How does the Canadian mortgage stress test work for first-time buyers?

Federal guidelines require borrowers to qualify at their contract interest rate plus 2.0%, or 5.25%, whichever is higher. This verifies that you can comfortably afford payments if interest rates increase.

Does a first-time home buyer pay broker fees with MC Mortgage Solutions?

No. For standard prime residential mortgages, the lending institution pays our broker commission upon closing. You pay zero brokerage fees for our service, advice, and rate comparisons.

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Dream Home Financing

Ready To Get On The Path To Owning Your Dream Home?

Q: How much down payment is required for a first-time home buyer in Ontario?

In Canada, the minimum down payment is 5% on the first $500,000 of purchase price, and 10% on the portion between $500,000 and $999,999. Homes priced at $1,000,000 or greater require a minimum 20% down payment.

Q: What incentives exist for first-time home buyers in Ontario?

First-time buyers can leverage the tax-free First Home Savings Account (FHSA), withdraw up to $60,000 tax-free through the RRSP Home Buyers' Plan (HBP), and claim the Ontario Land Transfer Tax refund of up to $4,000.

Take the stress out of buying a house. Getting started on your mortgage application is quick and easy! Whether you’re home, at work, or on the go, simply apply online and let Cindy Liu and our team handle the rest.

Smart Preparation

Is Now The Right Time To Get A Mortgage?

It's a good idea to start looking into getting a mortgage before you know you're going to buy a house. This will give you time to shop around, compare rates, and figure out what kind of mortgage fits your needs. But once you've found the right home for your family and are ready to put in an offer, there are still some important factors that will affect how much money you'll need as a down payment.

Why Pre-Approval Is Your Greatest Superpower: We will provide a formal mortgage pre-approval before you start seriously looking at homes. Having a pre-approval strengthens your position when negotiating the purchase price and protects your interest rate for up to 120 days.

50+ Lenders Competing: Electronic access to over 50 prime lenders across Canada ensures you get the absolute lowest rate.

Zero Broker Fees on Standard Deals: In almost all prime residential transactions, the lender pays our brokerage fee—not you!

I'm Ready To Get Started Test Payment Numbers

First time home buyer miniature house models

Step-By-Step Guide

Your 4-Step Journey From Application To Handing You The Keys

We eliminate guesswork so you can focus on finding the perfect neighborhood and layout for your lifestyle.

Pre-Approval

Determine your maximum purchasing power, lock in today's best interest rate, and understand all closing costs.

Incentives & Down Payment

Guidance on using the First Home Savings Account (FHSA), RRSP Home Buyers' Plan (up to $60,000), and gift letters.

Making An Offer

Shop with confidence knowing your finances are pre-vetted. We quickly clear condition of financing clauses.

Closing Day

We transmit final mortgage instructions directly to your real estate lawyer so funding is completely seamless.

Ontario-Wide Service

It's Never Too Late To Get A Mortgage!

The mortgage process can sometimes be confusing—imagine being able to buy the home of your dreams without all the hassle. Cindy Liu and her team of mortgage experts are here to help make your application easy and straightforward!

Communities Proudly Served Across Ontario

📍 Ancaster

📍 Hamilton

📍 Burlington

📍 Oakville

📍 Mississauga

📍 Toronto & GTA

📍 Niagara Falls

📍 St. Catharines

📍 Guelph

📍 Milton

📍 Brantford

📍 Grimsby

📍 Kitchener-Waterloo

📍 Niagara-on-the-Lake

📍 Simcoe

📍 Port Dover

Apply Online For A Home Mortgage Loan Now!

First-Time Buyer Answers

Frequently Asked Questions for First-Time Home Buyers

Straightforward answers to the most common questions about buying a home in Ontario.

Under Canadian lending regulations, the minimum down payment is 5% on the first $500,000 of purchase price, and 10% on the portion between $500,000 and $999,999. Homes priced at $1,000,000 or more require at least 20% down payment.

First-time buyers can combine the tax-free First Home Savings Account (FHSA), withdraw up to $60,000 tax-free through the RRSP Home Buyers' Plan (HBP), and receive an Ontario Land Transfer Tax refund of up to $4,000.

Federal mortgage rules require you to qualify at your contract interest rate plus 2.0%, or the Bank of Canada benchmark rate (5.25%), whichever is higher. We calculate your exact qualifying threshold across 50+ lenders before you start shopping.

No. On standard residential home purchases, the chosen lender pays our broker commission upon closing. Our expert pre-approvals, rate shopping, and personalized guidance cost you nothing.