Ontario Mortgage Guide
How do I get a mortgage to buy a home in Ontario?
Buying a home starts with understanding what you can comfortably afford and what a lender may consider. A mortgage conversation can help you plan your next steps before you make an offer.
Talk through your optionsThe short answer
What should I know?
A mortgage agent can review your income, debts, down payment, credit history, and plans, then help explore financing options from available lenders. The right amount to borrow is not just the amount a lender may approve; it should also fit your monthly budget and other goals.
Mortgage availability, rates, qualification, and lender requirements depend on your application and may change. This guide is general information, not a mortgage approval or financial, legal, or tax advice.
Before you decide
What should I consider?
01
Down payment
The amount you put down affects your mortgage size and may affect the insurance requirements and costs. The rules depend on the purchase price and your circumstances.
02
Closing costs
Budget for expenses such as legal services, inspections, adjustments, and applicable land transfer tax. The costs vary by transaction and location.
03
Pre-approval is a starting point
A pre-approval can help you understand a possible price range, but it is not a final mortgage approval. The property and your finances still need to meet the lender’s conditions.
04
Your monthly comfort
Consider the full cost of homeownership, including property taxes, utilities, maintenance, and other housing costs, not only the mortgage payment.
A clear process
How can I get started?
- 01
Talk through your plans
Discuss your timeline, property goals, income, down payment, and questions.
- 02
Review documents and options
Gather the information lenders may need and compare relevant mortgage terms and costs.
- 03
Make an informed offer
Before you commit, confirm the financing conditions and deadlines that apply to the property and offer.
Common questions
What else should I know?
Does a mortgage pre-approval guarantee financing?
No. A pre-approval is conditional and is not a final mortgage approval. The lender will still assess your application, documents, and the property.
How much down payment do I need?
The minimum depends on factors such as the purchase price and applicable rules. Your available down payment can also affect mortgage insurance and borrowing costs. We can discuss the current requirements for your situation.
Can I buy a home if I am self-employed?
Self-employed applicants may have mortgage options, but lenders can assess income and documentation differently. See the self-employed mortgage guide or contact Steve to discuss your circumstances.
Personal guidance
Want to talk through your situation?
Steve Beecroft, Mortgage Agent Level 2, can help you understand the questions to ask and the options to explore. A conversation does not guarantee approval or a particular rate.
Contact Steve