What are some of the other costs when buying a home?

When buying a home, especially if it’s your first time, you might not be aware that there are some additional costs on top of the down payment. These are commonly known as “closing costs” and can include: appraisal, home inspection, legal fees, property tax adjustments, fire insurance...

What happens after I submit a mortgage application?

We'll be in touch within 24 hours. You will then be provided a secured link to load any required documents.

What if I don't qualify for a mortgage right now?

Then we make a plan to get you there. Buying a home is a major milestone, and it's completely normal to need time to prepare.

Is my application information secure?

Yes, all of your data is encrypted and securely stored on Canadian servers through TMG. We also operate a 100% paperless office, BitDefender is on all electronics including VPN. Your privacy is extremely important to us.

Will I receive a written pre-approval?

Yes! You will be emailed a personalized pre-approval package outlining everything you need to know at this stage.

Do I need a mortgage broker to renew my mortgage?

While you are not required to use a mortgage broker at renewal, working with one can help ensure you are receiving a competitive rate and the right mortgage terms. Many lenders do not offer their best rates upfront at renewal, and a broker compares multiple lenders on your behalf.

Is renewing my mortgage the same as getting a new mortgage?

A mortgage renewal is just as important as your original mortgage. While the process may feel simpler, the decisions you make at renewal can significantly impact your interest costs, flexibility, and long-term financial goals.

Can I switch lenders at mortgage renewal?

Yes. Mortgage renewal is an ideal time to switch lenders without penalty. A mortgage broker can review whether switching lenders could improve your rate, terms, or mortgage features.

When should I start reviewing my mortgage renewal options?

You can begin reviewing your mortgage renewal options up to 120 days before your renewal date. Starting early allows time to compare lenders, secure a rate hold, and plan strategically.

Why shouldn’t I just accept my lender’s renewal offer?

Many lenders rely on convenience and do not always present their best rate or terms at renewal. Accepting the first offer without comparison can result in higher interest costs over time.

Does my credit score matter at renewal?

Yes. Credit score can impact the mortgage rates and lender options available to you at renewal, especially if you are switching lenders. A broker reviews your full profile to determine the best options.

Are mortgage renewal rates one-size-fits-all?

No. Mortgage renewal rates vary based on factors such as mortgage type, credit score, equity, term length, and qualification requirements. A personalized review ensures you receive options suited to your situation.

What does a mortgage broker review at renewal besides the rate?

A mortgage broker reviews not only the rate, but also penalties, prepayment options, portability, charge type, and how the mortgage fits your long-term goals.

Costs To Buy A Home

Also known as Closing Costs

Down Payment

5% down payment is the minimum up to $500,000.

Inspection Report

While not mandatory, it is HIGHLY recommended. The inspection report is a thorough evaluation of the condition of the property.

Approx. $800 CAD.

Legal Fees

For any purchase transactions, a real estate lawyer is required. The below approximation takes into account title insurance/s, legal fee, legal disbursements, land title fee...

Approx. $2,000 CAD.

Property Taxes

A variable and not so straightforward potential closing cost are Property Tax Adjustments. Price will be based on possession date, tax amount and how the taxes get collected.

Real Property Report

*Applies to stand alone homes and duplexes

This is the survey of your new home. If the sellers are not able to provide an acceptable copy you have 2 options:

1) order a new survey (approx $1,000) or
2) title Insurance can usually be used to offset this condition (approx $400)

Condo Documents

These are very important as it is the key to how the complex has been managed.

If you need help analyzing and understanding your condo docs, there are local companies that specialize in this. Approx. $600 CAD.

Fire Insurance

Houses: The property must have sufficient fire insurance, you can get your contents insurance at the same time.

Condominiums: the Condo Board is responsible for adequate Fire Insurance but the owner must have their own contents and water damage insurances.

Price based on many variables.

Life and Disability Insurance

This is typically our largest asset and debt, please be insured. Life and Disability Insurance will be offered to you with approval. Price based on many variables.

Appraisal

Confirms the market value of a property. Appraisals are usually only required if the home is a private sale, a rental...

Approx. $400 CAD.

Costs listed are approximations only, please confirm directly with any of your providers.

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Costs To Buy A Home

Also known as Closing Costs