Home Purchase Mortgages

Your pathway to homeownership with competitive rates and flexible terms. Whether you're buying your first home, upgrading to a larger property, or refinancing your existing mortgage, we help you find the right financing solution at the best rates available.

Beautiful home

What is a Home Purchase Mortgage?

A home purchase mortgage is a loan used to purchase residential property. You borrow money from a lender, and in return, you agree to repay the loan with interest over a set period (typically 5-30 years). The property itself serves as collateral for the loan.

Home purchase mortgages are the most common way Canadians finance home purchases. They come in various forms—fixed-rate, variable-rate, open, or closed—each with different benefits depending on your financial situation and goals.

Key Components:

  • Principal: The amount you borrow
  • Interest Rate: Cost of borrowing (fixed or variable)
  • Amortization: Time to fully repay (typically 25-30 years)
  • Term: Duration before rate renewal (1-10 years)

Typical Requirements:

  • Down Payment: 5-20% of purchase price
  • Credit Score: Typically 650+ (higher is better rates)
  • Income Verification: Recent tax returns and pay stubs
  • Property Appraisal: Lender-ordered home valuation

Types of Regular Mortgages

Fixed-Rate Mortgage

Your interest rate stays the same throughout your term, providing predictable monthly payments.

  • Predictable payments
  • Protected from rate increases
  • Easy budgeting
  • Popular in rising rate environments

Variable-Rate Mortgage

Your interest rate fluctuates with market conditions, potentially saving money in declining rate environments.

  • Lower initial rates
  • Savings if rates drop
  • Flexible payment options
  • Risk if rates rise

Closed Mortgage

You're locked in for the term with limited flexibility but typically better rates.

  • Lower interest rates
  • Stable terms
  • Penalties for early repayment
  • Most common type

Open Mortgage

You can pay off your mortgage anytime without penalty, offering maximum flexibility.

  • No prepayment penalties
  • Maximum flexibility
  • Higher interest rates
  • Good for short-term needs

The Mortgage Process

1

Get Pre-Approved

We review your finances and determine how much you can borrow. This strengthens your offer when making an offer on a home.

2

Find Your Home

Work with a real estate agent to find a property that fits your budget and needs.

3

Make an Offer

Submit an offer on the property. Your pre-approval letter shows the seller you're a serious buyer.

4

Property Appraisal

The lender orders an appraisal to ensure the property value supports the loan amount.

5

Home Inspection

Have a professional inspect the property to identify any issues or needed repairs.

6

Final Approval

Lender reviews all documents and gives final approval. You lock in your interest rate.

7

Closing

Sign documents, transfer funds, and receive the keys to your new home!

Ready to Get Your Mortgage?

Let's find you the best mortgage rates and terms. Schedule your free consultation today.

Get Your Free Consultation