Frequently Asked Questions

  • High ratio mortgage.

    What is a high ratio mortgage?

  • Weekly vs monthly payments.

    How much better off am I with weekly vs. monthly payments?

  • Pre-approved mortgage.

    What is the advantage of a pre-approved mortgage?

  • Second mortgage.

    What is a second mortgage?

  • Co-signer vs Guarantor.

    What is the difference between Co-signer and a Guarantor?

  • Is the lender obligated to renew my mortage?

    At the end of the term of my mortgage is the lender obligated to renew my mortgage?

  • Renewal fee.

    Does a lender charge a renewal fee?

  • Open mortgage.

    What is an open mortgage?

  • Closed mortgage.

    What is a closed mortgage?

  • Breaking your mortgage.

    Is there ever a good time to break my closed mortgage and pay the prepayment penalties?

  • Penalties for switching you mortgage.

    Are there always penalties when I switch my mortgage to another lender?