Your Path to Homeownership Starts Here
Buying a home is one of the most significant financial decisions you'll make. Whether you're a first-time buyer eager to enter the market or an experienced homeowner looking to upgrade, securing the right mortgage is crucial to making your dream home a reality.
What is a Home Purchase Mortgage?
A home purchase mortgage is a loan secured by the property you're buying. In Canada, most lenders require a minimum down payment of 5% for homes under $500,000, with different rules applying to higher-priced properties. The mortgage terms, interest rates, and conditions vary based on your financial situation, credit history, and the property itself.
Who Should Consider This Solution?
- First-time homebuyers ready to stop renting and build equity
- Growing families needing more space
- Professionals relocating to the Toronto or GTA area
- Investors looking to add to their real estate portfolio
- Empty nesters downsizing to a more manageable property
- Access to Multiple Lenders: We work with over 30 lenders, including major banks, credit unions, and alternative lenders
- Competitive Rates: Our volume and relationships help us negotiate better rates than you'd get on your own
- Expert Guidance: Navigate complex mortgage rules, down payment requirements, and stress tests with confidence
- Personalized Service: Every situation is unique - we tailor solutions to your specific needs and goals
- No Cost to You: Lenders pay us, so our services are free for borrowers
- Less than $500,000: Minimum 5% down
- $500,000 to $999,999: 5% on first $500K, 10% on remainder
- $1,000,000+: Minimum 20% down
How the Home Purchase Process Works
Step 1: Get Pre-Approved
Before you start house hunting, get a mortgage pre-approval. This shows sellers you're a serious buyer and helps you understand your budget. Our mortgage experts will review your income, credit, and financial situation to determine how much you can afford.
Step 2: Find Your Dream Home
With pre-approval in hand, work with a real estate agent to find properties within your budget. Your pre-approval gives you negotiating power and confidence when making offers.
Step 3: Make an Offer
When you find the right property, your agent will help you make a competitive offer. Include financing conditions to protect yourself if unexpected issues arise during the approval process.
Step 4: Finalize Your Mortgage
Once your offer is accepted, we'll work with lenders to finalize your mortgage. This includes property appraisal, title search, and final underwriting approval. We shop multiple lenders to secure the best rates and terms for your situation.
Step 5: Close the Deal
On closing day, you'll sign final documents, transfer funds, and receive the keys to your new home. We'll coordinate with your lawyer to ensure a smooth closing process.
Key Benefits of Working with Mortgage Made Better
Important Considerations
Down Payment Requirements:
Mortgage Insurance:
If your down payment is less than 20%, you'll need mortgage default insurance from CMHC, Sagen, or Canada Guaranty. This protects lenders if you default but also allows you to purchase with a smaller down payment.
Stress Test:
All buyers must qualify at the higher of your contract rate plus 2% or 5.25%. This ensures you can afford payments if rates increase.
Ready to Start Your Home Buying Journey?
Let's discuss your goals and create a mortgage strategy that works for you. Whether you're buying your first home or your fifth, we're here to guide you through every step of the process.
Get Pre-Approved Today or contact our team to learn more about home purchase mortgages in Toronto and the GTA.
