January 28, 2026 | Real Estate Advice
What First-Time Buyers Should Know About Mortgages, Closing Costs, and Affordability in Ontario
For many first-time buyers, financing is the most intimidating part of the process. Mortgages, closing costs, and long-term affordability can feel overwhelming without clear guidance.
At Urban Group Realty, we help buyers understand these pieces early – and connect them with professionals who explain options in simple, practical terms.
Mortgages: More Than Just the Rate
Choosing the right mortgage isn’t only about the lowest rate. It also involves:
- Payment flexibility
- Term length
- Penalties and renewal options
We regularly collaborate with trusted mortgage brokers who help buyers understand what works best for their lifestyle and future plans.
Closing Costs and Legal Considerations
Beyond the mortgage, buyers must plan for closing costs such as:
- Land transfer tax
- Legal fees
- Title insurance
A reputable real estate lawyer plays a key role in reviewing documents and ensuring everything is completed properly. We work closely with experienced lawyers to keep the process smooth and transparent.
Long-Term Affordability Matters
Affordability isn’t just about qualifying today — it’s about living comfortably tomorrow. Many buyers benefit from speaking with financial advisors to ensure homeownership fits into their broader financial picture.
If you’re still budgeting, our article on how much you really need to buy your first home in Ontario is a helpful resource.
🔗 Learn More
This topic is part of our first-time home buyer guide in Ontario.
Blog FAQs
Not always. Comfort and flexibility matter.
Some costs are fixed, others vary; planning early helps.
Understanding financing builds confidence and reduces stress. Click here to schedule a confidential meeting with one of our real estate experts to talk through mortgages and affordability.
Get The Newsletter
Join our mailing list to get updates from our experts about the Toronto market, the latest listings, and our industry insights.
