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Frequently asked questions

Frequently asked questions about mortgages in Canada

How can I get the best mortgage rate in Canada?

Your mortgage rate depends on a variety of personal factors, including your credit score and history. At Mortgage Maestro, we will help you find the best mortgage rates based on your unique needs.

What is the difference between fixed and variable rate mortgage?

Fixed rate mortgages are where the interest-rate is secured for a defined number of years. The rate stays unchanged even if the prime rate fluctuates.

Variable rates are dependent on market conditions and can change if the prime rate changes. The changes do not impact your monthly payment. If the interest-rate increases, a higher portion of your monthly payment will go towards interest rather than the principal amount. If the interest-rate decreases, a higher portion of your monthly payment will go towards principal repayment rather than interest.

What is the difference between an open and closed mortgage?

Open mortgages allow you to repay your loan in full without any prepayment charge. There are some penalties involved with paying out a closed mortgage early. Open mortgages often have a higher interest-rate.

How do I know my mortgage approval limit?

Please visit the affordability calculator page to get an estimate of your approval limit. You can also use the mortgage calculator to get an estimate of your monthly payments. Once you speak with one of our mortgage experts and your file is submitted to a selected lender, the lender will provide the approval limit based on your application.

How do I understand my eligibility?

You can visit our product pages to read more about the mortgages we offer and find the one that works best for your requirements. Alternatively, you can call or email us and one of our advisors will be happy to assist you. Since we work with a variety of lenders, we are confident we can find a solution that is suitable for your requirements.
Phone: 888-503-0505
Email: info@mortgagemaestro.ca

Can I change my mortgage payment amount or frequency?

You can work directly with the mortgage lender to make changes to your agreement. When presenting you with your mortgage options, our mortgage expert will outline the prepayment privileges that may be available to you which will include changing payment schedule, payment frequency, payment amount or the ability to make lump-sum payments to your outstanding balance.

How do I pay my monthly installments?

You will set up pre-authorized mortgage payments while signing the mortgage agreement. Once your monthly payments are set up, any changes you need to make will be discussed directly with your mortgage lender.

How can I make early repayments?

When presenting you with your mortgage options, our mortgage expert will outline the prepayment privileges that may be available to you which will include changing payment schedule, payment frequency, payment amount or the ability to make lump-sum payments to your outstanding balance. Once your mortgage is in place, you can work directly with your mortgage lender to understand the conditions around early repayments. Please note depending on your mortgage type the lender may charge some fee.

Frequently asked questions about Mortgage Maestro

What is the processing time for mortgage applications?

Once you have submitted the online form, we will work with our lender network to find the best mortgage solution to meet your financial goals. One of our mortgage experts will contact you and advise you on the next steps and the documentation requirements of the chosen lender. The application process with our mortgage expert can be completed in 30 minutes. Submitting your application to the chosen lender can move as quickly as you are prepared to move. Once you have provided all of the information and documents requested by the lender, the processing time for approval should take less than a week.

Do I need to visit in person?

Most of your mortgage process will be completed online or on the phone. You will be required to sign your mortgage documents in the presence of a lawyer or a notary.

When is my credit score checked?

Once you are ready to proceed with your application and we have received your express consent, we will pull your credit report.

Which banks do you work with?

We work with multiple lending institutions to present you with various options based on your individual needs and financial goals.

Are there any other costs associated with the mortgages?

There will be some additional costs for an appraisal (if required). Your lawyer may charge a separate fee for processing your mortgage paperwork. Depending on the home’s purchase price there may be an additional cost associated with the property, land transfer tax.

Do you offer mortgage insurance?

Yes, we work with multiple insurance companies to offer you suitable options based on your mortgage requirements. The insurance includes coverage in the event of death, disability or involuntary loss of employment. Please feel free to reach out to our team if you have additional questions.

Is my data secure?

There are several security measures in place to ensure your data is kept secure. We also have a list of safety tips to help ensure that your information is completely confidential. We will use your data to manage your service & product requirements as needed. The information will only be shared with the partners we are working with to process your loan application.

Frequently asked questions about first-time home buyer mortgages

How much can I borrow when purchasing my first home?

Each lender has unique requirements. Your credit score and income are some of the factors that will help determine the borrowing limit. You can use our affordability calculator to understand your budget range.

What will my monthly payment be with a first-time mortgage from Mortgage Maestro?

Monthly payments can vary based on your down payment and mortgage amount. Please use our mortgage calculator to assess your monthly payment.

How can I get the best mortgage rate in Canada?

Your mortgage rate depends on a variety of personal factors, including your credit score and income. At Mortgage Maestro, we will help you find the best mortgage rates based on your unique needs.

Do I need to visit a physical location to receive a mortgage from Mortgage Maestro?

Most of your mortgage process will be completed online or on the phone. You will be required to sign your mortgage documents in the presence of a lawyer or a notary but we try to keep things as convenient as possible!

When will you check my credit score?

Once you are ready to proceed with your application and you have given us your consent, we will pull your credit report. We will not run your credit report until then.

Which banks do you work with?

We have access to more than 50 lending institutions including major Canadian banks.

Are there any other costs associated with a loan from Mortgage Maestro?

There will be some additional costs for an appraisal (if required). Your lawyer may charge a separate fee for processing your mortgage paperwork. Depending on the home’s purchase price there may be an additional cost associated with property, land transfer tax.

Frequently asked questions about renewing and refinancing mortgages in Canada

What is the difference between refinancing and renewing?

All homeowners need to renew their mortgages eventually (when the loan term ends). Refinancing, meanwhile, involves breaking your current mortgage and renegotiating it before the term has ended.

When can you start your mortgage renewal in Canada?

Mortgage Maestro can help you renew your mortgage as early as 120 days before the scheduled renewal date. Once we find the lender that best suits your needs, our team can finalize the paperwork with you.

When can you start your mortgage refinancing in Canada?

Mortgage Maestro can help you refinance your mortgage at any time. Give us a call and tell us about your financing needs and our mortgage advisors will find the solution to meet your requirements.

Frequently asked questions about Home Equity Line of Credit in Canada

What is a home equity line of credit?

A home equity line of credit is a mortgage product that offers flexibility as money can be accessed as needed and paid down at any time. It uses your home as collateral for the loan, which means you will l pay a lower interest-rate.

How much do I have to pay monthly towards my home equity line of credit in Canada?

The amount you will need to pay monthly will vary depending on how much you use. If you borrow $300,000 yet only use $5,000, your repayments will be calculated on $5,000.

What is the maximum home equity line of credit in Canada?

In Canada, you can borrow up to 80% of the value of your home. Individual lenders may limit you to a lesser amount based on an assessment of your financial situation. Contact us at Mortgage Maestro for a personal evaluation and a quote concerning how much you can borrow and at what interest-rate.

Frequently asked questions about reverse mortgages in Canada

How much can I borrow through a reverse mortgage in Canada?

You may be able to borrow up to 55% of your home’s value.

When do I need to repay my reverse mortgage?

When you move or sell the house.

How much do I have to pay monthly on my reverse mortgage in Canada?

You do not have to make monthly payments. If you would like to set up monthly or annual interest payments it can be discussed directly with the lender.

How do I confirm if I’m eligible for a reverse mortgage in Canada?

If you are a Canadian homeowner who is 55 years of age or older, you may be eligible for a reverse mortgage. If you are not sure whether you qualify, contact us at Mortgage Maestro. We will help you evaluate your financial situation and find the best reverse mortgage solution.

What is the interest-rate on a reverse mortgage in Canada?

Your interest-rate with a reverse mortgage in Canada will depend on several factors, including your credit score and the amount you plan on borrowing. A Mortgage Maestro advisor will happily guide you through the application process and discuss your options.

Frequently asked questions about home purchase affordability

Is the affordability calculator accurate?

The calculator can help you estimate your borrowing limit. The actual amount may vary based on your credit history, income status, planned down payment and more. Talk to one of our experts to get a detailed breakdown of rates and options available for you.

What is the minimum down payment?

The minimum down payment to purchase a property in Canada under $500,000 is 5%. For properties priced between $500,000 and $999,999 the required down payment is 5% of the first $500,000 of the purchase price and 10% for the remaining portion of the purchase price. For properties priced over $1 Million, the minimum down payment is 20%. However, homeowners need to purchase mortgage insurance if they are making less than a 20% down payment.

How much should I borrow?

Your borrowing limit is dependent on many factors such as your monthly household income, credit history, existing debt obligations, assets and more. If you would like to get an estimate of how much mortgage you can afford, use our affordability calculator.

Are there any other costs associated with the mortgages?

There will be some additional costs for an appraisal (if required). Your lawyer may charge a separate fee for processing your mortgage paperwork. Depending on the home’s purchase price there may be an additional cost associated with the property, land transfer tax.

What does mortgage affordability mean?

The term ‘mortgage affordability’ relates to the practice of evaluating various home loans to ensure you can comfortably make payments while meeting other financial obligations (i.e. paying off any other debt you have).

Frequently asked questions about mortgage payments

What is a Mortgage Payment?

A mortgage payment is a fixed amount that you pay bi-weekly or monthly. These payments go towards paying your mortgage interest and principal.

Is the mortgage calculator accurate?

The mortgage calculator can help you estimate your monthly payments. The actual amount may vary based on your credit history, income, planned down payment and more. Talk to one of our team members to get a detailed breakdown of rates and options available to you as well as any additional closing costs that may impact your mortgage and the monthly payments.

How much should I borrow?

Your borrowing limit is dependent on many factors such as your monthly household income, credit history, existing debt obligations, assets and more. If you would like to get an estimate of how much mortgage you can afford, use our affordability calculator.

What is CMHC Insurance?

CMHC or mortgage default insurance protects lenders against high-risk loans. Canadian homeowners who provide less than a 20% down payment need to purchase this insurance. In most cases, mortgage default insurance ranges from 2.8% to 4% of the purchase price and is dependent on the size of the down payment. Although this is an additional cost, it can be bundled with your mortgage and included in your monthly payments.

Are there any other costs associated with getting a mortgage?

There will be some additional costs for an appraisal (if required). Your lawyer may charge a separate fee for processing your mortgage paperwork. Depending on the home’s purchase price there may be an additional cost associated with the property, land transfer tax.