New Home Purchase Mortgages in Ontario
Helping First-Time & Repeat Homebuyers Secure the Best Mortgage Rates!
What is a New Home Purchase Mortgage?
A new home purchase mortgage is a loan that helps buyers finance their home purchase. Whether you’re a first-time homebuyer or an experienced homeowner, choosing the right mortgage is key to securing the best interest rates and terms.
As an Ontario mortgage broker, I work with a wide range of lenders—including major banks, credit unions, and alternative lenders—to find you the best mortgage options tailored to your financial situation.
Types of Home Purchase Mortgages
1. Fixed-Rate Mortgages
✔ Interest rate remains the same throughout the mortgage term
✔ Provides stable, predictable payments
✔ Best for buyers who want long-term financial security
2. Variable-Rate Mortgages
✔ Interest rate fluctuates with the prime lending rate
✔ Offers lower initial rates than fixed mortgages
✔ Best for buyers comfortable with market rate changes
3. High-Ratio Mortgages (Less than 20% Down Payment)
✔ Requires mortgage insurance (CMHC, Sagen, or Canada Guaranty)
✔ Allows buyers to purchase a home with as little as 5% down
✔ Ideal for first-time buyers with limited savings
4. Conventional Mortgages (20% or More Down Payment)
✔ No mortgage insurance required
✔ More lender flexibility & better rates
✔ Ideal for buyers with a larger down payment
5. Alternative & Private Mortgages
✔ Options for buyers with bad credit, self-employment, or unique financial situations
✔ Higher interest rates but more flexible approval requirements
✔ Ideal for those who can’t qualify with traditional banks
First-Time Homebuyer Incentives & Programs
✔ First-Time Home Buyer Incentive (FTHBI) – Get up to 10% of the home’s purchase price from the government as a shared equity loan.
✔ Home Buyers’ Plan (HBP) – Withdraw up to $60,000 from your RRSP tax-free to use toward a down payment.
✔ Land Transfer Tax Rebates – Available for first-time buyers in Ontario and Toronto.
✔ GST/HST New Housing Rebate – Helps recover some of the taxes paid on newly built homes.
I’ll guide you through which programs you qualify for and how to maximize your homebuying budget.
How to Get Approved for a Mortgage in Ontario
✔ Good Credit Score – A higher score means better rates & approval chances
✔ Stable Income & Employment – Helps prove your ability to make payments
✔ Low Debt-to-Income Ratio – Less debt makes you a stronger borrower
✔ Sufficient Down Payment – At least 5% down for insured mortgages, 20% for conventional loans
✔ Mortgage Stress Test Approval – Ensures you can handle higher interest rates
Even if you have bad credit or non-traditional income, I can connect you with lenders who offer alternative mortgage solutions.
Mortgage Pre-Approval: Why It Matters
Getting pre-approved for a mortgage helps you:
✔ Know how much you can afford before house hunting
✔ Lock in an interest rate for up to 120 days
✔ Make stronger offers on homes with seller confidence
✔ Avoid surprises when applying for final mortgage approval
I offer fast & easy mortgage pre-approvals to help you shop for your new home with confidence!
Why Work with a Mortgage Broker for Your Home Purchase?
✔ Access to Multiple Lenders – Compare banks, credit unions & private lenders
✔ Lower Mortgage Rates – I negotiate better deals than you’d get on your own
✔ Personalized Mortgage Solutions – I help you find the best fit for your financial goals
✔ Expert Guidance – I walk you through every step of the home buying process
Get Pre-Approved for a New Home Mortgage Today!
Looking to buy a new home? Whether you’re a first-time buyer or an experienced homeowner, I’ll help you secure the best mortgage rates and terms in Ontario.