Ontario Mortgage Decision Centre
Choose the concern closest to yours. The useful answer may depend on the documents, property, timing and lender policy—not simply whether one lender said yes or no.
Find the answer from your problem
Separate the real lender concern from assumptions.
Income · credit · debt ratios · property · down paymentShow me where to start →02Show how the business earns before choosing a lender route.
A lending · bank statements · financials · T1 approachShow me where to start →03Understand the bureau, timing and cause—not only the score.
Equifax · TransUnion · utilization · collections · recoveryShow me where to start →04Compare the complete decision before signing early.
Rate · payment · penalty · switching cost · flexibilityShow me where to start →05Match the purpose, cost and exit plan to the right structure.
Debt consolidation · renovations · investment · CRA debtShow me where to start →06Test the rental calculation and portfolio effect by lender route.
Subject rent · existing rentals · cash flow · reservesShow me where to start →07Work backward from the deadline and available equity.
Appraisal · funds to close · job change · urgent alternativesShow me where to start →How the answer is built
Buying, selling or investing?
Property type, legal use, insurance, appraisal, taxes, condo information and closing dates can change the mortgage answer. Connect both sides before the transaction becomes difficult to reverse.
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Tell Rajiv what you are trying to accomplish and what the lender has already said. He can help identify the questions and responsible options worth exploring next.
Published mortgage guidance
Use the guided situations above or search every published answer, concept and strategy.
Rule
Not always. A switch at maturity may avoid an early-payment penalty, but appraisal, legal, registration, assignment, discharge and setup costs can remain. Some lenders cover selected costs, subject to conditions.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Yes. The new mortgage or sale cannot close cleanly until the lawyer can pay the secured debt and deal with the registered charge. Missing payout instructions, secured lines, penalties or lender processing time can delay the transaction.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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OSFI says federally regulated lenders are not expected to apply the minimum qualifying rate when an uninsured mortgage switches at renewal with no increase to the loan amount or amortization. The new lender still underwrites the borrower and property under its own policy.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Not necessarily. A lender may blend the existing rate with a new rate and extend the term, sometimes without collecting the penalty in cash. The economic cost may still be reflected in the blended rate or product restrictions.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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No. Portability is a contractual option subject to lender approval, requalification, property acceptance, timing and amount rules. A portable mortgage can still create a penalty or financing gap.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Possibly. A permitted lump-sum payment may lower the balance used for the penalty, but the privilege, timing and penalty formula are contract-specific. Get written confirmation before moving money.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Many fixed closed mortgages charge the higher of three months’ interest or an interest-rate differential, while many variable closed mortgages use three months’ interest. The exact formula, comparison rate and discounts come from the contract and lender disclosure.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Yes, if a closed mortgage is repaid before maturity and the contract permits a prepayment charge. Selling the property does not automatically remove the penalty. An open mortgage, an eligible port or a hardship accommodation may produce a different result.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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The final cost can include a lender discharge or administration fee, legal or notarial work, land-registration charges and, if the mortgage is repaid early, a prepayment penalty. Ask for an itemized estimate before choosing the transaction date.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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No. Paying the balance brings the debt to zero, but the registered charge must still be formally discharged from title. Your lender, lawyer and land-registration process must complete that final step.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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