Purchasing a home or renewing your mortgage can often feel overwhelming. As a mortgage broker in Edmonton, I understand the complexities involved in home ownership, whether you are looking into Edmonton mortgages, refinancing, or exploring options for investment properties. To help ease your decision-making process, I’ve compiled answers to the most common questions I receive, including those about mortgage renewal and pre-approval, as well as strategies for a refinance and debt consolidation.
Please reach us at andrew@andrewgmortgages.com if you cannot find an answer to your question.
In Canada, the minimum down payment is:
Example: On a $400,000 Edmonton home → you’d need at least $20,000 down.
Yes! Through the Home Buyers’ Plan (HBP) you can withdraw up to $60,000 (per person) from your RRSP tax-free, as long as you pay it back over 15 years.
Lenders look at your debt-to-income ratio. If your student loans aren’t in repayment yet, that can actually help your buying power — but every case is different.
No. When your mortgage term ends, you’re free to shop around with other lenders. Banks often mail renewal offers that aren’t their best rates. A broker can compare options across lenders, saving you thousands. .
Refinancing lets you tap into your home equity for:
It only makes sense if the long-term benefit outweighs the costs — I run those numbers with clients before making a move.
The stress test means you must qualify at the greater of your contract rate + 2% OR 5.25% (whichever is higher).
It ensures you could handle higher payments if rates rise. For example, even if your lender offers 3.99%, you’ll be tested at 5.99%.
Typically, you’d need around $80,000–$85,000 household income with minimal other debts. But it varies based on your down payment, credit, and lender rules.
A broker works with dozens of lenders — not just one. That means:
Ideally, 3–6 months before renewal or purchase. That way you can get documents ready, lock in a rate hold, and plan around the stress test.
Andrew Gillespie
Mortgage Broker
P. (780) 719-6673
E. andrew@andrewgmortgages.com
W. http://andrewgmortgages.com