Financing
Mortgage and financing guides for Ontario buyers: fixed vs variable, the FHSA, RRSP Home Buyers' Plan, mortgage insurance, refinancing and prepayment.
LatestFinancing
FHSA vs RRSP HBP — Which Down-Payment Tool Wins in 2026?
For most first-time buyers the FHSA comes first: deductible going in, tax-free coming out, nothing to repay. The RRSP Home Buyers' Plan adds up to $60,000 more, but it is a loan you repay over 15 years. Here is how to choose and how to use both.
June 1, 2026Summitly Editorial4 min read
For most first-time buyers the FHSA comes first: deductible going in, tax-free coming out, nothing to repay. The RRSP Home Buyers' Plan adds up to $60,000 more, but it is a loan you repay over 15 years. Here is how to choose and how to use both.
June 1, 2026Summitly Editorial4 min read
Lenders must qualify you at the greater of 5.25% or your contract rate plus 2 points. Here's how the test works, what it does to your budget, and when it doesn't apply at renewal.
June 1, 2026Summitly Editorial3 min read
Accelerated payments, annual lump sums and payment increases can cut years and tens of thousands of dollars of interest from a mortgage. Worked example: on $600,000 at 4.5% over 25 years, accelerated bi-weekly payments save about $60,000 of interest.
June 1, 2026Summitly Editorial3 min read
Since November 21, 2024, a straight switch to a new lender at renewal no longer requires the stress test. On a $500,000 balance, a rate 0.25 points lower saves about $5,800 of interest over a five-year term. Here's how to shop your renewal.
June 1, 2026Summitly Editorial3 min read
A HELOC is a revolving line of credit secured by your home; a second mortgage is a lump-sum loan registered behind your first. At federally regulated lenders a HELOC is limited to 65% of your home's value. Here's how they compare and when each fits.
June 1, 2026Summitly Editorial3 min read
A rental you won't live in needs at least 20% down and can't use mortgage default insurance. Living in one unit of a two- to four-unit home changes the rules. Here's how down payments, rental income and the stress test work for Ontario investors.
June 1, 2026Summitly Editorial3 min read
Private mortgages can bridge a short gap when a bank won't lend, but they usually cost more, often charge fees, are frequently interest-only, and run for short terms. Here's when one can make sense, what to check, and why the exit plan matters most.
June 1, 2026Summitly Editorial3 min read
With the Bank of Canada on hold at 2.25% since October 2025, the choice comes down to how much payment certainty you need, how long you might keep the mortgage, and what breaking it could cost. Here's how to decide.
May 31, 2026Summitly Editorial3 min read
Coldwell Banker Summit Realty, BrokerageZara is an AI virtual agent. Advisors are licensed REALTORS® at Coldwell Banker Summit Realty, Brokerage.
