REW money

Your guide through the entire mortgage journey

Locate a mortgage specialist to secure your home loan needs and find your best options.

REW money Partners

Evaluate your options with a mortgage specialist you can trust

The best mortgage partners with proven experience and plenty of options

REW Money is a partner program for the best mortgage specialists in their local markets. We will introduce you to top professionals who offer great service and can help you get the mortgage options you need.

A guide for the entire mortgage process

Whether you are trying to understand what you can afford, need to make a mortgage application, or want to explore refinancing your property, our mortgage partners can help you work through the process and access the best deals.

Work with a specialist who will find the best rates for you

Why work with a local mortgage specialist? These experienced professionals can access the best rates and can ensure you get the mortgage options that best suit you.

Find the best local mortgage specialist in
BC
  • Ontario
  • British Columbia
  • Alberta

BC

Khai Nizam & Hafeez Shaikh

CLEVER MORTGAGE - MORTGAGE ARCHITECTS A BETTER WAY

Mastering your mortgage experience with personalized advice, diverse financing options, and optimal rates for your dream home. Your reliable partner for making wise and informed mortgage decisions!
BC

Lendlab Mortgages Inc

Lendlab Mortgages Inc

Collaborative mortgage solutions putting you and your family first!
BC

Elisa Swezey

The Mortgage Group

With over 12 years of experience as an award winning mortgage professional, I have established a reputation for delivering exceptional service and guidance to my clients.
BC

Kayla Hutchinson

Dominion Lending Centres Valley Financial Specialists

Experience personalized mortgage advice with trustworthy guidance. Allow me to navigate the mortgage process, securing the best rate for your tailored needs. Simplifying the path to homeownership!
Find the right mortgage for you

An experienced team with plenty of options.

There is no such thing a silly question. The right loan is out there. Our partners will help you find it.
Bridge Financing

Buying and selling dates not quite lining up? We'll help you get the funds you need to bridge the gap.

Refinance

Needing to get a better interest rate, reduce your monthly payments, or renovate? We're here to guide you.

HELOC

Have some equity in your home? We'll help you unlock it or pay down your mortgage faster (Home Equity Line of Credit).

New to Canada

Living and working in Canada, without any credit or residency history? We've got the solutions you need.

Investment Property

Looking to generate wealth through rental or investment properties? We'll show you that there's no better way.

Renewals

Renewal coming up? Don't miss this golden opportunity for us to shop around for the best deal tailored specifically for you.

Debt Consolidation

High interest debt dragging you down? We'll talk you through consolidating and dramatically reducing your payments.

BFS or Self Employed

Finding the self-employed mortgage journey tough? We'll help you find lenders more friendly to your situation.

Mortgage FAQs

How much mortgage can I afford?
Your affordability for a mortgage depends on your personal financial situation, including your income, debts, and living expenses. It's important to determine your own budget and comfort level before deciding how much mortgage you can afford. To get an idea of how much mortgage you might be approved for, lenders will typically consider factors such as your income, credit score, and debt-to-income ratio. This is also known as your purchasing power. The more purchasing power you have, the higher the mortgage or loan size you can be approved for. However, it's important to remember that you'll also need to have a proper down payment to match. You can find out more about down payment requirements in this helpful resource. Working with a mortgage broker can also help you navigate the process and find a mortgage that fits your budget and needs.
How do mortgages work in Canada?
Mortgages work in Canada by providing a way for individuals to borrow money from a bank or lending company to purchase a home. When you apply for a mortgage, the lender will consider factors such as your income, credit score, and down payment to determine how much they're willing to lend you. Once you've secured the mortgage, you'll make regular payments to the lender, which will include both the principal amount borrowed and the interest charged on the loan. Over time, as you make your mortgage payments, you'll build equity in your home. However, it's important to note that if you stop making payments, the lender has the right to seize your property and sell it to recoup their investment. This is known as foreclosure. Working with a mortgage broker can help you navigate the process and find a mortgage that fits your needs and financial situation.
How do reverse mortgages work in Canada?
Reverse mortgages in Canada allow homeowners aged 55 and older to access the equity in their homes without needing to sell the property. With a reverse mortgage, you can receive a lump sum or regular payments, which are based on your age, home value, and other factors. Unlike a traditional mortgage, you do not need to make any payments during the life of the loan. Instead, the loan is repaid when you sell the property or move out. However, it's important to note that the longer the loan term, the more interest you will need to pay. The maximum amount you can borrow is also determined by your age and the lender. Working with a mortgage broker can help you understand the options available and find a reverse mortgage that works for your unique financial situation.
How do variable rate mortgages work?
Variable rate mortgages in Canada are based on a set formula tied to the prime rate. For example, your variable rate might be Prime minus 1.0. As the prime rate changes, so will your mortgage rate. However, unlike adjustable rate mortgages, your payment will remain the same, but the amount of each payment going towards the principal versus the interest will change. If interest rates go down, more of your payment will go towards the principal, and if they go up, more will go towards the interest. It's important to understand the potential risks and benefits of a variable rate mortgage before choosing this option. While you may benefit from lower interest rates, there is also the possibility that rates could increase, leading to higher payments. Working with a mortgage broker can help you understand the options available and find a mortgage that fits your needs and financial situation.
What are subprime mortgages?
Subprime mortgages are loans that are typically offered to clients with lower credit scores, who may have difficulty proving their income or who have unique property details. These mortgages are usually issued by a variety of lenders, including banks, trust companies, and Mortgage Investment Corporations (MICs). Subprime mortgages often come with higher interest rates and fees than traditional mortgages, as they are considered riskier loans for the lender. The exact terms of a subprime mortgage will depend on your specific situation and financial profile. It's important to carefully consider the risks and benefits of a subprime mortgage before deciding if it's the right option for you. Working with a mortgage broker can help you explore your options and find a mortgage that works for your unique needs and financial situation.
How many mortgages can you have in Canada?
There is no set limit or cap to the number of mortgages you can hold in Canada. However, you will still need to meet the approval guidelines and qualify based on your income and debt servicing. Many lenders have a cap of four properties or mortgages that they will lend on, but there are options available to help you obtain mortgages beyond the traditional limit of four. For example, you may be able to obtain financing through a private lender or a Mortgage Investment Corporation (MIC). Working with a mortgage broker can help you understand your options and find the best solution for your financial situation.
How do second mortgages work?
Second mortgages work in a similar manner to traditional or first mortgages, with the main difference being that their priority order is always behind your first lender. Second mortgages may also be known as Home Equity Lines of Credit (HELOCs), equity loans, or simply as a second mortgage. Because they are subordinate to the first mortgage, they carry more risk, which is why the rates and costs associated with a second mortgage are often higher than those of a traditional first mortgage. However, they can be useful tools for debt consolidation, particularly if you have many unsecured debts (which often carry high interest rates) and can be an effective short-term solution to improve your monthly cash flow and credit score. A mortgage broker can help you understand if a second mortgage is the right choice for your financial situation.
How do you get approved for a second mortgage?
To get approved for a second mortgage, you will need to qualify based on income, credit score, and other financial factors. The lender will look at your debt-to-income ratio to determine how much you can afford to borrow. You will also need to have enough equity in your existing property or a large enough down payment for a new property to meet the lender's requirements. Additionally, having a good credit score and a stable source of income will improve your chances of being approved for a second mortgage. It's important to work with a mortgage broker or lender who specializes in second mortgages to help guide you through the process and find the best options available for your unique situation.
How does The Bank of Canada interest rate affect mortgages?
The Bank of Canada interest rate affects mortgages in two main ways. First, it influences the prime rate offered by banks, which is used to determine the interest rate on variable-rate mortgages. When the Bank of Canada raises or lowers its interest rate, the prime rate typically follows, leading to a corresponding increase or decrease in the interest rate on variable-rate mortgages. Second, changes in the Bank of Canada interest rate can also indirectly impact fixed-rate mortgages, as these rates are influenced by bond yields, which are in turn influenced by changes in interest rates. When the Bank of Canada raises its interest rate, bond yields generally increase, which can lead to an increase in the interest rates on fixed-rate mortgages.
How long are mortgages in Canada?
Mortgage length in Canada is typically divided into two parts: the term of the mortgage and the amortization period. The amortization period refers to the full length of time scheduled to fully pay off a mortgage, with the longest period typically being 30 years for a conventional mortgage and 25 years for mortgages with a downpayment of less than 20%. On the other hand, the term of a mortgage can range from 1 to 10 years, with 5 years being the most common. At the end of the term, both you and your lender will have an opportunity to renegotiate the terms of your mortgage such as interest rate, options, new term length, and more. Alternatively, you can even explore switching to another lender if they offer better options for your next term, while still sticking to your amortization plan.
Why are high ratio mortgages cheaper?
High ratio mortgages (when you purchase with less than a 20% down payment) often come with lower interest rates. However, this does not necessarily make them cheaper. With a high ratio mortgage, you are required to have mortgage insurance, which is an added cost that gets added to your mortgage balance. As a result, the overall cost is typically higher, even though the rate may be lower. The reason lenders are able to offer lower rates for high ratio mortgages is because with mortgage insurance, they face zero risk of loss. If there is ever a situation of non-payment, the insurance company will cover their losses. Because you pay for the insurance, lenders can pass on some of the savings to you in the form of a better interest rate. If you opt for a conventional or insurable loan (20%+ down payment), the lender will pay for the insurance instead. However, they offset this cost by charging a higher interest rate to you when you borrow the money.
What is the new stress test for mortgages?
The new stress test for mortgages is a measure that was implemented to raise the qualification rate used when purchasing a property, in order to address affordability issues if interest rates increase over the course of your term and at renewal you would now have a higher rate or payment. The actual formula for the stress test is the higher of 5.25% or the qualifying rate plus 2%. This means that borrowers now have to prove they can make their mortgage payments at a higher rate than what they are currently offered to ensure they can still afford their mortgage if interest rates rise in the future. While the stress test may make it more difficult for some to qualify for a mortgage, it helps ensure that borrowers are not overextending themselves financially and protects them against future interest rate increases.
What are commercial mortgages?
Commercial mortgages are loans that are secured by commercial real estate properties, such as office buildings, warehouses, or retail spaces, as opposed to individual residential properties. The borrowers for commercial mortgages are typically businesses or companies, rather than individual homeowners. These types of mortgages are designed to help businesses acquire the necessary financing to purchase or refinance commercial properties. Commercial mortgages often have different terms and requirements compared to residential mortgages, such as higher interest rates and larger down payment requirements. Additionally, lenders may also consider factors such as the creditworthiness and financial strength of the business when determining eligibility for a commercial mortgage.
What is the difference between open and closed variable mortgages?
The difference between open and closed variable mortgages lies in their flexibility and interest rates. An open variable mortgage allows you the flexibility to pay off your mortgage at any time without any penalty. The trade-off, however, is that open variable mortgages typically have higher interest rates compared to closed variable mortgages. On the other hand, a closed variable mortgage has a set term and penalty for prepayment. However, closed variable mortgages typically have lower interest rates compared to open variable mortgages. Which type of mortgage is best for you depends on your financial goals, flexibility and budget.
What is an underwriter in mortgages?
An underwriter in the mortgage process is a trained professional who reviews and evaluates mortgage applications to determine whether they meet the lender's criteria for approval. The underwriter works for the lender and uses the lender's specific policies to determine whether the applicant meets the criteria for a mortgage approval.
How often are mortgages compounded?
The frequency at which mortgages are compounded can vary depending on the terms of the mortgage agreement. Most traditional mortgages offered by banks and other financial institutions compound semi-annually, meaning that the interest is calculated twice a year and added to the principal balance. However, some mortgages may be compounded more frequently, such as monthly or even daily. Private Mortgage Lenders and Mortgage Investment Corporations (MICs) may have different compounding schedules, depending on their policies and agreements with borrowers. It is important to review the terms of your mortgage agreement to understand how often the interest is compounded and how it affects your mortgage payments and overall cost of borrowing.

Mortgage Rates

For those looking to buy a home in Canada, a few things are as important as securing the best mortgage rates possible. The rate you sign on for can significantly impact your finances for the next few years and beyond, determining how much you'll be paying each month for your home and how quickly you can pay off the mortgage.

When we refer to a mortgage rate, we're specifically talking about the interest rate, which is the rate applied to the principal amount of your mortgage. If your interest rate is high, it can mean a significant amount of each month's mortgage payment goes to the interest, and it will take longer for you to pay your mortgage off.

Ensure you're securing the best mortgage rates for your financial situation, home of choice, and the real estate market. The best way to accomplish this is to work with an expert mortgage broker like our trusted mortgage partners at REW. But first, let's look at the details of Canadian mortgages.


How Do Mortgages Work In Canada?

The Bank of Canada sets the minimum interest rate for mortgages in Canada. This rate is the lowest percentage of interest that a lender or financial institution can charge on a mortgage loan. Two main types of mortgages are available in Canada: fixed-rate and variable-rate.

Fixed-Rate Mortgage

In a fixed-rate mortgage, your interest rate is locked in from the beginning of your mortgage term until the end (usually 5 years or less). This means that you'll pay the same percentage of interest on each month's payment for the duration of your current mortgage, even if the Bank of Canada raises or lowers the interest rate. This type of mortgage offers stability and predictability, but you cannot change it until your term ends. After a mortgage term, you have the option to pay your mortgage off in full or renew it. In most cases, you will have to go by the new rate in the market when you renew your lease, though some lenders and brokers may be able to get you a better one.

Variable-Rate Mortgage

With a variable-rate mortgage, your monthly interest percentage will fluctuate along with the changing of the rate in general. If interest rates go up or down, so will your mortgage payment. This method has the potential to save or cost you money, depending on adjustments to the interest rate during your mortgage term.


REW - Your Mortgage Specialist

REW mortgage partners have access to hundreds of Canadian lenders and are here to help you secure the best rate. As you know, mortgages are a crucial detail to get right. However, the process can quickly become complicated for those who aren't experts. By working with a trusted mortgage specialist, you'll get access to the best, most current mortgage rates and products, allowing you to make a more informed financial decision.

You can also use REW's Mortgage Calculator, which allows you to add variables like home price, down payment, interest rate, mortgage term and more. Enter this information to view your projected monthly mortgage costs and a breakdown of where each payment is going - invaluable for determining your financial capabilities.

Our trusted mortgage partners are here to answer your mortgage questions and provide guidance. Don't hesitate to contact an expert mortgage partner for more information on Canadian mortgage rates.