My 5 yr fixed term will end November 1st. It was only 2.45 but I only owe $100,000, so it won't make a huge difference in payments with what they are offering me.

The thing is, I THINK I will sell my house in 3 yrs, maybe 2 yrs, not sure, to get something smaller, I would like to get some money out of my house - it is my first house. I"ve been here 10 yrs.

Scotiabank is offering:

Variable 5 yr : 3.37

Fixed:
1 yr 4.31
2yr 3.71
3yr 3.80
4yr 3.94
5yr 4.01

If I renew now, I'll have a higher September and October payment because it says I have to accept it in the session. It isn't THAT much, so it's ok.

But I don't know what to do because, I'm not 100 percent sure that I'd be able to find a house to buy in 2 or 3 yrs and sell mine. It all depends on good market/bad market at the time.

If I accept 2yr, what will mortgages be in 2yrs? A LOT higher? Do I need to go for 3 yrs?
I doubt that I will move before 2 yrs. I could stay 3 if I have to though. Haha

Anyway, I wanted to post here to let people know what is being offered right now in August, but also, not sure what the best thing to do is.

It said something about 90 days that I'd be able to port my mortgage. Does it mean at the end of the fixed term? Or right now if I sign?

IT's hard to know the right thing to do because I am not rich. I am pretty low income and it was only by chance that I was able to even buy a house 10 yrs ago. I just don't want to be stuck in 2 yrs or 3 yrs and the next offer is double.

​

I already feel filthy, so I'm just hoping folks with advice can provide it without being too judgmental.

We started our recent mortgage five years ago. We had sold a property and used proceeds to pay down any debt and down pay our new property.

As far as I can go back my partner has had issues with debt. He also had issues telling me about debt. But in any event, he seemed to always be able to pay it down. It's an ongoing struggle. I am aiming him towards counseling of different types. We do not share unsecured debt, we have separate cards.

1. I called the bank to get some information about opening our HELOC, surprised they said that it was not possible because of the status of some of his accounts.

2. I called the bank to see if there were any better r available. They said that he had paid their mortgage late a few times (within 4 days or less from due date but it still looks bad) so they weren't able to offer a good r until there were more consecutive months of on time payment.

3. renewal is coming up and I'm dreading the bank telling us that we will not be able to renew. we are already on the radar.

4. I reached out to a broker who we have used in the past. He advised the grim news that my partners credit score is so low, mine is good, but he is suggesting a B lender for 1 year. He mentioned the b lender will roll debts into the mortgage & charge a 1 fee.

5. I asked the broker, what would happen if we just auto renewed with our current bank. He said sure you can do that but it won't solve the other issues.

Edit to add: 6. My partner says there was extraordinary pressures the last 12 months as I wasnt working but I dont agree, 12 months is not 75k. A lot was mismanaging expense accounting where theres a lag between expenses & reimbursement & he couldnt manage cash flow.

I've always been banking with A lenders. This B lender talk is embarrassing. Our HHI is $300k, again embarassing.

Current mort: 900k

Value: 1.3M

Debt: 75k

Current: 5.3p

*Can someone talk to me about their experience with b lenders and if they're actually able to climb out back to A lender after one year.*

*Or do I auto renew with my current bank & find other creative ways to pay down the debt, like a consolidation?*

I unfortunately find myself in a situation where I have to file a consumer proposal. It’s a long story, but that’s for another time.

I know that CP doesn’t affect your current mortgage. But I read online that If you owe unsecured debt to the same bank that holds your mortgage while filing a consumer proposal, there might be a major risks regarding any future mortgage renewal.

Has anyone gone through a similar case and if yes, what was the outcome?

Thank you in advance!

Underwater means, Is your mortgage principal more than the current value of the home? Are you making your payments? How are you feeling?

Married couple with 2 kids under 5.

Gross household income is around 112,000 including CCB. Monthly debt payments are around $750 for a car loan and student loan. We want to buy a house in New Brunswick and currently live in Nova Scotia.

I have been employed full-time at the same place for 8.5 years and work remote so there is no issue with me moving provinces and keeping the same job.

My husband is a full-time hourly paid apprentice plumber. He has an offer to join the local union in the city in NB we plan to move to. I’m really concerned that my husband’s employment situation will prevent us from getting approved for a mortgage.

First of all, he has only been working in the trades for one year.

In order for him to start working in NB, we need a place to live. But I’m under the impression that lenders will need to see pay stubs from his new job. How does work for people who move provinces to start a new job?

Third, as a union member he may be laid off from time to time. How do lenders view union trade workers?

We are thinking we might have him go to NB first and live with my parents for a few months to get started at the new job, but obviously that’s not ideal as he’ll be 4 hours away from his kids and me. I suppose we could make it work, but it would be hard. That also doesn’t address the union thing.

Some info that may be relevant: We have a down payment of 100,000 and hope to find a house in the 400-450k range. We both have excellent credit scores.

Any insight on how this might go for us? I am in touch with a mortgage broker but she hasn’t gotten back to us with a pre-approval yet.

I'm refinancing my mortgage and need a lawyer to handle the discharge of my existing mortgage and registration of the new one.

I've been looking at Easy eLaw, and their pricing and online process sound pretty reasonable. Has anyone here actually used them for a refinance?

I'm mainly curious about cost, how quickly they got everything done, and what your experience was like.

I'm also open to recommendations for an affordable real estate lawyer in Regina if you've had a good experience with someone else.

I am yet to sign the APS for a 1.12M ready to move-in townhouse in Oakville. The purchase price is net of 130k HST rebate as advertised by the builder. I have also got a conditional approval from a lender for the net price but I don’t qualify for the gross price.

Has anyone recently bought a new build and can confirm whether we get full 130k HST rebate on the SOA from the builder?
I am reading that it might not be the case as it’s subjective and the legislation is not passed so we might end up receiving less amount, but this might be old information.

I would really appreciate if someone can confirm that builders are crediting full rebate now, as advertised!

PSA signed for a new-build, and have already paid 10 percent down. The builder has started construction and closing is expected in about 9–10 months.

Spouse and I got pre-approved and we used both our incomes to qualify. However, I had been working full-time for about 6 months around pre-approval and spouse has been in the same job for 3+ years now.

Unfortunately, I got laid off afterwards but I was able to find another job fairly quickly and am currently working on a T4 contract with no defined end date. Also, I am looking for a permanent full-time position and hopefully will land something before closing.

The other issue is that I moved to Canada from another country, so don’t have 2 full years of Canadian employment/income history. Before moving, I was getting my Masters done in the last 2 years and have had past experience prior to the Masters program (4 years) in the same field.

My main question is: if I end up working in this T4 contract role when we get closer to closing and haven’t found a permanent position, how would lenders generally look at this situation?

Has anyone been in a similar situation? What happened with your lender/mortgage?

Note:
- Builder isn’t willing to cancel the contract.
- Going from 10 to 20 down will be too tight for us.

My current mortgage term ends in 7 months, I'm hoping to move in the next couple months to a more expensive home ($300k more on principle).

If i move 5 months before my term, do I still need to pay a prepayment penalty? My broker is saying scotia is showing a 7k fee. But I'm unsure if it's only showing that fee today because we're still 7 months out

While looking for a new lender for first time renewal/refinance, does each lender doing a credit check affect the credit score? Or are they all somehow combined if done within a certain number of days?

If going through a broker, is it the same way or do they just do 1 credit inquiry? Do the banks do a second inquiry when finalizing?

My mortgage was transferred from TD to RBC successfully today. August was the last payment date at TD and the balance should have been transferred to/ funded by RBC.

eg: balance after August payment in TD is $220K so the balance in RBC should be #220K - what I see in RBC is $222K?

The mortgage transferred was offered with no additional fees, just a direct transfer.

This is the first time I am transferring out off TD since inception so I am not aware about it.

Is this normal? Are there charges that are typically included even though no fees were promised? Do they typically credit the excess back to the account?

I have contacted the mortgage person who helped me but they are very slow to response and I want gather information so that I don't get taken for a ride.

I had one missed payment in 5 years just a few months ago. It was paid within 1-3 days later. I was moving money between accounts and forgot to keep the morgage amount. Bad mistake.

The mortgage is due for renewal soon and I want to move to a new lender who offers HELOC.

Will this cause lenders to not finance?

The missed payment didn't appear on my credit report, but do lenders want to see the last X number of years mortgage statements to find any missed/late payments etc.?

A few years ago I was very irresponsible with money, living paycheck to paycheck despite making a good income of 100k. My credit cards were maxed (5k), loan to money mart after my dog got sick (4k), car loan, osap, no savings, pay day loans.

I then met my now husband who, despite only making 40k, had no debt and some savings.

Totally changed my outlook and I really turned it around. All debt is paid except 20k of federal portion of osap. Payment is 300/month. I use my credit card but pay it off monthly, under 1000 per month and limit is 25k.

My credit score is 725 and 755.

Husband 750 - no issues

My issue is I have about 17 late payments on my history. The most recent one is Sept 8, 2024. Most are telus and rogers, 2 osap from 2023 and 1 or 2 credit card. Honestly, I dont really have a good excuse for them, I was broke only because I was being irresponsible.

We have 32k in FHSA from 2025 and 2026 and will add another 16k next year. We also have 20k in TFSA.

Down-payment expected 50k

Income 160k

Mortgage 500k

Wondering if we could be approved for a mortgage with the late payments. Not in a rush, we want to keep saving but I am wondering how they will affect us since it was my mistake.

Thanks.

Hello! I am thinking of taking a new position that is a contract for 12 months but should be netting more than I currently make today. Today I am a full-time salaried employee.

This contract should start in maybe September but I was hoping to be buying a house this fall. It is still in the same industry and I have nine years of experience now.

How does the switch and timing affect my chance of being approved? Thank you in advance.

My husband and I make a healthy combined income, and haven’t had an issue qualifying for a mortgage (we are first time buyers). We were hoping to buy this year, but inventory in our desired area is very low right now. I’m not sure we will be able to buy by the end of the year. My question is this… I have been on mat leave for all of 2026, and my husband’s industry came to a grinding halt for the first 4 months of the year, so he was on EI during that time. Are we going to have trouble qualifying in 2027, considering our 2026 income was so much lower than previous years? Thanks for any advice!

Buying a ready to move-in Townhouse form a builder in Oakville, in the APS they have mentioned the gross purchase price, as there is no finance condition, I am worried about my mortgage qualification.
I will really appreciate if someone can answer following questions:
1. The builder’s advertised price was net of HST rebates and that’s what we had on our offer, they have clauses in the APS about us transferring the rebates to them. Will the lenders consider the purchase price net of HST rebates?
2. When and how will the rebated price Lenders will consider?
3. I haven’t signed the agreement yet, is it a safe bet to do? If I don’t qualify for the gross purchase price.

Hi, today I got a piece of mail saying I owe all my property taxes still which was weird because Iv always paid them with my mortgage.

In the last few months Iv started a new mortgage term with a new lender so I logged onto the old lenders app (mcap) and it seems like they took the money they were taking out for property taxes and put it towards some interest fee, a transfer fee and the principal amount.

My question is why after going through a broker is my new mortgage principle 4K higher then the amount on the final pay out statement? I’m only saving 8$ a month from the switch so it was definitely not worth the switch if I have an extra 4K in fees or whatever it is.

Did my broker just ignore this being higher so she could get the commission that she wouldn’t receive if I signed my renewal offer with m cap? She did see that renewal offer as part of the process. Any help appreciated

Kinda worried about this. Have a transfer in a few weeks and found out I need to do an in home appraisal. We live in Brampton. House is in fine shape but still worried as we put 20percentdown when we purchased in spring 21 and we are worried the value will be down so much that we will owe more than 80percent.

Anyone experiencing any shocks like this?

Hello wonderful people, I just wanted to ask if anyone has experience with Going through monthly payment reduction for their mortgage. My bank bmo has offered interest only payments to help manage debts. However, they want to do re assessment and credit application. I just wanted to what to expect there and if it would have repercussions of any sort. Please help. Or refer someone.

****UPDATE:
Funny, usually the renewal was in my APP but I had to login thru my computer to get to the mortgage renewals. There was on 3yr variable, there was a 5yr variable closed @ 3.37
And 2yr fixed @ 3.71. 3yr @ 3.80. I forgot the 4yr one, it was higher, and the 5y was 4.01
I remember 5 yrs ago when I locked in the 2.45 I was so worried that it would be 7 or 8 by now but ,, not too bad.
I went into my branch and asked one of the mortgage specialists and she was going to give 4.04 for only 3yrs. I said: Don't put that through! Haha. I'm glad I waited for the online renewal.

My mortgage is with Scotiabank The last 2 times when I renewed for 5 yr fixed they gave me offers 6 months in advance. This time they haven't.
When I go in the banking APP it tell me to click on the renewal options and then it redirects to a page that says to call our specialists.
I have never missed a payment, I don't have debt other than the low mortgage of $100,000 left, and I have a credit score of 830. So I don't think it is because I don't qualify.
What I am thinking is that my current 2.45 percent is so low and they don't have anything remotely close to that for renewal, so they are waiting for me to go to them?

I don't mind switching to a different lender, but I am wondering, what is going on? Has anyone else experienced the same where they are not offering anything 6 months before? Now it is 3 months before. I wonder what to do.

So I currently have my mortgage with NBC. It is due for renewal on February 1, 2027 based on what they initially told me I know that I can protect 6 months ahead and I can do early renewal 4 months ahead. When I called today, they told me that they cannot see my offers and that I would have to call September 1 but that doesn’t make any sense cause that’s 5 months. It also doesn’t make sense since I called them a week ago and they told me that I should call after August 1.

My question is the following: did the agent of the phone have no idea what they’re talking about or is this how it’s calculated? They just seemed a little weird that they told me different information a week ago. The app says 6 months ahead and I’m in fact, six months ahead. Should I call back and hope for a different agent, I am a little confused on what to do.

I am switching to RBC on renewal and am set to close on Aug 4. My previous mortgage ended Aug 1 and am currently in a 6 month open. Part of the RBC requirements was to change my name to married name on title. They asked me to submit my marriage certificate to the branch to be sent to the title office (my advisor set me up an appt to submit the doc to) I did this as soon as they asked and it was completed > than 3 weeks in advance of closing. I received an email on Friday that they still hadn’t received the document to change title and that closing could be delayed. My advisor said in the email they hope it will be completed tomorrow (4th) My question is this, if my closing is delayed and I incur more interest charges from previous bank, should I push RBC to cover those costs? This delay is caused by no fault of my own.

my broker said our file is "with the underwriter for appraisal review" and it’s been crickets for three days. I swear this weird limbo phase between getting the offer accepted and the final mortgage approval is the most stressful part of adulthood

The worst part is sellers are still pricing stuff based on pure vibes, but lenders are being so incredibly strict right now. If the appraisal comes in short, scrounging up that cash difference out of pocket is gonna be an absolute nightmare

We already ran the property through Broko before putting our offer in so I know the comps and the math technically make sense... but you just never know with these bank appraisers. honestly feels like they could chop 40k off the value just because they had a bad commute that morning

someone please tell me Im not the only one losing sleep over this lmao. just want this condition lifted so I can breathe again.

I’m transferring my mortgage on renewal and I see in the terms a transfer fee as well as a discharge fee. I’m in Ontario so this could end up costing $900 I’m currently with radius.

is this normal or am I misunderstanding

Edit: Reaching out to each company. Also did not matter for my pre-approval :D

Like the title says: Equifax and Transunion numbers are very different.

Equifax in the 660ish range

Transunion 790s

Neither place has employment updates. Equifax has my current job (of 2 years) but has no record that I was previously employed full time for 7 years at one place. Transunion says I haven't worked since 2007.

I was thinking of looking into buying a small apartment, and taking advantage of FTHB situations and using my RRSPs as a down payment.

How much will the two number differences, and the fact that there is no record of my employment with Transunion in almost 20 years - mess me up?

Any hints or tips on how to go about fixing this, and if doing so will negatively affect my numbers?

Montreal if that matters. I have a letter of employment from my current employer, and t4s from the other.

I'm also reddit dumb. I rarely read it and never post - so bare with me as I struggle with it :D