Frequently Asked Questions

Current Mortgage Rates in Ontario 5-Year Fixed Rate: Approximately 3.75% to 3.79%, depending on the lender and borrower qualifications. ​

3-Year Fixed Rate: Around 3.79%. ​

1-Year Fixed Rate: Approximately 4.79%.

5-Year Variable Rate: Approximately 3.94%, influenced by the Bank of Canada's current policy rate of 2.75%

In Canada, the minimum down payment depends on the home's purchase price: 5% for homes priced at $500,000 or less.

5% of the first $500,000 and 10% for the portion above $500,000 for homes priced between $500,001 and $1 million 199k.

20% for homes about this.

A down payment of less than 20% requires mortgage default insurance.

A fixed-rate mortgage offers consistent payments over the term, providing stability. A variable-rate mortgage has payments that can fluctuate with market interest rates, potentially offering savings if rates decrease. The choice depends on your risk tolerance and financial situation.

Mortgage pre-approval involves a lender evaluating your financial situation to determine how much you can borrow. It helps you understand your budget, shows sellers you're a serious buyer, and can lock in an interest rate for up to 120 days.

Closing costs are additional expenses incurred when finalizing a home purchase. They typically range from 1.5% to 4% of the purchase price and may include legal fees, land transfer taxes, home inspections, and title insurance.

Closing costs are additional expenses incurred when finalizing a home purchase. They typically range from 1.5% to 4% of the purchase price and may include legal fees, land transfer taxes, home inspections, and title insurance.