Mortgage Information

Why should you get a pre-approved mortgage?

A pre-approved mortgage gives you an advantage over fellow home buyers. Knowing the size of your mortgage, the interest rate, and your monthly mortgage payments, will give you peace of mind to focus on finding the right home in your price range.

A pre-approved mortgage also places you in a comfortable bargaining position when you make an Offer to Purchase. If the seller wants to make a quick sale, you may be able to negotiate a price lower than the list price, because the seller knows that you are a serious buyer. In addition, if several people are bidding on the home you want, you may decide to offer to purchase close to the list price, knowing it is within your means.

A pre-approved mortgage certificate is a written commitment that you will get a mortgage for a set amount of money, at a specific rate of interest that is guaranteed for 60 to 120 days, depending on the financial organization you choose. The commitment is made subject to a financial assessment and property appraisal. The service is free and without obligation.

Land Transfer Tax

On transfers of residential real property in the province of Ontario, Land Transfer Tax is calculated on the purchase price. Here’s a link to help you estimate the land transfer tax amount.

Land Transfer Tax Estimation Calculator

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