Brokerage #13763
Whether you are a first-time buyer or moving up, lendsimpl compares 50+ lenders to find the mortgage that fits you.
5.0 on GoogleWhere are you at right now?
No obligation
Under 20% down
3.89% per year
20%+ down payment
3.89% per year
20%+ down payment
4.49% per year
Rates change often and are subject to approval. Not every applicant qualifies.
Tell us about your income, down payment, and goals. Personalized rate comparison at this stage.
Your broker reviews your file, compares lenders, and once your documents are complete can arrange a pre-approval with a rate hold of up to 120 days with many lenders.
Share your pre-approval letter with your realtor and make offers with a clear budget.
Once you have an accepted offer, we lock in final terms, conditions, and your closing date.
Your lawyer receives funding instructions. You sign, pay closing costs, and receive the keys.
First-Time Home Buyers: Guidance from pre-approval to closing, including programs like the RRSP Home Buyers' Plan and the FHSA, so you can buy with confidence.
Selling and buying at the same time? We coordinate bridge financing and your new mortgage approval so the transition is smoother
Stated income and bank statement programs let some lenders assess your income beyond T4 slips, depending on your file.
Newcomer programs may allow lower down payments and flexible income documentation, depending on your status and lender.
A rental property purchase usually needs a down payment of at least 20%, and some lenders count rental income to help you qualify.
We help you plan around deposits, assignment clauses and long closing timelines, and when to line up a rate hold.
B-lenders and private lenders look at more than credit score, and some buyers move to a different lender at renewal. Each lender decides case by case.
A co-borrower or a gifted down payment can help some buyers qualify. Lenders have their own documentation rules, so we check them early.
5.0 on Google
Verified reviews
50+
Lenders compared
Up to 120 days
Rate hold with many lenders
FSRA #13763
Licensed brokerage
A purchase mortgage is a loan from a bank, credit union or private lender to help you buy a home. In Canada the minimum down payment is 5% on the first $500,000 and 10% on the portion above that up to $1.5 million, and you need at least 20% to avoid mortgage default insurance.
You'll be talking to
Tissa RatnayakeLicensed Mortgage Broker
Anne XavierLicensed Mortgage BrokerNot a call centre, real people, individually FSRA-licensed.
lendsimpl is an Ontario licensed brokerage regulated by FSRA. Every mortgage agent is individually licensed
Any fee that applies to your file is disclosed in writing before you commit.
Your information is handled under our privacy policy and shared with the lenders relevant to your file.
Your broker explains your options, the trade-offs and any costs in plain language before you decide.
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 6 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 7 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 8 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 8 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 8 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 11 mo ago
A purchase mortgage is a loan from a bank, credit union, or private lender to help you buy a home. In Canada, you need a minimum down payment of 5% for homes under $500,000, and at least 20% to avoid mandatory CMHC mortgage insurance.
lendsimpl compares your application across 50+ lenders, including major banks, mono-line lenders, credit unions and private lenders, to find rate and terms that fit your file.
| Under 20% down (insured) | 20% or more down | |
|---|---|---|
| Down Payment | 5% to 19.99% | 20% or more |
| CMHC Insurance | Mortgage insurance: Required | Not required |
| Max Amortization | 25 years, up to 30 for first-time buyers and new builds | Often up to 30 years |
| Max Price | Under $1.5 million | No insured price cap |
| Stress Test | Higher of contract rate plus 2% or the minimum qualifying rate | Same |
Not sure which applies to you?
Not sure which rate type is right for you? Here's a plain-English comparison.
| Factor | Fixed Rate | Variable Rate |
|---|---|---|
| Payment stability | Locked in for term | Fluctuates with prime |
| Break penalty | Usually the greater of 3 months' interest or the interest rate differential | Often 3 months' interest |
| Ideal for | Buyers who want steady payments | Buyers comfortable with payment changes |
| Portability | Usually portable | Usually portable |
| Early payoff | Often a higher penalty | Often a lower penalty |
Many buyers can qualify, even with imperfect credit or non-traditional income. Here is what lenders look at.
Lenders review your credit history alongside your income, debts and down payment. Alternative lenders and private lenders may be options for some files.
At least 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million. Homes at $1.5 million or more need at least 20% down.
Your income must support payments at the higher of your contract rate plus 2% or the minimum qualifying rate. We check this up front.
Employees usually need recent pay stubs and a Notice of Assessment. Self-employed buyers often need two years of tax returns. Newcomer programs are available. Requirements vary by lender.
| 2 recent pay stubs | Employment |
|---|---|
| Last 2 years T4 / NOA | Income |
| 90-day bank statements | Down Payment |
| Government-issued ID | Identification |
| Signed purchase agreement | Property |
Your lender may ask for additional documents.
Why use a mortgage broker to buy a home?
Buying a home in Ontario is one of the biggest financial decisions you will make. lendsimpl makes the mortgage process straightforward, whether you are a first-time buyer working through mortgage insurance and the stress test, or an investor adding to your portfolio.
Our FSRA-licensed mortgage brokers compare your application across 50+ lenders, including major banks, credit unions, mono-line lenders and private lenders. We negotiate on your behalf and look for rate and terms that fit your file.
Brokers can access lender products that are not offered directly to the public. We compare many options, handle your paperwork and advocate for your approval. Any fee that applies to your file is disclosed in writing before you commit.
Common questions from Ontario home buyers.
Have a question we didn't answer?
Our licensed broker team is happy to help.
The minimum is 5% of the first $500,000 of the purchase price and 10% of the portion between $500,000 and $1.5 million. Homes priced at $1.5 million or more need at least 20% down. With less than 20% down, mortgage default insurance is required. Lenders can ask for more depending on the property and your file.
A pre-qualification is a rough estimate based on information you provide. A pre-approval involves a lender reviewing your income, debts and credit, and it typically comes with a rate hold of up to 120 days with many lenders. Neither is a final approval, because the lender still reviews the property and your updated documents once you have an accepted offer.
The stress test checks that you could still afford your payments if rates rose. You must qualify at the greater of your contract rate plus 2% or 5.25%. Lenders calculate your debt ratios at that qualifying rate, so the amount you can borrow is lower than your actual payments alone would suggest.
Yes, self-employed buyers can qualify, but lenders look at income differently. Some lenders use the average of your net income from your tax filings, while others offer stated income or bank statement programs depending on your file. Your down payment and credit history also matter, and a broker can compare which lender approach fits how you report income.
Closing costs are paid on top of your down payment. Common items include Ontario land transfer tax, Toronto municipal land transfer tax if the home is in Toronto, legal fees, title insurance, a home inspection, and adjustments for prepaid property taxes and utilities. First-time buyers may qualify for a land transfer tax refund of up to $4,000 in Ontario and up to $4,475 in Toronto. Use the calculators on this page for an estimate and ask your lawyer for final figures.
If your down payment is less than 20%, mortgage default insurance is required, and CMHC is one of the insurers. The premium is a percentage of the mortgage amount and is often added to your mortgage balance. With 20% or more down, insurance is generally not required. Some lenders insure mortgages with 20% or more down at their own cost, which can affect the rate you are offered.
A rate hold is up to 120 days with many lenders, and the period depends on the lender and your file. A pre-approval is not a guarantee of final approval. If it expires, you can request a new one, and your income, debts and credit are reviewed again.
It may be possible, depending on your file. Lenders look at your credit history together with your income, down payment and the property. Alternative lenders (B-lenders) are one option for some files, and private lending is another route. Private lending can carry higher rates and fees than a conventional mortgage, so a broker can walk through the trade-offs with you. Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
Still have questions?
Questions about your purchase? Talk to a licensed broker.
From the GTA to Ottawa, London and across the province, we arrange purchase mortgages wherever you're buying.
Browse our purchase mortgage pages for cities across Ontario.
Important
Rates & approvals
Rates change often and are subject to approval. Not every applicant qualifies.
Brokerage disclosure
lendsimpl is an FSRA-licensed mortgage brokerage (Brokerage #13763) serving Toronto and Ontario. Rates, lender terms and approval timelines vary by borrower profile and lender. Any fee that applies to your file is disclosed in writing before you commit.
Compare 50+ lenders with a licensed broker. Any fee that applies to your file is disclosed in writing before you commit.
Hello: I look forward to connecting with you. Tell us a bit about your situation and we'll walk through your options.
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lendsimpl is a Financial Services Regulatory Authority of Ontario (FSRA) licensed mortgage brokerage, Brokerage #13763. Nothing on this page is a mortgage offer, a rate quote or legal advice. Mortgage pricing varies by credit profile, down payment or equity, income type, property type, loan-to-value, term and lender, changes frequently, and is subject to lender approval and underwriting conditions, not every applicant qualifies for the rates shown. All applicable fees are disclosed in writing before you proceed. OAC. E&OE.
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