Don Stoddart, AMP

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Home Purchases

Ready to purchase a home?

When moving you want to consider all option that are available to you and what your future may look like. For example, will you need extra room for more children or a place to help with aging parents.  Call today for a free analysis of what you can afford and what you should consider.

Many peoples dream homes maybe closer to reality than you may think.

When you are ready to sell your home and buy a new one, your first move should be to investigate your mortgage options and qualification. If you will need a bigger mortgage payment available, your options will include bringing your mortgage with you if it is portable. You can “blend” your current mortgage rate with the current mortgage rate on the additional funds you need or do what is called a blend and extend.

The process of purchasing a home in Canada can involve several steps, including:

  1. Determine your budget: Calculate how much you can afford to spend on a home by considering your net income, debts, and other expenses before looking into buying a home.
  2. Obtain pre-approval: Get pre-approved for a mortgage loan amount from a mortgage broker who will work with a lender that meets your needs to ensure you have the financial means to purchase a home under the government new stress test.
  3. Shop for a home: Working with a real estate agent, is always important. They will help you by providing information and show you homes. This will give you an idea of home prices in order to understand the market so you know what a good deal is, we always want to make sure what you’re looking at homes that will meet within your budget.
  4. Make an offer: When it time to make an offer there are things to consider, should it be conditional of financing, conditional on inspection, maybe even conditional on sale. To make an offer a deposit is required. This is known as consideration and is needed to have a binding contract. You deposit becomes part of your down payment.
  5. Home inspection: Before finalizing the purchase, have a professional home inspector assess the condition of the property to ensure there are no hidden problems. If there are it gives to the opportunity to walk away or make a counteroffer.
  6. Close the deal: Once all conditions have been met it time to move to closing this requires a lawyer, this is when your balance of deposit is required, Conformation of home insurance.   This is also where we work with the lender to send instruction to the lawyer to prepare the final closing documents. The lawyer will register the dead in your names and also register the Charge with is the mortgage against the property.
  7. Move in: Once the closing process is complete, you will receive your keys typically this does not happen until later in the day, so if you’re booking a moving truck you may want to delay until noon. It’s also great to first get into the home and give it a good cleaning before moving in all your furniture.

It’s important to understand all the costs associated with purchasing a home, including the down payment, closing costs, and ongoing expenses such as property taxes, insurance, and maintenance. You may also want to seek the advice of a mortgage broker to help you navigate the home buying process. It can be complicated my slogan is relax and let me take care of it.

Currently interest rates have increased faster than any time in history, this is main due to record inflation. The government has a target of 2% and we had gone as high as 8% recent in February of 2023 we seen it just drop below 6 and it is sitting at 5.9. Although is going in the right direction it could be a while before rate come down to where they were prior to the pandemic. Advise from a mortgage veteran is more important now than ever before. You need some to empower you with the information to be able to make an inform decision for your family. That’s where the third five years as a mortgage broker come into play.

Compare your mortgage conditions!

Lenders can calculate IRD differently; you should always get the actual penalty from your lender. If you are in a term longer than five years and you have passed the fifth year, the three-month penalty applies and not the IRD so this may make breaking your mortgage more appealing.

You’ll want to compare your new blend/extend rate with the rate you’d get with a new mortgage. Of course, the exact terms and conditions of your current mortgage need to be examined closely to determine if there are other factors to consider.

It’s worth a professional mortgage analysis to determine which option is the most beneficial to you. There’s no cost or obligation. We’re up to date on current rates and all of the new opportunities available – from a wide range of lenders – so we can help you with all of your mortgage details for your next home.

When you purchase a home, the mortgage is your largest investment. It’s important to weigh all the pros and cons before making a decision.

Key Mortgage Partners is one of the most trusted mortgage lenders in the area, and it’s because we take the time to listen to our customer’s needs and provide them with a solution that works for their situation. We promise to treat your home purchase like it was our own because we know how important it is to you – which is why we’re here for you during every step of the way.

Our experts can help you determine the best option for your current situation, along with multiple lenders and financial institutions, we will take the time to explain all of the details so there are no surprises when it comes time to sign on the dotted line.

We’re here to help you find the right mortgage options for your situation. If you’re in the Ontario marketplace we can help; we have offices in Brampton and Mississauga and service all the surrounding areas.


With mortgage agents available in all the surrounding areas, you can apply now with a free consultation or contact us today!

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