Condos.ca Buyer Session: What Every Homebuyer Needs to Know About Mortgages in 2025
Buying a home can feel overwhelming—especially in a shifting market like we’re seeing in 2025. That’s why we’re breaking down key takeaways from a recent Condos.ca presentation featuring mortgage strategist Paul Davidescu. This session was designed to give realtors and buyers alike the tools to make more confident, data-backed decisions in today’s environment. Whether you're a first-time buyer or simply navigating rising rates and mixed headlines, here's what you need to know to move forward with clarity.
1. Get Pre-Approved Before You Shop
Pre-approval is your first step toward buying a home. It’s more than just a ballpark idea of what you can afford—it’s a lender’s written confirmation of how much they’re willing to lend you, based on your income, debts, and credit history. A pre-approval letter:
Strengthens your offer to sellers.
Helps you house-hunt with a clear price range.
Flags any issues early (such as credit or income challenges).
2. Understand the True Cost of Buying
Beyond the down payment, buyers should budget for:
Closing costs (1.5–2% of the purchase price): legal fees, land transfer tax, title insurance, etc.
Deposit: Paid when your offer is accepted (typically 5%).
Moving costs, furnishings, and emergency savings.
Your mortgage broker can help you build a budget so you’re not caught off guard.
3. Know Your Mortgage Options
A good broker walks you through your mortgage choices—not just fixed vs. variable, but also:
Amortization periods (how long your loan is spread out over).
Prepayment privileges (can you pay extra without penalties?).
Portability (can you take your mortgage with you if you move?).
These details affect not only your monthly payment, but also your flexibility and long-term savings.
4. Your Team Matters
Buying a home is a team effort. Here’s how your professionals support you:
Mortgage broker: Helps you understand and qualify for financing.
Realtor: Negotiates and protects your interests in the purchase.
Lawyer: Reviews contracts and handles title transfers.
Home inspector: Ensures the property is safe and sound.
Working with the right people saves time, reduces stress, and ensures no steps are missed.
5. Communication Is Key
The best realtors and brokers keep each other in the loop. Why does that matter to you?
Your broker helps ensure your realtor knows how firm your budget is.
Your realtor helps flag deadlines and updates that might affect financing.
Together, they help you avoid common pitfalls—like going firm on an offer before your financing is ready.
6. Beware of Financing Clauses
Your financing clause is your safety net. Removing it too early—without your broker’s go-ahead—can put your deposit and purchase at risk. Always check in with your mortgage advisor before waiving conditions.
7. Stay Mortgage-Ready
Between pre-approval and closing, your financial situation needs to stay stable. Don’t:
Change jobs or quit work.
Finance a car or large purchase.
Miss bill payments.
Even seemingly small changes can derail your approval.
Final Thoughts
The mortgage process doesn’t have to be overwhelming. When you’re supported by the right team and armed with the right knowledge, buying a home becomes an exciting milestone—not a stressful mystery.
If you’re planning to buy a home and want personalized guidance, let’s chat. I’ll walk you through your options and connect you with trusted realtors, lawyers, and inspectors who can make the process seamless.
BOTTOM LINE
In a market filled with uncertainty, the best move a homebuyer can make is to get educated and surround themselves with the right team. As discussed in the Condos.ca session, waiting for perfect conditions could cost you more in the long run—both in price and missed opportunities. Whether it’s understanding rate forecasts, breaking down monthly affordability, or tapping into new amortization rules, informed decisions start with clarity. Connect with a trusted mortgage advisor early, get the facts, and move forward with confidence.
Level Up Mortgages is a mortgage broker team focused on helping the self employed, new immigrants, non-residents, and investors, access best rate and alternative lending in Canada. We have been nominated for best up and coming broker in Canada in 2021 and have been on CTV News and various publications because of our education-first approach to helping you always stay a step ahead of the process. Reach out to us for access to our first-time buyer course or a mortgage strategy session.
See What You Qualify For Or Contact Paul To Get Your Pre-Approval.
Paul Davidescu (www.levelupmortgages.com)
Level Up Mortgages
604-809-3188
paul(at)levelupmortgages.com
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