Current Ontario Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
Is my personal information safe?
Absolutely. Your privacy and security is of the utmost importance to us. After logging into this system, your information
is encrypted so your personal information cannot be accessed or viewed by anyone without the proper privileges. We
maintain the highest level of security and data encryption available throughout your loan process.
What are Points?
Points are a method of buying down the interest rate. One point is equal to 1% of the loan amount. For example,
2 points on $100,000 equal $2,000.
How do I apply for a mortgage?
You can apply online, by telephone, or by visiting your local branch. When applying online, select the statement that
best describes your situation on the front page. You will walk through the four steps of the application process.
This whole process takes about 15-20 minutes.
When can I lock in my loan?
You may request to lock in your loan anytime after your loan application is submitted. Your rate is not locked until you
receive written confirmation that your rate has been locked. Interest rates fluctuate daily, so the rates available when
you apply may be different than the rates available when you decide to lock your interest rate. By locking, you protect
your selected rate for a stated period of time regardless of market fluctuation. Once your rate is locked, you will
receive a lock confirmation stating the rate and terms that you have protected.
Steps to Getting a Ontario Mortgage?
Get a Free Credit Report!
The first step to getting a Ontario mortgage is to know your credit score.
Understanding your credit report is a critical part to getting your mortgage.
Raise your score while you shop for your Ontario home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
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Mortgage Qualification Guidlines
1. You should have had no late payments with your previous credits for at least one year (12 months). But if you have had a great credit record for several years and you had some little occasions of late payment, your application might still be considered. Usually, lenders watch out for late payments that are 30 days behind or more.
2. Lenders will check your rental payment history. You should have regular, on time payments for your rental residence for at least, the last 2 years to prove that you pay on time.
3. If the government has established your student loan to be in default, it is possible that you are not found to be a qualified applicant for a mortgage loan. However, there are cases the disqualification may be waived provided that you have entered into your repayment negotiations to schedule for the student loan and you have made punctual payments again for the previous year.
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Mortgage Qualification Guidlines
1. You should have had no late payments with your previous credits for at least one year (12 months). But if you have had a great credit record for several years and you had some little occasions of late payment, your application might still be considered. Usually, lenders watch out for late payments that are 30 days behind or more.
2. Lenders will check your rental payment history. You should have regular, on time payments for your rental residence for at least, the last 2 years to prove that you pay on time.
3. If the government has established your student loan to be in default, it is possible that you are not found to be a qualified applicant for a mortgage loan. However, there are cases the disqualification may be waived provided that you have entered into your repayment negotiations to schedule for the student loan and you have made punctual payments again for the previous year.
