Question 1

How much down payment do I need to buy a home in Canada?

Accepted Answer

In Canada, the minimum down payment depends on the purchase price of the home. For homes priced up to $500,000, the minimum down payment is 5%. For the portion of the purchase price between $500,000 and $999,999, the minimum is 10%. For homes priced at $1,000,000 or more, the minimum down payment is 20%, and mortgage insurance is not available. For example, for a $300,000 home — a common purchase price in Alberta — the minimum down payment is just $15,000 (5%). First-time home buyers in Alberta and Ontario may also qualify for government programs such as the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP), which allow them to use RRSP savings toward a down payment. Alejandra Diaz helps first-time buyers navigate these programs and find the most affordable path to homeownership.

Question 2

Can I get a mortgage in Canada if I am self-employed or own my own business?

Accepted Answer

Yes, self-employed Canadians can qualify for a mortgage even without traditional T4 income. Alejandra Diaz works with lenders who offer specialized programs for business owners in Alberta and Ontario, including stated income and business-for-self (BFS) mortgages. These programs typically require at least 2 years of self-employment history, along with documentation such as Notices of Assessment, business bank statements, or financial statements. The minimum down payment requirements are the same as for salaried employees — starting at 5% for homes under $500,000. With access to over 50 lenders, Alejandra can match self-employed clients with the lender and product that best fits their financial situation.

Question 3

What is a mortgage pre-approval and why do I need one?

Accepted Answer

A mortgage pre-approval is a formal assessment by a lender that determines the maximum amount you can borrow based on your income, debts, and credit history. In Canada, a pre-approval typically holds your interest rate for 90 to 120 days, protecting you if rates rise while you search for a home. Having a pre-approval letter makes your offer more competitive when buying in Alberta or Ontario, as sellers see you as a serious and financially qualified buyer. Alejandra Diaz guides clients through the pre-approval process, gathering the necessary documents and submitting applications to multiple lenders to ensure the best rate and terms before you begin house hunting.

Question 4

What is the difference between a Mortgage Broker and a Bank in Canada?

Accepted Answer

A bank can only offer mortgage products from their own institution, which means you are limited to one set of rates and terms. A licensed Mortgage Broker like Alejandra Diaz works independently and has access to over 50 lenders — including major banks, credit unions, and private lenders — allowing her to compare dozens of options to find the best rate and mortgage terms for your specific situation. Mortgage Brokers in Canada are paid a finder's fee by the lender, so their services are typically free to the borrower. This unbiased, multi-lender approach often results in lower rates and more flexible conditions than going directly to a single bank.