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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Emilia ChepEmilia Chep
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Tomer BellaTomer Bella
To the future lucky clients of Shay,Shay Shaul and the Forest Hill Richmond Hill team are absolutely the best in the business! When we were looking to find a place to call home, it was this team and they made us feel at home as newcomers to Canada right from the start! Shay was caring, …To the future lucky clients of Shay,Shay Shaul and the Forest Hill Richmond Hill team are absolutely the best in the business! When we were looking to find a place to call home, it was this team and they made us feel at home as newcomers to Canada right from the start! Shay was caring, understanding, patient, attentive and always there for us. He was honest, transparent and walked us through the process from beginning to end. Shay is seriously the best! We will forever consider him as family and our go to guy! This scary and tense home hunting journey became fun, relaxed and meaningful because of Shay. A thousand thanks from the bottom of our hearts for everything you have done and given us!Love and appreciate you so much!!!Your fans forever,Anat, Tomer and the pups![read more]
Tomer bellaTomer Bella
בעזרת המשרד תיווך של סתיו אדיבי ובעזרתו של שי שאול מצאנו דירה בתוך 3 ימים הם המשיך ותמכו בנו בזמן החתימה והמעבר בלב פתוח.אנו בהכרת תודה ענקית על הכל.הם מקצועיים …בעזרת המשרד תיווך של סתיו אדיבי ובעזרתו של שי שאול מצאנו דירה בתוך 3 ימים הם המשיך ותמכו בנו בזמן החתימה והמעבר בלב פתוח.אנו בהכרת תודה ענקית על הכל.הם מקצועיים ואמינים והיו זמינים עבורינו בכל זמן, ואנוממליצים בחום לפנות לסתיו אם יש שאלות במעבר או צורך להשכרת /רכישת ביתםWe had a great experience with Forest Hill Richmond Hill relators, when we came to Toronto and needed to rent an apartment. Stav and Shay have been very professional and helpful.Shay worked with us directly and was absolutely amazing. promptly answered any questions or requests and was very kind when he toured with us.We would warmly recommend their services.[read more]
Meital bat orMeital Bat or
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Stav Adivi is patient and extremely helpful in finding the perfect house / property for his clients. He went above and beyond on his our expectations. He is very professional, transparent knowledgeable and highly skilled . I would highly recommend hin to any one looking to buy or sell or manage a …Stav Adivi is patient and extremely helpful in finding the perfect house / property for his clients. He went above and beyond on his our expectations. He is very professional, transparent knowledgeable and highly skilled . I would highly recommend hin to any one looking to buy or sell or manage a property. We have been using his services for the last 7 years both and sold many times with Great over asking profits. He is not pushy and let's you exactly what your getting in each and every property what's better what can make it better and has trached us many things to look at when buy and selling.[read more]
Elanit bitonElanit Biton
Moving to Toronto as a new comer can be very overwhelming. Shy was so helpful, professional and always Got back to us within a decent responsive time, for viewings, offers and all questions related to moving, moving To Toronto for the first time ever and as a newcomer!
Emilia chepEmilia Chep
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Vladimir schekoldinVladimir Schekoldin
Great company! Very professional and client oriented. In these circumstances and huge demand for houses in our area during covid-19 find a home and even get a discount from asking price!. Very recommended.
Vladimir SchekoldinVladimir Schekoldin
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