Process & paperwork

Renewal

When your term ends, you sign a new mortgage agreement — same property, new rate, new term. About 60% of Canadians take the bank's first offer; brokers typically beat it by 30-60bps.

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Appraisal

An independent valuation of the property used by the lender to confirm the purchase price is reasonable and to determine maximum loan-to-value. Most files require a full appraisal; some refinances accept a desktop or automated valuation.

Home inspection

A professional review of the property's structural, mechanical, and safety condition. Not legally required but strongly recommended on every resale purchase. Typical cost: $400-$700.

Mortgage broker

A licensed professional who shops your mortgage across multiple lenders to find the best fit. Paid by the lender on funding (not by you). Regulated provincially — FSRA in Ontario.

Pre-approval

A written commitment from a lender estimating how much you can borrow at what rate, valid for 90-120 days. Subject to property appraisal and final underwriting on a real purchase.

Underwriting

The lender's review of your application — credit, income verification, asset confirmation, property appraisal — leading to formal approval and a mortgage commitment.

Power of sale

An Ontario lender's right to sell a property to recover an unpaid mortgage without going through formal foreclosure. Faster than US-style foreclosure. Specialty advisors can negotiate workouts.

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