Frequently Asked Questions

WHY USE COUNTRYSIDE FINANCIAL CORPORATION?

In today’s busy world, time is valuable. Shopping for a mortgage on your own can be both time-consuming and overwhelming, requiring visits to multiple lenders and comparisons between countless products, rates, and terms. Most borrowers simply don’t know all the right questions to ask or the potential pitfalls to avoid.

When it comes to financing rural, acreage, recreational, and specialty market properties, experience matters. These unique properties often require specialized knowledge and access to lenders who understand the nuances of rural and non-traditional real estate. At Countryside Financial, we work exclusively with established lending institutions that are thoroughly familiar with these specialized markets.

Our team frequently monitors mortgage rates, lending policies, and financing programs from financial institutions across Canada. This allows us to identify the most competitive rates and mortgage products available and match them to your specific needs and goals.

Because Countryside Financial is independent and not tied to any single financial institution, we have the flexibility to search the marketplace on your behalf. Whether the best solution is with a Chartered Bank, Credit Union, Trust Company, Alternative Lender, or Private Funding Source, we can help you find the right mortgage package for your situation.

Choosing the wrong mortgage can cost thousands of dollars over the life of your loan. With extensive industry knowledge, specialized rural financing expertise, and access to a wide network of lenders, Countryside Financial has the resources to secure competitive rates, favourable terms, and mortgage solutions designed to support your long-term financial success.

Let us do the shopping for you! We’ll find the mortgage that’s right for your property, your lifestyle, and your future.

Countryside Financial Corporation is comprised of dedicated mortgage professionals committed to representing your best interests throughout the financing process. Our role is to help you secure the right mortgage solution by providing access to a wide range of lending sources and financing options tailored to your unique needs.

Through our extensive network of Canadian lenders, including Chartered Banks, Trust Companies, Credit Unions, Alternative Lenders, and Private Funding Sources, we are able to identify mortgage solutions designed to meet your goals today while supporting your long-term financial plans for the future.

Whether you are purchasing, refinancing, renewing, or investing, our experienced team works diligently to compare rates, products, and terms from lenders across Canada to ensure you receive the most suitable financing available.

To make the process as convenient as possible, Countryside Financial offers a secure online mortgage application system that is available 24 hours a day, 7 days a week. Simply complete our online application, and one of our mortgage professionals will promptly review your information and contact you with available options and next steps.

At Countryside Financial, our mission is simple: provide expert advice, exceptional service, and access to the mortgage solutions that help you achieve your property and financial goals.

Countryside Financial Corporation’s network of lenders will mortgage properties across Canada (except Quebec).

Countryside Financial Corporation network includes the majority of the top respected mortgage Lenders in Canada including Chartered Banks, Credit Unions and Trust Companies. In addition, Countryside Financial Corporation includes a significant network of private lenders.

Countryside Financial Corporation surveys Canadian mortgage lenders including Chartered Banks, Trust Companies, Credit Unions and private lenders, to get you the lowest possible mortgage rate available. Our interest rates are posted on our homepage and are updated on a daily basis when required. Find a lower rate? We’d be surprised, but let us know and we would be happy to investigate it.

There are no hidden costs…

Applying for a mortgage through Countryside Financial is completely free. There are no costs associated with completing our online mortgage application, and there is no charge to receive a mortgage approval or financing proposal. Most importantly, submitting an application does not obligate you to accept any mortgage offer we present.

Our goal is to provide you with expert advice, competitive mortgage options, and the information you need to make an informed decision—without any pressure or commitment.

Should you choose to proceed with a mortgage, certain standard third-party costs may apply. Depending on the property and financing requirements, these expenses may include items such as appraisals, legal fees, title insurance, surveys, or other closing costs. These are customary expenses associated with real estate financing in Canada and are not fees charged by Countryside Financial.

In some circumstances, particularly where alternative or private lending solutions are required due to credit challenges, unique property types, or specialized financing needs, lender or brokerage fees may apply. If any fees are applicable, they will be clearly disclosed and fully explained before you make any commitment, ensuring there are no surprises.

At Countryside Financial, we believe in transparency, honesty, and helping clients make confident financing decisions with a complete understanding of their options and costs.

The costs of getting a mortgage in Canada vary depending on whether you’re purchasing, refinancing, renewing, or using an insured mortgage. Here are the most common costs borrowers encounter:

Mortgage-Related Costs

Cost Typical Range
Appraisal Fee $300 – $700
Legal Fees & Disbursements $1,000 – $2,500+
Title Insurance $250 – $600
Property Survey (if required) $500 – $2,000
Home Inspection (optional but recommended) $400 – $800
Land Transfer Tax Varies by province; can range from $0 to tens of thousands
Mortgage Default Insurance (if less than 20% down) 2.8% – 4.0% of mortgage amount
Brokerage Fee (if applicable) Typically 0% for prime lending; may be 1% – 3% with alternative/private lenders
PST on CMHC Insurance (Ontario only) 8% of insurance premium
Property Tax Adjustment Varies
Interest Adjustment Varies depending on closing date

For Home Purchases

Most buyers should budget 1.5% to 4% of the purchase price for closing costs, excluding their down payment.

Examples:

  • $500,000 home: approximately $7,500 – $20,000
  • $800,000 home: approximately $12,000 – $32,000
  • $1,500,000 home: approximately $22,500 – $60,000+

For Refinances

Refinancing is often less expensive than purchasing, but costs may include:

  • Appraisal fee
  • Legal fees
  • Discharge fee from current lender ($200-$500)
  • Possible prepayment penalty (can range from a few hundred dollars to tens of thousands)

For Renewals

Most mortgage renewals with the same lender have no direct cost. However, if you switch lenders at renewal, the new lender often covers legal and transfer costs as part of a competitive offer.

Prime vs. Alternative vs. Private Lending

Prime Lenders (Banks, Credit Unions)

  • Usually no brokerage fees.
  • Standard legal and appraisal costs apply.

Alternative Lenders

  • May charge lender or brokerage fees of 1%-2% of the mortgage amount.

Private Lenders

  • Commonly charge lender fees of 1%-3% plus brokerage fees and legal fees.

A Simple Rule of Thumb

For a typical owner-occupied purchase with more than 20% down, budget:

$2,500 – $5,000 for legal fees, title insurance, appraisal, and miscellaneous closing costs, plus any applicable land transfer tax.

For acreage, rural, recreational, and luxury properties, additional appraisal costs, environmental reviews, or lender-specific requirements can increase closing expenses.

For Countryside Financial clients, it is common for the mortgage application and approval process itself to be free of charge, with costs generally limited to standard third-party closing expenses and any lender-specific fees that may apply in specialized financing situations.

A conventional mortgage is considered to be a mortgage where the down payment is equal to 20% or more of the purchase price. It is a mortgage that generally does not require Mortgage Loan Insurance.

A High-Ratio mortgage is a mortgage which is greater than 80% of the purchase price or appraisal, whichever is less. High-Ratio mortgages require Mortgage Loan Insurance which is provided by either Canada Mortgage and Housing Corporation (CMHC) or other private Insurers, and protects the lender against loss.

Mortgage Pre-Approvals or Pre-Qualification

A mortgage pre-approval is one of the most important first steps in the home-buying process. It allows you to understand how much home you can comfortably afford before you begin shopping, giving you confidence and clarity throughout your search.

When you apply for a mortgage pre-approval through Countryside Financial, our mortgage professionals will review your income, assets, liabilities, credit history, and overall financial situation to determine an appropriate mortgage amount and monthly payment range. This helps establish a realistic budget and identifies the price range of homes that best fit your financial goals.

A pre-approval also provides peace of mind by addressing one of the largest hurdles in the home-buying process before you make an offer. With financing considerations reviewed in advance, you can focus your attention on finding the right property, knowing that your mortgage options have already been explored.

In most cases, mortgage pre-approvals include an interest rate hold from the lender, typically valid for up to 120 days. This rate protection can safeguard you against rising interest rates while you search for your new home. If rates increase during the rate-hold period, your approved rate is generally protected. If rates decrease, many lenders will offer the lower available rate at the time your mortgage is finalized.

Whether you’re a first-time homebuyer, moving to a larger home, purchasing a rural property, or investing in real estate, a mortgage pre-approval can provide a valuable advantage and help make the purchasing process smoother and more predictable.

Fixed vs. Variable Rate Mortgages

One of the most important decisions when choosing a mortgage is whether a fixed or variable interest rate is the right fit for your financial goals, risk tolerance, and lifestyle.

Variable Rate Mortgages feature an interest rate that can fluctuate during the mortgage term. The rate is typically tied to a lender’s prime lending rate, which is influenced by changes to the policy interest rate established by the Bank of Canada. As rates move up or down, your mortgage interest rate may change accordingly, potentially affecting the amount of interest you pay over time.

Variable-rate mortgages have historically offered lower rates than fixed-rate mortgages over the long term, but they also involve greater uncertainty because interest rates can rise or fall during the mortgage term.

Fixed Rate Mortgages provide stability and predictability by locking in your interest rate for the entire term of the mortgage. Your rate remains unchanged regardless of market fluctuations, allowing you to know exactly what your mortgage payments will be throughout the term.

Many borrowers choose a fixed-rate mortgage for the peace of mind that comes with payment certainty and protection against rising interest rates.

The right mortgage option depends on your individual circumstances, financial objectives, and comfort level with interest rate changes. At Countryside Financial, our mortgage professionals can help you compare the advantages and considerations of both fixed and variable rate options to determine the solution that best meets your needs.

Yes! Mortgages can be obtained for a variety of purposes including home purchases, home renovations, or refinancing to pay off other high interest rate debt.

Most lenders today offer pre-payment privileges of 10-20% of the original mortgage balance – payable either my a lump-sum and/or a monthly payment top-up. You can increase the payments by up to double the regular payment but it is not necessary to double up.

Either a three-month interest penalty or interest differential penalty will apply if you close out your fixed mortgage prior to the maturity date of the term. The greater of the two applies. Interest differential is charged when interest rates have decreased relative to your rate, whereas three-month interest charges are typically charged when interest rates have increased relative to your rate.

There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Another normal requirement is that the applicant have good credit. The amount of the mortgage advance will typically be 65% of the total property value but mortgages of up to 80% of the total can also be arranged.

Countryside Financial Corporation has access to many lenders and products which will probably work. The terms and interest rates will depend on the severity of your credit situation.

For funds derived from a bank account, lenders require the last 90 days of bank statements confirming the down payment. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.

Most lenders will accept down payment funds that are a gift from family as an acceptable down payment. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. Where the mortgage requires Mortgage Loan Insurance, the gift money is required to be in the purchaser’s possession 15 days before the completion of the mortgage.

Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing mortgage financing. If you have been previously discharged from bankruptcy, the best way to determine whether or not you qualify at this time is to fill out an application and have one of the Countryside Financial Corporation team members discuss your situation. Countryside Financial Corporation has many lenders to approach based on your circumstances.

Where Child Support and Alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for.

Where Child Support and Alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.

No, have Countryside Financial Corporation begin shopping around for an interest rate at least 120 days before your mortgage matures. Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. Most lenders will cover or offset a majority of the costs of transferring your mortgage. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. And if rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well.

Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one.

Absolutely! Financial institutions are not permitted to discriminate based on age. As such, you are entitled to the same mortgage terms and qualifications guidelines as non-retired persons.

Further, pension income qualifies the same as any other income.

Yes, as a non-resident you are able to qualify for a mortgage. The maximum Loan to Value Ratio is typically limited to 65%. A credit report from the country of origin, proof of income and down payment is also required.