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Your Mortgage Questions Answered
Welcome to our Frequently Asked Questions (FAQ) page, designed to provide clear answers to some of the most common mortgage questions. Whether you’re a first-time homebuyer, looking to refinance, or exploring reverse mortgage options, we’re here to guide you through the process. Browse through the FAQs below to get a better understanding of mortgage types, qualification requirements, and the steps involved. If you don’t find the answer you’re looking for, feel free to contact us—we’re always here to help!
A fixed-rate mortgage locks in an interest rate for the entire term, while a variable-rate mortgage fluctuates with the prime lending rate, which can affect your monthly payments.
Your mortgage qualification depends on factors like your income, credit score, debt levels, and the amount of your down payment. A mortgage pre-approval can give you a clearer idea.
A pre-approval gives you an estimate of how much you can borrow and locks in an interest rate for a specific period. It strengthens your buying power and helps you plan your budget.
In BC, the minimum down payment is 5% for homes under $500,000. For homes above $500,000, it’s 5% on the first $500,000 and 10% on the remaining amount.
Yes, self-employed individuals can qualify for a mortgage, though the process may require additional documentation to verify income, such as tax returns and financial statements.
A mortgage renewal occurs at the end of your current term when you negotiate a new interest rate and terms. It’s recommended to start the process 3-6 months before your term ends to secure the best rate.
