5 Things to Know Before Getting a Mortgage in the Ottawa Valley 2

Buying a home in the Ottawa Valley is exciting, but securing the right mortgage can feel overwhelming. Here are five things to know before starting your mortgage journey:

1. Get Pre-Approved Early. Knowing what you can afford gives you confidence and helps narrow your search. A pre-approval also locks in your rate for up to 120 days.

2. Shop Beyond the Banks. Banks aren’t your only option. Mortgage brokers have access to dozens of lenders, often with better rates or more flexible terms.

3. Down Payment Requirements Vary. You’ll need at least 5% down for homes under $500,000. If the home is more expensive, the required down payment increases. Make sure you understand the math before you start shopping.

4. Know the Local Market. Each part of the Ottawa Valley has its own pricing trends and property types. A local broker can help guide you based on community insights.

5. Plan for Closing Costs. In addition to your down payment, you’ll need 1.5% to 4% of the purchase price to cover legal fees, land transfer tax, and adjustments.

Work with a local mortgage expert to make your homebuying journey smooth and informed.