First-time buyer checklist
The essential steps from saving a down payment to getting pre-approved, making an offer, and closing your first purchase. Understanding this timeline prevents delays and protects your budget.
Learning Center
Better decisions start with understanding how mortgages actually work.
The mortgage process doesn't need to be confusing. Below you'll find clear, practical explanations of the most common questions, terms, and strategies borrowers encounter when financing a home in Canada.
Mortgage essentials
Key topics every borrower should understand before signing.
Fixed vs. variable rates
Fixed rates offer payment certainty. Variable rates can save money when the market favors them. The right choice depends on your risk tolerance, timeline, and how long you plan to stay in the property.
Pre-approval explained
A pre-approval tells you what you can borrow, locks in a rate for a period, and signals to sellers that you are a serious buyer. It is one of the most valuable steps you can take early in your journey.
Understanding down payments
In Canada, the minimum down payment ranges from 5% to 20% depending on purchase price. The amount you put down affects your rate, insurance requirements, and monthly payment.
Renewal vs. refinance
Renewal keeps your mortgage with a new term. Refinancing restructures the entire loan — potentially accessing equity, consolidating debt, or switching lenders. Each serves a different purpose.
Mortgage insurance (CMHC)
If your down payment is less than 20%, you are required to carry mortgage default insurance. This protects the lender and adds a premium to your mortgage — understanding it helps you plan accurately.
The stress test
All Canadian borrowers must qualify at a rate higher than their actual mortgage rate. This federally required stress test ensures you can handle potential rate increases and affects your maximum borrowing power.
Closing costs to budget for
Beyond the down payment, expect to budget for legal fees, land transfer tax, home inspection, title insurance, and potential adjustments. These typically amount to 1.5%–4% of the purchase price.
Self-employed mortgages
Self-employed borrowers face additional documentation requirements. Stated income programs, alternative lenders, and strategic file packaging can open doors that traditional applications cannot.
Common questions
Helpful answers for borrowers who want clarity before they commit.
If you don't see your question here, contact Amit directly. Every situation is unique and deserves a thoughtful answer.
Ask a QuestionQualification usually depends on income, credit profile, current debt, down payment, and the type of property you are considering. Amit can quickly review the big picture and tell you what range is realistic.
Not until you compare it. Renewal letters are convenient, but not always the strongest option on rate, flexibility, or penalties. A quick review can show whether staying put is truly the best move.
Yes. Complex income, newer business history, bruised credit, or non-standard properties often require a different lender strategy and stronger packaging of the file.
A bank advisor can only offer their institution's products. A mortgage agent like Amit shops across 40+ lenders to find the best rate, terms, and structure for your specific situation—at no additional cost to you.
Some reviews and pre-approvals can begin right away, while full approvals depend on documents, lender timelines, and the complexity of the application. Early preparation helps everything move faster.
In most cases, the lender pays the agent's fee — meaning Amit's services come at no direct cost to you. For certain private or alternative lending scenarios, fees may apply and will always be disclosed upfront.
Still have questions?
The best way to learn is to talk through your situation directly.
Amit is happy to walk through any topic in more detail. No pressure, no commitment — just clear guidance tailored to where you are in the process.