How to use our mortgage tools
Four short video walkthroughs — each pairs a real scenario with the right calculator and explains why a borrower might choose this solution.
Private Mortgage — When the Bank Says No
Self-employed homeowner with a $850K home, $400K first mortgage and $450K equity needs $200K to free up cash flow after a bank decline.
- Equity-based approval — no T4s or 2-year average required.
- Typically funds in 5–10 business days vs. 4–6 weeks at a bank.
- Use it as a bridge: refinance to a prime lender once income or credit stabilises.
- Best demo with the Affordability + Interest Rate Comparison calculators.
- ·Home value $850,000 · 1st mortgage $400,000 · available equity $450,000
- ·Request: $200,000 second at 9.99% interest-only, 12-month term
- ·Combined loan-to-value lands at 70.6% — well inside private guidelines
- ·Monthly payment: $1,665 (interest only)
- ·Exit strategy: refinance to a prime A-lender once income or credit stabilises
Senior Reverse Mortgage — Tax-Free Cash, No Monthly Payment
Couple ages 68 & 70, mortgage-free $1.2M home, want $250K tax-free to supplement retirement income without selling.
- No monthly payments — interest accrues against the home.
- Tax-free funds don't claw back OAS or GIS.
- Owners stay on title; loan is repaid on sale or estate settlement.
- Best demo with the Senior Financing Calculator on the Senior Mortgage page.
- ·Home value $1,200,000 · existing mortgage $0 · younger spouse age 68
- ·Approved tax-free advance: $250,000 (lump sum or scheduled)
- ·Rate: 6.99% 5-year fixed · monthly payment: $0
- ·Owners stay on title; balance ≈ $497,500 in 10 years (illustrative)
- ·Tax-free funds do not affect OAS or GIS benefits
Second Mortgage — Don't Break a Great First
$900K home with a $500K first mortgage at 4.04%. Owner needs $80K for renovations + debt consolidation. Breaking the first triggers a ~$14K penalty.
- Keep the cheap first mortgage; only borrow the cash you actually need.
- Consolidating 19.99% credit cards into a ~9.49% 2nd often saves hundreds per month.
- Blended cost of capital usually beats breaking the first + refinancing.
- Best demo with the Refinance / Debt Consolidation calculator.
- ·Home $900,000 · 1st mortgage $500,000 @ 4.04% · cash needed $80,000
- ·Option A — break the first: ~$14,000 penalty
- ·Option B — add a second @ 9.49%: $0 penalty, $633/mo interest-only
- ·Blended cost of capital ≈ 4.78% across the combined debt
- ·12-month savings vs. breaking the first: ~$11,400
Renewal — Big-Bank 4.04% Offer vs. The Market
$450K mortgage maturing — big-bank renewal letter offers 3-year fixed closed at 4.04%, plus a HELOC at 4.70% with a $60K balance. Should you sign?
- Renewal letters are the opening bid — ~70% of borrowers sign the first offer.
- Brokered 3-year fixed often prices 0.20–0.30% below big-bank renewals.
- Rolling a 4.70% HELOC into the new mortgage at ~3.79% frees up ~$1,900/yr.
- Best demo with the Interest Rate Comparison + Mortgage Payment calculators.
- ·Mortgage balance $450,000 · bank offer 4.04% / 3-yr fixed
- ·HELOC at 4.70% with a $60,000 balance
- ·Brokered 3-year fixed: 3.79% — $2,316/mo vs. bank's $2,378/mo
- ·Monthly savings $62 · 3-year interest savings ~$5,200
- ·Rolling HELOC into the new mortgage saves ~$1,900/year
Educational information only — subject to approval
This website provides general educational information only and does not constitute financial, mortgage, legal, or tax advice. All rates, products, scenarios, and calculator results are illustrative and subject to lender approval, credit qualification, property valuation, and current market conditions. Mortgages are arranged by Saminder Juneja, Mortgage Broker — Mortgage Centre Canada / Get A Better Mortgage Inc. (FSRA #10874). Nothing on this site constitutes an offer to lend.