Letting Your Home's Equity Work for You

Mortgage Application Process

If you’re ready to buy a home, we understand that the home buying process can be both exciting and overwhelming. That’s why we are here to guide you every step of the way.

The first step to getting a mortgage is completing an application form, and once that’s done, we’ll start working for you. While you’re busy shopping for your dream home, we’ll shop for the best mortgage options available from over 60 lenders across Canada, tailored to meet your unique needs and save you money.

At Main Street Mortgages, we take the time to understand your situation, budget, and goals to ensure we find the Right Mortgage that’s perfect for you. With hundreds of different mortgage products available, we’ll provide you with expert guidance and knowledge to help you make the best possible decision that can potentially save you thousands of dollars and shorten the length of your mortgage.

Our services are entirely free of charge, as we are paid by the lender only after presenting you with all your mortgage options (OAC). You can apply for a mortgage in one of three ways: through our secure online application, by requesting a call at a convenient time for you, or by printing and emailing or faxing an application.

Once we receive your application, we’ll provide you with a detailed consultation analysis, outlining your budget, maximum qualifying amount, closing costs, required documents, and the next steps towards pre-approval and rate hold. With our knowledge, expertise, and large mortgage volumes, we can negotiate with many lenders on your behalf, ensuring that they compete for your mortgage business and get you the best possible discounted rates.

Let us help you start the mortgage application process today, and we’ll be with you every step of the way!

Mortgage Closing Costs

Possible Mortgage Closing Costs

Typically, banks mandate buyers to have a minimum of 1.5% of the purchase price accessible for covering closing costs (in addition to the deposit or down payment). Prior to transmitting mortgage instructions to the client’s attorney, evidence of availability of these funds will be necessary. It is important to note that there may be some instances where this requirement does not apply.


As part of your down payment, this amount must be paid when submitting a purchase offer. The cost varies based on the location but can be as high as 5% of the purchase price. If you opt for a 5% down payment and provide a 5% deposit, the deposit is considered part of your down payment.

Down Payment

Mortgage loan insurance enables home ownership with a down payment as low as 5% (in some cases, the lender may allow you to borrow the downpayment but it will typically impact negatively on their buying power). For a conventional mortgage, typically, a minimum of 20% of the purchase price is required.

Mortgage Loan/Default Insurance Premium

In case you have a high-ratio mortgage (where the down payment is less than 20%), your lender may require mortgage loan insurance. The mortgage insurance premium may either be added to your mortgage, which is the most common practice, or you may be asked to pay it in full during the closing process.

Appraisal Fee

An appraisal is an approximation of a property’s value. As lenders are often cautious with regards to financial transactions, they engage independent experts known as “appraisers”. Appraisers visit the property you intend to purchase and estimate its worth by comparing it to similar homes in the vicinity. An appraisal provides assurance to lenders that the property you intend to purchase is genuine and worth the amount you indicate. Typically, your mortgage lender may insist that the property be appraised at your cost (although this is usually not required for high-ratio insured mortgages). The cost of an appraisal ranges from approximately $400.00 – $1000.00 depending on the propety, the location and the amount of research needed to determine the market value based on comparable sales

Home Inspection

Home inspectors assess the state of the property, verifying that the structure is stable, the heating is functional, water supply is potable, and search for defects such as cracks, leaks, electrical issues, and other potential costly problems. Although it is not mandated by most lenders, hiring a home inspector is still recommended to ensure that you are investing in a secure property. The cost of a home inspection ranges from approximately $500 – $750 depending on the property and the expertise/experience of the home inspector. I.e. the inspector may have a background in engineering and will rely on that expertise to give you insights pertaining to the structural soundness of the property and may charge more for the enhanced level of service.

Land Registration/Tarrif Fee

In certain provinces and territories, you may be required to pay a provincial or municipal fee at the time of closing. The fee is calculated as a percentage of the property’s purchase price and may differ depending on the location. Typically, this cost is included in the lawyer’s bill.

Legal/Attorney Fees

Fees are paid to the lawyers who prepare, review, and finalize documents. The fees typically range from $1,000 – $2,000 on a residential transaction and $2,500.00 – $5,000 + on a commercial transaction.

Prepaid Property Taxes and/or Utility Bills

Your lawyer will include the reimbursement for the vendor’s prepaid expenses, such as property taxes and filling the oil tank, in the final bill and allocate it accordingly. This is done on a “Statement of Adjustments” and usually applies to purchase transactions.

Property or Home Owner's Insurance

Homeowner’s insurance differs from private mortgage insurance. It is required by the mortgage lender because the home serves as collateral for the mortgage. This type of insurance covers the expenses of replacing your home and its contents in case of damage or loss. Property insurance must be active on the day of closing and provides protection against fires, floods, and other disasters. Generally, lenders mandate that some form of property insurance be obtained, and you will be required to provide evidence of insurance at your appointment with the lawyer. The cost of homeowner’s insurance ranges from approximately $1,500 – $2,500 depending on the property type, the policy and the coverage you chose.

Title Search

Before you become the owner of a property, it may have had various owners, including banks, government, construction companies, and other individuals. A title search is essential to verify that you are the sole legal owner of the property and to identify any errors or issues that could lead to future problems. Typically, lawyers are responsible for conducting the title search and will include the associated cost in their final bill. Typically the fee is approximately $70 – $100 and is part of the solicitors disbursements.

Title Insurance

A type of insurance that safeguards your ownership rights by providing protection against losses resulting from defects in the property’s title. In the event that someone comes forward and claims ownership of the property, title insurance covers you for the full value of the property. For instance, if the previous owner’s child suddenly appears and makes a claim on the property, title insurance would reimburse the lender for the property’s value if the child were to win the case. It’s important to note that title insurance only covers the lender and not the borrower and you’ll need to arrange your own title insurance. Typically, lawyers handle this and will add the cost to their final bill. The additional cost is typically $300 – $550 and is part of the solicitors’ disbursements.

Land Surveys/Real Property Report

(Not Applicable to Condominiums) A land survey is conducted to identify the boundaries of your property and determine if the trees, plants, and fences on the land are part of it. While not all lenders may require a land survey, it is typically the seller’s responsibility to cover the cost, subject to agreement in the purchase agreement. Typically costs ___

Water Tests

To ensure the quality and safety of the water supply, it is recommended to have it tested if the home has a well. The cost of the test can be negotiated with the seller and specified in the Offer to Purchase. Lenders often require a copy of the water potability test for their records. A test typically costs $___ to $___

Septic Inspection

A house’s septic tank should be inspected to ensure it is in proper working order. The cost can be negotiated with a vendor and included in your puchase offer.

Estoppel Certificate Fee

This is a typical document when purchasing a condo or strata unit. It is a certificate from the condo or strata board that confirms a seller’s statements and claims about a property. They typically cost up to $___

Improving Your Credit Score

General Tips

Maintaining good credit is essential for financial stability. There are several things you can do to improve your credit score or prevent it from decreasing: