Question 1

How much down payment do I need for a home in Ontario?

Accepted Answer

In Canada, the minimum down payment is 5% for homes up to $500,000. For homes between $500,000 and $1,499,999, you need 5% on the first $500,000 and 10% on the remainder. Homes $1.5 million or more require 20% down.

Question 2

What is a mortgage broker and how are they different from a bank?

Accepted Answer

A mortgage broker works independently and has access to 100+ lenders, including major banks, credit unions, and alternative lenders. Unlike a bank representative who can only offer their own products, a broker shops the market to find you the best rate and terms.

Question 3

What are the costs of using a mortgage broker?

Accepted Answer

For most residential mortgages, there is no cost to the borrower. The mortgage broker is compensated by the lender. In some cases involving private or alternative lending, a broker fee may apply, which will always be disclosed upfront.

Question 4

Can I get a mortgage with bad credit in Ontario?

Accepted Answer

Yes, there are mortgage options for borrowers with less-than-perfect credit. Alternative and private lenders offer solutions for those with bruised credit, though rates may be higher. A mortgage broker can help find the best option for your situation.

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