A short Q&A you're welcome to share with your group, newsletter or event.
Common questions
What's the difference between pre-approval and approval?
A pre-approval estimates how much you may be able to borrow, based on your information. An approval comes once you have a specific property and the lender has reviewed your documents and the home.
How much do I need for a down payment?
The minimum depends on the purchase price. Under 20% down, mortgage default insurance is normally required. Your costs are more than the down payment, so plan for closing costs too.
Fixed or variable rate?
A fixed rate stays the same for the term. A variable rate can change with the lender's prime rate. The right choice depends on your budget and how much uncertainty you're comfortable with.
Does a mortgage broker cost me anything?
Brokers are usually paid by the lender when a mortgage funds, not charged to the borrower. Ask any broker how they are paid before you start.
What if I'm new to Canada, or have a short credit history?
It can still be possible to get a mortgage. Some lenders have programs for newcomers. Start building credit early and keep records of your income and savings.
What documents should I start collecting?
ID, proof of income, recent bank statements showing your down payment, and, if you are self-employed, tax filings. Starting early avoids delays later.
Are there programs for first-time buyers?
Federal and provincial programs exist, and they change over time. Check the current government sites or ask a mortgage professional which ones apply to you.
I can run a short, no-sales Q&A in person or online, in plain English.
General information only, not mortgage, legal or financial advice. Programs, rules and lender policies change.