Frequently asked questions

In Canada the minimum depends on the purchase price. For homes up to $500,000 it is 5%. For the portion between $500,000 and $1,499,999 it is 10%. For homes at $1,500,000 and above it is 20%. With less than 20% down, the mortgage carries default insurance. We walk you through the options that apply to your situation.

A pre-qualification is an initial review of your goals, income and down payment to estimate a price range you may qualify for. It is not a commitment or a formal approval. Think of it as a starting point to guide your home search.

Pre-qualification is an informal estimate based on information you provide. Pre-approval involves a credit check and verification of income and assets, resulting in a conditional commitment from a lender for a specific amount and rate, usually valid for 90 to 120 days.

Yes. Most lenders accept gifted funds from an immediate family member for the down payment. A signed gift letter confirming the funds are not a loan is required. We can provide the template and walk you through what your lender will need.

Several programs may help: the First Home Savings Account (FHSA), the Home Buyers' Plan (an RRSP withdrawal of up to $60,000 per person, repaid over 15 years), the federal First-Time Home Buyers' Tax Credit, and the Ontario land transfer tax refund of up to $4,000. The former First-Time Home Buyer Incentive stopped accepting applications in March 2024. We review which programs apply to you during the planning stage.

Closing costs include land transfer tax, legal fees, title insurance, a home inspection and adjustments for property taxes or utilities. In Ontario, budget roughly 1.5% to 4% of the purchase price. First-time buyers in Ontario may qualify for a land transfer tax refund of up to $4,000. Barrie and Simcoe County have no municipal land transfer tax.

Lenders qualify you at the higher of your contract rate plus 2% or 5.25%. It applies to new insured and uninsured mortgages and is designed to confirm you can handle payments if rates rise. It lowers the amount you can borrow compared with a simple payment calculation, which is why pre-approval matters.

It depends on your risk tolerance and financial situation. Fixed rates lock in your payment for the full term, giving you certainty. Variable rates may start lower but move with the Bank of Canada's overnight rate. We model both so you can see the potential cost difference over your term.

For a purchase, expect 2 to 6 weeks from pre-approval to closing, depending on the lender and property type. Renewals and refinances typically take 2 to 4 weeks. We outline each step and confirm the timeline for your situation.

To get started we need the basics: your target purchase price or current mortgage details, down payment amount, timeline, employment information and an estimate of monthly debts. Documents such as pay stubs, tax returns and bank statements come later, once we move to a formal application.

For most transactions there is no cost to you. Lenders pay us when your mortgage closes. In some lending situations a broker fee may apply, and it is disclosed and agreed in writing before any commitment. You will never be surprised by a fee.

A bank offers its own products. We are mortgage agents at a licensed brokerage, so we work with many different lenders (banks, credit unions and alternative lenders) and compare rates, terms and features across them for your situation. In most cases the lender pays us, not you.

Yes. We are based in Barrie and work with clients across Ontario, including Simcoe County communities such as Innisfil, Orillia, Wasaga Beach, Collingwood and Midland. We are licensed to originate mortgages in every province and territory except Quebec. Most of the process can be handled by phone, email and electronic signature.

Call us at (705) 795-6678, Monday to Friday from 9 am to 5 pm, or start your mortgage plan online in three short steps and we will get back to you, usually within one business day.

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