Powered by Claude — your 24/7 Ontario mortgage specialist
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Hello! I'm ClearKey's mortgage AI, trained on Canadian mortgage rules, OSFI stress test guidelines, and Ontario market realities.
Run the calculator on the left, or ask me anything — from first-time buyer programs to self-employed qualification strategies. I'm here to give you straight answers.
Common questions
GDS / TDS Qualifier
Enter your full financial picture to see your exact ratios — and what to fix if they're off.
Income
$
$
$
Mode
Subject Property
$
$
%/ yr
$
$
$
Monthly Debt Obligations
$/mo
$/mo
$/mo
$/mo
$/mo
$/mo
Other Properties (if any)
$/mo
$/mo
GDS Ratio
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Limit: 39%
TDS Ratio
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Limit: 44%
How to bring your ratios into range
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Powered by Claude — your 24/7 Ontario mortgage specialist
CK
Enter your numbers above and I'll help interpret your GDS/TDS results — or ask me anything about improving your ratios, debt consolidation strategies, or how lenders view your specific situation.
Common questions
Income Qualifier
Calculate your qualifying income based on your employment type — following Canadian lender and OSFI guidelines.
Employment Type
Guaranteed Employment Income
$
Overtime & Bonuses — Stable Base
Use when base salary has not varied significantly year-over-year. Qualifying income = base + average 2-year overtime/bonus.
$
$
$
Overtime & Bonuses — Variable Base
Use when base salary has changed year-over-year. Qualifying = last year's base + lesser of 2-year average OT or current-year OT.
$
$
$
$
Incorporated Business Owner
T1 lines 10100 + 12000 (salary + dividends). Qualifying income = average of last 2 years.
$
$
Self-Employed / Commission / Small Business
T1 lines 13500–14300. Qualifying = average of last 2 years (common prime-lender approach). Some insurer-specific self-employed programs may allow an income uplift in qualifying scenarios — this is not a universal lender rule.
$
$
Use only for rough scenario planning. Actual treatment depends on lender, insurer, documentation quality, and program eligibility.
Seasonal Employment
Qualifying income = average of last 2 years (salary + EI combined).
$
$
Support Payments Received
Lenders apply 70% of court-ordered support payments to qualifying income.
$
$
RRIF Income
Qualifying amount = lesser of last year's withdrawal or amount sustainable over 10 years.
$
$
Qualifying Income
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Select your income type and enter your numbers — I'll help you understand how lenders will view your income and what you can do to maximize your qualifying amount.
Common questions
CMHC Insurance & Maximum LTV
Calculate your mortgage insurance premium, see the maximum you can borrow, and find the down payment sweet spot for your situation.
Property Details
$
$
30-year insured amortization is available for eligible first-time homebuyers and eligible buyers of newly built homes, subject to insurer and lender rules.
20.0%
5%10%15%20% ✓35%
Insurance & LTV Summary
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Enter your property details and I'll explain exactly what your CMHC premium means, when it makes sense to put more down, and how LTV rules differ by property type in the GTA.
Common questions
Amortization Breakdown
See exactly how your mortgage is paid off over time — total interest paid, equity built, and the dramatic impact of prepayments.
Mortgage Details
$
%/ yr
$
Payment Summary
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Enter your mortgage details and I'll help you understand where your money is really going — and the smartest strategies to pay it off faster and save thousands in interest.
Common questions
Rent vs Buy — GTA Analysis
A real comparison factoring in appreciation, opportunity cost, and the true cost of ownership anywhere in Ontario.
Buying Scenario
$
$
%/ yr
$
$/mo
%/ yr
Long-run GTA benchmark. Accounts for periods of both strong growth and correction.
Renting Scenario
$/mo
%/ yr
Assumptions
%/ yr
Approximate long-run return for a diversified equity ETF like XEQT or VEQT, before tax.
After 10 Years
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The rent vs buy decision in the GTA is more nuanced than most calculators show. Enter your numbers and I'll give you a full picture — including what the math often misses.
Common questions
Rate Tracker
Live Bank of Canada data, stress test context, and direct links to compare market rates from Canada's Big 6 lenders or a licensed broker.
Bank of Canada — Live
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Big-bank prime (commonly overnight + 2.20%; lender prime may vary)
Next Announcement
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Overnight Rate — Last 24 Months
Compare Market Rates
Mortgage rates change daily and the rate you're quoted depends on your credit, property type, amortization, and how well you negotiate. We don't publish a lender rate table because it would go stale between visits. Instead, here are direct links to each Big 6 bank's official rate page:
Links open on the bank's official website. ClearKey is not affiliated with any lender and earns no commission on rate clicks.
Prefer a broker?
Brokers can shop your file across dozens of lenders and often access rates banks don't advertise. In Ontario, every broker and agent is licensed by the Financial Services Regulatory Authority (FSRA).
You can look up any licensed broker, agent, or brokerage in Ontario directly on the FSRA public registry — the official source for verifying a broker's licence status before you work with them.
Every ClearKey calculator tab has an editable Mortgage Rate input. The default (currently around 4.29%) is an illustrative starting point reflecting recent big-bank discounted 5-year fixed pricing — not a live lender quote, not scraped from any rate feed, and not tied to your specific borrower profile. It's there so you can run a quick scenario without hunting for a number first. For an accurate calculation, replace it with the rate you've actually been quoted. The Bank of Canada data above (overnight, prime, next announcement) is fetched live from bankofcanada.ca daily.
Fixed vs Variable — What's Right For You?
Fixed Rate
Your rate and payment stay the same for the full term. Best if you value predictability, are at your borrowing limit, or believe rates will rise.
✓ Payment certainty ✓ Easier to budget ✓ Protection if rates rise
Variable Rate
Rate moves with prime. Variable rates have often been lower than fixed over long historical periods, but not always. Payments or the interest portion can fluctuate as prime moves. Best if you have payment-shock flexibility, weigh penalty structure, and factor in current market conditions.
✓ Often lower starting rate ✓ Benefits if rates fall ✓ Typically lower break penalties
Stress Test Reminder
The OSFI stress test qualifies your mortgage at the greater of 5.25% or your contract rate + 2%. Loading live Bank of Canada data…
Ask the Mortgage AI
Rates, BOC decisions, fixed vs variable
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I'm loading the latest rate data now. While I do — ask me anything about what the current rate environment means for your mortgage decision, or whether fixed or variable makes more sense for your situation.
Common questions
New to Canada Mortgage Qualifier
Permanent residents and temporary residents each have different rules. Select your status to see exactly what applies to you.
Your Immigration Status
Property & Finances
$
$
$
%/ yr
Credit History
Your Qualification Summary
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Select your immigration status and enter your details — I'll walk you through exactly what you qualify for and what to expect from Canadian lenders as a newcomer to Ontario.
Common questions
Mortgage Penalty Calculator
Estimate your prepayment penalty before you sell, refinance, or switch lenders. Results are estimates — your lender's exact calculation may vary slightly.
Your Current Mortgage
$
%/ yr
mo
%/ yr
Refinance Analysis (optional)
%/ yr
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* Legal fees, inspection, and moving costs are estimates. Get quotes from local professionals for accuracy.
FHSA vs RRSP Home Buyers' Plan
Down Payment Rules to Know
Down payment documentation — Many lenders ask for a 90-day history of your own down payment funds to help verify the source of money. Documentation requirements vary by lender, insurer, and source of funds.
Gifted down payment — Gifted funds are commonly accepted when properly documented. Most lenders prefer gifts from immediate family members, and non-family gifts may be restricted depending on lender policy.
Borrowed down payment — Borrowed down payment is not universally prohibited. Some insured purchase programs allow eligible non-traditional sources, such as unsecured personal loans or unsecured lines of credit, subject to insurer and lender rules.
FHSA withdrawals — There is no minimum holding period for FHSA contributions or transfers before a qualifying withdrawal, as long as CRA's qualifying withdrawal conditions are met.
RRSP Home Buyers' Plan timing — RRSP contributions intended for HBP use generally need to be in the RRSP for at least 90 days before withdrawal for deduction purposes. HBP withdrawals generally must be made no later than 30 days after acquiring the qualifying home.
Ask the Mortgage AI
Powered by Claude — your 24/7 Ontario mortgage specialist
CK
Enter your savings across each account and I'll help you build a clear path to your down payment — including which accounts to prioritize, how to use your FHSA and RRSP optimally, and what surprises to plan for on closing day.
Common questions
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