1. Get pre-approved
A pre-approval tells you what you may qualify for and can hold a rate for a period of time. It helps you shop with confidence, though final approval always depends on the property and lender review.
2. Plan your down payment
Canada sets minimum down payment requirements based on the purchase price. With less than 20% down, mortgage default insurance is generally required. We'll walk you through the current rules and what they mean for your budget.
3. Budget for closing costs
Beyond the down payment, plan for costs such as land transfer tax, legal fees, a home inspection and adjustments. First-time buyers may be eligible for land transfer tax rebates and federal programs; eligibility rules apply.
4. Compare more than the rate
Prepayment privileges, penalties, portability and term length can matter as much as the rate. Comparing lenders helps you choose a mortgage that fits your plans.
This article is general information only and is not financial, legal or tax advice. Mortgage rules, rates, products and fees change and are subject to lender approval and individual circumstances. Speak with a licensed mortgage professional about your situation.