Frequently Asked Questions

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 A mortgage broker (agent) is a licensed professional that will work with multiple lenders to find you a mortgage to suit your needs. They are not employed by any one lending institute which means they are working for you, not the branch. They have access to numerous lenders and mortgage products. When you choose an Axiom Mortgage Solutions broker you will have the power of our negotiating power behind you which means the best rates and terms will be made available to you. There is usually no fee to work with a mortgage broker (if you qualify under standard lending guidelines). We are paid by way of a commission paid by the lender. Should a fee be required this is disclosed and documented up front. Contact us today for more information. 

 Your mortgage is insured when you have less than 20% to put as a downpayment on your purchase. By law, lending institutions cannot lend more than 80% of the value of the home unless it is insured by CMHC (Canada Mortgage and Housing Corporation), Canada Guaranty or Genworth. These insurers protect the lender against the default of a mortgage. The insurance is put in place, a premium is charged and this amount is added to your mortgage. A non-insured mortgage is when you have 20% or more to put as a downpayment. In most cases, there is no insurance premium charged. Occasionally, the lender may still need to have the mortgage insured through CMHC, Canada Guaranty or Genworth depending on the location of the property or type of property being purchased. 

 Once you find a home, you and your real estate agent will write an offer to purchase. Once the negotiations have been completed, a copy of the offer to purchase and property highlight sheet is forwarded to your mortgage broker. They then submit the mortgage for final approval to the lender. Once the lender/insurer approval has been obtained, the lender will send a mortgage commitment to your mortgage broker outlining the details of the approval along with any paperwork that may still be required. Your mortgage broker will then contact you to go over the approval and ask you for the paperwork required to complete the mortgage file. Once the paperwork has been received and approved by the lender, your mortgage file will be complete and you can remove your “subject to financing” condition on your offer to purchase. Once you have removed all of your other conditions, such as “subject to home inspection”, then you have purchased your home! Your next step will be to go to your lawyers to sign the legal paperwork required in order to complete your purchase. You should expect to go to the lawyers approximately 10 days prior to the possession date. When you go to your lawyers, you will be expected to bring the remaining down-payment and closing costs. These funds must be in the form of a certified cheque or draft. Once you have completed the paperwork at the lawyers, you will then wait to take possession of your home on the possession date negotiated. 

 With our extensive network of over 40 lending partners and over 50 mortgage products we can get you access to the most favorable interest rates and mortgage terms. 

 There is an amount you will qualify for based on your income, employment history, down payment amount, credit score, and debt obligations. And there is also the amount you should budget for your purchase. These two numbers are not always the same. Let’s talk and KUBIK MORTGAGE GROUP can help you determine a smart budget and formulate a mortgage solution that meets your goals for home ownership today and for years to come. 

 Most of the time the broker services at KUBIK MORTGAGE GROUP are 100% free. There are some very unusual circumstances where we need to charge a fee, but we will disclose that to you early in the process if necessary. 

A bridge loan is the perfect solution many people don't know about! It provides the short-term funds you need to close on your new home before you receive the proceeds from the sale of your old one. This gives you the financial freedom to make your next move without the stress of being caught in the middle.

Breaking a fixed-rate mortgage early can come with a hefty price tag—a cost many people don't fully understand. It's called the Interest Rate Differential (IRD) penalty, and it's calculated using the difference between your current rate and your lender's current rate for a similar term. The bigger the gap, the bigger the penalty!

With many homeowners holding mortgages from the low-rate pandemic era, these penalties can be substantial. Before you consider refinancing, switching lenders, or selling, it's crucial to understand the real cost of breaking your mortgage.

A reverse mortgage can be a fantastic solution for homeowners aged 55 and older! It allows you to convert a portion of your home equity into tax-free cash, without having to sell your home or make regular mortgage payments. This can provide crucial financial flexibility, whether it's for home renovations, managing expenses, or simply enjoying retirement.

For family members looking to help loved ones age in place, a reverse mortgage from Canadian lenders like HomeEquity Bank, Bloom Financial or Equitable Bank offers a way to tap into home value to support independent living, potentially avoiding the need to move or rely on other financial resources. It's about empowering seniors to live comfortably in the home they love.

Open Mortgages allow you the flexibility to pay off your mortgage balance early or make extra payments without penalty, but typically come with higher interest rates.

Closed Mortgages often have lower interest rates, but restrict early repayment and lump-sum payments, potentially leading to penalties if you break the terms.

Understanding the nuances that make up a mortgage is key to choosing the right mortgage to meet your financial goals! We’re here to guide and educate you to ensure you have the financing option right for you!

Separation is hard enough. Your mortgage shouldn’t make it harder.

If you're navigating divorce or separation, it's important to understand the options available early on (before finalizing your agreement - divorce/separation). A licensed mortgage agent (broker) can help you explore solutions like the Spousal Buyout Program, which may allow one partner to stay in the home by accessing up to 95% of its value.

This is more than just a financial decision, it’s about creating stability during a major life transition.

Is your credit score making you second-guess your mortgage options?

You’re not alone, and you’re not out of options.

Credit scores are shaped by several factors, including your payment history, credit utilization, length of credit history, and more. Understanding how these work is the first step in building a stronger financial profile.

A gifted down payment is money given by a direct family member to help cover some or all of your down payment. It’s becoming a common path to homeownership, especially for first-time buyers and newcomers who may be building their finances from the ground up.

Lenders require specific documents, like a signed gift letter, proof the funds are non-repayable, and confirmation the gift is coming from an immediate relative. It’s important to get this right before making an offer on a home.

We’re here to walk you through every step and help structure your gifted down payment properly so you don’t run into delays or issues.

Capital gains occur when you sell a property for more than what you originally paid. In Canada, your primary residence is exempt from capital gains tax, but if you're selling an investment property, vacation home, or rental unit, a portion of the profit is taxable.

💡The taxable amount is 50% of the gain, which is added to your income for the year of sale.

Understanding capital gains is important when buying and selling real estate, especially for investors and those considering refinancing or leveraging equity for future purchases. A mortgage agent (broker) can help navigate financing strategies to optimize your portfolio while keeping tax implications in mind.

A Home Equity Line of Credit (HELOC) is a secured and revolving credit product, where your home acts as collateral. This also means that if you sell your home, you must pay back your HELOC.This flexible mortgage allows homeowners access to funds by borrowing against the available equity. HELOCs often have interest rates that are lower than the rates of other credit products. For example, unsecured loans and credit cards. With a HELOC, you only pay interest on the amount you borrow. You repay your HELOC by making regular payments.

As part of your regular payments, your lender may require that you pay:

only the interest part of the principal and the interest

Not every borrower meets the strict guidelines of traditional lenders. That's where alternative lending comes in - offering flexible solutions for those who need a different approach to financing.

We are seeing more homeowners and business owners turn to alternative lenders due to:

✅ Higher TDS (Total Debt Service) Ratios. If your debt levels exceed prime lender limits, alternative lending can provide solutions that better match your financial situation.

✅ Self-Employed or Small Business Income. Many business owners claim lower taxable income, making it harder to qualify with banks. Alternative lenders allow for a more flexible income review based on bank statements, business financials, and other supporting documents.

✅ Financing for Unique Situations. Whether you are purchasing, refinancing, or need access to equity, alternative lenders provide options that go beyond the traditional lending box.

If you have been turned down by a bank/prime lender, it doesn't mean your mortgage goals are out of reach. Let’s explore your options and find a solution that works for you!

The Bank of Canada influences interest rates through changes to its policy rate (also known as the overnight rate). This rate is adjusted to keep inflation in check and often leads to similar changes in the Prime rate, which lenders use to price variable rate mortgages and Home Equity Lines of Credit (HELOCs). As the policy rate shifts, so too can your mortgage payments.

If you’re wondering how rate changes could impact your financial plans, let’s chat! We’ll help you navigate the market and find the best strategy to enable your goals. Follow along for regular mortgage insights, market updates, and expert guidance!

Canada’s continuing immigration, in- and out-migration, and growing urban population are driving condos to the forefront of our housing market. Experts predict Canada’s population could reach between 44 and 49 million by 2035—boosting demand for higher-density living in major urban areas. Younger generations, especially, are reshaping city centers by seeking vibrant amenities and embracing the cultural shift toward condominium life.

What makes a condo mortgage different?

Condo Fees and Reserve Funds: Lenders consider monthly condo fees in the affordability calculation and whether the condo corporation has a healthy reserve fund. These factors can affect your debt ratios and overall mortgage eligibility.

Stricter Financing Requirements: Some lenders require a thorough review of the building’s financial and structural health (common areas/"condo docs"/upcoming or pending special assessments) and/or may impose slightly higher down payment requirements if the condo is in a smaller market or has unique amenities or structures.

Insurance and Legal Documents: Your lender might request a status certificate or condominium documents to confirm the building’s insurance coverage and financial stability.

With condo living on the rise, understanding how condo mortgages differ from traditional home financing is key. Whether it’s your first home, an investment property, or a stepping stone to a single-family house, we’re here to help you navigate the process with confidence.

Let’s chat about your condo financing options—and be sure to follow along for more mortgage insights, market updates, and expert advice!

Navigating a purchase while selling your current property can feel overwhelming—it’s more than just timing and logistics. Your financing options will depend on whether you need to access equity from your current home before securing your next one.

Here are a few common scenarios: ✅ Buying First: Requires a strong financial plan to manage both mortgages temporarily. ✅ Selling First: Ensures funds are available but may require temporary housing or a bridge loan if your timing doesn't work out. ✅ Bridge Financing: A short-term loan that covers the gap between selling and buying should your funds not be available from your sale.

Every situation is unique, and the right strategy depends on your financial goals. Let’s chat about your options and how to make this transition as smooth as possible.

Carrying high-interest credit card debt can feel overwhelming; refinancing your mortgage could be a way to consolidate that debt and save on overall interest paid. By rolling multiple payments into one, you could free up cash flow and pay off your credit card debt faster. Keeping more of your money in your bank account.

Adding a co-signer to your mortgage can boost your purchasing power—perfect for first-time homebuyers, the self-employed, or real estate investors aiming to expand. However, co-signing also ties both parties’ credit and financial responsibilities together, so it’s crucial to tread carefully and fully understand the implications. Connecting with a mortgage agent (broker) can help you evaluate every angle, align on a solid plan, and protect everyone’s best interests.

The difference between monthly, bi-weekly and accelerated bi-weekly mortgage payments lies in how payments are calculated and their impact on reducing your mortgage balance over time.

Here's a breakdown:

Monthly Payments What It Is: You make one payment per month, covering the full principal and interest amount for that month. Total Payments Per Year: 12 payments. Impact: This is the most common payment frequency. It matches the original amortization schedule (e.g., 25 or 30 years). No extra payments are made unless you choose to make additional lump-sum payments.

BI-WEEKLY PAYMENTS What It Is: Your monthly mortgage payment is divided in half, and you pay that amount every two weeks. Total Payments Per Year: 26 half-payments, which equals 12 full monthly payments (no extra payments). Impact: Matches the same total payment as monthly payments annually. It does not pay off your mortgage faster

ACCELERATED BI-WEEKLY PAYMENTS What It Is: Your monthly mortgage payment is divided in half, but you pay that amount every two weeks as if there were 13 months in a year instead of 12. Total Payments Per Year: 26 half-payments, but these total the equivalent of 13 full monthly payments annually. Impact: You pay the equivalent of one extra monthly payment per year. This reduces your principal faster, saving you interest and shortening the amortization period. Typically pays off a 25-year mortgage in about 22 years or less.

Which Should You Choose? Accelerated Bi-Weekly is ideal if you want to save on interest and pay off your mortgage faster without a significant impact on your budget. Monthly or Bi-Weekly is better if you prefer consistent payments without adding extra contributions.

Credit Score - It’s more than just a number!

Your score factors in things like payment history, credit utilization, length of credit history, types of credit, and new credit inquiries. By understanding these elements, you can take steps to strengthen your financial profile—an especially valuable move if you’re looking to secure mortgage financing.