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Toronto Ontario

1550 16th Ave, Richmond Hill

Call Us Now

+1 (647) 525 6969

Email Us

Info@fffinance.ca

Frequently asked questions about mortgages

What is the average mortgage rate in Ontario?

Rates typically range from 4.29% to 7.44%, influenced by the type of mortgage and market conditions, also may vary provincially and are subject to change without notice OAC.

What is the minimum down payment?

The minimum is 5% for first-home-buyers up to $1,500,000 and up to 20% for the portion above that.

Are there incentives for first-time buyers?

Yes, programs like the First-Time Home Buyer Incentive help with down payments.

What are typical closing costs?

Closing costs can range from 1.5% to 4% of the home’s purchase price, including legal fees and taxes.

Is mortgage insurance necessary?

Yes, if your down payment is less than 20%, mortgage insurance is required.

How long does mortgage approval take?

The approval process usually takes 1 to 3 weeks, depending on the lender and documentation.

Let's Get in Touch

Toronto Ontario

1550 16th Ave, Richmond Hill

Call Us Now

+1 (647) 525 6969

Email Us

Info@fffinance.ca

KBanx Mortgage Ltd

FSRA #10920

Your trusted partner in achieving financial freedom and homeownership


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