A Smart New Way of Thinking About Mortgages

We are more than just your mortgage broker, and we offer more than just mortgage broker services — we educate you about your mortgage options. We shop at banks, credit unions, trust companies, and other lenders to negotiate the best rates and terms that suits you. Best of all, most of the services offered at Mortgage Teacher are FREE!

Find your best mortgage rate

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Mortgage Calculator

Not sure what your comfortable mortgage payment is? Our mortgage calculator will help you find out which mortgage payment amount best suits your lifestyle and financial goals.

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Mortgage Brokers

Mortgage Brokers negotiate with lenders on your behalf to find you the best mortgage rates. They'll show you comparisons between different mortgage products in the current marketplace.

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Mortgage Rates

With so many changes in the rules and hundreds of rate options to choose from, finding the right mortgage for your family can be scary. Mortgage Teacher makes it easy.

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Credit Score

Your credit score determines which loans you qualify for and the interest rates you will pay. We help you navigate your credit report so that you know what your credit score is and how to improve it.

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Home being renovated

When are home upgrades worthwhile?

If you don't have renovation money in a savings account, good home equity makes your home more valuable after...

When are home upgrades worthwhile?

If you don't have renovation money in a savings account, good home equity makes your home more valuable after upgrades. You can also borrow money from a short term line of credit, however, you must ensure that after the renovations, your home's value increases enough to combine the line of credit balance and the current mortgage balance. You also must keep 20% equity in the house unless you sell so that you don't end you owing more on your hours than what it's worth. Mortgage Teacher can help you plan your home renovation financing so you know if and when it's a good idea to upgrade.

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Buying a house?

Whether you are a first time home buyer, selling your house to upgrade, or looking to buy that cottage to relax after...

Buying a house?

Whether you are a first time home buyer, selling your house to upgrade, or looking to buy that cottage to relax after retirement, Mortgage Teacher is here to help. With today's hot market, too many Canadians miss out on the home of their choice because they can't secure financing quick enough. Mortgage Teacher helps you avoid this. Get more than just pre-approved — get pre-educated. Have a plan right from the credit score to the down payment and closing costs. Most importantly, have a budget to know where you will be in three to five years.

Got a Fixer‑Upper?

To some Canadians, the income property or "fixer-upper" can be a handyman's dream. However, with more house flips taking place, the more we hear about unexpected cost. Whether you are looking for short term funds to get some upgrades done on your current home or if you're looking to refinance for additions, there are a few limits and rules when it comes to buying a house to flip it.

  • 1

    As of March 2010, you must put in 20% down payment on a house unless you are moving in.

  • 2

    Don't lock yourself into a five-year mortgage just to qualify for a higher loan amount.

  • 3

    Always try to have a separate income source for the renovations.

  • 4

    If your plan is short term, try to take a fully open loan, like a line of credit.

  • 5

    Make sure to calculate all associated costs such as, realtor fees, discharge fees, and lawyer fees.

  • 6

    Consider living in the property and holding for 12 months to avoid paying capital gains.

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Mortgage
Terms

What do all of these mortgage terms mean? With so much terminology used when discussing mortgages, finding the right one can be confusing. Mortgage Teacher is here to make the process as easy as possible.

Conventional Mortgage

Is a mortgage that is not insured by the federal government. A buyer must put down 20% or more of the purchase price to qualify as a conventional mortgage. Conventional mortgages can have either fixed or variable rates.

High-Ratio Mortgage

A mortgage in which the borrower has put down less than 20% of the purchase price. High ratio mortgages must be insured against default by either Genworth Financial or CMHC to protect the lender in the event of a default.

Insured Mortgage

A mortgage transaction where the mortgage premium is paid by the client and is insured by one of Canada’s three mortgage insurance providers: CMHC, Genworth or Canada Guaranty. This applies to mortgages with less than 20% down payment. Interest rates are typically lower for this type of transaction. Not available for homes with purchase prices of 1 million or more.

Uninsured Mortgage

Is a Mortgage transaction that is ineligible for insurance. This applies to mortgages with more than 20% down payment. Interest rates are typically higher for this type of transaction.

Variable Mortgage Rate

A mortgage rate that is attached to and will fluctuate depending on the Prime rate. If your lender's Prime rate goes up or down, this will be reflected in your mortgage rates and payments. Variable rates are typically lower than fixed rates, however they do carry more risk than fixed rates.

  • Picture of Dave and Angela Hatch

    5 star! As first time buyers we were thrilled that Mike made it easy. He took us through not only our mortgage but how to make the most of our credit and investments. We got great rates and advice A+ Thanks Mike.

    Ang Hatch London, Ontario
  • Picture of Christal and Ryan Malone

    5 star! Jill was amazing! She was always there to answer questions and really knew her stuff, and helped build our confidence as first time home owners. Thanks a million Jill and Mortgage Teacher!!

    Christal Malone London, Ontario
  • Picture of Mark Phipps and Katherine Kasper

    Mike and the team go that extra mile to make sure you get the best possible deal based upon your plans. When my wife and I were last renewing our mortgage, Mike worked out many of the options and gave us helpful advice with each possible path we could have team. Overall, if you want your mortgage renewal or initial mortgage done right, trust Mike and the team at Mortgage Teacher.

    Mark Phipps London, Ontario
  • Picture of Liane Cashaback

    5 star! I was educated and encouraged! The bank did not support the needs I needed and from here on out mortgage broker all the way. I am doing this all on my own and you know what... no reason to worry you can do this on your own! And guess what... there is a mortgage out there for you with people who care to lend a hand.

    Liane Cashaback London, Ontario
  • Picture of Chris Coulson and Erin Kempster

    Great experience today with Mortgage Teachers. Mike is a master of his craft and a wealth of knowledge (enjoy that pun). Go pens go!

    Chris Coulson London, Ontario
  • Picture of Steven Sommerville and Richelle Forrester

    5 star! As first time home buyers Mike and his team of professionals made the whole process extremely easy to understand and even made it fun. We would recommend Mortgage Teacher to anyone looking for a mortgage process made easy!

    Steven Sommerville London, Ontario
  • Picture of Mandy Learn and Ryan Marr

    5 star! Wow! Being a first time home buyer couldn't have been easier. Mike was super informative, accommodating and easy to get a long with. Not only did he set up our first mortgage but he ensured we understood it every step of the way. Cant wait to get the "keys in the door".

    Mandy Learn London, Ontario
  • Picture of Jared and Alicia Payne

    From start to finish the process was comfortable. We have been dealing with Michael since our first mortgage back in 2006 and every time we meet he takes the time to not only get the best product for our needs but also educate us on both mortgages and general financial strategies to ensure we meet our financial goals. We would definitely recommend The Mortgage Teacher to anyone looking to get a full service experience.

    Jared Payne London, Ontario
  • Picture of Andrew and Brittany Phillips

    5 star! Hey Mortgage Teacher I'm so excited to move my family into our brand new home!! Its so good to know there are services like yours that help guide us every step of the way...And I have to admit its been a pretty fun year. Remember we were file number 3!!!

    Andrew Phillips London, Ontario