How 360Lending helped them become first-time buyers

• We explained that for a property priced at $800,000, the minimum down payment would be $55,000 (5% on the first $500K and 10% on the remaining $300K)—about 6.88% of the total purchase price. Because their down payment was under 20%, the mortgage required CMHC insurance, which protects the lender but allows the borrower to purchase with a smaller down payment.

• Our team walked them through the costs and considerations of homeownership, including legal fees, land transfer tax, and prepaid utility adjustments. Since their home was outside of Toronto, they only owed the provincial portion of the land transfer tax, and they qualified for the maximum rebate of $4,000 available to first-time buyers in Ontario.

• We also arranged for a quick property appraisal to confirm the home’s market value, which helped the lender finalize approval terms. Throughout the process, we kept their goals in mind—ensuring flexibility in the mortgage term and reviewing fixed-rate vs. variable-rate mortgage options before selecting a fixed product for long-term stability.

Results

Robert and Kay were approved for an insured residential mortgage of $774,800, which included the CMHC insurance premium of $22,320 added to their base mortgage amount. With their financing in place, they successfully closed on their home and had cash left over to furnish and personalize their new space. This case highlights the importance of expert guidance when navigating the eligibility and suitability requirements for first-time buyers, including down payment planning, insurance rules, and budgeting for closing costs. With the right plan, buying your first home doesn’t have to be overwhelming.

Find out how much you will need for your purchase:

Purchase price

$

Down payment

If the purchase price is: $500,000 or less – Your minimum down payment is 5% / Between $500,000 and $999,999 – Your minimum down payment is 5% of the first $500,000 PLUS 10% of the remaining portion of the home price / $1,000,000 or more – Your minimum down payment is 20%

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$

Down payment

%

CMHC insurance

Mortgage insurance is required if your down payment is less than 20% of a home's purchase price.

+$0

Amortization

The amortization period is the length of time it takes to pay off the mortgage including its principal and interest.

Select an option25-year30-year

Mortgage rate

The rates presented are for illustrative and educational purposes only.

Select an option3.89% 5-year fixed4.24% 5-year fixed

Where is the property located?

Properties in Toronto are subjected to the municipal land transfer tax.

• In Toronto
• Outside of Toronto

Are you a first time home buyer?

First-time home buyers in Ontario may be eligible to receive a provincial land transfer tax refund of up to $4,000, and if the property is located in Toronto, they might receive an additional municipal land transfer tax refund of up to $4,475.

• Yes
• No

Provincial$0

+Municipal$0

-Rebate$0

Land transfer tax

$0

Total mortgage

$0

Mortgage payment

more Mortgage payment info

$-/month

* The information presented is for illustrative and educational purposes only.

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