Frequently Asked Questions

A mortgage is a loan used to purchase a home or property. You borrow money from a lender, and in return, the property serves as collateral. You repay the loan with interest over a specified period, usually 15, 20, or 30 years.

Affordability depends on your income, existing debts, down payment, and the interest rate. Lenders use gross (GDS) and total (TDS) debt-service ratios to set your limit. Our affordability calculator gives you a quick estimate, and a pre-approval confirms an exact figure.

Typically, you’ll need proof of income, employment records, credit history, bank statements, and identification. We’ll guide you through gathering all required documents for a seamless application process.

A pre-approval can often be issued within 24–48 hours. A full approval, once you have an accepted offer and have submitted your documents, usually takes a few business days depending on the lender and the complexity of your file.

Yes. There are mortgage options for individuals with varying credit scores, including alternative and private lenders. We’ll help you explore these options and provide advice on improving your credit if needed.

A fixed-rate mortgage has a stable interest rate, meaning your payments remain the same. Variable-rate mortgages fluctuate with market interest rates, which can result in higher or lower payments over time.

The right term depends on your plans for the property, your tolerance for rate changes, and current market conditions. Shorter terms can offer flexibility, while longer terms lock in certainty. We’ll walk you through the trade-offs for your situation.

Mortgage renewal occurs at the end of your current mortgage term. It’s a chance to renegotiate terms and rates. Renewing early can lock in lower rates, potentially reducing your monthly payments.

Refinancing replaces your existing mortgage with a new one—ideally with better terms. It can lower your rate, change your amortization, or let you access home equity for renovations or debt consolidation. We review your goals to confirm it makes financial sense before proceeding.

In Canada, a minimum down payment of 5% is required for properties under $500,000. Properties above this amount may require a larger down payment. A higher down payment can help lower your monthly payments and interest.

Closing costs are one-time expenses paid when your purchase finalizes—land transfer tax, legal fees, title insurance, and an appraisal or home inspection. A common guideline is to budget roughly 1.5%–4% of the purchase price.

Home equity can be accessed through refinancing or a home equity line of credit (HELOC) to fund other investments. Amarpreet can guide you on how to strategically leverage this option.

If your down payment is less than 20% of the purchase price, mortgage default insurance (e.g., CMHC) is required. It protects the lender and allows you to buy with a smaller down payment. Optional mortgage life and disability insurance is also available to protect your family.

A pre-approval tells you exactly how much you can borrow, locks in an interest rate for a set period, and signals to sellers that you’re a serious, qualified buyer—giving you an edge in a competitive market.

Simply reach out for a free, no-obligation consultation. We’ll discuss your goals, outline the documents you’ll need, and begin your pre-approval right away.