Mortgage broker in Scarborough

Mortgage Broker in Scarborough, Ontario

Top Mortgages Inc compares many lenders for buyers and homeowners in Scarborough and explains every option in plain language, from your first question to closing day and every renewal after.

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Mortgage broker in Scarborough

As an independent mortgage broker, I help Scarborough homebuyers and owners secure financing that suits their budget and plans. I compare many lenders rather than offering a single institution's product, so you can see a wider range of options and understand the differences.

Scarborough is a large and varied part of the City of Toronto, with lakefront bluffs, established family neighbourhoods and growing areas around transit. I help buyers and owners across the community, from first purchases to refinancing and investing.

The Scarborough housing market and your mortgage

Much of Scarborough is made up of detached and semi-detached houses on residential streets, along with townhouse complexes and condo towers around major intersections. For many households this is where the move from renting to owning, or from a condo to a house, becomes realistic. Lenders will look closely at the stability of your income, the size of your down payment and your overall debt picture, along with the condition and use of the property.

Multigenerational living and extra rental suites are common in Scarborough. If you plan to use a basement apartment or a second suite to help carry the mortgage, the details matter. Lenders differ on whether they count rental income at all, how much of it they use, and whether the unit needs to be legal and properly permitted. Planning for this before you make an offer helps avoid last-minute surprises.

Many Scarborough residents commute by TTC, GO or car, and others work locally near the major hospitals, colleges and the University of Toronto Scarborough campus. Lenders generally care less about where you work than about how stable and well documented your income is. Any approval is subject to the lender's review.

Neighbourhoods and property types I finance in Scarborough

  • Scarborough Town Centre area: condo towers and apartments close to the Line 2 subway extension and bus terminal.
  • Guildwood and Cliffside: detached homes near the bluffs and the Guildwood GO station.
  • Birch Cliff and Oakridge: character homes and bungalows close to the lake and Kingston Road.
  • Agincourt and L'Amoreaux: a mix of detached homes, townhouses and condos in a busy commercial area.
  • Malvern: townhouses, semis and detached homes, often attractive to first-time buyers.
  • Rouge and West Hill: newer subdivisions and homes near the Rouge Valley and the University of Toronto Scarborough.
  • Wexford, Bendale and Cedarbrae: established family areas with bungalows and split-levels.
  • Kennedy Park and Eglinton East: semis and detached homes near the Kennedy subway and GO station.

Mortgage help for Scarborough homeowners and buyers

Costs to plan for when you buy or borrow in Scarborough

Scarborough is part of the City of Toronto, so purchases here are subject to the provincial Ontario land transfer tax and the City of Toronto municipal land transfer tax. Both are usually paid at closing, and rebates may apply for eligible first-time buyers. Your lawyer can confirm exactly what you owe.

Other costs to consider include legal fees, an appraisal if the lender requires one, title insurance, a home inspection, and adjustments for property tax and utilities. If you are buying a house with a basement suite, ask about the legal status of the unit, and budget for insurance that reflects tenants. Older homes may call for repairs soon after closing, so keep a cushion for maintenance.

When a file requires a private or non-bank lender, lender fees and a broker fee may apply. I explain these in writing so you can compare them with a conventional mortgage before you decide.

How it works with me

  • Step 1: We have a free, no-obligation conversation about your plans and finances.
  • Step 2: I collect your documents and compare lenders that may suit your file.
  • Step 3: I submit your application and explain each offer, subject to lender approval.
  • Step 4: I support you through the lawyer, appraisal and closing stages and beyond.

Nearby areas I also serve

I also help clients in neighbouring communities, including Toronto, North York, Markham, Pickering and Ajax. See the lenders we work with too.

Talk to a Scarborough mortgage broker

If you are planning a purchase, renewal or refinance in Scarborough, I would be glad to talk. Contact me for a free, no-obligation conversation about your options.

Frequently asked questions

Do Scarborough buyers pay the Toronto land transfer tax?

Yes. Scarborough is part of the City of Toronto, so buyers pay both the Ontario land transfer tax and the Toronto municipal land transfer tax. Rebates may apply for eligible first-time buyers, and your lawyer will confirm the totals.

Will a lender count rent from a basement apartment?

It depends on the lender. Some may count a portion of rental income, especially for a legal, permitted unit, while others will not. I check each lender's policy before you commit to an offer. Approval is subject to the lender's review.

Is a townhouse easier to finance than a detached house?

Not always easier or harder. A freehold townhouse is generally treated much like a house, while a condo townhouse is reviewed like a condo, including fees and building documents. The down payment and your income matter most.

Can I consolidate debt into my mortgage in Scarborough?

If you have enough equity, some lenders allow you to refinance and pay off higher-interest debts. This can lower monthly payments but may increase your total cost over time, so we should review it carefully together.

Do I need a larger down payment for an investment property?

Generally yes. Lenders commonly require a bigger down payment for a rental property than for an owner-occupied home, and they assess rental income differently. I can explain the typical requirements before you start searching.

What if I am new to Canada and buying in Scarborough?

Some lenders have newcomer programs that consider limited Canadian credit history, often with documentation and a down payment requirement. The options depend on your status and circumstances, subject to lender approval.

Ready to talk about your mortgage?

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