Learn mortgages with plain-English clarity.

The minimum down payment depends on the purchase price and mortgage structure. A common starting point is 5% on the first portion of the price and 10% on the next portion, while higher-priced homes can require more. You should also separate closing costs from the down payment, including land transfer tax, legal fees, adjustments, moving costs, and a cash buffer. First-time buyers may qualify for land transfer tax rebates, but the details depend on the property location and buyer profile. Use the affordability and land transfer tax calculators first, then review the numbers with a licensed mortgage professional before relying on them.

The right term depends on your timeline, payment comfort, risk tolerance, and the flexibility you need. A fixed rate can give clearer payment expectations for the term. A variable rate may move when lender prime rates change, which can affect payment or interest allocation depending on the mortgage type. The rate alone is only one part of the decision. Prepayment privileges, penalties, portability, refinance plans, and how long you expect to keep the home all matter. Run payment sensitivity scenarios and compare the total structure, not only the headline rate.

You may be able to refinance before maturity, but the math should include the full cost of changing the mortgage. That can include penalty estimates, legal fees, appraisal costs, discharge fees, and any new funds being added. A refinance can make sense when the purpose is clear, such as consolidating expensive debt, funding renovations, changing cash flow, or restructuring around a life event. The break-even calculator helps compare upfront cost against potential savings or payment relief. Ask for a file-specific review before making the decision.

Self-employed files often need stronger document organization because income can be less straightforward than a standard salary file. Common documents include two years of T1 Generals, notices of assessment, business financials when available, articles of incorporation if applicable, recent bank statements, invoices or contracts, and proof that taxes are filed. Lenders may look at declared income, business stability, cash-flow consistency, industry, credit, down payment, and property details. Preparing early helps identify gaps before a purchase or refinance timeline becomes urgent.

A private mortgage is usually short-term financing from a non-bank lender or individual investor. It may be considered when a bank or traditional lender is not a fit at the moment, often because of credit, income documentation, property condition, timing, or temporary cash-flow issues. Private mortgages can carry higher costs and should usually have a clear exit plan, such as improving documentation, selling a property, completing renovations, or moving back to an institutional lender. It is important to understand fees, payments, term length, and exit strategy before proceeding.