What should I ask a mortgage broker besides the rate? (Ontario)

In Ontario, the questions to ask a mortgage broker besides the rate are about structure, and that conversation comes before the rate, not after. Ask about the term, the amortization, how much you can prepay, whether you can move the mortgage, how the penalty is calculated and the type of charge registered on title. Tell the broker what the property is for and what your plans are. The same rate can cost different amounts depending on how long you keep the mortgage and what you do with it.

Questions about the mortgage itself

1. What term fits how long I expect to keep this mortgage? The term is the contract length; if you might move or refinance before it ends, a penalty may apply. See how long your term should be if you might move.
2. What amortization, and what does the longer one cost? The amortization is the time to pay off the whole loan. A longer amortization lowers the payment and adds interest; see 25 or 30 years.
3. Fixed or variable, for my plans? On a variable mortgage the penalty is commonly three months' interest, though the contract governs. See fixed or variable.
4. How much can I prepay each year without a penalty? Ask about both payment increases and lump sums, and whether unused room carries over.
5. How is the penalty calculated? On a fixed mortgage the penalty is usually the higher of three months' interest or the interest rate differential, and lenders may use posted rates (source: Financial Consumer Agency of Canada, checked October 2026). Ask which method this lender uses; the lower rate does not always cost less shows why the penalty method matters.
6. Can I port this mortgage to my next home? Porting moves the mortgage to a new home within the lender's time limits; the rules depend on the lender.
7. Is this mortgage a standard or a collateral charge? A collateral charge is often registered for more than you borrow, which can make it simpler to borrow again with the same lender and more involved to switch at renewal. The charge type is set when the mortgage is first registered.
8. How long is the rate held, and what if rates fall? Rate holds are commonly 90 to 120 days. Some lenders lower a held rate if rates drop before closing; others do not.

Questions about you and the property

What is the property for? A home you live in, a home with a rental unit, or a rental you will not live in are financed differently. A one-unit rental is not eligible for CMHC mortgage insurance (source: CMHC, checked October 2026). A rental you won't live in generally needs at least 20% down. If rent is part of the picture, see whether rental income counts when you qualify.

What are your plans? Selling within a few years, renovating, a growing family, a change in income, or a business that needs cash all change which term, amortization and prepayment terms suit you. Tell the broker before the rate comes up.

Questions about the broker

Which kinds of lenders do you compare? Banks, credit unions and monoline lenders, which lend only mortgages and generally work only through brokers. Many lenders share their current rates with brokers rather than publish them.

How are you paid, and is there any fee to me? For most bank, credit union and monoline mortgages the lender pays the brokerage, so the service is usually free to you. Any fee is disclosed in writing before you commit. Asking whether the lender's payment differs between the lenders being compared is also fair. Our answer is on how we are paid.

Which brokerage holds your licence? Ask for the brokerage's name and licence number. Ours: Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722.

Will you put the comparison in writing? A written comparison lets you check the term, privileges and penalty method, not only the rate. You can also take the written comparison to your own bank if you want to.

What to do next

Work through the structure questions with the mortgage structure quiz. Or use our call-back form and bring your plan, not just your letter. We start with these questions before we talk about rates.