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Key Mortgage Partners
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How Much Home Can I Afford? A Guide to Mortgage Pre-Approval
August 13, 2025
Wondering how much house you can afford in Ontario? One of the first—and most important—steps in the home buying process is getting pre-approved for a mortgage. Pre-approval gives you a clear idea of your budget, helps you understand your financial standing, and makes you a more attractive buyer.
In this guide, we’ll walk you through how affordability is calculated, what’s involved in the mortgage pre-approval process, and how we can help you shop with confidence.
🏡 What Determines Mortgage Affordability in Canada?
Before you start house hunting, it’s essential to know your maximum home purchase price. Mortgage affordability is based on:
Your gross monthly income
Your monthly debts (credit cards, auto loans, lines of credit, etc.)
The size of your down payment
Estimated property taxes and heating costs
We use two key calculations to help determine your affordability:
Gross Debt Service (GDS): Compares your monthly housing costs (mortgage, property taxes, heating) to your gross income.
Total Debt Service (TDS): Compares all of your monthly obligations—including housing and other debts—to your gross income.
💡 Example: If you earn $6,000/month and expect housing costs around $2,000, plus a $300 car payment, we’ll assess whether those numbers fit within the recommended lending guidelines.
📋 Step-by-Step: The Mortgage Pre-Approval Process
The affordability assessment begins with filling out a mortgage application, where we collect information about:
Income and employment
Assets and savings
Liabilities (like loans and credit cards)
Address and residency history
Once submitted, the application generates a customized document checklist, making it easy to gather exactly what’s needed.
When we receive your documents, we review everything and then issue an Affordability Letter, which outlines:
Your maximum mortgage approval amount
Your verified down payment
An estimate of annual property taxes
With this letter in hand, you can shop confidently, knowing exactly what price range you can afford.
✅ Benefits of Getting Pre-Approved for a Mortgage
Getting pre-approved for a mortgage in Ontario offers several key advantages:
Know your true price range before you shop
Save time by avoiding homes outside your budget
Be ready to act quickly when you find the right property
Strengthen your offer with proof of financing
Real estate agents and sellers take you more seriously when you're pre-approved—it shows you’re a serious and prepared buyer.
🤝 Why Work With Us for Your Mortgage Pre-Approval
When you work with us, you’re not just getting a number—you’re getting personalized support from start to finish. As mortgage agents, we have access to multiple lenders across Ontario, allowing us to find options that best fit your financial situation.
Whether you’re:
Buying your first home
Newly self-employed
Repairing your credit
Unsure how to navigate the process —we’re here to help.
We’ll take the time to explain every step, answer your questions in plain language, and ensure you feel confident about your decisions.
📝 Next Steps to Get Pre-Approved for a Mortgage in Ontario
Complete your mortgage application
Submit the requested documents
Receive your Affordability Letter
Start your home search with confidence
💬 Ready to Find Out How Much House You Can Afford?
We’re here to help you every step of the way.
👉 Get started with your mortgage pre-approval today and take the first step toward owning your dream home in Ontario.
Pre-Closing Checklist for First-Time Home Buyers
August 11, 2025
Everything You Need to Set Up Before You Get the Keys
Buying your first home is exciting—but there’s a lot to do before closing day arrives. From setting up utilities to arranging home insurance, this pre-closing checklist ensures you’re ready to walk into your new home with confidence (and Wi-Fi). Here’s what to tackle in the days or weeks leading up to your closing.
✅ Secure Home Insurance
One of the most important steps before closing is securing your home insurance—in fact, your lender will require proof of coverage before funding your mortgage. Use this time to compare policies, not just prices. The cheapest option may not offer the protection you truly need.
Consider speaking with an insurance broker to explore different coverage types, understand what's required by your lender, and find the best fit for your needs and budget.Bonus Tip: Ask about bundled packages with your auto insurance provider—these can lead to great discounts and simplify monthly payments.
✅ Set Up Property Tax Payments
Property taxes are usually paid through your local municipality, and the easiest way to stay on top of them is to set up a monthly pre-authorized payment plan. You’ll need:
Your property address
A void cheque or bank account info
Your tax roll number (provided by your lawyer or the township)
Setting this up in advance means one less thing to worry about on closing day—and ensures you don’t miss your first payment.
✅ Set Up Hydro/Electricity
Your electricity provider depends on your location. In Uxbridge and many surrounding areas, this is typically Hydro One, while in cities like Toronto or Ottawa it may differ. Simply search: 👉 “Hydro in [your town]” to find your provider and set your account to begin on your closing day.
✅ Set Up Water & Sewer Services
If your home is on municipal water and sewer, contact your town or region’s utility department to start service. Look up: 👉 “Water services in [your town]” to find the right provider.
Note: If your home uses a well and septic system, you may not need to set this up through the municipality.
✅ Set Up Gas or Propane (If Applicable)
If your home uses natural gas or propane, you’ll need to contact the correct provider:
Natural gas: Usually a regional utility
Propane: May require contacting a private supplier directly
Note: If your home is fully electric, skip this step.
✅ Set Up Garbage & Recycling Collection
Head to your municipality’s website to find:
Your garbage, recycling, and green bin schedule
Rules about waste sorting and special collection days
Info on ordering bins (usually cheaper than hardware stores)
Many towns also offer mobile apps for reminders and updates—super handy when you're new to the area!
✅ Set Up Wi-Fi & Internet
Shop around for internet providers in your area—options and speeds can vary widely depending on location. Don’t forget to check for:
First-time customer promotions
Email sign-up discounts
Contract-free options if you're not sure about your long-term plan
📅 Pro tip: Book your installation for the day after closing. Since you won’t know the exact time you’ll get your keys, this prevents missed appointments and ensures you’re online ASAP.
✅ Budget for Closing Costs
Don’t forget to budget for closing costs—we recommend setting aside about 1% of the purchase price. These can include:
Legal fees
Land transfer tax
Title insurance
Adjustments (for property taxes, utilities, etc.)
Note: This estimate doesn’t include moving costs, so be sure to factor those in separately.
✅ Everyday Living Costs
Once you move in, you’ll also need to budget for everyday essentials like:
Groceries
Cleaning supplies
Toiletries
Laundry detergent
Pet food, if applicable
💡 Money-saving tip: Shop in bulk where possible and always be on the lookout for discounts, flyers, and loyalty programs. These small savings add up fast—especially when setting up a new home.
Final Thoughts
Moving into your first home is a huge milestone—and with a little preparation, your closing day can be smooth, stress-free, and even enjoyable. If you’re feeling overwhelmed or unsure where to start, don’t hesitate to reach out. We’re happy to provide referrals and answer your questions along the way.
Hidden Costs of Homeownership You Should Budget For
August 07, 2025
Buying a home is an exciting milestone—but beyond the purchase price and mortgage payments, many first-time buyers are surprised by the hidden costs of homeownership. Planning for these expenses in advance can help you stay on track financially and avoid stress down the road.
Below, we break down the key costs you’ll want to budget for—from property taxes to everyday living essentials.
Property Taxes
Property taxes are one of the more predictable ongoing costs of owning a home. While rates can increase from year to year, you’ll generally have a clear estimate based on your home’s assessed value. This makes property taxes easier to plan for compared to variable expenses.
💡 Pro Tip: Ask your real estate agent or mortgage professional for the annual property tax amount on a home before you buy—it’s typically included on listings.
Home Insurance
Home insurance is essential to protect your investment. It covers damage caused by fire, theft, weather, and more. The cost varies based on location, home value, and coverage level, but expect to pay anywhere from $800 to $2,000+ annually.
You may also want to bundle your home and auto insurance policies—this can lead to significant discounts.
Utility Bills (Hydro, Water, Gas, and Internet)
Once you move in, utilities become part of your monthly budget. These include:
Hydro (Electricity): Costs depend on the season and usage. Budget more during hot summers or cold winters.
Water and Sewer: Billed monthly or bi-monthly by your municipality.
Gas/Heating: If your home uses natural gas, expect seasonal fluctuations.
Internet/Wi-Fi: Set up your plan right after closing—reliable Wi-Fi is a must in any home.
💡 Set up pre-authorized payments for your utilities to stay organized and avoid missed bills.
Maintenance and Repairs
Unlike renting, when you own a home, you’re responsible for all repairs and upkeep. Common maintenance costs include:
Lawn care and snow removal
HVAC servicing
Roof or window repairs
Appliance maintenance or replacement
A good rule of thumb: Budget 1% of your home’s value annually for maintenance and repairs.
Closing Costs
Many buyers focus on their down payment but forget to factor in closing costs—these can add up quickly. Budget at least 1% of the purchase price to cover:
Legal fees
Land transfer tax
Title insurance
Adjustments (prepaid utilities, property taxes, etc.)
🔍 Don’t forget moving expenses! Hiring movers, renting a truck, or taking time off work are additional costs not typically included in your closing budget.
Everyday Living Costs
The cost of daily life often increases when you move into a new home, especially a larger space. Common items to budget for:
Groceries and food: Stocking up a new kitchen adds up. Plan ahead and buy in bulk to save.
Cleaning supplies: Mops, vacuums, sprays, and laundry products can easily be overlooked.
Toiletries and household goods: Toilet paper, soap, garbage bags, etc.
Furnishings and décor: Whether it’s curtains, a new couch, or light fixtures, many homes need a few upgrades after moving in.
💡 Search for deals and coupons, and take advantage of local bulk stores or membership warehouses to lower these ongoing costs.
Final Thoughts
Homeownership brings freedom and stability—but it also comes with a wide range of expenses that can sneak up if you’re not prepared. By understanding and budgeting for these hidden costs, you’ll be better equipped to enjoy your new home without financial surprises.
👉 Need help creating a budget before you buy? We’re here to guide you every step of the way.
Budgeting and Saving: Guide to Building a Strong Financial Foundation
August 06, 2025
Smart Money Tips for Ontario Home Buyers from Uxbridge Mortgage Solutions
Whether you’re dreaming of your first home in Uxbridge or trying to pay down debt in Durham Region, budgeting is the foundation of financial success. Without a clear plan for your income and expenses, it’s easy to fall into debt, overspend, or miss out on valuable savings opportunities—especially when preparing for a big milestone like buying your first home.
Let’s break down everything you need to know to build a budget, stick to it, and use it to reach your financial goals.
💡 What Is a Budget?
A budget is a monthly financial plan that outlines your expected income and expenses. It allows you to:
Track your cash flow
Set spending limits
Save intentionally
Avoid debt
Work toward financial milestones—like homeownership!
✅ Why Budgeting Is Essential
Creating and maintaining a budget gives you financial clarity and control. Here's how:
🔹 Financial Control
Stay on top of where your money is going and make informed decisions about your spending.
🔹 Debt Reduction
Identify unnecessary expenses and reallocate funds toward paying off debt faster.
🔹 Increased Savings
By being intentional with your money, you’ll have more to set aside for emergencies, investments, or your First Home Savings Account (FHSA).
🧾 How to Create a Budget in 4 Steps
1. Calculate Your Total Income
Include all income sources:
Salary (including overtime, commissions, bonuses)
Part-time jobs
Government benefits (e.g., Child Tax Benefit)
Support payments
Investment income
💡 Planning to buy your first home? Knowing your total income is key to understanding what you can afford.
2. List Your Expenses
Break them into two categories:
Fixed Expenses: Rent, mortgage, phone bill, insurance
Variable Expenses: Groceries, gas, dining out, entertainment
3. Categorize Your Spending
Organizing your expenses helps identify priorities and cutbacks:
Housing: Rent/mortgage, utilities, maintenance
Transportation: Gas, car payments, repairs, transit
Food: Groceries, restaurants, coffee shops
Health: Prescriptions, dental, insurance, fitness
Entertainment: Streaming services, hobbies, nights out
Savings: Emergency fund, RRSP, FHSA
Debt Repayment: Credit cards, student loans, car loans
4. Track, Review, and Adjust
Check in weekly and review monthly. Adjust your categories and spending limits as needed.
📱 Tip: Use a free app like Mint, YNAB, or PocketGuard to track your budget in real time.
💡 Tips and Tricks for Successful Budgeting
Automate Savings: Set up automatic transfers to your savings account on payday.
Cut Unnecessary Costs: Cancel unused subscriptions, cook at home more often, and shop smarter.
Look for Deals: Use coupons, loyalty apps, and buy in bulk to save on everyday purchases.
Review Monthly: Reflect on your spending habits at the end of each month—what worked and what didn’t?
💰 The Power of Small Changes
Small sacrifices can lead to big savings over time.
Example 1: Skip the $5 Daily Coffee
Monthly savings: $5 x 30 = $150
Annual savings: $1,800
Example 2: Cut Back Dining Out by $50/Week
Monthly savings: $200
Annual savings: $2,400
5-Year Savings (2% interest): $12,500+
🎯 Staying Motivated
Visualize Your Goals: Use a vision board or app to track your progress toward buying a home.
Reward Progress: Treat yourself when you hit savings milestones—a dinner out, a new gadget, or a weekend getaway.
💸 What Should You Be Saving?
The 50/30/20 Rule
A simple framework to guide your budgeting:
50% → Needs (housing, food, bills)
30% → Wants (entertainment, travel, hobbies)
20% → Savings and debt repayment
💡 Pro Tip for Rent-Free Living: If you live with parents, simulate paying a mortgage by saving that amount each month. It builds discipline and boosts your down payment faster.
🏠 Budgeting for Homeownership in Ontario
If your goal is to buy your first home in Ontario, budgeting is the most effective first step. Start by:
Calculating your potential home costs
Using your budget to save for a down payment, closing costs, and emergency fund
Opening a First Home Savings Account (FHSA) to grow your savings tax-free
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