The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less—some conventional loans allow as little as 5%, will refer you to our trusted mortgage broker to help you 

The terms pre-qualification and pre-approval are often used interchangeably, but they are not the same. As a Realtor, explaining the difference clearly can help your buyers understand where they stand.

A pre-qualification is a preliminary estimate of how much a buyer may be able to borrow. The lender or mortgage professional relies primarily on information provided by the buyer, such as:

Income
Employment
Monthly debts
Estimated down payment
It helps buyers understand their price range before they begin shopping, but it is not a financing commitment.

Pre-Approval
A pre-approval is a more detailed assessment. The lender reviews documents such as:

Employment and income verification
Tax documents (if applicable)
Bank statements
Credit report
Down payment documentation
If everything meets the lender's requirements, the buyer receives a pre-approval letter stating the maximum mortgage amount they may qualify for, subject to conditions such as the property meeting the lender's requirements.

Why Pre-Approval Is Better
A buyer with a pre-approval: Knows their purchasing budget with greater confidence.
Can act quickly when the right property becomes available.
Appears more qualified to sellers.
Is less likely to encounter financing issues later in the process.
As a Realtor
Encourage buyers to obtain a pre-approval before they start viewing homes. It saves time, narrows the search to properties within their budget, and strengthens their position when making an offer.

Pre-qualification tells you what you might be able to afford. Pre-approval tells sellers and your Realtor that a lender has already reviewed your finances and is prepared to lend, subject to the property's approval and any remaining conditions.

call Hanaa Khozam for details  416 795 1954 
 
 

Your credit score is one of the key factors lenders use to assess your mortgage application. While it's not the only factor (income, debt, down payment, and employment also matter), a stronger credit score can help you qualify for better mortgage options and, in some cases, a lower interest rate.

Here's how your credit score can affect your mortgage:
Credit Score Typical Impact
760+
Excellent. Often qualifies for the most competitive mortgage rates.
680–759
Very good. Generally qualifies for favorable rates and mortgage options.
600–679
Fair. You may still qualify, but rates or lender choices may be more limited.
Below 600
More challenging. You may need a larger down payment, a co-signer, or an alternative lender with higher interest rates.
A Higher Credit Score Can Help You:
Qualify for lower interest rates.
Increase the amount you may be approved to borrow.
Access a wider selection of lenders and mortgage products.
Reduce the likelihood of needing a higher down payment or additional conditions.
Lenders Also Consider:
Your income and employment stability.
Your debt-to-income ratios.
Your down payment.
Your payment history.
The type and value of the property you're buying.

Tips to Improve Your Credit Score Before Applying
Pay all bills on time.
Keep your credit card balances low (ideally below 30% of your available credit limit).
Avoid applying for multiple new credit accounts just before applying for a mortgage.
Check your credit report for errors and dispute any inaccuracies.
Don't close long-standing credit accounts unless there's a good reason.

Example
Suppose two buyers each want the same mortgage:

Buyer A: Credit score of 790.
Buyer B: Credit score of 620.
Buyer A is more likely to qualify for a lender's best available rates, while Buyer B may have fewer lender options and could pay a higher interest rate, increasing the total cost of borrowing over the life of the mortgage.

"Your credit score doesn't just affect whether you qualify for a mortgage—it can also influence how much you'll pay in interest. Improving your credit before buying a home may save you thousands of dollars over the life of your mortgage."
In Canada, many lenders look for a credit score of 680 or higher for access to their most competitive mortgage products, although approvals are possible with lower scores depending on the overall strength of the application.
 
 

Closing costs are the one-time expenses you pay when your home purchase is completed, in addition to your down payment. Many first-time buyers are surprised by these costs, so it's important to budget for them in advance.

Common Closing Costs in Ontario
1. Land Transfer Tax
One of the largest closing costs. In Toronto, buyers pay:

Ontario Land Transfer Tax
Toronto Municipal Land Transfer Tax (if the property is within the City of Toronto)
First-time home buyers may qualify for rebates on both taxes, reducing the amount they pay.

2. Legal Fees and Disbursements
Your real estate lawyer will: 

Review legal documents.
Complete the title search.
Register the property.
Transfer funds.
Complete the closing transaction.

3. Title Insurance
Protects you and your lender against certain title-related issues.

4. Home Inspection (if completed)
Highly recommended for resale homes.

5. Property Appraisal
Sometimes required by the lender.

6. Adjustments
You may reimburse the seller for prepaid expenses such as:

Property taxes
Utility charges
Condo fees (if applicable)
The amount depends on the closing date.

7. Mortgage Default Insurance
If your down payment is less than 20%, mortgage default insurance may be required. The premium is usually added to your mortgage rather than paid in cash at closing, although the applicable sales tax is generally payable at closing.

8. Moving Costs and Utility Setup
Don't forget to budget for:

Moving company
Utility connections
Internet and cable
Address changes
How Much Should You Budget?
A good rule of thumb is to set aside 1.5% to 4% of the purchase price for closing costs, depending on the property and your circumstances.

Tips for Buyers
Get pre-approved before you start shopping.
Ask your lender and lawyer for an estimate of closing costs early in the process.
Keep extra funds available for unexpected expenses.
If you're a first-time buyer, ask about available rebates and incentive programs.
A Simple Way to Explain It to Clients
Closing costs are the expenses you pay to complete the purchase of your home. In addition to your down payment, you'll need to budget for legal fees, land transfer taxes, title insurance, and other closing-related expenses. Planning ahead helps ensure a smooth and stress-free closing day.
 
 
 
 
 
 
 
 
 

 
The homebuying process can vary depending on your financial readiness, the market, and the type of property you're purchasing. On average, it takes about 2 to 6 months from the time you begin looking for a home until you receive the keys.

Typical Home Buying Timeline
1. Mortgage Pre-Approval (1–7 Days)
Before you start shopping, meet with a mortgage professional to:

Determine your budget.
Get pre-approved for a mortgage.
Understand your monthly payments and closing costs.
2. Home Search (2 Weeks to 3 Months)
The length of your search depends on:

Your budget.
The type of home you're looking for.
Market conditions.
How flexible you are on location and features.
Some buyers find a home within a few weeks, while others may take several months.

3. Making an Offer (1–3 Days)
Once you find the right home:

Your Realtor prepares the offer.
Price and terms are negotiated.
The seller accepts, rejects, or counters your offer.
4. Conditional Period (3–10 Business Days)
If your offer includes conditions, this is when you:

Finalize financing.
Complete a home inspection.
Review the condo status certificate (if applicable).
Once all conditions are satisfied or waived, the purchase becomes firm.

5. Closing Period (30–90 Days)
This is the time between a firm agreement and the day you take ownership. During this period:

Your lawyer completes the legal work.
Your lender prepares the mortgage funds.
You arrange home insurance and utilities.
 

Tips to Speed Up the Process
Get pre-approved before you begin your search.
Clearly define your needs and budget.
Respond quickly when a suitable property becomes available.
Have your lawyer and mortgage broker ready before making an offer.
Keep documents requested by your lender readily available.

Most buyers complete the entire homebuying process within two to six months. The timeline depends on how quickly you find the right home, how long negotiations take, and the agreed-upon closing date. With proper planning and the right team, the process can be smooth and stress-free."

Contact Hanaa Khozam the realtor at 4167951954

Yes. Being self-employed or having irregular income does not prevent you from buying a home. However, the mortgage approval process is usually more detailed because lenders need to verify that your income is stable and sufficient to support the mortgage.

The Good news is our mortgage team is able to contact lenders with special program for you NOT private lender 

Documents You May Need
Depending on your situation, a lender may ask for:

Personal tax returns (usually the last 2 years).
Notices of Assessment from the CRA.
T1 General tax returns.
Financial statements for your business.
Business bank statements.
Articles of incorporation (if incorporated).
Proof that your taxes are up to date.

Call Hanaa the realtor at 4167951954

Your monthly mortgage payment typically includes:

Principal – The portion that pays down your mortgage balance.
Interest – The cost of borrowing the money.
Property Taxes – Sometimes collected by your lender and included in your payment.
Mortgage Default Insurance (if applicable) – If your down payment was less than 20%, the premium may be included in your mortgage payment.

Note: Home insurance, utilities, and condo fees (if applicable) are usually not included in your monthly mortgage payment and are paid separately.