The Mortgage Path With Damian

Step 1: Budgeting

Use these tools to calculate affordability:

• Mortgage Affordability Calculator: Input your income, debts, and savings to determine your budget.
• Debt Service Ratios: Lenders assess GDS (Gross Debt Service) and TDS (Total Debt Service). Keep ratios below 39% and 44%, respectively.

Step 2: Down Payment Requirements

• Homes under $500,000: Minimum 5%.
• Homes $500,000–$1,000,000: 5% on the first $500,000, then 10% on the remainder.
• Homes over $1,000,000: Minimum 20%.

Step 3: Get Pre-Approved

A pre-approval locks in your rate for 120 days and simplifies negotiations.

Step 4: Find the Right Home

• Work with a real estate agent.
• Consider local schools, commute times, and future development plans.

Step 5: Finalize Your Mortgage

Provide updated income documentation and meet lender conditions.

Step 6: Closing Costs

• Land Transfer Tax: Use Ontario’s calculator to estimate.
• Lawyer Fees: Range from $1,500 to $2,000.

How a Mortgage Agent Helps

Agents provide a step-by-step guide, pre-approval assistance, and tailored financial advice throughout the process.