Buying, renewing or refinancing in Brampton & the GTA? Get your free Mortgage Game Plan.

Your mortgage term (often a few months to five years) ends, and you have to either pay off the balance or renew. If your lender is federally regulated, like a bank, it must send you a renewal statement at least 21 days before your term ends. The statement shows your balance, rate, term and any fees. If you do nothing, your mortgage may renew automatically, and that offer may not be your best option. It's a good time to review your payments, term and goals, and to shop around a few months ahead.

Yes. You don't have to stay with your current lender. The new lender must approve your application, and it may use different rules to decide whether you qualify. Switching costs may include discharge, registration, transfer or assignment fees, an appraisal fee and admin fees. Some lenders may cover some of these, so it's worth asking. If you switch in the middle of your term rather than at renewal, you may also pay a prepayment penalty, which can cost thousands of dollars. If you increase the loan amount or extend your amortization, you may need new mortgage insurance. Exact costs depend on your lender.

The federal minimums are: 5% for homes priced at $500,000 or less. Between $500,000 and $1.5 million, it's 5% of the first $500,000 plus 10% of the rest. For $1.5 million or more, it's 20%. With less than 20% down, you'll typically need mortgage loan insurance, and its premium can be added to your mortgage. In Ontario, provincial sales tax on that premium has to be paid up front. If you're self-employed or have credit challenges, a lender may ask for more.

FHSA: a tax-free savings account for first-time buyers. You get $8,000 of room in the year you open it, and there's a $40,000 lifetime limit. RRSP Home Buyers' Plan: lets you withdraw up to $60,000 from your RRSPs to buy a qualifying home, and you repay it over time. You can use the HBP and FHSA together for the same home if you meet the conditions. Ontario land transfer tax refund: eligible first-time buyers may get back up to $4,000 of Ontario land transfer tax. You must be a Canadian citizen or permanent resident, and you must never have owned a home anywhere in the world. Eligibility rules apply to each program, so check them before you rely on them.

Often, yes, but it depends on your situation and the lender. Self-employed borrowers are usually asked for more income documents, and a lender may ask for a larger down payment or for mortgage insurance. Newcomers may find that lenders have specific requirements for credit history, employment and down payment. The best first step is a quick chat about your documents so you know where you stand.

It varies. It depends on how quickly your documents come together, the lender, the property and whether an appraisal or mortgage insurance is needed. Having your ID, income documents and down payment proof ready usually helps things move faster. Start early, especially if you're coming up for renewal. The government suggests shopping around a few months before your term ends.

The introductory chat is free. Before anything moves forward, Daksh explains how he's paid on your file, so there are no surprises.