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.
A mortgage broker in Alberta acts as a middleman between you and multiple lenders, including banks, credit unions, and non-bank lenders. Instead of applying to one institution, a broker shops your application across many lenders at once.
In Alberta, mortgage brokers are licensed professionals who help with:
Andrew Gillespie, an Edmonton mortgage broker, also helps clients understand lender rules, penalties, and long-term risks so they can avoid costly mistakes — especially at renewal or refinance time.
In most residential mortgage cases in Canada, mortgage brokers are paid by the lender — not directly by the client. The lender pays a finder’s fee when the mortgage funds.
This does not increase your interest rate. Lenders price broker and branch deals the same, but brokers give you access to multiple lenders instead of just one.
Andrew Gillespie believes in full transparency and explains how compensation works so clients understand there’s no hidden cost to using a mortgage broker in Edmonton.
Most standard residential mortgages in Alberta do not involve broker fees. In those cases, the lender pays the broker.
Broker fees may apply in certain situations, such as:
If a fee applies, it must be disclosed upfront. Andrew Gillespie clearly explains any potential costs before moving forward, so there are no surprises.
A broker works with dozens of lenders — not just one. That means:
Most Canadian mortgage applications require:
Having documents prepared upfront speeds up approvals and helps secure better options. Andrew Gillespie explains the process clearly and requests documents early to reduce back-and-forth later.
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. .
Yes, in most cases you can switch lenders at renewal without paying a penalty, as long as the switch happens at or after your maturity date.
Switching can allow you to:
An Edmonton mortgage broker like Andrew Gillespie coordinates the timing and paperwork to ensure the switch is smooth and cost-effective.
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.
One of the biggest mistakes homeowners make is simply signing the bank’s renewal offer without reviewing alternatives. Other common mistakes include:
Andrew Gillespie helps Edmonton homeowners avoid these pitfalls by reviewing renewal options early and explaining the long-term impact of each choice.
Renewing keeps your existing mortgage balance and lender, while refinancing replaces your mortgage and may increase the amount borrowed. The better option depends on your goals.
Renewing is usually best if:
Refinancing may be better if:
Andrew Gillespie helps Edmonton homeowners compare the true cost of refinancing versus renewing so the decision supports both short-term cash flow and long-term wealth.
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.
Ideally, 6–12 months before renewal or purchase. That way you can get documents ready, lock in a rate hold, and plan around the stress test.
A HELOC (Home Equity Line of Credit) in Canada allows you to borrow against the equity in your home, typically up to 65% of the home’s value for the line portion (and up to 80% combined with a mortgage).
With a HELOC:
Many Canadians use HELOCs for renovations, emergencies, or strategic planning. An Edmonton mortgage broker like Andrew Gillespie can structure a HELOC properly at renewal or refinance to avoid lender restrictions later.
Yes, in Canada you can use a HELOC to invest, and in many cases the interest may be tax-deductible if the borrowed funds are used to earn income. This strategy is often referred to as leveraged investing or part of a long term borrowing to invest plan.
However, this approach is not for everyone. It requires:
Andrew Gillespie works with Edmonton homeowners to structure HELOC investment strategies carefully, ensuring lender rules and CRA guidelines are followed.
Yes, commission income can qualify for a mortgage in Canada, but lenders apply stricter rules. Most require:
Some lenders average income, while others use conservative calculations. An Edmonton mortgage broker like Andrew Gillespie knows which lenders are more flexible with commission-based borrowers and can structure the application correctly.
Andrew Gillespie
Mortgage Broker
P. (780) 719-6673
E. andrew@andrewgmortgages.com
W. http://andrewgmortgages.com