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(Scarborough)

Frequently Asked Questions

What's the best mortgage rate I can get?

Consumers increasingly begin their mortgage search by asking about the best rate available and that’s understandable. Interest rates vary based on your financial profile (credit score, income, down payment), the type of mortgage you choose (fixed vs. variable), and the lender you work with.

There isn’t one “best” rate for everyone. The lowest advertised rate might be tied to products with restrictions or penalties. What matters most is what rate you personally qualify for and how it fits with your goals. A mortgage professional can help you compare multiple lenders to find the most appropriate rate for you.

How much down payment do I actually need?

Down payment requirements in Canada are standardized based on the price of the home:

5% of the first $500,000

10% of the portion between $500,000–$1,499,999

20% for homes $1,500,000 and up

Example:
If a home is $750,000, the minimum down payment is:

5% of the first $500,000 = $25,000

10% of the remaining $250,000 = $25,000
Total minimum = $50,000

If your down payment is less than 20%, you’ll need mortgage default insurance (through CMHC or private insurers), which protects the lender, but allows you to buy sooner.

How much house can I afford or how much mortgage will I get approved for?

Lenders in Canada assess affordability by looking at:

Your income and employment stability

Your debt obligations

Your credit history

Your down payment amount

Your total monthly housing costs relative to income

These factors feed into ratios like the Gross Debt Service (GDS) and Total Debt Service (TDS). These guidelines help determine how much mortgage you’re likely to be approved for.

Getting pre-approved with a lender gives you a solid number to work with before you start house hunting.

Should I choose a fixed or variable rate mortgage?

This is a very common question for borrowers.

Fixed rate means your interest rate stays the same for your term. It offers predictability — great if stability is important to you.

Variable rate may start lower, but it can change with market conditions. That can mean savings if rates fall — or higher costs if rates rise.

Both have advantages and trade-offs. There’s no universal right answer. It depends on your comfort with risk, your financial plan, and views on the interest-rate environment.

A mortgage professional can help you weigh which option aligns best with your goals.

Get in touch with us

Have a question or want to start a conversation?

Send us a message using the form and we’ll get back to you shortly. No pressure, just clear answers, honest guidance, and a real person ready to help.

We look forward to connecting.