The Mortgage Consultation Process Explained

The mortgage consultation process can be difficult to navigate. It is important to learn about the process up front, so you know what to expect. There are several different types of mortgages available for consumers.

Different types of mortgages:


Conventional or high-ratio mortgages

A conventional mortgage is a mortgage where the borrower makes a down payment equal to 20% or more of the purchase price and does not require mortgage insurance. The borrower will be charged a higher interest rate than with a high-ratio mortgage.

A high-ratio mortgage is where the borrower needs to put down 5% or less of the purchase price, and requires mortgage insurance. The borrower will be charged a lower interest rate than with a conventional mortgage.


Open and closed mortgages

An open mortgage is always available for the buyer to take up and pay off. The bank does not restrict how much can be borrowed, and the borrower can repay the loan by regular deductions from their salary.

The borrower may also be able to borrow additional funds later on, or choose not to repay any of the loan. This type of mortgage offers flexibility over which repayment plan best suits them, but it can also lead to negative equity if loans are not repaid in full every month.

A closed mortgage is where the amount borrowed is predetermined by the bank or building society at a set interest rate, which cannot change for as long as the mortgage lasts (and usually this is between 20-25 years). 


Fixed interest rate mortgage:

If you have a fixed interest rate mortgage, it will have a set interest rate for the duration of your loan. This means that you'll know the exact amount of your monthly payments and total cost of your home. The downside to this is that if rates change, so do the terms of your mortgage.


Convertible or variable-rate mortgages:

In this type of mortgage, the interest rates fluctuate from time to time. Your monthly payment might go up or down as a result. The benefit here is that if rates decrease, your payments may also go down as well as the amount of money you've borrowed over time.



The Ontario government has introduced new home buying initiatives to help make homeownership more affordable. These include a new, streamlined mortgage process that allows people to buy their first home with just 10% down payment.

There are also special features for first-time buyers who need help getting into the market. The province is introducing a program that will provide low interest loans of up to $35,000 for single detached homes and $250,000 for condos or townhouses .


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Stav has helped us find a beautiful downtown condo and we were very happy with the service provided. A couple of months later, we had a complex real estate transaction and I've called Stav for advice (he was not involved in the transaction itself). He has provided valuable advice and shared his …Stav has helped us find a beautiful downtown condo and we were very happy with the service provided. A couple of months later, we had a complex real estate transaction and I've called Stav for advice (he was not involved in the transaction itself). He has provided valuable advice and shared his contacts which helped us immensely. He is very knowledgable, trustworthy, experienced and goes above and beyond to help his clients and the community.[read more]
Michael weinbergMichael Weinberg
First of all i want to say Wow ! Stav is highly recommend ! I want to thank you and your team for all the good service you gave me!Without any doubt, choose stav.
Asher hakmonAsher Hakmon
Stav’s team helped me twice this year. The whole experience was professional and super attentive to our needs. We got responses to all our questions and got support and advise we needed. Thank Stav and Dory!
Inna manovaInna Manova
ממליצה בחום על סתו אדיבי ועל שי שאול! עוד לפני המעבר היו לי כמה שיחות טלפון עם סתו, בהן נתן לי עצות זהב לגבי המעבר. כשעברנו הגעתי עם משפחתי לבידוד בבקתה של סתו וריקי. …ממליצה בחום על סתו אדיבי ועל שי שאול! עוד לפני המעבר היו לי כמה שיחות טלפון עם סתו, בהן נתן לי עצות זהב לגבי המעבר. כשעברנו הגעתי עם משפחתי לבידוד בבקתה של סתו וריקי. היחס היה נהדר! ריקי מקסימה דאגה לנו לכל והילדות/ים שלי ממש נקשרו אליה, וסתו עזר לי מכל הלב וללא תמורה בסידורים של ההתחלה. הסיע אותי להוציא כרטיס סינ ולפתוח חשבון בנק, שי שאול מהצוות מצא לי את הדירה, סידר הכל בצורה מקצועית עניינית ומהיר, וסתו נתן לנו המון רהיטים במתנה בשביל ההתחלה וגם הביא אותם אל הדירה. עד היום אני מתקשרת להתייעץ עם סתו מדי פעם, סומכת על אנשי ונשות המקצוע שהוא מפנה אליהם/ן. . ממליצה בחום להיעזר בו. אדם טוב ואמין שעוזר מכל הלב! יישר כוח!!![read more]
Hamutal GorenHamutal Goren
After landing in Canada I retained the services of Shay Shaul in order to find an apartment in Downtown Toronto. Shay helped me make sense of the plethora of apartments, insisted on driving me around everywhere, and generally bring order and clarity to an otherwise chaotic period in my life.His …After landing in Canada I retained the services of Shay Shaul in order to find an apartment in Downtown Toronto. Shay helped me make sense of the plethora of apartments, insisted on driving me around everywhere, and generally bring order and clarity to an otherwise chaotic period in my life.His friendly assistance in everything really helped me start my life in Toronto in a good way.I would highly recommend availing yourselves of Shay's services - whatever you're looking for. You're in for a wonderful, professional experience![read more]
Gil shidlansikGil Shidlansik
Stav and his team is available for phone calls 7 days a week from 7am to 10pm. He has superb knowledge and know how to fit a solution to the customer's needs. He found for me my dream home that was also affordable.
Riki AdiviRiki Adivi
Stav’s team helped me twice this year. The whole experience was professional and super attentive to our needs. We got responses to all our questions and got support and advise we needed. Thank Stav and Dory!
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Very professional and welcoming .Straight to the point and very patient.Thank you very much.
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Emilia chepEmilia Chep
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