Mortgage FAQs- Everything You Need to Know in Ontario
General Mortgage Questions:
Q: What is the difference between fixed and variable mortgage rates?
A: To begin with, fixed rates stays the same throughout the term, giving you predictable payments. On the other hand, variable rates may fluctuate with market conditions, which can mean lower payment but also higher risk.
Q: How much mortgage can I qualify for?
A: Generally speaking your approval amount depends on factors like your income, credit score, debt ratio, and down payment. Therefore, its best to get pre-approved to know exactly where you stand.
Q: What’s the minimum down payment needed in Ontario?
A: In most cases, you’ll need at least 5% for homes under $500,000. However, if the property costs more, the minimum down payment increases.
First-Time Buyer FAQs
Q: Are there special mortgage programs for first-time buyers?
A: Absolutely, For example, Ontario offers land transfer tax rebates and the First-Time Home Buyer Incentive, CMHC incentives. Moreover, we help you access federal and provincial grants you might not know about.
Q: Can I buy with little or no credit history?
A: Yes, you can. In fact, many alternative and private lenders look beyond just credit scores. So even if you’ve been turned down by a bank, you may still qualify through InBudget Mortgage Brokerage. We work with alternative lenders who understand unique credit situations, including newcomers and self-employed clients.
Mortgage Renewal & Refinance
Q: Should I renew with my current lender?
A: Not always. You may get better rates or terms by switching. Let us shop the market for you before you sign your renewal.
Q: When can I refinance my mortgage?
A: You can refinance anytime, but penalties may apply. We’ll review your mortgage details to determine if it’s financially beneficial now.
Q: Can I get a mortgage with bad credit?
A: Yes, we offer access to private lenders and B-lenders who consider more than just credit scores.
Q: What’s a private mortgage?
A: A loan from an individual or non-bank lender. It’s ideal for those with low credit or income issues who need fast approval.
APPLICATION & APPROVAL PROCESS
Q: How long does mortgage approval take?
A: Pre-approvals take 24–48 hours. Full approval can take 5–10 business days depending on documentation and lender review.
Q: What documents do I need to apply?
A: Typical documents include ID, proof of income, employment letter, credit report, and property details. We’ll guide you through every step.
Q: Do you serve clients outside Mississauga or Oakville?
A: Yes! We serve all of Ontario, including Toronto, Brampton, Hamilton, London, Ottawa, and beyond.
Still have questions?
Call us at 905-216-2897 or Apply Now to get Approved for your mortgage.
“Owning a home is the cornerstone of wealth- both financial affluence and emotional security.” -Suze Orman