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Frequently Asked Questions

From your first home to your next investment property, find answers to the mortgage questions homeowners ask us most.

How much mortgage can I actually afford?

Most lenders approve you for up to 39% of your gross income toward housing costs, and 44% including all debts. A pre-approval gives you an exact number and locks in a rate for 90 to 120 days while you shop.

How much do I need for a down payment?

Minimum 5% on the first $500,000 of the purchase price, and 10% on anything above that, up to $1.5 million. Homes over $1.5 million require 20% down. Anything less than 20% needs mortgage default insurance.

Can I use gifted money for my down payment?

Yes. Lenders accept gifted funds from immediate family members with a signed gift letter confirming the money does not need to be repaid. The funds must be in your account before closing.

When should I start my renewal process?

Four to six months before your maturity date. Starting early gives you time to compare lenders, lock in a rate if markets are rising, and switch without rushing into whatever your current bank offers.

Can I pull equity out to buy a rental property?

Yes. You can refinance up to 80% of your home's value and use the funds as a down payment on an investment property. This is one of the most common ways Canadians build a rental portfolio.

What's different about financing an investment property?

Rental properties require 20% down minimum, come with slightly higher rates, and lenders factor in projected rent to help you qualify. Strong credit and documented income make a significant difference in approval.