How much can I afford to borrow for a mortgage?

It depends on your income, debts, credit score, down payment, and current interest rates. Most lenders follow the Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to assess affordability.

What is mortgage pre-approval?

Pre-approval is a lender's estimate of how much you can borrow, based on your financials. It gives you a clearer home-buying budget and strengthens your offer to sellers.

How long is a typical mortgage term in Alberta, British Columbia and Saskatchewan?

Most Canadians choose terms between 1 to 5 years, with 5 years being the most common. After the term ends, you can renew at a new rate.

What's the minimum down payment in Alberta, British Columbia and Saskatchewan?

For homes under $500,000, the minimum down payment is 5%. For homes between $500,000 and $999,999, it is 5% on the first $500,000 plus 10% on the remaining amount. For homes priced at $1 million or more, the minimum down payment is 20%.

What's the difference between fixed and variable mortgage rates?

A fixed rate stays the same for the entire term, such as 5 years, giving predictable payments. A variable rate fluctuates with the lender's prime rate and can go up or down over the term.