Buying a home is a big financial decision and can be an overwhelming process, but with an Oriana Financial agent, it can be easier for you!

Getting started with an Oriana agent is easy. Simply apply online today!

Prefer not to apply online? Feel free to download our easy PDF application form.

First Time Buyers

Buying your first home is exciting, but it is also a life changing financial decision and can be an overwhelming process, but with an Oriana Mortgage Agent, we can make it a little easier for you.

These are some steps you can expect:

First, you will want to start the process by getting pre-approved for your home financing. Once that is out of the way you can start the exciting search for your new home.

After you find that home you’ve been searching for, it’s time to make your offer that lays out the terms and conditions between the buyer and the seller.

After your offer has been accepted it is time to customize your mortgage and get it approved. A mortgage is a loan to purchase a property that uses the property as security to guarantee repayment of the loan.

Before you can move in your new home, you will have to meet with your lawyer.

Finally, the last step is the best one! You can move into your new home.

You won’t be taking the steps listed above alone. You will have a whole mortgage team working with you. These are some people you can expect on your team:

  • Mortgage Agent
  • Real Estate Agent
  • Home Inspector / Appraiser
  • Insurance Agent
  • Lawyer

Mortgage Agent

Our Mortgage Agents are trained and experienced to help those with unique circumstances. We can help with the following:

  • Self employed
  • Spousal Separation
  • Purchase and refinance plus improvements
  • Bruised credit

If you find yourself in one of these situations contact us to discuss!

Our situation turned out to be more difficult than we all anticipated. Adrian rose to the challenge, and resolved the issues promptly and reassured us the entire way. Thanks again, Adrian, and we certainly recommend you to all!!!”

From M. Moore to; Adrian McInerney, Mortgage Agent, Oriana Financial

First Time Buyers Resources

Our Buyers Resources Section is dedicated to walking you through the mortgage process. In it, you will find mortgages defined in a clear manner that people can understand, something we like to refer to as, Mortgages 101

Mortgages 101

A mortgage is a loan that uses property as security to ensure that the debt is repaid.

A mortgage can be used for financing many different things, including:

  • Purchasing a new or existing home
  • Refinancing to consolidate debts
  • Financing a renovation or other investments

Down Payment Options

A down payment is that portion of the purchase price you must come up with yourself. There are two ways to determine how the initial down payment affects the terms of a mortgage:

  • A Conventional Mortgage
  • Low Down Payment Insured Mortgage

A Conventional Mortgage requires a minimum down payment of at least twenty percent and is offered on a fixed or variable interest rate basis.

Low-down payment mortgages are exactly what they sound like. They are offered for both new and resale homes but with lower down payment requirements than conventional mortgages.

Types of Mortgages

In short, there are three types of mortgages:

  • A variable close term mortgage
  • An open mortgage
  • A closed term mortgage

A Variable Closed Term Mortgage gives you the same benefits as a closed term mortgage, but it can be converted to a longer, closed term at any time without prepayment charges, should your variable rate no longer meet your needs.

Open Term Mortgages might be suitable if you are planning to pay off your mortgage in the near future. They can be repaid either in part or full at any time without prepayment charges. Open mortgages can be converted to any other term, at any other time, without a prepayment charge. However, this prepayment flexibility results in higher interest rates.

Closed Term Mortgages a closed mortgage, will penalize you for paying off all or part of your mortgage early. While prepayment penalties can be significant, closed mortgages also come with much lower interest rates than open mortgages. Closed term mortgages are an excellent choice if you are not planning on paying off the mortgage in the short term.

If you have any questions or to discuss the above mortgage options further, please contact one of our experienced mortgage agents.

Please reach out to your Oriana mortgage agent for further information on penalty structures.

More Questions? For more information or to visit the Canadian Revenue Agency Website click here.

Krista is dynamic…she is fabulous with buyers and sellers and considers them as people first not a number..I do not have one client that didn’t rave about Krista and her services. Thank you Krista for being so good at what you do.”

From CB, Realtor to; Krista Pape, Mortgage Agent, Oriana Financial

You should and can be prepared for all the hidden costs. To discuss this further please contact us.

Other FAQs

How many lenders can you draw from and who are they?

There are well over 20 lenders to draw from, far too many to list. Some very strong and solid mortgage companies that only mortgage agents have access to. These companies deal only in quality mortgages which ensures clients can have a low rate with flexible terms.

What are your fees?

In most cases our fees are covered by the lender.

What should I know when shopping for a mortgage agent?

Get a referral from a friend or someone you trust, if that option is not available look around for a mortgage agent with CMBA behind their name. These mortgage agents are licensed and keep up with their educational and CMBA requirements. They go a step further. Talk to a couple mortgage agents before you commit to the relationship. Short or long term, your mortgage agent will be listening and reviewing your financial details.

I’ve been a loyal bank customer for years, why should I deal with a mortgage agent instead of my bank?

Mortgage Agents are not trying to take you away from your bank, we can even help you get a better deal from your own personal bank.

Should I also shop around to get the best mortgage rate?

Why would you? You have just enlisted us to do that for you. If you like and trust your mortgage agent and they have been referred to you by a trusted friend then you should let the mortgage agent do the worrying for you. You just sit back and relax!

What is the difference between fixed and variable rates?

Fixed rate – Is just that, it’s an interest rate that does not change over the course of the term eg: a 5.5% for 5 years means for 5 years your rate will be 5.5% at the end of your five years you; with the assistance of your mortgage agent, will renew your mortgage for a rate that is available at that time. Most if not all fixed mortgages offer accelerated payment plans and prepayment privileges.

Variable rate – works with the Bank of Canada. The Bank of Canada sets the overnight lending rate let’s say It’s 1 % (this is the rate they lend money to the banks) The lenders then lend out the money at a 2% mark up. So prime would now be 3%.

Your mortgage rate is going to be set at the time you sign your contract so let’s say prime minus 0.30 bps your current rate would be 2.70%.

If you are planning on selling your home and purchasing a new property, or if you want to refinance or need to break your mortgage during the term, generally the penalties are cheaper when you are in a variable rate mortgage. However, depending on your individual situation, there are a number of factors that may make a fixed-rate better suited to you.

I hear the term “closing date” often, what exactly does that mean?

Closing date is the date you get the keys to your home. In the example of a refinance, it is the date the new mortgage is registered and the old one discharged.

How long can you lock in my pre-approved mortgage rate, months? Year?

Usually 120 days, this depends on the lender. Some lenders are not offering pre-approvals, but only a “rate hold”. A good mortgage agent has the ability to underwrite and identify a deal that will be easily placed with any lender.

What Will My Costs Be?

There are many extra expenses that come along with owning a new home. It is a good idea to be prepared for such costs. Some notable fees include:

  • Home Inspection
  • Appraisal – Property Survey
  • Lawyers Fees
  • Moving Costs including hook ups
  • Land Transfer Tax
  • Title Insurance
  • CMHC / Sagen / Canada Guarantee (these are mortgage insurers when your down payment is less than 20%).

Closing costs, legal costs, land transfer tax and HST as well as a host of other costs are involved in purchasing your home. We can help you sort these out and guide you through the process.

The Costs of Buying a Home

Closing costs

Closing costs generally refer to legal fees, property tax and utility adjustment costs, and, in some provinces, land transfer taxes.

Legal costs

Legal costs go to cover lawyer (notary in Quebec) fees and legal transactions such as reviewing the terms of the offer, preparing and signing a mortgage, conducting a title search on the property, registering a new title, obtaining relevant documentation, and determining appropriate adjustment costs. You should consider hiring a real estate lawyer to handle your transaction. If you don’t have or know of a lawyer, your best referral source is family or friends, or through the law society in your area.

Land transfer tax

In some provinces, this tax is levied when property changes hands. It varies with the purchase price of the property.


When it comes to real estate transactions, there are two ways HST will have an impact: Firstly, on the price of a new, from the builder, home, secondly, on commission payable on resale homes.

For new homes purchased from a builder, HST will be applicable on the purchase price of the home, albeit new homes purchased as primary residences across all price ranges will qualify for a rebate of up to $24,000 of the 8% provincial component of the HST. The HST on new builds is quite often built into the price of the new home and the builder applies directly for any rebates.

For resale homes, GST and, now, HST apply to real estate commissions only, as it is a service being provided to the consumer, not to the price of the home.

Other costs

Costs other than closing costs can include but are not limited to the following:

Property Survey. This is undertaken to verify the location of the property’s boundaries, measurements and structures and identify any easements, rights of way or encroachments on your, or adjacent properties. Title insurance is often an alternative to a property survey.

Interest Adjustments. This covers any interest accrued between the closing date of the purchase and the first regular payment date of the mortgage.

Goods and Services and Sales Taxes. GST and sales taxes will depend on the type of property being purchased. Always ask if either or both of these taxes apply before signing an offer to purchase.

Service Charges. These are charges to hook up utilities such as electricity, gas, and telephone service.

Home Inspection. It can be a good idea to have an inspection done before completing the purchase to evaluate the structural and mechanical condition of the property. This could save you lots of money in future repairs.

Appraisal fees. Some purchasers want to ensure they are paying a reasonable market price for the home they are purchasing. You may want to condition your offer subject to a satisfactory appraisal by a member of the Appraisal Institute of Canada.

Mortgage Life Insurance. Special insurance coverage to cover the cost of discharging your mortgage in the event of death or severe illness is available from most lenders.

Moving costs. Although it may sound obvious, purchasers may not consider moving as a cost of buying a home. Moving costs will depend on the distance of the move and the amount of furniture and goods to be transported. Get several movers in to give you an estimate before choosing one.

Appliances. Check to see whether appliances are included in the purchase agreement. If not, you will need to go out and buy them.

Landscaping, Fencing, Decks, etc. If purchasing a newly constructed home, keep in mind that there will likely be a need to landscape and fence the yard in the first year.

I chose Stephanie when purchasing my first condo and I’m glad did. She got me a great rate and did everything she could to make the transition go as smoothly as possible when we renewed our mortgage. I have nothing but good things to say about Stephanie and highly recommend her.”

From L. Lalonde to; Stephanie Hartery, Mortgage Agent, Oriana Financial

Resources & Links

Property Tax link

Property taxes estimator

Land Transfer Tax

Mortgage Insurers


Canada Mortgage and Housing Corporation

Canada Guaranty

Credit Information


Trans Union

Capital One


Real Estate

The Canadian Real Estate Association

Government Resources

Financial Consumer Agency of Canada

Mortgages and Real Estate in the News

Financial Post

Globe and Mail