What this playbook covers
Mortgage 101 is the ten-page guide we wish every first-time buyer was handed before their first open house. It walks through the entire approval, from the first conversation to the day the keys change hands, in plain language and in the order things actually happen.
You’ll see exactly what a lender looks at when they qualify you (income, down payment, credit and debts), how conventional and insured mortgages differ, what the deposit, down payment and closing costs really are, and where every dollar of a mortgage payment goes.
It finishes with a budget tracker and a short list of steps to take now, so the guide turns into a plan rather than a bookmark.
What’s inside
- The process, step by step — from first conversation to closing
- Qualifying: income, credit score, down payment and debt ratios
- Conventional vs. high-ratio (insured) mortgages
- Deposit, down payment and closing costs explained
- The anatomy of a mortgage payment
- Terms to know: fixed, variable, amortization, term
- Monthly budget tracker
- Steps to take now
A look inside
Good questions
Anyone buying their first home in Canada, or anyone who owns a home but never really understood how their mortgage was approved. It assumes no prior knowledge.
The approval process, qualifying rules and insured-mortgage thresholds are federal, so they apply anywhere in Canada. Closing-cost examples reflect Alberta, where there is no land transfer tax.
The guide explains the 300–900 range and why most lenders like to see 640 or better for the strongest options. Lower scores can still work with the right lender — that is exactly the kind of file we look at every week.
No. The guide gets you ready for one. A pre-approval is a real review of your documents and credit, which we complete online in about 24–48 hours.
