Mortgage Solutions for Homebuyers in London, Ontario

You must have at minimum 5% for your initial down payment plus applicable closing costs. If you put less than 20% down you will be required to obtain mortgage insurance through CMHC, the cost of which gets added to your mortgage.

Your affordability is determined by many factors including income, debt, credit score, and downpayment. You can estimate your affordability using the websites calculators. It's important to remember that this is just an estimate and an accurate value will be given to you during the pre-approval process.

You’ll need a down payment of at least 5%, plus closing costs, which typically range from 1.5% to 4% of the purchase price and cover legal fees, land transfer tax, and other essentials. Additional costs may include a home inspection, an appraisal if required by your lender, and PST on mortgage default insurance if your down payment is less than 20%. You should also budget for property taxes, utility setup, and moving expenses. I’ll help you plan for these costs so there are no surprises along the way!