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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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
We were so fortunate to have Dory Khaltar as our Realtor, she helped us find the right house in the right neighbourhood for the right price. She was patient and professional as we wanted to look at homes in many different neighbourhoods over several weeks. We highly recommend her to anyone.
Bindi DariBindi Dari
It was a great experience to find our first home here in Toronto !Stav & Shay did a very good job , help us a lot with information about the neighbourhood's and how everything wokrs here.Highly recommended agency and I definitely recommend to everyone I know !
Alex smolAlex Smol
Shay and Stav were extremely professional and communicative through out. They helped us find a house even before we landed in Canada and since we arrived directly to Quarantine, Shay also picked up and assembled for us the Ikea furniture. They both were very nice and patient for every question we had. In conclusion, we highly recommend!!
Dana kaminskyDana Kaminsky
Stav is very professional and knowledgeable. Always ready to help. He assisted us a lot during our immigration process and initial house hunting.I highly recommend his services.
Anastasia BrifAnastasia Brif
Very professional and welcoming .Straight to the point and very patient.Thank you very much.
Max BidaMax Bida
We were so fortunate to have Dory Khaltar as our Realtor, she helped us find the right house in the right neighbourhood for the right price. She was patient and professional as we wanted to look at homes in many different neighbourhoods over several weeks. We highly recommend her to anyone.
Bindi dariBindi Dari
Highly recommend!!!Not just very professional service, but, and it’s much more important, very friendly, kind and honest. Stav found a time with us for a Q&A session before we landed in Canada.He appointed Shay day after we arrived and was always available for questions. His advices was …Highly recommend!!!Not just very professional service, but, and it’s much more important, very friendly, kind and honest. Stav found a time with us for a Q&A session before we landed in Canada.He appointed Shay day after we arrived and was always available for questions. His advices was priceless. Shay made everything to adopt his schedule to our tight timelines and found an amazing apartment for us in less than a week. Stav and Shay helped us a lot after we found an apartment and all bureaucracy was done in a day or two. Their attitude is not something that can be taken for granted and we are very grateful for theirs help and support.[read more]
Olga ShaferOlga Shafer
I would like to recommend Satv and Shay who helped me with my moving to Toronto and helped me find an apartment thanks to them the moving was so easy!They were as patient as possible and helped me find the neighborhood that would suit me according to what i was looking for, were there for all my …I would like to recommend Satv and Shay who helped me with my moving to Toronto and helped me find an apartment thanks to them the moving was so easy!They were as patient as possible and helped me find the neighborhood that would suit me according to what i was looking for, were there for all my craziness, answered at any time so we could find an apartment that I love to live in ..Their concern is beyond a real estate agency its feels like that a family member is helping you find an apartment.Highly recommend!!![read more]
Ela pazEla Paz
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
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Forest Hill Richmond Hill | Real Estate Agency 10211 Yonge Street, Suite 100, Richmond Hill, ON L4C 3B3 (647) 292 3600