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How to refinance and make your mortgage work harder
Lower your rate, consolidate debt, or unlock equity—without guessing. This guide breaks down when refinancing makes sense (and when it doesn’t).
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Closing costs & timelines, explained
Learn about the add-ons, timeframes, and the parts no one wants to be surprised by.
Don't forget, working with a broker is free! Typically you don’t pay your broker, the lender does. Compensation is standardized, which helps keep advice focused on what’s right for you. And if your file ever requires a private or specialized lender, you’ll know all the details upfront, no fine-print drama.
What does a mortgage really cost?
Buying a home is exciting. But before you fall in love with the listing, make sure you’re in touch with the numbers.
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Knowing the full cost upfront means no last-minute stress and no sacrificing your financial comfort after you get the keys. Because the goal isn’t just to buy the home, it’s to enjoy it.
The down payment
Your minimum down payment depends on the home price:
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5% on the first $500,000
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10% on the portion between $500,000–$1M
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20% on homes over $1M
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Simple rules but the math adds up quickly.
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Your broker will help you calculate exactly what you need and confirm what counts toward it (savings, RRSPs, gifted funds, and more). No guesswork, just clarity.
CMHC mortgage insurance
If your down payment is under 20%, mortgage default insurance is required.
Your broker will walk you through:
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Whether it applies to you
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How the premium is calculated and added to your mortgage
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How different down payment amounts impact the overall cost
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It’s not just about hitting the minimum, it’s about understanding how the numbers change.
Appraisal fees
Some lenders require a professional appraisal to confirm the property’s value. This typically costs $350–$550, depending on the home and location.
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It’s a small upfront step that ensures the numbers match the purchase price.
Legal or notary fees
A lawyer or notary is required to complete your mortgage and usually ranges between $1,000–$1,800. This includes title searches, registration, and disbursements.
Home inspection fees
Optional but often worth it, especially with an older home. A home inspection typically costs $400–$700 and can give you confidence before you move forward.
Closing costs
Closing costs are one-time expenses tied to the purchase of your home, separate from your down payment and mortgage insurance.
Most buyers should budget 1.5% – 4% of the purchase price, depending on location. So, on a $800,000 home, that could mean setting aside roughly $22,000.
Your Mortgage Expert will walk you through exactly what applies in your province, so you know the real numbers way that impact you.
What makes up your closing costs?
Here’s a closer look at the one-time fees that come with finalizing your home purchase, so you know exactly what to expect before closing day.
Land transfer tax
Provincial tax on purchase price (some cities add their own).
Legal fees
Document prep + registration (typically $500+).
Title insurance
Protects against ownership issues ($300+).
PST on mortgage insurance
Paid at closing if applicable.
Home inspection
Recommended peace of mind (~$500).
Appraisal
Confirms property value ($400–$600, often covered).
Property insurance
Required before closing; paid monthly or annually.
Property taxes
Annual municipal tax based on home value.
Prepaid adjustments
Reimburse seller for taxes or utilities paid in advance.
How long does it take to secure a mortgage?
Short answer: usually 2–6 weeks.
A simple renewal can wrap up quickly. A first home purchase or self-employed application may take a little more time. Every file is different, but none of it has to feel confusing. Your broker keeps the process moving, flags what’s needed early, and guides you step by step so there are no last-minute curveballs.
Step 1: discovery & pre-qualification (1 to 2 days)
You’ll meet with your Dominion Mortgage Expert to:
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Align on your goals
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Review your income, credit, and savings
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Determine what you can comfortably afford
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It’s all about setting clear expectations from the start, so you move forward with confidence, not guesswork
Step 2: mortgage pre-approval (1 to 5 days)
Your broker collects your documents and submits your application to a lender.
At the pre-approval stage, you may receive:
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A rate hold (usually 90–120 days)
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An estimated approval amount
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A list of conditions to complete later
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Some lenders respond within hours. Others may take a few days, depending on volume and complexity.
Step 3: final approval (3 to 10 days)
Once your offer is accepted, things move quickly. Your broker:
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Submits the full application to the lender
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Provides property details (MLS, purchase agreement, etc.)
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Arranges an appraisal if required
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Works with underwriting to satisfy any conditions
Timing depends on how quickly documents are provided, the lender’s turnaround, and whether additional steps (like an appraisal) are needed.
Step 4: signing with a lawyer/notary (1 to 3 days)
Once you receive full approval, the final steps begin:
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Documents are sent to your lawyer or notary
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You review and sign your mortgage paperwork
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Your down payment and closing costs are confirmed
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Funds are scheduled for release on closing day
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From here, it’s all about getting the keys in your hand
Step 5: closing (1 day)
Your broker, realtor, and lawyer handle the coordination, so everything comes together seamlessly.
1. Funds are transferred
2. Keys are released
3. You officially become the owner
