Ontario's average home price exceeds $850,000, making mortgage rates crucial for buyers. Top lenders offer varied options: low rates for properties under $1M, wide term selections, and programs for self-employed or newcomers. Fixed and variable rates differ by stability and risk. Insured mortgages require under 20% down payment; uninsured need 20% or more. Factors affecting rates include credit score, debt, down payment, and amortization. Land transfer tax applies on property value. First-time buyers can use federal savings programs.