Message from Steven Tulman, President and Principal Broker at Clover Mortgage
"At Clover Mortgage, we understand that finding the right home mortgage loans can be overwhelming. Our mission is to simplify this journey, offering personalised guidance and competitive rates that help you achieve your dream of homeownership with confidence and peace of mind."
Finding the perfect home is just the first step in your property ownership journey. Securing the right mortgage is where the real difference is made—the difference between financial flexibility and unnecessary stress, between competitive rates and overpaying, between a smooth process and unexpected complications.
Established in 2018, Clover Mortgage brings over 20 years of industry-leading experience to homebuyers across Ontario and Calgary. Our team of dedicated Mortgage Agents and Brokers leverage relationships with more than 40 major banks and lenders to provide you with over 300 custom mortgage products, ensuring you receive not just a mortgage, but the right mortgage for your unique situation.
A fixed rate mortgage offers stability and predictability—qualities many homebuyers value when making such a significant financial commitment. With this option, your interest rate remains constant throughout the term of your loan, typically ranging from 1 to 10 years.
Benefits of Fixed Rate Mortgages:
Current fixed rate offerings start as low as 4.29% for a 5-year term, with various other term options available to suit your long-term financial strategy. Your exact rate will depend on your credit score, down payment amount, and other individual circumstances.
Compare current fixed rate mortgage options
An adjustable rate mortgage (ARM) typically offers a lower initial interest rate compared to fixed rate options, making it an attractive choice for certain homebuyers. These mortgages feature an initial fixed rate period followed by an adjustment period when rates may change based on market conditions.
Key Features of ARMs:
ARM rates currently begin at 3.89% for the initial fixed rate period, offering significant savings in the short term. Before committing to an adjustable rate loan, our brokers will help you understand the adjustment period details and how potential rate changes might impact your monthly payments.
Not all homebuyers fit into traditional mortgage boxes. That's why we offer specialised mortgage options designed for unique financial situations:
Starting with as little as 5% down, these options make homeownership accessible sooner.
Less-than-perfect credit doesn't mean you can't secure a mortgage. Our bad credit mortgage solutions offer paths to homeownership while you rebuild your credit profile.
Traditional income verification doesn't work for everyone. Our self-employed mortgage options account for the unique income patterns of entrepreneurs and independent professionals.
Understanding your potential monthly payment is crucial when shopping for a home mortgage loan. Use the estimates below to get a general idea of what your monthly payments might look like at different purchase prices and interest rates.
| Purchase Price | Down Payment (20%) | Loan Amount | Interest Rate | Term (Years) | Estimated Monthly Payment* |
|---|---|---|---|---|---|
| $500,000 | $100,000 | $400,000 | 4.5% | 25 | $2,220 |
| $750,000 | $150,000 | $600,000 | 4.5% | 25 | $3,330 |
| $1,000,000 | $200,000 | $800,000 | 4.5% | 25 | $4,440 |
*Monthly payment includes principal and interest only. Property taxes, homeowners insurance, and mortgage insurance (if applicable) will increase your total monthly payment.
For a more precise calculation tailored to your specific situation, try our comprehensive mortgage payment calculator.
The interest rate on your mortgage significantly impacts both your monthly payment and the total cost of your loan over time. Several factors influence the rate you'll be offered:
Current mortgage rates in Canada reflect a balance between economic recovery efforts and inflation concerns. While rates have increased from the historic lows of 2020-2021, they remain relatively competitive from a historical perspective.
| TERMS | FIXED | VARIABLE | PRIVATE 1ST MORTGAGE | PRIVATE 2ND MORTGAGE |
|---|---|---|---|---|
| 5 Year | 3.89% | 4.04% | ||
| 4 Year | 3.99% | |||
| 3 Year | 3.79% | 4.15% | ||
| 2 Year | 4.19% | 7.99% | 9.99% | |
| 1 Year | 4.69% | 5.99% | 7.99% | |
| 7 Year | 4.34% | |||
| 10 Year | 5.24% |
Lock in today's competitive mortgage rates
When budgeting for your home purchase, it's essential to account for closing costs—the one-time expenses due when you finalise your mortgage. These typically range from 1.5% to 4% of your purchase price and may include:
Discount points deserve special mention. Each mortgage point costs 1% of your loan amount and reduces your interest rate by approximately 0.25%. Whether points make financial sense depends on how long you plan to stay in the home.
Your monthly housing expenses will extend beyond just principal and interest payments. Be sure to budget for:
Property Taxes Ranging from 0.5% to 2.5% of your property's assessed value annually, these are often collected monthly as part of your mortgage payment.
Homeowners Insurance Protects your investment against damage or loss, typically costing $700-$1,200 annually for most homes.
Mortgage Insurance Required for down payments below 20%, this can add 2.8% to 4% of your loan amount, spread over your mortgage term.
Maintenance and Repairs Budget 1-3% of your home's value annually for upkeep and unexpected repairs.
Securing a home mortgage loan doesn't have to be complicated. Our streamlined process makes getting from application to approval as smooth as possible:
The journey begins with pre-approval, which gives you a clear picture of your budget and strengthens your position when making offers.
What you'll need:
With pre-approval in hand, you can shop confidently within your budget. Work with a realtor or search independently for a home that meets your needs.
Once you've found your home, we'll complete your full mortgage application, collecting additional details specific to the property.
The lender will arrange for an appraisal to confirm the property's value matches or exceeds the purchase price.
With all conditions met, you'll receive final approval. This is typically when we lock in your interest rate, securing it against market fluctuations during a lock period of 30-120 days.
On closing day, you'll sign the final paperwork, pay closing costs, and receive the keys to your new home.
Access to 300+ mortgage products not available at single institutions
More competitive rates and better terms
Recommendations based on your needs, not institutional sales targets
Solutions for unique situations including self-employment, credit challenges, etc.
There's no single "best" bank—each offers different advantages. As mortgage brokers, we work with 40+ lenders to find the optimal conventional fixed rate loans or other options based on your specific needs rather than limiting you to one institution's offerings.
At current rates (5.5%), a $200,000 mortgage amortized over 30 years would result in a monthly payment of approximately $1,135 for principal and interest. The actual rate may vary based on your credit profile and other factors.
The current 30-year fixed rate loans in Canada typically range between 5.25% and 6.25% for well-qualified borrowers. Rates fluctuate based on Federal Reserve policy decisions and broader economic conditions in the housing market.
A $400,000 mortgage with a 5% annual percentage rate over 30 years would have monthly payments of approximately $2,147 for principal and interest. Remember that property taxes and homeowners insurance would increase your total payment.
A $300,000 mortgage at 7% interest over 25 years (typical Canadian amortization) would result in monthly payments of about $2,120. The total cost of the loan over its lifetime would be approximately $636,000 including interest payments.
While 6% is higher than the historic lows of 2020-2021, it's still moderate by historical standards. The average mortgage rate over the past 30 years has fluctuated between 5-8%, though individual circumstances may qualify you for a lower interest rate.
With a $70k salary, a $300k home is typically affordable if you have a solid down payment (ideally 20%), minimal other debt, and good credit. Your primary residence purchase should keep your monthly payments under 32% of your gross income.
For homes under $500,000, the minimum down payment is 5%. For homes between $500,000 and $1 million, it's 5% on the first $500,000 plus 10% on the remainder. Homes over $1 million require 20% down payment.
Fixed rates provide payment stability, while variable rates often start lower but may change. Your choice depends on your risk tolerance, budget constraints, and expectations about future interest rate movements influenced by the Federal Reserve.
Pre-qualification is an informal estimate of what you might qualify for, while pre-approval involves verification of your financial information, including credit history, and results in a locked rate offer for a specific period.
Mortgage insurance protects lenders if you default and is typically required when your down payment is less than 20%. It can add 2.8-4% to your mortgage amount. FHA loans through the Federal Housing Administration always require mortgage insurance.
Yes, Veterans Affairs Canada offers programs for qualifying veterans, though they differ from US VA loans. There's no VA funding fee in Canada, but veterans may qualify for specialized assistance programs and potentially more favorable terms.
Beyond your down payment, budget 1.5-4% of your purchase price for closing costs, including legal fees, land transfer taxes, title insurance, and other fees. Sometimes paying one point (1% of loan amount) can secure a lower interest rate.
Consider making accelerated bi-weekly payments, shopping various payment options, increasing your down payment, improving your credit score, or choosing a shorter amortization. These strategies can save more money over the life of your home loan.
Very important! Informed buyers make better decisions. Understanding mortgage terms, the home search process, and ongoing ownership costs helps you avoid surprises and potentially negotiate better terms on your home loan.
Whether you're a first-time homebuyer, looking to refinance your existing mortgage, or exploring investment property opportunities, our team is ready to help you navigate the process with confidence.
Contact our team today to schedule your no-obligation consultation and take the first step toward your homeownership goals.
The Clover Mortgage team is fully licensed and regulated in accordance with Canadian mortgage industry standards. FSRA Lic. #13290
