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Retail Rates.

A bank specialist works for the bank and can only offer their specific retail products at their posted rates. A mortgage agent works for you. Our partnered Pineapple Financial agents have fiduciary access to over 50+ lenders (including top banks, credit unions, and monoline lenders) to secure wholesale pricing and unbiased terms.

Federally regulated lenders must qualify you at a rate higher than your actual contract rate to ensure you can handle future rate hikes. Currently, you must qualify at your contract rate plus 2.0%, or 5.25%, whichever is higher.

Monoline lenders are financial institutions that solely focus on mortgages. They don't have retail branches, which means they have vastly lower overhead. They pass these savings on through lower interest rates and significantly fairer penalty calculations compared to the Big 5 banks.

For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it is 5% on the first $500k and 10% on the remainder. For homes $1 Million and over, a strict 20% down payment is required.

CMHC (or Sagen/Canada Guaranty) is default insurance required by law if your down payment is less than 20%. The premium is calculated as a percentage of your loan (usually 2.8% to 4.0%) and is added directly to your mortgage balance.

A safe estimate is 1.5% to 2% of the purchase price. This includes Land Transfer Tax (provincial, plus municipal if in Toronto), legal fees ($1,500-$2,000), title insurance, appraisal fees, and PST on your CMHC premium if applicable.

Yes. Immediate family members (parents, grandparents, siblings) can gift you funds for a down payment. The lender will require a signed 'Gift Letter' confirming the money is not a loan and does not need to be repaid.

A standard charge registers the exact amount of your mortgage. A collateral charge allows the lender to register up to 125% of the home's value, making it easier to borrow more money later without legal fees, but making it harder to switch lenders at renewal.

Fixed rates provide payment stability and protect against Bank of Canada rate hikes. Variable rates float with the Prime rate; historically, they cost less over a 25-year period and offer much lower penalties to break, but require a stomach for market fluctuations.

Insured mortgages are for purchases with <20% down. Insurable mortgages are for renewals or refinances with 20%+ equity where the property value is under $1M and amortization is 25 years or less. The lender buys portfolio insurance in the background, offering you lower rates.

It is the greater of 3-months interest OR the Interest Rate Differential (IRD). The IRD is a complex calculation banks use to recoup lost interest, and it can cost tens of thousands of dollars if rates have dropped since you signed. Variable rates strictly use a 3-month interest penalty.

Yes. Getting pre-approved allows our Pineapple agents to lock in a fixed rate for up to 120 days. If rates go up, you are protected. If rates drop before you close, we simply float you down to the new, lower rate.

Amortization is the total lifespan it takes to pay off the mortgage entirely (typically 25 or 30 years). Your 'Term' is the length of your current contract and rate guarantee (usually 3 or 5 years).

Yes, provided you have at least a 20% down payment (an 'Uninsured' mortgage). Extending to 30 years lowers your monthly payment significantly and increases the maximum loan amount you can qualify for.

Most A-lender mortgages include 20/20 prepayment privileges. This means every year, you can increase your regular payment by 20%, and drop a lump sum of up to 20% of the original principal directly onto the balance without penalty.

Your mortgage 'matures.' Your current lender will send a renewal offer. Do NOT sign it immediately. We will shop your remaining balance across the wholesale market to ensure you aren't paying a loyalty premium.

Refinancing replaces your current mortgage with a new one. It allows you to pull out cash from your home equity, lower your interest rate, extend your amortization to lower payments, or consolidate high-interest debts.

Canadian regulations allow you to refinance up to 80% of your home's current appraised value, minus your existing mortgage balance.

Yes. Even if you stay with your current lender, pulling out additional equity qualifies as a new mortgage application and is subject to the B-20 stress test.

A HELOC is a revolving line of credit secured against your home. You only pay interest on what you use, and the rate floats with Prime. You can access up to 65% of your home's value via a standalone HELOC.

Yes, this is called debt consolidation. By rolling 20% credit card debt into a ~5% mortgage, you drastically reduce your monthly outflows and save thousands in interest, improving your monthly cash flow.

It is a legal tax strategy in Canada. You use a readvanceable mortgage (like a HELOC combo) to convert your non-deductible primary residence mortgage interest into tax-deductible investment loan interest.

Absolutely. We can set up a HELOC or refinance your primary residence to pull out the 20% down payment required to purchase an investment property or cottage.

B-Lenders (Alternative Lenders) are regulated institutions that offer mortgages to clients who don't fit the strict A-lender box. They focus on 'story over score', accommodating self-employed individuals with low declared income or clients with bruised credit.

Traditional banks require 2 years of Notice of Assessments (NOAs). We utilize 'Stated Income' programs with B-Lenders, allowing us to use 6-12 months of your business bank statements to prove your true cash flow for qualification.

A private mortgage is funded by an individual or investment syndicate. It is strictly asset-based, meaning approval relies on the equity in the home rather than your income or credit score. They are ideal for quick bridge financing or emergency funds.

Private mortgages have higher interest rates (typically 7% to 12%) and include lender fees and broker fees (ranging from 1% to 3% of the loan amount). These are short-term solutions (1-2 years) designed to bridge you until you can return to traditional lending.

A second mortgage sits behind your primary mortgage. It allows you to access equity without breaking your first mortgage (preserving your low fixed rate). It is usually funded by private lenders or specialized MICs.

We place clients in short-term B-lender or private solutions while working with them to pay off collections, lower utilization, and establish new trade lines. Once the credit score recovers (usually 12-24 months), we refinance them back to a prime bank rate.

Yes. Most A-lenders require you to be fully discharged for 2 years with re-established credit. However, our Alternative and Private lenders can fund you the day after discharge, or even pay out the proposal through equity.