Question 1

How much do I need for a down payment in Canada?

Accepted Answer

In Canada, the minimum down payment is 5% for homes under $500,000, 10% for the portion between $500,000 and $1,499,999, and 20% for homes $1.5M and above. First-time buyers can also use their RRSP (up to $60,000) and FHSA (up to $40,000) for down payment.

Question 2

Should I use a mortgage broker or go directly to my bank?

Accepted Answer

A mortgage broker accesses 65+ lenders on your behalf, comparing rates and terms you cannot get by walking into a single bank. Brokers are free for most borrowers (paid by the lender), and consistently secure lower rates because banks compete for your business. Flow Mortgage has helped 2,000+ families find better mortgage solutions.

Question 3

Can I get a mortgage if I am self-employed in Canada?

Accepted Answer

Yes. Self-employed Canadians have multiple mortgage options including stated income programs, alternative documentation (bank statements, contracts), and B-lender solutions with upgrade paths to A-lenders. Flow Mortgage specializes in self-employed mortgages through our B.O.S.S. Framework, helping business owners qualify even when banks say no.

Question 4

When should I start my mortgage renewal process?

Accepted Answer

Start 120 days (4 months) before your maturity date. Most lenders allow rate holds 120 days in advance, giving you time to compare offers. Never just sign your bank's renewal letter without comparing - Flow Mortgage clients save an average of 0.5-1% by shopping their renewal across 65+ lenders.

Question 5

What is the difference between fixed and variable mortgage rates in Canada?

Accepted Answer

Fixed rates lock your payment for the full term (typically 5 years), offering predictability. Variable rates fluctuate with the Bank of Canada's overnight rate, historically saving borrowers money over time but with payment uncertainty. The right choice depends on your risk tolerance, financial goals, and current market conditions. Flow Mortgage provides personalized rate strategy based on your situation.