At The Source, we provide flexible and affordable mortgage options tailored to your unique needs. Our expert team is here to guide you through every step of the home-buying process.

Ready to Buy?

Applying won’t affect your credit score

Your Path to Homeownership Starts Here

Buying a property is an exciting and life changing decision. Whether you’re purchasing your first home or upgrading to something larger, securing the right mortgage is essential to making your dream home a reality.

Benefits of Homeownership

Build Wealth

Build equity as you make payments

Stability

Enjoy the security of fixed costs

Financial Benefits

Borrow against your home value

Closing Costs and Additional Expenses

What to Expect Beyond the Down Payment

While the down payment is often the largest upfront cost, there are other expenses to consider, such as:

  • Home Inspection Fees: Ensure the property is in good condition before you buy

  • Appraisal Fees: Required by lenders to determine the home’s value.

  • Legal Fees: Your lawyer will handle the paperwork and ensure the transaction is legal.

  • Property Taxes and Insurance: Make sure your new home is insured and taxes are up to date.

We’ll help you plan for these additional costs so you can budget accordingly.

Curious About Getting Started?

Our team can help you select the best mortgage option for your specific situation and financial goals.

Home Equity Loan FAQ

  • The amount you can afford depends on your income, debt levels, credit score, and down payment. Lenders use two key ratios to determine eligibility:

    • Gross Debt Service (GDS) Ratio: Your housing costs should not exceed 39% of your gross monthly income.

    • Total Debt Service (TDS) Ratio: Your total monthly debt payments should not exceed 44% of your income.

    Using a mortgage affordability calculator can help you estimate your price range before starting your home search.

    • Fixed-rate mortgages provide stable, predictable payments over your term, protecting you from interest rate increases.

    • Variable-rate mortgages often start lower but fluctuate based on market conditions, meaning your payments could change.

    Choosing the right mortgage depends on your risk tolerance and financial goals. Our mortgage experts can help you decide which option best suits your needs.

  • The minimum down payment required in Canada depends on the home price:

    • 5% down for homes up to $500,000.

    • 10% down on the portion of the home price between $500,000 and $999,999.

    • 20% down for homes $1 million or more.

    If your down payment is less than 20%, you’ll also need mortgage default insurance, which is added to your mortgage.

  • Buying a home involves several key steps:

    1. Get pre-approved – Determine how much you qualify for and lock in an interest rate.

    2. Find a property – Work with a real estate agent to locate your ideal home.

    3. Make an offer – Submit a purchase offer and negotiate terms.

    4. Finalize your mortgage – Complete the loan approval and sign final documents.

    5. Close the deal – Pay closing costs and take ownership of your new home!

    Starting with a mortgage pre-approval ensures a smoother process and strengthens your buying power.

Get Started with Your Home Purchase Today

At The Source, we offer personalized mortgage solutions that make home buying easy and affordable.

  • Competitive mortgage rates

  • Flexible terms tailored to your budget.

  • Expert guidance throughout the process.

Start your home buying journey with confidence—our team is here to help you secure the best financing for your new home.

What our customers say about us

  • "The Source helped me secure the funds I needed quickly and easily. The process was straightforward, and their team was fantastic to work with!"

    Sarah L.

  • "I was nervous about applying for an unsecured loan, but The Source made it stress-free. They explained everything clearly and got me approved in no time!"

    Mark T.

  • "Thanks to The Source, I’ve consolidated my debt into one manageable payment. It’s such a relief to finally feel in control of my finances."

    Emily R.

  • "The Source's credit help services were a lifesaver. They guided me through improving my credit score and qualifying for better loan options."

    James K.

  • "Getting a HELOC with The Source was a game-changer for our home renovations. The terms were great, and the funds were there when we needed them."

    Lisa M.

  • "I needed a second mortgage for some big expenses, and The Source delivered. Their team made the process smooth and hassle-free."

    Hirad W.

  • "When an emergency came up, The Source came through for me. Fast approval, great service, and peace of mind when I needed it most."

    Jessica P.

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