Frequently asked questions

Yes. Seasonal income qualifies for a mortgage just like salaried income, provided you've been in the same line of work for at least two years and your income has been steady. With proper status in Canada and debt-service ratios that fit, you have real options.

The myth is that lenders avoid seasonal files. In reality they take them all the time, as long as the file is presented properly: averaging the correct tax years, documenting employment continuity, and accounting for off-season periods up front. That's the part I handle.

Send me what you earn in a season and how long you've been doing it, and I'll tell you which lenders are realistic for your file.

Yes. First-time home buyers can absolutely choose a variable-rate mortgage. Whether you're buying your first home, refinancing, or renewing, both fixed and variable options are available.

In most cases, no. For most A-lender mortgages, the lender pays the broker's commission.

With some B lenders or private lenders, broker fees may apply depending on the situation.

A bank can only offer its own products. A mortgage broker has access to many lenders, which means more flexibility and more options tailored to your situation and goals.

For an owner-occupied home in Canada, the minimum down payment starts at 5% of the purchase price. The exact amount depends on the price of the property.

Your mortgage term is the length of your agreement with the lender, commonly 3 or 5 years. That's how long your rate and mortgage conditions are locked in.

Your amortization is the total amount of time it would take to pay off the mortgage completely, usually 25 or 30 years.

If you purchase a home with less than 20% down, mortgage default insurance is required by Canadian lending rules.

This insurance protects the lender, not the borrower, in case the mortgage goes into default.

It depends on your financial goals and comfort level.

Fixed rates give you stability and predictable payments. Variable rates can sometimes offer lower rates but may fluctuate if the prime rate changes.

Not always. A lower rate can sometimes come with higher penalties, less flexibility, or stricter terms.

The best mortgage is usually the one that fits your overall goals, not just the lowest rate.

Lenders mainly look at your income, debts, credit history, and down payment. A stronger credit score and lower debt levels generally help you qualify more easily.

Closing day is when the funds are transferred, the legal paperwork is completed, and ownership of the home officially becomes yours. That's also typically when you receive the keys.

A mortgage pre-approval is an initial assessment of your financial situation (income, credit, debts, and down payment) to estimate how much you may qualify for. It also typically gives you a rate hold for a set period, depending on the lender.

Yes. As the buyer, you are responsible for closing costs in addition to your down payment. These can include legal fees, land transfer tax, title insurance, and other adjustments.

Closing costs are typically around 1.5%–4% of the purchase price, depending on the transaction. Lenders often recommend having at least about 1.5% set aside to cover these costs, in addition to your down payment.

Yes. Most variable-rate mortgages allow you to convert to a fixed rate during the term. The fixed rate offered will be whatever rates are available at that time with the lender, not your original variable rate.

A variable-rate mortgage is an interest rate that moves with the lender's prime rate, which is influenced by the Bank of Canada. It's usually expressed as “prime +/− a set discount or premium,” depending on the lender.

A monoline lender is a lender that focuses only on mortgages. They don't offer full banking services like chequing accounts or credit cards, which often allows them to stay competitive on mortgage rates.