Answers to the questions we hear most often. For advice about your own situation, call 647-895-1016 — every mortgage is different, and a short conversation is the fastest way to get a clear answer.
How much do I need for a down payment?
In Canada, the minimum down payment depends on the purchase price: 5% on the first $500,000 and 10% on the portion above $500,000, up to $1,000,000. For homes over $1,000,000, a 20% down payment is required. The down payment can come from savings, and in some cases from other sources such as a gift from family or an RRSP withdrawal under the Home Buyers’ Plan. We can walk through what works for you.
Fixed vs. variable — which is better?
Neither is better for everyone. A fixed rate stays the same for your whole term, so your payments are predictable. A variable rate moves with the prime rate, so your payments or the interest portion can change — variable rates have often been lower, but they carry more uncertainty. The right choice depends on your budget, your plans, and how comfortable you are with change. We will explain the trade-offs for your situation.
What is a pre-approval?
A pre-approval is a lender’s early look at your finances — income, credit, and debts — that tells you how much you may be able to borrow and often holds a rate for a set period, usually 90 to 120 days. It helps you shop with confidence and shows sellers you are serious. A pre-approval is not a guarantee of final approval; the lender still reviews the property and your full application.
How long does approval take?
It depends on the lender and on how complete your documents are. A straightforward application can be approved in a few business days; more complex files can take longer. Having your income and down payment documents ready — pay stubs, tax returns, bank statements — is the best way to keep things moving.
Do you charge fees?
In most cases, we are paid by the lender, so there is no cost to you for our service. In some situations — for example, some private or alternative mortgages — a fee may apply, and we will always tell you about it in advance, before you commit to anything.
Can you help if I am self-employed?
Yes. Self-employed borrowers often have more paperwork and may not qualify the same way a salaried borrower does, but there are lenders who understand business income, including stated-income and alternative programs. We will look at your full picture and find the lenders most likely to work for you.
Still have questions? Call 647-895-1016 or apply online. WRVB Investment Corp. — Mortgage Brokerage Licence #13678.