Buying a home or renewing your mortgage can feel overwhelming. There is so much information available, and sometimes it’s hard to know what advice to trust.

At White House Mortgages, we believe an informed client makes confident decisions. Here are some of the questions we hear most often—and the answers that can help you better understand the mortgage process.

1. How much can I qualify for?

The amount you qualify for depends on several factors, including:

• Your income
• Your existing debts
• Your credit history
• Your down payment
• Current interest rates

Rather than guessing, it’s always best to get pre-approved before you start shopping for a home.

2. Should I get pre-approved before looking at homes?

Absolutely!

A mortgage pre-approval helps you:

• Know your price range
• Lock in an interest rate (for a limited time)
• Show sellers you’re a serious buyer
• Avoid falling in love with a home that’s outside your budget

3. How much down payment do I need?

The minimum down payment in Canada is:

• 5% on the first $500,000 of the purchase price
• 10% on the portion between $500,000 and $1.5 million
• 20% for homes over $1.5 million

Putting down less than 20% usually means mortgage default insurance is required.

4. What’s the difference between a fixed and variable rate?

Fixed Rate

• Your interest rate stays the same for the entire term.
• Your payment is predictable.
• Great for homeowners who prefer stability.

Variable Rate

• Your interest rate changes with the lender’s prime rate.
• You may save money over time if rates decrease.
• Best for borrowers comfortable with some fluctuations.

There’s no one-size-fits-all answer. The right choice depends on your goals and comfort level.

5. Can I pay off my mortgage faster?

Yes!

Many lenders allow you to:

• Increase your regular payments
• Make annual lump-sum payments
• Double up your payments

Even small additional payments can save thousands of dollars in interest over the life of your mortgage.

6. What credit score do I need?

There’s no magic number.

While higher credit scores generally provide access to more lending options and better rates, many lenders have programs available for borrowers with less-than-perfect credit.

If your credit needs improvement, we can help you develop a plan.

7. Can I get a mortgage if I’m self-employed?

Yes.

Self-employed borrowers may need additional documentation, but there are many excellent mortgage options available.

Every situation is different, which is why working with a mortgage broker is especially valuable.

8. My mortgage is coming up for renewal. Should I just sign the bank’s offer?

Not necessarily.

Many homeowners simply sign their renewal without comparing options.

A mortgage renewal is a perfect opportunity to:

• Compare rates
• Review your financial goals
• Change lenders if it makes sense
• Refinance if you need access to equity

You may be surprised by what’s available.

9. Can I use my home’s equity?

Absolutely.

Many homeowners refinance to:

• Renovate their home
• Consolidate higher-interest debt
• Purchase an investment property
• Help children with education or a down payment
• Build a legal suite
• Invest in other opportunities

Using your equity wisely can be an excellent financial strategy.

10. Are mortgage brokers paid by the client?

In most cases, no.

For standard residential mortgages, the lender typically pays the mortgage broker after your mortgage funds.

This means you receive professional advice, access to multiple lenders, and someone advocating for your best interests—often at no direct cost to you.

11. What costs should I budget for besides the down payment?

Don’t forget to plan for:

• Legal or notary fees
• Home inspection
• Property appraisal (if required)
• Property transfer tax (where applicable)
• Home insurance
• Moving expenses
• Utility hookups and adjustments

Planning ahead helps eliminate surprises.

12. When should I contact a mortgage broker?

Earlier than you think!

Whether you’re buying next month or next year, having a conversation early allows you to:

• Improve your credit if needed
• Save for your down payment
• Understand your budget
• Create a plan that fits your goals

The earlier we start, the more options you’ll have.

Have More Questions?

Every mortgage is unique because every client is unique.

Whether you’re buying your first home, renewing, refinancing, investing, or simply wondering what your options are, we’re here to help.

At White House Mortgages, our job isn’t just to find you a mortgage—it’s to help you make informed financial decisions with confidence.

Let’s have a conversation before you make your next mortgage decision.

Deb White
White House Mortgages
📧 deb@debwhite.ca
📞 250-545-2202