Question 1

Fixed or variable mortgage rate: which is right for me?

Accepted Answer

A fixed rate mortgage and a variable rate mortgage differ in more than whether the number moves. They differ in how the penalty is calculated if you break the mortgage early, how the rate travels if you move, and what happens to your cash flow when rates shift. The right choice follows from your situation.

Question 2

Is the lowest mortgage rate always the best deal?

Accepted Answer

Not always. The mortgage rate is one factor among many. Promotional rates and cashback mortgage offers can come with conditions, penalties or other limitations. The real question is what the whole mortgage product costs you across the term.

Question 3

How does porting a mortgage work when I buy a new property?

Accepted Answer

Mortgage portability happens on the lender’s terms. The rate offered on the new portion may not always be competitive, and breaking a mortgage early can result in a significant penalty. Portability and penalties should therefore be considered before choosing a mortgage product.

Question 4

I’m self-employed and my income looks small on paper. Will I get approved?

Accepted Answer

Self-employed borrowers may have mortgage options with lenders that assess income differently. Some lenders consider gross income, add-backs, retained earnings and business cash flow when evaluating a mortgage application.

Question 5

Is buying a home the same in Ontario and Quebec?

Accepted Answer

The financial analysis is similar, but the purchase and closing processes differ between Ontario and Quebec. Structure Mortgage is licensed and active in both provinces and handles mortgage files according to the requirements of the province where the property is located.

Question 6

Will I qualify for a Canadian mortgage as a newcomer or temporary resident?

Accepted Answer

Newcomers and temporary residents may qualify for a Canadian mortgage depending on their immigration status, work permit, income, credit history, down payment and lender requirements. Requirements vary by lender and can change over time.

Category: Business owners financing commercial property

Buying the building the business already operates from.