Buying a home
Home Buying
For first-time and move-up buyers in Barrie and Simcoe County: the number people most often get wrong is what a lender will actually approve, so we check it before you make an offer.
What we cover
Buying a home is one of the biggest financial decisions you will make. Whether you are a first-time buyer exploring the Barrie market or moving up to a larger property in Simcoe County, we help you build a plan that fits your budget, timeline, and goals.
We walk you through the numbers, explain lender requirements in plain language, and coordinate the paperwork so you can focus on finding the right home.
- Purchase planning and pre-approval guidance
- Down payment and closing cost estimates
- Government incentive review (First Home Savings Account, Home Buyers’ Plan)
- Understanding lender qualification requirements
- Clear next steps before you make an offer
What to prepare
Having a few details ready helps us move faster. Don’t worry if you’re not sure about everything. We will walk through it together.
- Estimated purchase price and down payment
- Target closing date or timeline
- Basic income and employment details
- Current debts and monthly obligations (approximate)
- Preferred contact method
Documents you will need
The documents required depend on your mortgage type. This is a general guide. We confirm your specific list once we start working together.
- Government-issued photo ID (2 pieces)
- Employment letter (current, on letterhead)
- Most recent 2 paystubs
- T4 slips (last 2 years)
- Bank statements (last 90 days)
- Proof of down payment
- Purchase agreement / MLS listing
Self-employed? You may also need Notices of Assessment (2 years), T1 Generals, and business financial statements.
How it works
Step 1: Plan
Share your goals, budget, and timeline. We review affordability and outline your options.
Step 2: Review
Compare lender products, pre-approval requirements, and any government incentives available to you.
Step 3: Move
Once you find a property, we coordinate with lenders and your real estate team to keep everything on track.
Questions people ask about buying a home
How much down payment do I need?
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.
Is there a cost to work with The Taylor Team?
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.
What is the stress test?
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.
How long does the mortgage process take?
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.
What is a mortgage pre-qualification?
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.
What is the difference between pre-qualification and pre-approval?
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.
What are closing costs and how much should I budget for them?
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.
Should I choose a fixed or variable rate?
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.
Ready to start your purchase plan?
Tell us about your goals and we will map out your next steps.