Boost Mortgages is your premier destination for securing the perfect mortgage solution. Unlike traditional brokers, we streamline the process by providing real-time interest rates and personalized financial insights tailored to your unique situation. Our extensive network of lenders guarantees access to the best mortgage options available, ensuring you find the ideal fit for your needs. With Boost Mortgages, you can expect a fast, easy, and convenient application process, backed by expert guidance every step of the way.

Boost Mortgages has access to a diverse network of lenders, including traditional banks, credit unions, online mortgage lenders, private lenders, and mortgage investment corporations (MICs). This extensive network allows us to offer a wide range of mortgage products and solutions tailored to our clients’ unique needs and financial situations. Whether you’re a first-time homebuyer, a seasoned investor, or seeking to refinance your existing mortgage, our access to various lenders ensures that we can find the right mortgage solution for you.

Take a look below for a more extensive explanation of the different Traditional and Non-Traditional options we offer our customers:

Traditional Lenders

The Bank Act recognizes and governs three distinct types of banks:

1. 1. Schedule I banks have widely held shares (by individuals who purchased shares on stock exchanges and by groups such as mutual funds and pension funds), with no shareholder permitted to own more than 10% of the bank’s shares. These domestic banks are authorized under the bank act to accept deposit which may be eligible for Deposit Insurance provided by the Canadian Deposit Insurance Corporation (CDIC).
   2. Schedule II banks are more closely held either by a foreign bank that is a parent company or by related financial institutions (such as American Express is ownership of the Amex Bank of Canada). They are also authorized under the bank act to accept deposits.
   3. Schedule III banks are foreign bank branches of foreign institutions authorized under the bank act to do banking business in Canada, though under restrictions.

Trust Companies: Trust companies can be incorporated and regulated at federal or provincial levels. By law, only trust companies are allowed to provide trustee functions (holding, managing or investing assets for the benefit of another person), which is what gives them their name. While a bank has full commercial lending powers, trust companies must have more than $25 million of regulatory capital to receive full powers with the approval of the Office of the Superintendent of Financial Institutions (OSFI).

Credit Unions: Credit unions differ from banks and trust companies because they are regulated entirely at the provincial level. Credit unions are a cooperative of individual branches composed of members who deposit and borrow funds from their organization. Some credit unions are general, serving a specific area, much like a bank or Trust Company. In other cases, membership is often based on a common bond of association, such as profession, place of employment, geographic community, religion, or cultural background.

Life Insurance Companies: For many years, life insurance companies were Canada’s most important source of Canada’s mortgage financing. Their large size and significant assets allowed for economies of scale in the administration of mortgage portfolios. In addition, because of the long term nature of their liabilities (the money they would eventually pay out to holders of insurance policies) and their annual net inflow of funds from premiums, they were traditionally not very concerned with liquidity (the ability to convert assets quickly and efficiently to cash). This enabled the insurance companies to seek out higher interest rates on mortgages.

Finance Companies: Finance companies in Canada can be specialized by either their activity or the industry in which they operate or be more broadly diversified. Examples of finance companies are Capital Direct, Fairstone and other Mortgage Investment Corporations (MICs); who specialize in lending solutions.

Non-Traditional & Private Lenders

Non-traditional and private lenders are alternative sources of financing for mortgages. Unlike traditional lenders such as banks and credit unions, non-traditional lenders may include online mortgage lenders, mortgage brokers, or private individuals or companies that provide loans outside of the conventional Financial System. These lenders may offer more flexible terms, alternative underwriting criteria, and unique loan products tailored to borrowers who may not qualify for traditional mortgage financing due to factors such as credit history, income sources, or property type.

By negotiating rates from a diverse group of trusted lending partners, we can offer flexible options at rates that are lower than our competitors.

Boost Mortgages lets you work at your own pace, while providing highly rated customer service and expert advice. It lets you apply online, anytime, at your convenience.

If you’re buying a home, here’s when we recommend using Boost Mortgages:

• You’re just starting your home search.
• You have a home in mind and want to make an offer.
• You already have a signed purchase agreement.

If you’re refinancing, here’s when you can use Boost Mortgages:

• You need to get cash out of your home.
• You want to lower your monthly payment.
• You’re interested in a different loan term.

If you’re renewing, here’s when you can use Boost Mortgages:

• You’d like to work with a company who puts client experience first.
• You want to lower your rate & monthly payment.
• You’d like to compare the rate & term offered by your current lender.

It is entirely up to you.  If you wish to meet in person, that can easily be arranged, if not, you can enjoy a completely digital mortgage experience from the comforts of your home. Apply here!

We take your privacy seriously and implement security measures to protect your information from unauthorized access, disclosure, alteration, or destruction. We use industry-standard encryption and access controls to ensure the confidentiality and integrity of your data.

Learn more about our Privacy Policy here.

Currently you can use Boost Mortgages to get a mortgage in the province of Ontario, with expansion into Quebec and British Columbia planned for early 2025.

Most people use Boost Mortgages to buy or refinance:

• A single-family home
• A second home or investment property
• A condo

We do provide mortgages for other less common property types. If you want to buy or refinance something not mentioned above, reach out to us today.

To start applying with Boost Mortgages, we recommend you have the following information on hand:

• Contact info for each person that will be on the loan
• Details about how much money is in each account you want us to consider for your approval (e.g., checking and savings accounts, retirement accounts, stocks, and other assets)
• Your income and employer information

Mortgages are loans you take out to buy real estate or turn your home equity into cash. Once approved, you repay the loan according to specific terms that include interest rate, payment amount and timeline. These details are set out in the mortgage document.

Your lender registers a charge on your property. If you can’t repay the mortgage, your lender can take possession of your property and sell it to collect any money you owe them.

No, a HELOC is not the same as a mortgage loan. With a mortgage loan, you receive funds on a certain date and pay them back according to your mortgage agreement. A HELOC is a line of credit that lets you access up to 65% of your home’s appraised value. You use the funds you need and pay them back. Both a HELOC and a mortgage loan are secured by a registered charge on the title to your property. Learn how to consolidate your debt into a mortgage.

A mortgage pre-approval is an initial assessment by a lender to determine how much money a borrower may qualify to borrow for a mortgage. It involves submitting financial documents like income statements, employment history, and credit score. Once pre-approved, borrowers receive a conditional commitment specifying the loan amount they can potentially secure, aiding them in understanding their budget when shopping for homes. However, it’s important to note that a pre-approval isn’t a guarantee of a loan; final approval is contingent upon further factors and underwriting processes.

Several factors influence mortgage eligibility, including credit score, income stability, debt-to-income ratio, employment history, down payment amount, and the type of property being financed.

If you have a fixed-rate mortgage, your interest rate and monthly payments stay the same for the entire mortgage term. If interest rates go up during the term, you’re protected because your rate stays the same.

If you have a variable-rate mortgage, your interest rate changes when a specified financial index (such as Prime Rate) changes. Your mortgage agreement explains how and when your interest rate will change. Your regular payments may stay the same. But if interest rates go down, more of your payment goes towards the principal. If rates go up, more of your payment goes towards the interest.

To calculate interest on your variable-rate mortgage, you need your outstanding principal balance, current mortgage rate and payment frequency.

Multiply the outstanding principal amount by the mortgage rate in effect at the time. Divide that result by 365. Multiply by the number of days in the payment period in which that mortgage rate was in effect.

Interest is also calculated this way in leap years. You pay interest on your regular payment dates.

If you have a fixed-rate mortgage, interest is compounded semi-annually, not in advance.

The minimum down payment required varies depending on factors such as the purchase price of the home and the type of mortgage. In Canada, the minimum down payment is typically 5% of the purchase price for homes valued up to $500,000, with higher down payment percentages required for homes priced above this threshold.

Closing costs typically include expenses such as legal fees, land transfer taxes, appraisal fees, home inspection fees, title insurance, and property taxes. It’s essential to budget for these additional costs when purchasing a home.

1. Location: The kind of neighbourhood, public transport, parking, schools, parks, hospitals, crime rates.
2. A building’s internal characteristics: Square footage, number of rooms, year and quality of the construction, appliances, flooring, roof, aesthetics.
3. A building’s external characteristics: “Curb appeal”: Is there a front & back yard? What does it look like? How big is the lot? Is it landscaped? Is it well maintained?
4. Current real estate market & local supply and demand: The rise of home prices during the pandemic and subsequent slowing of sales, people shifting their focus and looking for other investments.

If you need mortgage default insurance, your lender will arrange it through Canada Mortgage and Housing Corporation (CMHC) or another mortgage insurance company. But you pay the premium.

The premium is based on the size of your mortgage and down payment. You usually add the premium to your mortgage principal.

One reason you need this insurance is if you have a high-ratio mortgage ― when your down payment is less than 20% of the property value. Mortgage default insurance protects your lender if you default on the loan.

You can’t cancel mortgage default insurance.

Mortgage insurance is typically required for homebuyers who make a down payment of less than 20% of the purchase price. It protects the lender in case the borrower defaults on the loan. Mortgage insurance premiums are added to the monthly mortgage payments.

Mortgage brokers act as intermediaries between borrowers and lenders, helping borrowers find the best mortgage options from a variety of lenders. They can offer personalized advice, access to multiple lenders, and assistance throughout the mortgage application process.

Required documents may include proof of income (pay stubs, tax returns), employment verification, identification documents, bank statements, and information about assets and liabilities.

Many mortgages offer prepayment options, allowing borrowers to pay off their mortgage early or make additional payments without penalties. However, it’s essential to review the terms of your mortgage agreement to understand any prepayment restrictions or penalties that may apply.

Missing a mortgage payment can have serious consequences, including late fees, damage to your credit score, and potential foreclosure proceedings. It’s crucial to communicate with your lender if you’re experiencing financial difficulties to explore potential solutions and avoid defaulting on your loan.

Mortgage amortization period is the length of time it takes to pay off a mortgage, including interest. It may be between 5 and 30 years, depending on how much you can afford to pay. For a new mortgage, the amortization period is usually 25 years.

Mortgage term is how long you commit to your mortgage rate, details and conditions with a lender. When a term ends, you pay off the mortgage or renew it for another term if your lender agrees. Terms range from 1 to 10 years, but 4- to 5-year terms are most common.

You can prepay an open mortgage, in part or in full, without a prepayment charge. Open mortgages usually have higher interest rates than closed mortgages. But open mortgages are also flexible. If rates start to increase, you can easily switch to a closed mortgage.

If you prepay a closed mortgage before the mortgage term ends, you’ll pay a prepayment charge. For example, for a fixed-rate closed mortgage, the charge is usually the greater of 3 months’ interest or the interest rate differential (IRD). For a variable-rate closed mortgage, the charge is usually 3 months’ interest. Closed mortgages usually have better interest rates than open mortgages.

A short-term mortgage (with a term of 3 years or less) usually has a lower interest rate than a longer-term mortgage. When interest rates are high, and you think they may drop, choosing a short-term mortgage lets you lock in for a shorter period. A short-term mortgage may also be a good option if you plan to sell your home or pay off the mortgage early.

A long-term mortgage usually has a higher interest rate than a shorter-term mortgage. When current rates are reasonably low, choosing a longer term secures the interest rate for a longer period of time and makes budgeting easier.

Yes, you can access your home equity to renovate even if you’ve done this before. You need a current appraisal of your home to find out how much equity you have. Then complete a new home equity line of credit application using your new value. Your lender determines if you qualify for the increased borrowing amount.

You usually arrange a mortgage before house construction. But if you start construction and need financing, you may still be approved for a mortgage. For more information, reach out to us today!