Products

A lender

A bank or monoline that prices its lowest rates and tightest underwriting against borrowers who fit prime credit, income, and property criteria. The big banks (RBC, TD, Scotia, BMO, CIBC, NB) and major monolines (MCAP, First National, MERIX) are A lenders.

An A lender wants a clean file: a credit score around 680+, provable income (T4s, notices of assessment, or two years of self-employed history), and a property in marketable condition. In exchange you get the sharpest rates in the market and the lowest borrowing cost over the life of the mortgage.

If your file has a wrinkle — bruised credit, recently self-employed, unusual property, or debt ratios just over the line — an A lender will usually decline rather than price for the risk. That's not the end of the road; it's the signal to look at a B lender or private financing with a plan to graduate back to A pricing.

Because every A lender weighs the same file differently, the value of a broker is shopping it across all of them at once instead of taking a single bank's answer as final.

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B lender

An alternative ("alt-A") lender that prices higher than A lenders but flexes on credit history, income documentation, property condition, or self-employed earnings. Examples include the alternative-lending programs of Equitable Bank and Home Trust.

Bridge financing

Short-term loan that lets you close on a new home before the sale of your existing one funds. Priced at prime + premium, secured against both properties, typically up to 90-120 days.

Closed mortgage

A mortgage that limits how much extra you can prepay each year and charges a penalty if you break the term early. Almost all standard Canadian mortgages are closed because the rates are materially lower than open.

Collateral charge mortgage

A mortgage registered against your property for more than the actual loan amount, letting you increase the limit later without re-registering. Common at TD and Scotia. Makes inter-lender switches harder mid-term.

Conventional mortgage

A mortgage with at least 20% down. No mortgage default insurance required. Pricing is typically higher than insured because the lender carries more of the credit risk.

HELOC

Home Equity Line of Credit

A revolving line of credit secured against your home, typically up to 65% LTV stand-alone or 80% combined with a mortgage. Variable rate (prime + spread), interest-only minimums, redraw any time.

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