MORTGAGE CALCULATOR

A mortgage is a loan used to buy a home. You borrow money from a lender and pay it back over time, with interest. The home itself is the collateral until the mortgage is fully repaid.

That depends on your income, expenses, credit score, and down payment. We’ll help you calculate what’s realistic—so you can buy with confidence, not stress.

A fixed rate stays the same for your term, offering stability. A variable rate can change with the market—often starting lower, but with more risk. We’ll walk you through the ins and outs of each option so you can make a confident, well-informed decision.

In Canada, it’s:

• 5% for homes under $500,000

• 5% on the first $500,000 and 10% on the rest up to $1 million

• 20% for homes over $1 million

If your down payment is less than 20%, mortgage default insurance is required. It protects the lender, not you—but it allows you to buy with a smaller down payment.

Yes—getting pre-approved shows sellers you’re serious, and gives you a clear idea of your budget. We’ll walk you through it step-by-step.

Your credit score, income, down payment, mortgage type, and the lender’s current rates all play a role.

Have a strong credit score, steady income, and a bigger down payment. We’ll also shop the market to find your best-fit rate.

It’s the total length of time to pay off your mortgage—usually 25 or 30 years. A longer period means lower monthly payments, but more interest paid over time.

You can renew with your current lender, renegotiate your rate, or switch to a new lender. We’ll help you choose the best next move.

Yes, many mortgages let you make extra payments—up to a limit. Exceeding it or breaking your term early may involve fees. We’ll help you understand your options clearly.

Besides your down payment, you’ll need to budget for:

• Legal fees

• Appraisal

• Home inspection

• Land transfer tax

• Title insurance
  We’ll help you plan ahead so there are no surprises.

Absolutely, if flexibility is important to you. These let you pay off more when you’re ready—without penalties.

Open mortgages allow full repayment any time—but usually come with higher rates. Closed mortgages have better rates, but limited flexibility.

Easy—we’ll review your current mortgage, find a better rate or features, and handle the process for you from start to finish.

Yes! Many lenders accept gifted down payments—usually from immediate family. We’ll help document it properly.

Banks offer only their own products. As a broker, UNIFI Lending shops multiple lenders to find you the best deal—personalized to your needs.

It can take as little as 24–48 hours once all documents are submitted. We’ll keep things moving and communicate clearly every step of the way.

Yes, absolutely. We specialize in helping self-employed clients with flexible options that recognize your full income story.

Typically:

• Photo ID

• Proof of income (T4s, pay stubs, or tax returns)

• Bank statements

• Employment letter
  We’ll send you a checklist so you’re fully prepared.

Typically:

• Photo ID

• Proof of income (T4s, pay stubs, or tax returns)

• Bank statements

• Employment letter
  We’ll send you a checklist so you’re fully prepared.

A renewal happens when your mortgage term ends, and you still have a balance remaining. You can renew with your current lender or shop for a better rate or terms—we’re here to make sure you don’t just renew out of habit, but with strategy.

Nope! You can switch to another lender if you find a better rate or features. UNIFI Lending will help compare your options and make switching simple.

Refinancing means replacing your current mortgage with a new one—often to access equity, lower your rate, or consolidate debt. We’ll walk you through when it makes sense.

Nope! You can switch to another lender if you find a better rate or features. UNIFI Lending will help compare your options and make switching simple.

Nope! You can switch to another lender if you find a better rate or features. UNIFI Lending will help compare your options and make switching simple.