In most cases, a quick call to a mortgage broker can save you thousands over your term. In one recent case, a client in Ontario saved $19,200 over five years just by comparing their renewal offer against the broader market.

Yes, but there may be a prepayment penalty. The cost depends on your lender, rate type (fixed vs variable), and how much time is left on your term. Craig can calculate your exact penalty and determine whether the savings from switching outweigh the cost of breaking early.

No. You can buy a home with as little as 5% down. Purchases with less than 20% down require CMHC mortgage insurance, which gets added to your mortgage balance. The insurance premiums range from 2.8% to 4.0% of your mortgage amount depending on your down payment percentage.

All Canadian mortgage borrowers must qualify at the higher of their contract rate plus 2%, or 5.25%. So even if your actual rate is 4.5%, you need to prove you can afford payments calculated at 6.5%. This affects your maximum purchase price. A mortgage broker can help you understand exactly what you qualify for under these rules.

A typical pre-approval can be done within 24 hours. A full mortgage from application to funding usually takes 2 to 4 weeks, depending on the lender and how complex your file is. Craig's team handles the paperwork so nothing stalls.

Craig Austin Mortgage Group serves homeowners and buyers across Ontario, including the Greater Toronto Area, Kitchener-Waterloo, Hamilton, London, Ottawa, and surrounding areas. Most of the process is done remotely, so we work with clients province-wide.