Blog

Desperate upset young woman holding mobile phone and bank card touching her head and covering face, internet fraud, problems with online payments or blocked credit card, sitting on the couch at home

Mortgages are one of the biggest financial decisions you’ll make. Here are three common mistakes to steer clear of in 2025:1. Waiting Too Long to Get Pre-Approved. Rates can change quickly. Getting pre-approved early gives you a rate hold and shows sellers you're ready to buy. 2. Only Considering the Big Banks. Many competitive lenders operate through brokers only. Limiting yourself to the banks could mean missing out on better rates or terms.3. Ignoring the Fine Print. Some mortgages come with high penalties or restrictive terms. Make sure you understand prepayment rules, portability, and penalties.Avoiding these pitfalls can save you thousands and reduce stress during your home buying process.

3 Mortgage Mistakes to Avoid in 2025

Woman stacking documents at table in office, closeup

Being prepared can help your mortgage approval go smoothly. Here’s what most lenders will require:For Salaried &amp; Hourly Employees:<ul><li>Letter of employment</li><li>Recent pay stubs</li><li>Two years of T4s</li><li>Recent Notice of Assessment</li></ul>For Self-Employed Individuals:<ul><li>Two years of business financial statements</li><li>Two years of T1 Generals and NOAs</li><li>Proof of business registration </li></ul>For All Applicants:<ul><li>Valid photo ID</li><li>Void cheque or direct deposit form</li><li>Recent mortgage statement (if refinancing) </li><li>Down Payment Verification (if purchasing)</li></ul>Organizing your documents ahead of time can speed up the process and help avoid delays. We make it easy with secure digital upload options right from your phone or computer.

What Documents Do You Need for a Mortgage in Ontario?

House model and key in house door. Real estate agent offer house, property insurance and security, affordable housing concepts

Buying your first home is a big milestone, and getting the right mortgage can make all the difference. Here’s what first-time buyers in Ontario need to know:1. Start with a Mortgage Pre-Approval. Before you fall in love with a home, find out how much you can afford. A pre-approval helps set your budget, locks in your interest rate, and shows sellers you’re serious.2. Understand Your Down Payment Options. You’ll need at least 5% of the purchase price for properties valued at 500,000 or less. For properties valued between 500,000 and 1,500,000 you'll need 5% of the first $500,000 of the purchase price and 10% for the portion of the purchase price above $500,000. If your down payment is under 20%, mortgage default insurance will apply. For Properties wiht purchase price over 1,500,000 20% down payment is required.3. Budget for Closing Costs. In addition to your down payment, be prepared to cover closing costs like land transfer tax, legal fees, home inspection, and title insurance. A good rule of thumb is 1.5% to 1.75% of the home price.4. Explore First-Time Buyer Incentives. You may qualify for programs such as:<ul><li>The First-Time Home Buyer Incentive</li><li>The Home Buyers' Plan (RRSP withdrawal)</li><li>Ontario Land Transfer Tax Rebate&nbsp;</li></ul>These can help reduce your upfront costs and improve affordability.5. Work with a Mortgage Broker. A broker helps you compare rates and mortgage products across multiple lenders — not just one bank — and guides you through the entire process, from application to approval to closing date and beyond.Buying your first home is exciting, and it doesn’t have to be overwhelming. With the right support and a clear plan, you’ll be moving into your new place with confidence.Have questions? Connect with our team today and take the first step toward homeownership.

A First-Time Buyer’s Guide to Getting a Mortgage in Ontario

document with approved stamp on computer keyboard

When embarking on the journey to homeownership, understanding the distinction between pre-qualification and pre-approval is crucial.Pre-Qualification: An Initial AssessmentPre-qualification is an informal evaluation of your financial situation. It provides:<ul><li>A general idea of the mortgage amount you might qualify for.</li><li>Insights into potential mortgage products and lenders suitable for your circumstances.</li><li>An opportunity to identify areas for financial improvement, such as enhancing your credit score or increasing your down payment.</li></ul>This step doesn't involve a credit check and is based on self-reported information. It's a helpful starting point for those beginning to consider homeownership.Pre-Approval: A Deeper DivePre-approval is a more comprehensive process. It entails:<ul><li>A thorough review of your financial documents and credit history.</li><li>Determining the specific mortgage amount you're eligible for.</li><li>Securing an interest rate hold, typically for up to 120 days.</li><li>Enhancing your credibility with sellers and real estate agents</li></ul>While pre-approval doesn't guarantee final loan approval, it brings you closer to securing your mortgage and demonstrates your seriousness as a buyer.Why Pre-Approval MattersOpting for pre-approval offers several advantages:<ul><li>Confidence in Budgeting: Knowing your exact borrowing capacity helps you focus on homes within your price range.</li><li>Competitive Edge: Sellers are more likely to consider offers from pre-approved buyers.</li><li>Rate Protection: Locking in an interest rate shields you from potential market fluctuations.</li></ul>Final ThoughtsWhile both pre-qualification and pre-approval are valuable, pre-approval provides a more accurate and reliable foundation for your home search. Engaging with a mortgage professional can guide you through this process, ensuring you're well-prepared to make informed decisions on your path to homeownership.

Blog

3 Mortgage Mistakes to Avoid in 2025

What Documents Do You Need for a Mortgage in Ontario?

A First-Time Buyer’s Guide to Getting a Mortgage in Ontario

Pre-Qualification vs. Pre-Approval: Understanding the Dif...