Mudrick Mortgages - Licensed Mortgage Agents in Toronto, Newmarket, and OntarioI want to
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Nothing out of pocket. Mortgage brokers in Ontario are paid by the lender when your mortgage closes, not by you. The rate you get through a broker is the same or better than going direct to the lender. There is no cost trade-off for the borrower.

A bank can only offer its own products. A mortgage broker has access to 30+ lenders, including banks, credit unions, and monolines, and shops the entire market to find the best fit. One application, multiple options, better rate.

Compare your rate to the current best available from multiple lenders. As of 2026, competitive 5-year fixed rates in Ontario are in the 4.49-4.89% range. If your rate is more than 0.25% above the best available for your situation, there is room to improve.

The stress test is a federal qualifying rule. Lenders must approve you at the higher of your contract rate plus 2% or 5.25%. You do not pay this rate. It determines how much you can borrow and reduces roughly $130,000-$150,000 in buying power for most households.

Yes. In Canada, you can switch lenders at the end of your mortgage term with zero penalty. The new lender typically covers transfer costs including appraisal and legal fees. Renewal is the one window where borrowers have full negotiating power.

First-time buyers in Ontario should get pre-approved before house hunting, understand the stress test, budget for closing costs (1.5-4% of the purchase price), and check eligibility for the Ontario land transfer tax rebate of up to $4,000. CMHC insurance is required if your down payment is under 20%.

The minimum down payment in Canada is 5% for homes under $500,000. For homes between $500,000 and $1,499,999, it is 5% on the first $500,000 and 10% on the rest. Homes at $1.5 million or above require 20% down. CMHC insurance applies to all purchases with less than 20% down.

CMHC mortgage insurance is required in Canada when the down payment is less than 20% of the purchase price. The premium ranges from 2.80% to 4.00% of the mortgage amount, depending on the loan-to-value ratio. It protects the lender, not the borrower, but the borrower pays the premium.

Yes. Ontario offers a land transfer tax rebate of up to $4,000 for first-time home buyers. In Toronto, there is an additional municipal land transfer tax rebate of up to $4,475. Combined, first-time buyers in Toronto can save up to $8,475 on closing costs.

It depends on your down payment, not on whether it is your first home. If you put down less than 20% of the purchase price, default insurance is mandatory and the premium is added to your mortgage. At 20% or more it is not required. This insurance protects the lender if you stop paying, not you, which is the part most people are surprised by. Separately, your lender may offer optional mortgage life or disability coverage. That is a different product and it is genuinely optional.

No. Renewal letters from banks are often above the best available rate. Signing without comparing is one of the most common and costly mistakes homeowners make. Getting a competing offer takes one phone call and can save thousands over the term.

Start 120 days (four months) before your maturity date. Most lenders allow rate holds that far in advance. This gives you time to compare offers, lock in a rate, and avoid last-minute pressure from your current lender. Waiting until the last week costs negotiating power.

Yes, but there is a prepayment penalty. For fixed-rate mortgages, the penalty is the higher of three months interest or the interest rate differential (IRD). For variable-rate mortgages, the penalty is three months interest. Whether refinancing makes sense depends on the penalty amount versus the savings.

A mortgage penalty is the fee charged for breaking your mortgage before the term ends. Variable-rate penalties are three months of interest. Fixed-rate penalties are the greater of three months interest or the interest rate differential (IRD), which compares your contract rate to the lender current rate for the remaining term.

A HELOC is a revolving line secured against your home. You are approved for a limit, you draw what you need, you pay interest only on what you have drawn, and you can pay it down and redraw it. A second mortgage is a lump sum registered behind your existing mortgage, with a set term and a set payment. A HELOC suits ongoing or uncertain costs, such as a renovation that runs in stages. A second mortgage suits a known one-time amount. Second mortgages usually carry a higher rate than a first mortgage because the lender is in second position and gets paid after the first lender.

They solve different problems. Refinancing replaces your existing mortgage with a new, larger one, so you take the equity as a lump sum and it is repriced at today rates. If you are still in your term that can trigger a prepayment penalty. A HELOC sits alongside what you already have, so you keep your existing rate and only pay interest on what you actually draw. If your current rate is better than todays market, adding a HELOC often costs less than breaking a good mortgage to refinance it. Worth running both numbers before you decide.

Investment properties in Canada require a minimum 20% down payment. CMHC insurance is not available for rental or investment purchases. Lenders will also qualify you using a debt coverage ratio that includes expected rental income, typically using 50-80% of the projected rent.

Yes. Some lenders specialize in non-traditional income. Self-employed borrowers, commission earners, and contractors can qualify with the right documentation and the right lender. The approach depends on income structure, and not all lenders evaluate it the same way.

A stated income mortgage, more commonly called a business-for-self or BFS mortgage, is for people whose tax returns understate what they actually earn. Write-offs are legitimate and they lower your taxable income, but they also lower the income a lender will use. A BFS program lets you support a reasonable income figure with business documentation - bank statements, invoices, financial statements, proof the business is real and active - rather than relying on line 15000 alone. It is not a no-questions-asked loan. You still document everything, just differently.

Sagen is one of Canada's mortgage default insurers, alongside CMHC and Canada Guaranty. Its Business for Self program is an insured route for self-employed borrowers whose declared income does not reflect the real earnings of the business. CMHC and Canada Guaranty run comparable self-employed programs. Each has its own rules on how long you must have been in business, what documentation is accepted and how much you can borrow, so which insurer your file goes to changes the answer. That choice is made when the file is placed, which is exactly the kind of thing worth getting right the first time.

No, and be careful with anyone who says otherwise. Every legitimate Canadian lender needs to establish that you can repay. What changes is the form that proof takes. A salaried employee shows pay stubs and a T4. A self-employed borrower may instead show business bank statements, invoices, financial statements and proof the business is active. Someone with commission or contract income shows a history of it. The documents differ, the requirement to document does not.

Yes. Physicians, dentists, residents, nurses, and allied health professionals often have non-standard financial situations including training-period income, student debt, and rapid salary changes between career stages. Certain lenders understand healthcare careers and allow qualification using offer letters rather than current income.

It depends on your risk tolerance and the rate environment. Fixed rates offer payment certainty. Variable rates are tied to prime and can save money when rates are falling, but carry risk if rates rise. In 2026, with the Bank of Canada rate at 2.25%, variable rates are competitive but the gap with fixed is narrower than in past years.

As of 2026, the Bank of Canada overnight rate is 2.25% and the prime rate is 4.45%. Variable-rate mortgages are directly tied to prime. Fixed rates are influenced by bond yields, not the Bank of Canada rate directly. When the BoC cuts rates, variable-rate payments decrease but fixed rates do not automatically follow.

Amortization is the total time to pay off the mortgage in full. The standard amortization in Canada is 25 years. A longer amortization (up to 30 years for insured purchases or 35 years for some uninsured) lowers monthly payments but increases total interest paid over the life of the mortgage.

A pre-approval can be done in one to two business days with the right documents. A full mortgage commitment typically takes 3-7 business days from application. Timelines can be shorter when documents are organized upfront and the lender is not backlogged.

Most lenders require government ID, a recent pay stub, a T4 or notice of assessment, a letter of employment, and bank statements showing the down payment. Self-employed applicants need two years of tax returns and financial statements. The exact list varies by lender and situation.

A mortgage pre-approval is a conditional commitment from a lender for a specific amount at a specific rate, typically held for 120 days. It tells you exactly what you can afford before you start looking. Sellers and realtors take pre-approved buyers more seriously than those without one.

We serve all of Ontario including Toronto, the Greater Toronto Area, Newmarket, Aurora, Vaughan, Richmond Hill, Markham, Oakville, Burlington, Kitchener, Waterloo, Barrie, Hamilton, Mississauga, and Brampton. Mortgage applications in Ontario are handled remotely, so location is not a barrier.

No. Mortgage applications in Ontario can be completed entirely by phone, video call, and email. Documents are submitted digitally. Most clients never need an in-person meeting. We are based in Newmarket but work with clients across Ontario.

Mudrick Mortgages is an award-winning family team with 181 five-star Google reviews and access to 30+ lenders. Jeff Mudrick was named one of Canada's Top 40 Under 35 mortgage professionals by Canadian Mortgage Professional magazine (2024 Rising Stars). Jeff and Emily handle every file personally - no call centre, no hand-offs, same-day response. Jeff also built GradeMyMortgage.ca, a free tool Canadians use to grade their mortgage, and PhysicianFinancing.ca for healthcare professionals.

Yes. All mortgage brokers and agents in Ontario must be licensed by FSRA, the Financial Services Regulatory Authority of Ontario. Brokers are required to act in the borrower best interest, maintain errors and omissions insurance, and follow strict conduct rules. Licensing information is public and verifiable.

Jeff Mudrick is a licensed mortgage agent (Level 2, FSRA Lic# M21001275) based in Newmarket, Ontario, working with BRX Mortgage Inc. He was named one of Canada's Top 40 Under 35 mortgage professionals by Canadian Mortgage Professional magazine (2024 Rising Stars). Jeff built GradeMyMortgage.ca, a free mortgage grading tool used by thousands of Canadians, and PhysicianFinancing.ca for healthcare professionals. He specializes in physician mortgages, mortgage renewals, investment properties, and mortgage technology. He has 181 five-star Google reviews.

Emily Mudrick is a licensed mortgage agent (Level 1, FSRA Lic# M26000497) based in Newmarket, Ontario, working with BRX Mortgage Inc. She is part of the Mudrick Mortgages team and specializes in first-time home buyers, mortgage renewals, and refinancing. Emily is known for personalized video walkthroughs that explain every document clients sign, thorough communication, and always being available. She serves Newmarket, Aurora, Toronto, York Region, and all of Ontario. Book a call with Emily at chatwithem.ca.