Tricky mortgage questions, answered

Can an owner-operator truck driver get a mortgage in Brampton when line 15000 is low after truck write-offs?

Some lenders will look at an owner-operator truck driver in Brampton even when line 15000 is low after truck write-offs. Caledon and Mississauga files are read the same way from this office.

The personal tax return is one part of the file. Lenders may also ask for the business statements, the bank statements, and how the truck is paid for.

Punjabi-speaking help is available, so you can go through those papers in Punjabi or English.

Give us a call at 905-758-1335.

Can I renew or get a mortgage during or after a consumer proposal in Ontario?

A renewal and a new mortgage are read differently while a consumer proposal is open, and again after it is finished. Some lenders will look at a renewal, and a new purchase or a switch is often harder.

Debt you still owe the lender that holds the mortgage can change what that lender will consider. We see these files from North York and across Ontario.

Confirm with your trustee, accountant or lawyer.

Give us a call at 905-758-1335.

Can I get a mortgage or refinance if I owe CRA, including tax arrears, HST, or a CRA lien?

Owing CRA does not, by itself, end a mortgage file, and it does not mean a lender will ignore the debt. Some lenders will still look at a purchase or a refinance in Vaughan or Toronto when the balance is documented.

A lien registered on the house is a different problem from an unpaid balance, and both the lawyer and the lender need to see it.

Confirm with your trustee, accountant or lawyer.

Give us a call at 905-758-1335.

My parents in India are gifting the down payment. What do Canadian lenders need, and how early should the money move?

Lenders usually want a gift letter and a paper trail that shows the money came from your parents and landed in your account. How early it should move depends on the lender, so leave enough time for the wire and the statements to settle before the file is needed.

Hindi- and Punjabi-speaking help is available for clients in Brampton and Mississauga, so you can go through the gift letter in Hindi, Punjabi, or English. Indian tax and transfer rules are outside this page.

Confirm with your trustee, accountant or lawyer.

Give us a call at 905-758-1335.

Can I get a mortgage on maternity or parental leave in Ontario, and is 18 months treated differently from 12?

Some lenders will consider a mortgage while you are on maternity or parental leave in Ontario, including in Mississauga and Milton. Whether a longer leave is read differently from a shorter one depends on the lender.

What they usually ask for is your return-to-work date and your income before the leave. A renewal with your current lender can be a different conversation from a new purchase or a switch.

Give us a call at 905-758-1335.

If my parents co-sign or go on title, do I lose the Ontario and Toronto first-time buyer land transfer tax refund?

A parent who only co-signs the mortgage, and is not on title, is not the same as a parent who buys a share of the house. If a parent who is not a first-time buyer takes an ownership share, Ontario reduces the first-time buyer land transfer tax refund in proportion to the share the qualifying buyer actually gets, which is the published Ontario rule.

If a parent goes on title only because the lender requires it and takes no real ownership, Ontario says you pay the tax at registration, then apply to the Ministry of Finance for the refund with proof, such as a lender letter or a trust agreement. Toronto adds its own land transfer tax and its own first-time buyer rebate, so who is on title matters on a Toronto purchase as well as on a Brampton one.

Confirm with your trustee, accountant or lawyer.

Give us a call at 905-758-1335.

Can I get a mortgage on a work permit with less than 12 months left, including a PGWP or a spousal open work permit?

Some lenders will look at a work permit, including a post-graduation work permit or a spousal open work permit. Many of them want to see how much time is left, so a permit with less time remaining is a harder file than one with more time left.

In Brampton and Mississauga we start with the permit, your job letter, and your status in Canada. Buying is a separate question from the mortgage. Until the federal ban on non-Canadian buyers ends on January 1, 2027 (unless Ottawa extends it), a work-permit holder generally needs at least 183 days left on the permit on the purchase date. Ontario's non-resident speculation tax can still apply unless you qualify for an exemption, such as being an Ontario Immigrant Nominee.

Give us a call at 905-758-1335.

My fixed-payment variable mortgage went into negative amortization. What happens to my payment at renewal in 2026?

At renewal, the lender looks at the balance you actually owe, which can be higher than the original schedule if the mortgage went into negative amortization. The payment can change because that balance still has to be paid down.

The new payment is the one in the renewal offer. Homeowners in North York and Vaughan who are renewing in 2026 can bring that letter and the current statement.

Give us a call at 905-758-1335.

Is there a Bengali-speaking mortgage broker for Danforth, Crescent Town, or Scarborough?

Yes, by phone or video. MKG Mortgages offers Bengali-speaking mortgage help for clients in the Danforth, Crescent Town, East York and Scarborough areas.

Our only office is at 4250 Weston Road in North York, so most Bengali-language meetings happen by phone or video call. The website stays in English.

A licensed mortgage broker reviews the file.

Give us a call at 905-758-1335.

Spousal buyout: can you help me keep the house after a separation in Ontario?

Yes. We help clients with spousal buyouts when they're separating and want to keep the home. Give us a call at 905-758-1335.