What are the basic requirements to qualify for a mortgage in London, Ontario?

To qualify for a mortgage in London, ON, lenders typically look at your credit score, income stability, and your Gross and Total Debt Service ratios (GDS/TDS). Unlike the U.S. system, Canadian lenders also require you to pass the federal “Stress Test,” which proves you can afford payments even if interest rates rise. We can help you review these numbers before you start house hunting in neighborhoods like Old South or Hyde Park.

How much down payment do I need for a home loan?

In Canada, the minimum down payment depends on the purchase price. For homes under $500,000, you need 5% down. For homes between $500,000 and $999,999 (common for detached homes in London), you need 5% on the first $500k and 10% on the remainder. If you have less than 20% down, you will need mortgage default insurance (CMHC/Sagen). “Zero down” options are generally not available from major Canadian banks.

What is the difference between a fixed-rate and a variable-rate mortgage?

A fixed-rate mortgage locks in your interest rate and monthly payment for your entire term (usually 3 to 5 years), offering total stability. A variable-rate mortgage often starts with a lower rate, but your interest costs (and sometimes your payments) fluctuate based on the Bank of Canada’s Prime Rate. We can help you decide which strategy fits your risk tolerance and financial goals.

How does my credit score affect my mortgage approval?

Your credit score determines whether you qualify with a “Prime” lender (like a major bank) or an “Alternative” lender. generally, a score of 680+ gets you the best rates in Canada. If your score is lower (600-680), you can still get approved, but you may be subject to stricter income rules. As a local London mortgage broker, we have access to lenders who specialize in helping clients with bruised credit.

What are the closing costs, and how much should I expect to pay in Ontario?

You should budget between 1.5% and 4% of the purchase price for closing costs. In London, Ontario, the largest cost is usually the Provincial Land Transfer Tax (LTT). Other fees include lawyer fees, title insurance, and appraisal fees. The good news? If you are a first-time homebuyer, you may be eligible for an LTT rebate of up to $4,000 to help lower your upfront costs.

MIKE BONIFERRO - Mortgage Broker

MIKE BONIFERRO

Mortgage Broker

⭐⭐⭐⭐⭐ Rated 5.0 on Google

Mortgage Broker

Mike Boniferro

Mortgage Broker London Ontario

Name: Mike Boniferro
Address: 152 Albert St Unit 2, London, ON, N6A 1M1, CA
Telephone: (519) 851-4590
Price range: $$

Professional Mortgage Broker For Home Purchases

Mike Boniferro Mortgages

(519) 851-4590

TLC Mortgage Group Independently Owned and Operated

Franchise #12988 | Originator Licence #M18001301

Why work with a mortgage broker?

Working with a dedicated mortgage professional has benefits for all types of borrowers. Whether you’re highly qualified and looking for the best rate, a first-time homebuyer needing additional guidance, self-employed, or requiring credit repair services, there are countless reasons to seek the advice of someone whose sole focus is navigating the complex mortgage market in Canada.

As a licensed Mortgage Broker, I deal with major banks, Credit Unions, and dedicated Mortgage Finance Companies, plus countless alternative and private lending sources. This means that you only need one point of contact and one application to comparison shop more than 230 lending institutions for the perfect programs and rates!

Personalized Service: Receive tailored solutions that fit your unique financial situation and goals, not just what your current bank has to offer.
Access to Multiple Lenders: Benefit from a wide network of lenders, competing for your business, ensuring competitive deals.
Time and Cost Savings: Most applications can be fully processed from the comfort of your own home, avoiding painful in-branch meetings.
Help at Your Fingertips: Your financial well-being is my priority, and I never make you wait for branch hours to get a response.

The rates quoted below represent a standard baseline interest rate for a prime rate mortgage. Please contact Mike to find out what you qualify for, and about exclusive and promotional rates.

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Mike Boniferro

Mortgage Broker
Originator Licence #M18001301

TLC Mortgage Group
Independently Owned and Operated

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Mortgage Broker

Mike Boniferro

Mortgage Broker London Ontario

Professional Mortgage Broker For Home Purchases

Mike Boniferro Mortgages

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