Everything you've wanted to ask.
Plain-English answers to the questions Albertans bring to us most often. Don't see yours? Send it over — we'll reply personally.
How much do I need for a down payment?+
In Canada the minimum is 5% on the first $500,000 and 10% on the portion between $500K and $1.5M. Anything under 20% requires mortgage default insurance.
How long does a pre-approval last?+
Typically 90 to 120 days. We monitor rates during your window and re-rate you if the market improves.
Should I choose a fixed or variable rate?+
It depends on your risk tolerance, time horizon and the current spread. We model both side-by-side so you can choose with conviction, not emotion.
Can I refinance my mortgage before maturity?+
Yes. You'll likely face a prepayment penalty, but in many cases the long-term savings or strategic restructuring outweigh it. We'll do the math with you.
Can I transfer my mortgage to a new home?+
Most mortgages are portable. You can move your existing rate and term to a new property — sometimes adding new funds via a 'port and increase'.
Do I have to use the bank I already deal with?+
Not at all. We work with 30+ Canadian lenders, including the big banks, monolines, credit unions and private lenders.
How long does the full mortgage process take?+
A purchase typically funds in 3 to 5 weeks from accepted offer. A pre-approval can often be issued in 24 to 48 hours.
Does using a broker cost me anything?+
On standard residential mortgages, no — the lender pays our compensation. Complex deals (private lending, commercial) may have a broker fee, always disclosed upfront.
What credit score do I need?+
Insured mortgages typically require a 680+ beacon. There are pathways at lower scores through alternative lenders.
Can I get a mortgage if I'm self-employed?+
Yes. We have lender programs designed specifically for incorporated and self-employed borrowers.
What is the stress test?+
A federally mandated qualifying rate — the higher of your contract rate plus 2% or 5.25%. We'll calculate your stress-tested affordability before house hunting.
What costs come with closing?+
Plan for roughly 1.5% to 4% of purchase price — legal fees, land transfer (where applicable), title insurance, inspections and adjustments.
Can I use my RRSP for the down payment?+
Yes — first-time buyers can withdraw up to $60,000 tax-free under the Home Buyers' Plan, repayable over 15 years.
What is the FHSA?+
The First Home Savings Account combines RRSP-style tax deductions with TFSA-style tax-free growth. We'll explain how to layer it with the HBP.
What's the difference between a HELOC and a refinance?+
A refinance is a new mortgage with a fixed structure. A HELOC is a revolving credit line you can draw and repay flexibly. They solve different problems.
When should I start my renewal?+
Around 120 days before maturity. That window lets us hold rates and shop the full market.
Do I have to re-qualify at renewal?+
Usually no, if you stay with your existing lender. If you switch, you'll re-qualify under current rules — which we'll prepare you for.
What lenders do you work with?+
Major banks, national monolines, credit unions, and select alternative and private lenders — over 30 in total.
Do you work outside Alberta?+
Yes. We're licensed across Western Canada and regularly work with clients throughout Alberta, British Columbia, Saskatchewan, and Manitoba.
What documents do I need to apply?+
Generally: government ID, proof of income (T4s, pay stubs, NOAs), proof of down payment, and your most recent mortgage statement if you have one. We'll send you a tailored list.
Can you help with investment properties?+
Absolutely. We structure financing for rentals, second homes and small multi-units across Western Canada.
Ask an advisor directly.
We answer every inquiry personally — usually within a business day.