Komal ChhabraMortgage Agent Level 2 · Mortgage Assurance

Resources

Mortgage guides,
without the jargon.

Short, practical reads on the questions clients ask most, plus a plain-language glossary.

Ask Komal a question Open the calculators

In this section

  • GuidesSix short reads
  • GlossaryTwelve terms in plain language
  • ToolsFour Ontario calculators
  • Still unsure?Ask me directly

Mortgage Assurance Inc. · FSRA #13812

Guides

Six short reads for the biggest decisions.

First-time buyers

How much house can you comfortably afford?

Lenders approve based on ratios. You live on a budget. Here's how to find the number that works for both.

Read the guide
  • Start with take-home pay and what you want left after housing costs.
  • Lenders test income against payment, property tax, heating and other debts.
  • You must also qualify at a higher rate than you'll pay: the stress test.
  • A pre-approval turns the estimate into a real number.
Rates

Fixed or variable: how to choose

The better question isn't which rate is lower today, but which risk you can live with.

Read the guide
  • Fixed gives the same payment for the whole term.
  • Variable moves with your lender's prime rate.
  • Breaking a variable usually costs three months' interest; a fixed can cost far more.
  • If you may move or refinance, flexibility can matter more than rate.
Renewals

What to do four months before renewal

A short checklist that can save you real money over your next term.

Read the guide
  • Find your renewal date and balance on your latest statement.
  • Note what's changed: income, debts, plans to move or renovate.
  • Compare your lender's offer with the market before you sign.
  • If switching, allow time so there's no gap.
Refinancing

Using home equity to clear debt

When rolling debts into your mortgage helps, and when it only moves the problem.

Read the guide
  • Add up what you pay each month on cards, loans and lines.
  • Compare with one mortgage payment, after penalty and fees.
  • Refinances are generally limited to 80% of your home's value.
  • It works best with a plan to keep the cards paid off.
Buying

Closing costs in Ontario, explained

The costs between your accepted offer and your keys, so nothing surprises you.

Read the guide
  • Land transfer tax is usually the largest; first-time buyers may get up to $4,000 back.
  • Legal fees and title insurance cover the transfer.
  • Adjustments repay the seller for prepaid tax or utilities.
  • Sales tax on an insured mortgage premium is due at closing.
Credit

How lenders read your credit report

What matters, what doesn't, and how to improve your score before you apply.

Read the guide
  • Payment history matters most.
  • Keep balances well below your limits, ideally under a third.
  • Older accounts help; think twice before closing your oldest card.
  • Check your own report for errors a few months before applying.

Glossary

Twelve mortgage terms in plain language.

Amortization
The total time it takes to pay off your mortgage, usually 25 or 30 years.
Term
The length of your current mortgage contract, often five years. You renew at the end of each term.
Down payment
The part of the purchase price you pay yourself.
Default insurance
Required when your down payment is under 20%. It protects the lender; the premium is usually added to your mortgage.
Stress test
A rule that makes you qualify at a higher rate than your actual one, to show you could handle an increase.
Pre-approval
A lender's written estimate of how much you can borrow, with a rate held for a set time.
Prime rate
The benchmark rate a lender uses to set variable mortgage rates.
Prepayment privilege
How much extra you can pay each year without a penalty.
Interest rate differential
A penalty calculation on fixed mortgages, based on the gap between your rate and current rates.
Loan-to-value
Your mortgage amount divided by the home's value.
Title insurance
One-time insurance that protects you and the lender against title problems.
Closing date
The day ownership transfers, funds are paid and you get your keys.

Let's talk it through

Have a question that isn't here?

Send it to me. You'll get a straight answer, usually the same day.

Book a free call komal@deziremortgage.ca