Frequently asked questions.

The best way is to compare rates and terms across different lenders. Because mortgages are government-regulated, the basic terms are often similar — but there can be meaningful differences in closing costs, prepayment fees, appraisal costs and legal fees. A good deal is one that offers a lower interest rate together with repayment terms that fit your life. As a broker, I compare 200+ lenders so you don't have to.

An experienced broker works with many lenders and can find the right one for you quickly, with minimal effort on your part. I can often negotiate lower rates and more manageable terms, explain the mortgage process in plain language, and give you fair estimates of the lender's charges up front.

A fixed-rate mortgage keeps the same interest rate for the whole term, no matter what the economy does — offering stability and predictable payments. An adjustable rate can change with market conditions. Fixed rates suit those who value certainty; adjustable rates can suit those with some financial cushion who expect rates to fall.

The mortgagor has the right to inspect the property to check its condition. An inspection lets you assess the home's true condition and real value before you commit.

A common guideline uses two calculations. First, about 32% of your gross income can go toward your mortgage payment, property taxes and heating costs. Second, no more than about 40% of your income should go toward all monthly debt payments combined, including the mortgage. The lower of the two figures gives a good sense of what you can comfortably afford — and I'm happy to run your specific numbers with you.

In Canada the minimum down payment depends on the price: 5% on homes of $500,000 or less; 5% on the first $500,000 plus 10% on the portion above it for homes between $500,000 and $999,999; and 20% on homes of $1 million or more. Any down payment under 20% requires mortgage default insurance.

It's strongly recommended. A home inspection is a visual examination of the property's overall condition, checking the major components and systems. You'll usually receive a written report within about 24 hours — a great way to remove the unknowns and buy with confidence.

Mortgage loan (default) insurance protects the lender if you can't make your payments. It's required when your down payment is less than 20%, and can sometimes be required even with 20% down — for example, if you're self-employed or have a limited credit history. It isn't available on homes priced at $1 million or more.

A conventional mortgage is one where your down payment is 20% or more of the property's value, so the loan covers no more than 80% of the price. Because of the larger down payment, conventional mortgages don't require default insurance.

Yes. Lenders will generally allow you to use funds gifted by an immediate family member — such as a parent or sibling — toward your down payment, with a signed gift letter confirming the money doesn't need to be repaid.

A pre-approval, obtained before you start house-hunting, confirms how much you can borrow and locks in a rate while you shop. It gives you a real negotiating advantage — a pre-approved buyer's offer is more attractive to sellers and more likely to succeed.