Ask better questions. Make clearer decisions.

A mortgage agent helps you understand borrowing options, prepares your application, and works with lenders through the financing process. The agent should also explain key costs, conditions, and trade-offs so you can make an informed decision.

A bank can offer its own products. A mortgage agent may be able to explore more than one lending channel and help compare how the rate, features, penalties, and qualification requirements fit your situation.

The minimum depends on the purchase price and your eligibility. Generally, it is 5% up to $500,000; 5% of the first $500,000 plus 10% of the amount above that for homes below $1.5 million; and 20% at $1.5 million or more. A lender may require more.

Mortgage default insurance protects the lender and is generally required when the down payment is below 20%. The premium is usually added to the mortgage, while applicable provincial tax on that premium cannot be added to the loan.

A pre-approval is an early review of your finances and a potential mortgage amount or rate hold. It is not a final approval: the lender still needs to verify your information and approve the property and full application.

Fixed rates prioritize payment certainty, while variable rates can change with the lender’s prime rate. The right choice depends on your budget, risk comfort, time horizon, and the specific mortgage terms—not simply today’s headline rate.

Yes. The documents and income approach may differ depending on the lender and your business. Tax returns, financial statements, bank records, and other evidence can help present a complete income picture.

Potentially. Residency status, employment, down payment, and available credit history all matter. Some lender and insurer programs are designed to consider borrowers who are still establishing Canadian credit.

Starting several months before maturity gives you time to review your goals, compare the renewal offer, gather documents if needed, and consider switching costs without a last-minute rush.

Your existing mortgage is replaced or increased to change the rate or term, access equity, or consolidate debt. Penalties, legal or appraisal costs, and the total borrowing cost should be considered alongside any payment change.