Mortgages
Home Purchase Mortgages
A purchase mortgage should be arranged before you fall in love with a house. We help you apply for a pre-approval, processed through RMA Mortgages, and explain what you can afford, so your offer is taken seriously.
- First-Time Buyer Programs
- Insured and Conventional
- Investment and Vacation Properties
- Rate Holds up to 120 Days
First-Time Buyers
You may qualify for a longer amortization on an insured mortgage, the Home Buyers' Plan withdrawal from your RRSP, the First Home Savings Account and the land transfer tax rebate in Ontario. We check each program against your situation.
Moving up or Buying an Investment Property
If you own a home already, we plan the sale and purchase together, including bridge financing when closing dates do not line up. Investment properties require a larger down payment and different income rules; RMA Mortgages can identify the lenders that treat rental income most favourably.
What Happens After Your Offer Is Accepted
Your file is sent to the lender through RMA Mortgages for its final approval decision; we coordinate the appraisal if one is required, and send the mortgage instructions to your lawyer. You can use any lawyer; the closing offer applies when Marwah Law handles the closing.
FAQ
Common Questions
What is a mortgage pre-approval, and how long does it last?
A pre-approval is a lender's review of your income, credit and down payment that sets a maximum amount and holds a rate, usually for 90 to 120 days depending on the lender. It is not a final approval: the lender still reviews the property and your documents once you have an accepted offer. Some lenders give you a lower rate if rates fall before closing; each lender's policy is checked through RMA Mortgages.
Can I buy with less than twenty percent down?
Yes, for homes under $1.5 million, with mortgage default insurance from CMHC, Sagen or Canada Guaranty. The premium is a percentage of the mortgage, higher when the down payment is smaller, and is usually added to the mortgage. In Ontario, provincial sales tax on the premium is paid in cash at closing.
Which first-time buyer programs can I use?
Depending on your situation: the Home Buyers' Plan (up to $60,000 from your RRSP), the First Home Savings Account, the Ontario land transfer tax refund of up to $4,000, and an insured amortization of up to 30 years for first-time buyers. We check each program against your file.
What closing costs should I budget for?
Land transfer tax, legal fees and disbursements, title insurance, the sales tax on any default insurance premium, a home inspection and adjustments for property tax or utilities the seller prepaid. These are paid on or before closing, separately from your down payment. See what the closing offer covers when Marwah Law handles the closing.
How is land transfer tax calculated in Ontario?
It is charged on the purchase price at rates that rise with the price. Homes in Toronto pay a municipal land transfer tax as well. Eligible first-time buyers receive a refund of all or part of the provincial tax, up to $4,000.
How much do I need for a rental property or a second home?
A property you will rent out and not live in usually needs at least twenty percent down, and lenders count only part of the expected rent as income. If you live in one unit of a property with up to four units, a smaller down payment with default insurance may be possible. For a cottage, lenders look at year-round access, heating and water supply.
Do I need a home inspection?
Lenders rarely require one, but we recommend it. An inspection condition protects you from expensive surprises.
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