New to the market? We guide you through pre-approval, FHSA/HBP programs, and closing — start to keys. See roughly what you can afford below.
A quick estimate based on your income, debts, and down payment.
Estimated max purchase price $0
Know your budget before you shop, with a rate held for 90-120 days.
We help you use tax-advantaged programs to boost your down payment.
From offer to closing, we coordinate with your lawyer and lender.
How much down payment do I need?
A minimum of 5% on homes up to $500,000, with higher tiers required as the purchase price increases. We'll confirm the exact minimum for your target price.
What is the First Home Savings Account (FHSA)?
A registered account that lets first-time buyers save for a down payment with tax-deductible contributions and tax-free withdrawals when used toward a home purchase.
How long does a pre-approval last?
Most pre-approvals hold your rate for 90 to 120 days, giving you time to shop with confidence about your budget and financing.
What credit score do I need to buy a home?
Most lenders look for a score of 600-680 or higher for the best rates, though options exist for lower scores through alternative lenders.
What are closing costs and how much should I budget?
Plan for roughly 1.5-4% of the purchase price to cover legal fees, land transfer tax, title insurance, and adjustments — separate from your down payment.
Can I use gifted funds for my down payment?
Yes — most lenders accept gifted down payments from immediate family, typically requiring a signed gift letter confirming it doesn't need to be repaid.
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In Ontario, most traditional lenders require a minimum credit score of 600 for an insured mortgage. For best conventional rates, a score of 680 or higher is recommended.
If your credit score is between 500 and 600, alternative B-lenders and private mortgage lenders may still approve you — though at a higher rate. My Future Mortgage works with a wide network of alternative lenders across Ontario.
Canadian federal rules set minimum down payments at 5% for homes up to $500,000, 10% on the portion between $500,000 and $1 million, and 20% for homes over $1 million.
First-time home buyers can access the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP) to boost their down payment.
Yes. While traditional A-lenders decline scores under 600, B-lenders and private mortgage lenders offer refinancing for credit-challenged borrowers. Equity is the most important factor.
My Future Mortgage specializes in connecting Ontario homeowners with the right lender for their unique credit situation.
If you switch lenders at renewal, you must re-qualify at the stress test rate (contract rate + 2% or 5.25%, whichever is higher). Staying with your current lender typically doesn't require a stress test.
My Future Mortgage pre-qualifies you with partner lenders before your renewal date so you know exactly what you qualify for.