Your borrowing power depends on your income, debt, credit, and expenses. Lenders calculate affordability using ratios like your GDS (Gross Debt Service) and TDS (Total Debt Service). A pre-approval gives you a clear picture of what you can afford—and helps you shop with confidence.

The minimum down payment in Canada depends on the home's price:
• 5% for homes under $500,000
• 10% for the portion between $500,000–$999,999
• 20% for homes over $1 million
• If your down payment is under 20%, mortgage insurance (from CMHC, Sagen, or Canada Guaranty) is required.

Yes—all Canadian buyers must pass the mortgage stress test, which ensures you could still afford your payments if interest rates rise.

You must qualify at the greater of:

• The Bank of Canada's benchmark rate (currently 5.25%)
• Your contract rate + 2%

We make sure you understand how this impacts your approval and buying power.

Yes. We work with a wide range of lenders—including alternative and private options—who understand self-employment, seasonal work, commission income, and credit challenges. We'll help you present a strong application and find solutions tailored to your unique situation.

You'll want to budget for 1.5% to 4% of the home price for closing costs. These might include:

• Legal fees
• Land transfer tax (varies by province and municipality)
• Title insurance
• Appraisals or home inspections
• Moving costs and adjustments

We'll go over a full cost breakdown early on so there are no surprises.

A pre-approval helps you:

• Know your maximum budget
• Lock in a rate for up to 120 days
• Spot and fix any issues early
• Show sellers you're a serious buyer, which gives you an edge in negotiations

We offer fast, free pre-approvals with no obligation—and we'll guide you through it all with clear advice.