Mortgages  in Ontario

Marianne LalondeMy name is Marianne Lalonde and I am a mortgage agent for The Mortgage Wellness Group and the owner of Option1 Financial. One of the first questions you need to ask yourself when you shop for a mortgage is whether you should shop the financial institutions yourself or have a mortgage agent do the shopping for you. As an agent for The Mortgage Wellness Group, I have access to 49 different financial institutions that are in the business of providing mortgages in Ontario. 

Mortgage rates and qualifying requirements are constantly changing. I can work with you to help you qualify for a loan and I can provide the independent advice you need to help you choose the most suitable financing package you can qualify for.

If you would prefer to apply online, you use this form to get a Free, No Obligation Mortgage Approval. We also have 2 mortgage calculators that you can use to estimate what your mortgage payment would be at various interest rates. You can use this mortgage calculator or you can use the mortgage payment calculator at the bottom of this page. You can find updated Ontario mortgage rates on the chart just below. If you are shopping for the best mortgage rates in Ontario, call (800) 722-7172. No Credit Check is required for the rate estimate.


Shopping for the best mortgage in Ontario can be a complicated thing. You want to get the best mortgage rate but you also want make sure you’re getting a good mortgage product. What often happens is that inferior mortgage products get put in the hands of shoppers who are too focused on getting the best mortgages rates. Always remember, there’s a difference between getting a good deal and finding the cheapest product.


The good news is, the very best mortgages in Ontario only cost a few dollars more per month than less desirable mortgages.


Canadian Mortgage Rates


Current Mortgage Rates
Prime Rate 2.70%
5 Year Variable 2.00%
1 Year 2.29%
2 Year 2.19%
3 Year 2.15%
4 Year 2.49%
5 Year Fixed 2.49%
6 Year 3.79
7 Year 3.44%
10 Year 3.84%




The Mortgage Wellness Group is part of the Verico Mortgage Broker Network, one of the largest broker networks in Canada. We work with 49 different lenders in Ontario.

We can offer you the best mortgage rates in Ontario on a wide range of products, including renewing your mortgage, refinancing, home purchase loans, mortgages for self employed, morgages for first time home buyers, debt consolidation and private mortgages.


Checklist For The Best Mortgage in Ontario


  • Is the rate for a collateral mortgage?
  • Do you have the right documentation? Each type of employment has different requirements.
  • How about your credit history, has it been reviewed?
  • Do you have a mortgage pro who’s going to take the time to make sure you’re getting the best mortgage for your needs?
  • View some customer testimonials on the bottom of this page


Why use a mortgage agent or broker?

  • Because there’s a lot of fine print you won’t get to see until you need to get out of the mortgage or refinance.
  • We’re able to give you independent advice about each offering. If you were to go to each bank or credit union yourself, you would be dealing with employees who have to give you the advice they are told to give you. They are not independent and they have a duty to their employer not to you.

If you are shopping for the best mortgages in Ontario and the best mortgage rates, call Marianne at (800) 722-7172. You can also send us your information to have us contact you, or, you can use our free, no-obligation mortgage approval form if you prefer.


We Work For You


get the best mortgage Ontario

Jack and Jane (not their real names) came to us after being turned down for a mortgage renewal application for their home. After doing an online search for Ontario mortgage rates, they chose a well-known and well-established Ontario mortgage broker. They were shocked at being declined.


During 5 years with their current lender, they had never missed a payment or been late and they now had over 30% equity in their home. Their income levels were a bit lower than before, but so were their debts, so they expected clear sailing. Needless to say, they were quite surprised when this broker got back to them 5 days later and advised them he wouldn’t be able to help them because of their low income levels.


What We Did

We reviewed Jack and Jane’s income and debt information and we calculated their debt ratios to see if we could qualify them for a mortgage. Jack had pension income from a few different sources and Jane was self-employed. Theirs wasn’t the simplest mortgage application to process, but it wasn’t unusual in any way. What we discovered was that the previous broker had not used all of the qualifying income and some Jack’s tax free income had not been grossed up as allowed by lender guidelines. As a result, their debt ratios were too high and Jack and Jane did not ‘qualify’ for a mortgage.


The Outcome

By including all of the appropriate income and then applying the proper gross up calculations, Jack and Jane did fit within the qualifying debt ratio guidelines for a mortgage. It was tight, but they fit. Not only were we able to qualify Jack and Jane for a mortgage, we were able to qualify them for a low rate variable mortgage with all the bells and whistles. Variable rate mortgages are more difficult to qualify for because a higher mortgage rate is used to qualify the borrowers. Quite a stretch from being turned down!


The Lesson

Having a lot of experience does not automatically translate into being able to provide a better service. If the person is too busy or doesn’t pay enough attention to detail, all the experience in the world won’t make one bit of difference to the outcome.

Many brokers take the easy route and play it safe by using the income levels that are reported on the customer’s Notice of Assessment. But the NOAs don’t reflect proper income levels for non-taxable and self-employed earnings.

Luckily, Jack and Jane had the good sense to get a second opinion. Had they accepted the first broker’s opinion, they probably would have panicked and put their house up for sale giving up on their dream of home ownership.

This is an extreme example, but mistakes like this happen every day. The results range all the way from the borrower having to pay a higher interest rate to being declined.

For the best service when shopping for a mortgage call (800) 722-7172. If you would like us to contact you, use our 30 second contact form. If you would like to fill out an online application form, use our free, no obligation mortgage approval.


mortgage ontario no obligation mortgage approval


There’s a lot of information about various mortgage products in our services section. Be sure to visit our FAQ section for reference material and our check into our blog regularly for recent articles of interest on mortgages, real estate and insurance products. If you have any questions, please call 1-800-722-7172 or use our 30 second contact form; we’ll be glad to help you with any questions you might have.

We service Barrie, Midland, Orillia, Georgian Bay, Simcoe County and all of Central Ontario from our office in Penetanguishene.

We serve  Toronto and the Greater Toronto Area (GTA) including Richmond Hill, Markham, Mississauga and Brampton from our location in Vaughan. Through our website we can help you pretty much anywhere in the rest of Ontario.

If you’re thinking of moving to Ontario, you can learn more about Ontario here.


Call 800-722-7172 or use our 30 second form for a free consultation.


The Truth About Mortgages


Many people think all mortgages are pretty similar. After all, how much difference can there be? The answer: there’s a huge difference between the types  of mortgages that are available, and it can cost you a lot of money down the road if you take the wrong product.


Many lenders are using collateral mortgages rather than standard or conventional mortgages. Previously, home loans were always registered as a standard charge unless one was applying for a Home Equity Line of Credit (HELOC).  But in 2010, a few banks started to register home loans as collateral mortgages rather than the usual standard charge mortgages. In fact, a number of banks in Canada no longer offer standard mortgages at all.


Getting The Best Mortgage in Ontario – The Fine Print


With standard mortgages, only the amount being borrowed is registered as a loan. So, if you borrow $400,000 on a $600,000 home, the mortgage is registered for $400,000 and you have $200,000 of ‘free’ equity in your property.

When you go to apply for credit or another loan, you have this $200,000 of free equity to show on your balance sheet.

With a collateral mortgage, the loan is registered at 100% to 125% of the total value of the property, regardless of the amount being borrowed. That same $400,000 loan is registered at up to $750,000. Yet, you only borrowed $400,000.

A collateral mortgage will tie up your existing $200,000 of equity and any potential increase in equity as the value of your home goes up.


That’s Not All


With a conventional or standard mortgage your rate can’t be increased during the term, even if you go into default or fall into arrears in your payments.


With a collateral mortgage the lender has the right to raise your interest rate by up to 10% because the loan is registered at a charge of prime plus 10%.


Call (800) 722-7172 or use our 30 second form for a free consultation.




  • It gets complicated, and it’s better to know what you’re getting into up front, before you commit.
  •  We know about the different types of mortgages and we can help you make an informed choice.
  •  We’re here to help and our service usually comes at no cost to you for most standard mortgages.




This is a multipurpose, easy to use free mortgage calculator. You simply fill in the sections you want to use and leave any of the ones you don’t need empty.

For example, if you don’t want to include the property tax in your monthly payment calculation, simply delete the contents of that box. The same goes with property insurance or any other value.

The PMI box in the mortgage calculator is used to calculate the monthly cost for mortgage insurance by CMHC or Genworth. For CMHC insured mortgages, you can find the rate that would apply to your situation on the first time home buyer page. For Genworth insured mortgages, go to our mortgages for self employed page. The PMI value is only for buyers who do not have 20 percent down payment.

Loan Calculator Mortgage Calculator

$ per year
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Remember to clear any unwanted portions of the mortgage calculator, otherwise the results will not be accurate. For example, if you want to refinance, there won’t be a down payment involved, so make sure you leave that space blank.

If you would like to discuss your financing options, give me a call at (800) 722-7172, use our free, no obligation mortgage approval form or our contact form. I would be glad to have a small part in making your dream home come true.



Call 1-800-722-7172 for expert advice and save your money





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