In Ontario, the minimum down payment varies based on the home's purchase price:

- 5% for homes priced at $500,000 or less

- 5% on the first $500,000 and 10% on the remaining amount for homes priced between $500,000 and $1.5 million

- 20% for homes over $1.5 million

A mortgage pre-approval gives you a clear idea of how much you can borrow, helping you understand your budget and showing sellers that you’re a serious buyer.

A fixed-rate mortgage offers stability with consistent payments, while a variable-rate mortgage can fluctuate with market conditions, potentially offering lower rates initially but with the risk of increases.

The mortgage term is the length of time you are locked into a specific mortgage agreement, typically ranging from 1 to 5 years. The amortization period is the total time it takes to pay off your mortgage, often 25 to 30 years.

Closing costs generally range from 1.5% to 4% of the home's purchase price and include fees like legal costs, land transfer taxes, and home inspections.

Breaking a mortgage contract before the term ends can result in penalties. The amount varies depending on the mortgage terms and the time remaining on the contract.

Lenders will look at your income, credit score, debts, and down payment. Pre-approval from a lender can help you determine your eligibility.

At the end of your mortgage term, you can renew your mortgage with the same lender, switch to a new lender, or pay off the remaining balance.

Mortgage insurance is required if your down payment is less than 20% of the home's purchase price. It protects the lender in case of default.

You will typically need proof of income, identification, financial statements, and consent for a credit check.

The mortgage stress test ensures you can afford your mortgage payments even if interest rates rise, which may reduce the amount you're approved for.

Yes, porting allows you to transfer your existing mortgage terms to a new property, which can be beneficial if your current mortgage has favorable terms.

A HELOC is a line of credit secured against your home's equity. You can borrow up to a certain limit, and interest is charged only on the amount borrowed.

Lenders typically recommend that your monthly housing costs should not exceed 32% of your gross monthly income, and your total debt load should not exceed 40-44%.

A rate hold guarantees an interest rate for a certain period, usually 60 to 120 days, protecting you from rate increases while you finalize your home purchase.

Yes, but switching lenders before your term ends may involve penalties for breaking your current mortgage. It's important to weigh the costs against potential savings.

An open mortgage allows you to pay off your mortgage at any time without penalties but typically comes with higher interest rates. A closed mortgage has lower interest rates but limits extra payments and imposes penalties for early repayment.