What is the process to get a mortgage in Ontario?

The mortgage process in Ontario includes pre-approval, application, document submission, underwriting, and closing. I guide you through each step to ensure a smooth home financing experience.

How do I qualify for the best mortgage rates?

To qualify for the best mortgage rates, factors like credit score, income stability, debt-to-income ratio, and down payment size are important. I analyze your financial situation to find the most competitive rates available.

Can I refinance my existing mortgage to get a better rate?

Yes, refinancing your mortgage can help reduce your interest rate or monthly payments. I review your current mortgage and help determine if refinancing is a good option based on your goals.

What documents are required for a mortgage application?

Typically, you will need proof of income, credit information, identification, and property details. I provide a full checklist tailored to your situation to make the process straightforward.

How long does it take to get mortgage approval?

Mortgage approval timelines vary but generally take between 1 to 3 weeks. I work efficiently with lenders to expedite approvals whenever possible.

Frequently asked questions

Mortgage FAQ

📌 Kevin Leung - Mortgage Agent Level 1, FSRA License # M25000478
📌 Mortgage Alliance - FSRA License #10530

1. What is a mortgage?

A mortgage is a loan secured by real estate, typically used to purchase a home. The lender provides financing, and the borrower repays the loan over time with interest.

2. How much can I qualify for?

Your mortgage qualification depends on factors such as:

Income and employment status
Credit history and score
Debt-to-income ratio
Down payment amount

As a licensed mortgage agent, I can help assess your eligibility and explore mortgage options from various lenders.

3. What’s the difference between a fixed and variable rate mortgage?

Fixed-rate mortgage: The interest rate remains the same throughout the term, providing stable monthly payments.
Variable-rate mortgage: The interest rate fluctuates based on market conditions, which may result in lower or higher payments over time.

4. How much down payment do I need?

Minimum down payment requirements in Canada:

Under $500,000: Minimum 5% down.
$500,000 – $999,999: 5% on the first $500K + 10% on the remaining amount.
$1M+: Minimum 20% down.

If your down payment is less than 20%, mortgage default insurance (CMHC, Sagen, or Canada Guaranty) is required.

5. What are closing costs?

Closing costs typically range from 1.5% to 4% of the home’s purchase price and may include:
✔️ Land transfer tax
✔️ Legal fees and title insurance
✔️ Home appraisal and home inspection fees
✔️ Property taxes and utility adjustments

6. Can I get a mortgage if I’m self-employed?

Yes! If you’re self-employed, lenders require additional documentation such as:
📌 Personal and business tax returns
📌 Bank statements
📌 Proof of consistent income

Alternative lenders may offer flexible mortgage solutions if traditional banks do not approve your application.

7. How can I improve my chances of mortgage approval?

✅ Maintain a good credit score
✅ Reduce debt-to-income ratio
✅ Save for a larger down payment
✅ Have steady employment or proof of income

8. What is a mortgage pre-approval, and why is it important?

A mortgage pre-approval helps determine how much you can borrow and locks in an interest rate for a set period. It also strengthens your position as a serious buyer.

9. Can I refinance my mortgage?

Yes! Refinancing allows you to:
✔️ Lower your interest rate
✔️ Access home equity for renovations or investments
✔️ Consolidate high-interest debt

Every refinance situation is unique. I can help you assess whether refinancing is the right option for you.

10. How can I apply for a mortgage?

Applying for a mortgage is easy! As a licensed mortgage agent, I can help you:

Compare multiple lenders
Find the best mortgage rates and terms
Guide you through the application process

📩 Contact me today for a free consultation!