The Smart Buyer’s Guide to Getting a Mortgage in Ontario

If you’re thinking about buying a home in Sarnia, Corunna, Petrolia, Wyoming, Chatham, London, or anywhere in Ontario, there’s something important you should know:

Your mortgage matters more than the rate.

Most buyers focus on one question:
“What rate can I get?”

But the better question is:
“What mortgage structure fits my life?”

Whether you’re a first-time home buyer or already own and are moving up, understanding how this works will save you stress — and potentially thousands of dollars.

Let’s walk through what actually matters.

You Don’t Need 20% Down to Buy

One of the biggest myths I hear from buyers is that they need to save 20% before they can even think about purchasing.

That’s not true.

In many cases, you can buy with as little as 5% down. You don’t have to be a first-time buyer either. The rules adjust slightly if the purchase price is higher, but 20% is not the entry ticket people think it is.

In a market like Sarnia and Lambton County, where prices are often more attainable than larger cities, waiting years to save a bigger down payment can sometimes cost more in rising prices and rent than buying sooner with a smart plan.

The key is knowing what makes sense for you — not following a rule that may not apply to your situation.

A Pre-Approval Should Feel Clear — Not Confusing

A quick online calculator or pre-qualification number isn’t enough.

A real pre-approval should give you clarity.

You should know what your payments look like, what closing costs will be, and what monthly budget feels comfortable — not just what a lender says you technically qualify for.

I always build a clear picture before clients start house hunting. That way, when you fall in love with a home, you’re confident — not nervous about the numbers.

Buying is emotional. The financing shouldn’t be.

Fixed or Variable? It Depends on You

You’ve probably heard people argue about fixed versus variable rates.

The truth? Neither is automatically better.

A fixed rate offers stability and predictable payments. That’s helpful if you like certainty or are stretching your budget.

A variable rate often starts lower and can offer flexibility, especially if you think you might sell, refinance, or move within a few years.

One thing many buyers don’t realize is that breaking a fixed mortgage can sometimes be far more expensive than breaking a variable one. That flexibility can matter more than a small rate difference.

The right choice isn’t about headlines. It’s about your plans.

It’s Not Just About Your Credit Score

Yes, credit matters.

But lenders also look at your income stability, employment history, and debt levels. If you’re self-employed, on commission, or have income from the U.S., it doesn’t mean you can’t qualify — it just means the right lender matters.

Different lenders view income differently. That’s why working with someone who can compare options, instead of being limited to one bank, makes a big difference.

Don’t Forget Closing Costs

Buying a home involves more than just the down payment.

There are legal fees, land transfer tax, adjustments, and sometimes appraisal costs. These can surprise buyers if they’re not planned for early.

Before you start making offers, you should know exactly what cash you’ll need to close. That removes pressure and prevents last-minute stress.

Planning makes everything smoother.

Small Decisions Now Can Save Big Later

Even something as simple as choosing accelerated payments instead of monthly payments can knock years off your mortgage.

Small extra payments — when life allows — can reduce thousands in interest over time.

Your first mortgage sets the tone for how quickly you build equity. Structuring it properly from the beginning matters more than people realize.

Why Planning Early in Sarnia & Lambton County Makes a Difference

Our local market has its own rhythm. Home prices, lender preferences, and qualification nuances can vary, and being prepared gives you a real advantage.

When you plan early, you can strengthen your file, improve your credit if needed, structure your down payment properly, and avoid rushed decisions.

And when the right house comes up? You’re ready.

The Bottom Line

Buying a home is exciting — and yes, it can feel overwhelming.

But it doesn’t have to be.

The right mortgage should:

• Fit your lifestyle
• Keep payments comfortable
• Protect your flexibility
• And support your long-term goals
  

It’s not about chasing the lowest rate. It’s about choosing the right strategy.

If you’re thinking about buying in Sarnia, Corunna, Petrolia, Wyoming, Chatham, London, or anywhere in Ontario, let’s build a plan first.

You can book a strategy call here:
👉 www.chatwithashley.ca

Or sign up for your free monthly home value and mortgage insights through Ownwell at:
👉 https://app.ownwell.ca/join/ashleynajim

Clarity first. Keys second. 🏡✨