• 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*.

• 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.