Frequently asked questions

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.

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.

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

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

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.

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.

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.

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.

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

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.

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!

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.

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

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.

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.

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.

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.

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.

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.

In Ontario, 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.

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

When you move or sell the house.

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.

If you are a Ontarian 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.

Your interest-rate with a reverse mortgage in Ontario 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.

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.

The minimum down payment to purchase a property in Ontario 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.

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.

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.

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).

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

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.

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.

CMHC or mortgage default insurance protects lenders against high-risk loans. Ontarian 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.

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.