The Mortgage Centre

Whether you are qualifying for a mortgage, closing, renewing, refinancing, breaking it early or falling behind: how it works in Ontario, what the law requires at each step, and what a lawyer does along the way. Five stages carry you through it — qualify, approve & appraise, close & register, live with it and discharge — each explaining what happens, who is responsible, and what Ontario law requires. Calculators, a glossary and guides to download sit alongside the stages, and every one ends with our flat, published fee and a way to start a file online.

Your journey, step by step

Every stage is its own page: what happens, who is involved, what it costs, and where a lawyer comes in.

iQualify

Income, credit, debt and down payment reviewed for a commitment

Broker or bankYour lawyer

iiApprove & appraise

The lender's conditions are satisfied and the commitment firms up

AppraiserBroker or bankYour lawyer

iiiClose & register

Sign, advance funds and register the charge on title

Your lawyerYour lenderLand registry office

ivLive with it

Payments, renewal, refinancing, porting or falling behind

Your lenderYour lawyer

vDischarge

The mortgage is paid out and removed from title

Your lenderLand registry officeYour lawyer

More situations in this centre

Beyond the core journey above: scenarios that change the steps.

SituationWhat is the difference between a fixed, variable, open and closed mortgage?SituationWhat does it mean to refinance my mortgage, and what does it cost to arrange?SituationCan I take my mortgage with me if I move, or move it to a different lender?SituationWhat happens if I pay off or break my mortgage before the term ends?SituationWhat happens if I fall behind on my mortgage, and how much time do I have?SituationWhat is different about a private mortgage or a second mortgage?SituationHow does a reverse mortgage work, and what happens to the property afterward?SituationCan I get a mortgage in Ontario without Canadian credit history?SituationHow do lenders assess income for a mortgage when I am self-employed?SituationHow is financing an investment property different from financing a home I'll live in?SituationWhat is the difference between a co-signer, a co-borrower and a guarantor on a mortgage?SituationHow does mortgage or title fraud happen, and what protects me against it?

Tools

Calculators, checklists that build themselves, and timelines you can drop a date into.

QuizFixed, variable or open: which fits how you think about risk?

Six questions about certainty, timing and what an early exit would cost you. The result explains a mortgage type; it never points you to a lender or a rate.

Checklist builderWhat will the lender ask me for?

Answer five questions about your income, down payment and status, and see the paperwork a lender is likely to ask for, sorted to what applies to you. Your specific lender may ask for more, or less.

CalculatorMortgage payment calculator

Use this to see a monthly, bi-weekly or accelerated payment for a given rate and amortization, with Canadian semi-annual compounding.

LiveClosing cost calculator

Legal fees, disbursements, adjustments and land transfer tax.

LiveLand transfer tax calculator

Ontario and Toronto, with the first-time buyer refund.

CalculatorRenew or switch

Use this at renewal, to compare your lender's offer against switching elsewhere, over the term, after switching costs.

CalculatorRefinance break-even

Use this when comparing a refinance's penalty and costs against the months of savings it would take to recover them.

QuizPort, break, or stay put?

Five questions about your move, your rate and the cost of leaving early. The result names an option to research further; it never points you to a lender.

CalculatorPrepayment penalty estimator

Use this when you are thinking about breaking or paying off a mortgage early, to estimate three months' interest versus the interest rate differential.

TimelineHow much time does the law give me after a missed payment?

Enter the date a payment was missed to see the earliest a Notice of Sale can be given and the earliest a property can be sold under Ontario's Mortgages Act. Treat the dates as typical, not fixed; a mortgage's own terms and a lender's practice can vary them.

LiveHST new housing rebate

For new builds and substantial renovations.

Who you'll deal with

And what each one is actually responsible for.

Mortgage broker or bank

Assesses your income, debt, credit and down payment, and issues the written commitment letter setting out the loan's rate, term and conditions.

Regulated by FSRA (brokers and agents); OSFI (federally regulated banks)

Your lawyer

Reviews the commitment, searches title, prepares and registers the mortgage or its discharge, and reports to you and to the lender.

Regulated by Law Society of Ontario

Appraiser

Values the property for the lender. A low appraisal can reduce how much a lender will advance against it.

Regulated by Professional designation (AACI or CRA)

Your lender

Advances the funds, services the account, issues renewal and payout statements, and registers the discharge once the loan is repaid.

Regulated by FCAC and OSFI for banks; FSRA for credit unions and mortgage lenders

Land registry office

Ontario's electronic land registration system, where the charge is registered against title on closing and the discharge is registered once it is paid.

Regulated by ServiceOntario, operated with Teranet

Private lender

An individual, syndicate or company lending outside the banking system, usually at a higher cost and for a shorter term, often arranged through a broker.

Regulated by FSRA, under the Mortgage Brokerages, Lenders and Administrators Act, 2006

Credit bureau

Holds the credit history a lender checks to qualify you, and that a missed payment or a co-signed loan can affect.

Regulated by Ontario's Consumer Reporting Act