Ontario's average home price nears $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%+. Land transfer tax applies on property value. First-time buyers can access federal savings and tax credit programs.