What is a mortgage broker and how do they help?

A mortgage broker is a licensed professional who acts as an intermediary between you and mortgage lenders. They compare rates and terms from 50+ lenders to find you the best mortgage solution. Unlike banks that only offer their own products, brokers have access to multiple lenders including major banks, credit unions, and alternative lenders. Best of all, their services are free to you — lenders pay the broker's commission.

How much can I save using a mortgage broker?

Savings vary based on your situation, but clients typically save between $5,000 to $15,000 over their mortgage term by getting better rates and terms. Even a 0.25% lower interest rate can save thousands of dollars. For example, on a $500,000 mortgage over 5 years, a 0.50% rate reduction saves approximately $12,000 in interest.

Does using a mortgage broker cost me anything?

No, mortgage broker services are completely free for borrowers. Brokers are compensated by the lender when your mortgage is funded, so there's no cost to you. You get expert advice, access to 50+ lenders, and potentially thousands in savings at zero cost.

How long does mortgage pre-approval take?

Most pre-approvals can be completed within 24-48 hours once we receive your documentation. You'll need to provide proof of income, employment verification, and credit authorization. Once pre-approved, your rate is typically locked in for 90-120 days, giving you confidence while house hunting.

Can I get a mortgage if I'm self-employed?

Yes, self-employed individuals can absolutely get mortgages. While requirements differ from traditional employment, we work with lenders who understand self-employed income. Typically you'll need 2 years of tax returns (Notice of Assessment), business financial statements, and sometimes a larger down payment. Alternative lenders may have more flexible documentation requirements.

What credit score do I need to qualify for a mortgage in Ontario?

Generally, you need a minimum credit score of 680 for the best rates from prime lenders. Scores between 600-679 may qualify with alternative lenders, though rates will be higher. Below 600, you may need to work with private lenders or consider credit repair before applying. We can discuss your specific situation and options regardless of your credit score.

Should I renew my mortgage with my current bank?

Not necessarily. Banks often send renewal offers 30-120 days before your term ends, but these are rarely their best rates. We recommend shopping around 4-6 months before renewal. Our clients frequently save 0.40% - 0.80% by comparing offers from multiple lenders, which translates to $100-$300 monthly savings on a typical mortgage.

What's the difference between fixed and variable mortgage rates?

Fixed-rate mortgages lock in your interest rate for the entire term (typically 1-5 years), providing payment stability and protection from rate increases. Variable-rate mortgages fluctuate with the Bank of Canada's prime rate — they can save money when rates drop but increase payments when rates rise. The choice depends on your risk tolerance, budget flexibility, and market outlook. We'll help you analyze both options for your situation.

How much down payment do I need to buy a home in Ontario?

The minimum down payment in Canada depends on purchase price: 5% for homes up to $500,000; 5% on the first $500k and 10% on the portion above $500k for homes between $500k-$999,999; and 20% minimum for homes $1 million+. With less than 20% down, you'll need CMHC or other mortgage insurance. First-time buyers may qualify for programs that reduce down payment requirements.

What documents do I need to apply for a mortgage?

Typical documents include: government-issued photo ID, proof of income (recent pay stubs, T4s, or tax returns for self-employed), employment letter, 90 days of bank statements, details of assets and liabilities, property information (if you've made an offer), and credit authorization. We'll provide a complete checklist specific to your situation during the pre-approval process.

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3-Year Fixed

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3.69%

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Rates updated Feb 18, 2026. Subject to change without notice. OAC. E&OE. See all rates → · Get your personalized rate

What We Offer

Mortgage Solutions for Every Need

Whether you're buying your first home or building an investment portfolio, we have the expertise and lender access to find your perfect mortgage.

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Home Purchase

First-time buyers and move-up buyers — we guide you through the entire process and find the best rate from 50+ lenders.

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Refinancing

Access your home equity, consolidate debt, or lower your rate. We'll crunch the numbers and show you how much you can save.

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Mortgage Renewal

Don't just sign your bank's renewal letter. We compare rates and could save you thousands over your next term.

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Investment Properties

Grow your real estate portfolio with competitive investor rates and expert financing strategies for rental properties.

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Our Process

How It Works

Getting the best mortgage doesn't have to be complicated. Here's our simple 4-step process.

Free Consultation

Tell us about your goals. We'll review your financial situation and explain your options — no obligation, no pressure.

We Shop 50+ Lenders

We compare rates, terms, and features across our network of lenders to find the best fit for your unique needs.

Get Pre-Approved

Lock in your rate for up to 120 days. You'll know exactly how much you can afford before you start shopping.

Close with Confidence

We handle the paperwork and coordinate with your lawyer and realtor. You focus on finding your perfect home.

Client Stories

What Our Clients Say

Join thousands of satisfied homeowners who saved money with Mortgage Wave.

★★★★★

Mortgage Wave saved us over $12,000 compared to our bank's offer. The process was seamless and stress-free. Highly recommend to any first-time buyer in Toronto!

Sarah & David M. — First-Time Buyers, Toronto

★★★★★

I was about to sign my bank's renewal letter when a friend suggested I call Mortgage Wave. They got me a rate 0.65% lower — that's saving me $180/month. Why didn't I call sooner?

James P. — Mortgage Renewal, Mississauga

★★★★★

As a self-employed business owner, I thought getting a mortgage would be impossible. Mortgage Wave found a lender that understood my situation and got me approved with a great rate.

Priya K. — Self-Employed, Brampton

Resources

Mortgage Tips & Guides

Expert advice to help you make smarter mortgage decisions.

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February 2026 · 10 min read

First-Time Home Buyer Guide Ontario 2026

Everything you need to know about buying your first home in Ontario — incentives, programs, and step-by-step process.

📊

February 2026 · 8 min read

Fixed vs Variable Mortgage Rates: Which is Right for You?

A detailed comparison to help you choose between fixed and variable rates in today's market.

💰

February 2026 · 7 min read

How Much Down Payment Do You Need in Ontario?

Understanding minimum down payments, CMHC insurance, and strategies to save for your down payment faster.

View All Articles →

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Find the Best Mortgage Ratein Ontario

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Mortgage Renewal

Investment Properties

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We Shop 50+ Lenders

Get Pre-Approved

Close with Confidence

First-Time Home Buyer Guide Ontario 2026

Fixed vs Variable Mortgage Rates: Which is Right for You?

How Much Down Payment Do You Need in Ontario?

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