Current Rates
Live BenchmarksEstimated competitive rates in Canada (Subject to change):
Active Offers
PromotionsReceive cash back on mortgage transfers or new condo purchases to cover legal fees and closing expenses.
Lower your monthly payments on new builds or first homes with 30-year extended amortizations.
Use up to 50%–80% of rental income to qualify for additional properties easily.
Income & Qualification
Built-In MQRIncludes OSFI B-20 Stress Test (Max 39% GDS).
Closing Costs & Contact
Ontario & GTAHow Fast Can You Pay Off Your Mortgage?
Most Canadian mortgages allow 10%–20% annual lump sum payments and payment doubling privileges without penalties.
Prepayment Penalty Estimator (Fixed IRD vs. Variable Closed)
Breaking a closed mortgage early incurs penalties. Variable mortgages typically charge 3 months' interest, whereas Fixed mortgages charge the greater of 3 months' interest or Interest Rate Differential (IRD).
What Documents Are Required to Apply for a Mortgage?
Having these documents prepared ensures quick mortgage pre-approvals and fast commitment letters:
Standard Salaried / Employed
- Government Photo ID (Driver's License or Passport)
- Two recent paystubs (within 30 days)
- Recent Job Letter on company letterhead
- Most recent two years T4 statements
Business For Self (BFS)
- Two years Notice of Assessment (NOA) from CRA
- Two years full T1 Generals
- Two years T2s & Financial Statements (if incorporated)
- Business Incorporation Papers / License
Down Payment & Property Transfers
- 3 months bank statements showing down payment funds
- Gift Letter & bank proof (if gifted from family)
- Property Tax Bill (if currently owning property)
- Current Mortgage Statement & Condo Fee Proof
Down Payment Frequently Asked Questions (FHSA, RRSP & TFSA)
How does the First Home Savings Account (FHSA) work?
The FHSA lets first-time buyers contribute up to $8,000 per year (lifetime max $40,000). Contributions are tax-deductible (like an RRSP), and withdrawals for buying a qualifying home are 100% tax-free (like a TFSA).
Can I use my RRSP for a condo down payment?
Yes, under the Home Buyers' Plan (HBP), eligible buyers can withdraw up to $60,000 tax-free from their RRSP. Couples buying together can access up to $120,000. Repayments occur over a 15-year period.
Using TFSA funds for a down payment?
TFSA withdrawals are completely tax-free and can be used directly toward your purchase price or closing costs at any time. Furthermore, the withdrawn amount is re-added to your TFSA contribution room the following calendar year.
Client Reviews & Testimonials
Niraj Thakor - CIBC Mobile Mortgage Advisor
"Niraj guided us through our condo mortgage purchase seamlessly. He explained the stress test clearly and secured a fantastic rate!"
"Extremely knowledgeable advisor. Helped us combine our FHSA and RRSP funds for our down payment efficiently."
"Niraj made our mortgage transfer quick and easy while securing cash back to cover our legal fees. High recommendations!"