Residential Mortgages

• Amortization is the total length of time it will take to fully repay your mortgage — usually up to 25 years.
• Term refers to the period you’ve agreed to a specific interest rate and repayment schedule, typically between 1 and 5 years. At the end of the term, you can renew your mortgage. 

• Variable rate means that the interest rate can fluctuate up or down in alignment with changes in prime rate. 
• A fixed rate means your interest rate will not change for the length of the term, regardless of what happens with the prime rate.

• That depends on the type of mortgage you qualify for - the down payment can be as low as 5% of the purchase price.

• Yes, if you have a down payment of less than 20%, you’ll need mortgage insurance*.

* See question "What is CMHC Mortgage Loan Insurance?"

 

• CMHC Mortgage Loan Insurance is a government-backed insurance that makes it possible to buy a home with as little as 5% down.
• Learn more here: What is CMHC Mortgage Loan Insurance? (cmhc-schl.gc.ca) 

• Yes — you'll need fire insurance for the structure of your home.

• You may also consider optional coverage such as:
  • Life insurance
  • Disability insurance
  • Critical illness
  • Loss of employment insurance

These can offer added protection and peace of mind.

• While a home inspection isn’t mandatory, it’s strongly recommended. It helps uncover potential issues with the property so you can make an informed decision — giving you peace of mind before you buy.

   

• Mortgages don’t typically use co-signors. If you don’t qualify on your own, you may choose to add a co-owner — someone who is added to the property title and mortgage. This person would need to qualify for the loan and be responsible for repayment.

• A guarantor promises to repay your mortgage if you’re unable to. They don’t have ownership of the property but must qualify financially to support the loan, including meeting TDS* and GDS* ratios or offering collateral. 
  
  *learn more under the question "What do TDS and GDS mean?"

• Absolutely! Getting pre-approved helps you understand your budget and makes the home search smoother. We highly recommend it — and we’re here to help you get started. 

• Absolutely! Whether you're across the province or across the country, we can help. Just give us a call to get started — we’ll guide you through the process from wherever you live.

   

• Yes — an appraisal is usually required. It provides an unbiased estimate of the home’s value, ensuring you're not overpaying.

• Good to know: Your approved mortgage will be based on the lower of the appraised value or the purchase price.

• A net worth statement gives a snapshot of your financial position — what you own (assets) minus what you owe (liabilities).  

1. List all your assets (like savings, home value, vehicles, investments) and their estimated values.
2. List all your liabilities (like mortgages, credit cards, loans).
3. Subtract your total liabilities from your total assets — and that’s your net worth.

Need help? We’d be happy to walk through it with you. 

• A credit score is a number that reflects how well you manage credit. It’s provided by a credit reporting agency (like Equifax or TransUnion). Lenders use it to assess your ability to repay a loan. 
• You can learn more about credit reporting here Credit report and score basics - Canada.ca 

• That’s okay! There are simple ways to build your credit history — and we’re happy to help you get started. 

It can still be helpful.
Over time, your plans and options can change. A quick review can help confirm that your mortgage still fits, or highlight opportunities you may not have considered.

A few months before your renewal date is a good time to start.
This gives you time to look at your options and make a decision without feeling rushed.

No.
When your mortgage comes up for renewal, you have the opportunity to take a closer look and decide what works best for you going forward.

It’s helpful to consider:

• any changes in your plans
• what your payments look like today
• whether your current setup still fits what’s next

Refinancing gives you the opportunity to adjust your mortgage to better fit your needs.
This could include:

• funding renovations
• adjusting your payments
• using your home equity for other goals

In many cases, yes.
If you’ve built equity over time, it may be possible to use it to support renovations, larger purchases, or other priorities.

That’s a common next step.
We can help you understand what that might look like and how it could fit with what you already have in place.

The easiest way is to talk it through.
We’ll walk through where you’re at, answer your questions, and help you understand what options might make sense for you.

No.
The first step is simply understanding your options so you can decide what feels right.

Start with a conversation.
We’ll help you get a clear picture of what’s possible and take it one step at a time.

A straightforward mortgage with flexible options and competitive rates to help you achieve homeownership on your terms.

• Borrow up to 80% of the home’s appraised value or purchase price (whichever is lower)
• 1 to 5-year term options with up to 25-year amortization
• Choose between fixed or variable repayment options
• Prepayment flexibility—pay off your mortgage faster if you choose
• Optional insurance coverage to protect your investment

Need a lower down payment? CMHC-backed mortgages make homeownership more accessible.

• Buy with as little as 5% down of the home’s appraised value or purchase price (whichever is lower). Refinancing available up to 80%
• 1 to 5-year term options with up to 25-year amortization
• Fixed or variable repayment options
• Prepayment flexibility—make extra payments to reduce your mortgage faster
• Optional insurance coverage for peace of mind

Two pieces of valid ID are required. One must be government-issued photo ID, and neither can be expired.
Examples include:

• Driver’s licence, passport, or Indian Status Card
• Health card or birth certificate

Net Worth Statement – A summary of your assets and liabilities

Proof of Income – Tax returns (preferred), T4s, or recent paystubs

Employment Information – Employer’s name and civic address