Straightforward answers to the questions we hear from buyers and homeowners. For advice specific to your situation, let’s talk.
How much down payment do I need?+
For an eligible owner-occupied home under $1.5 million, the federal minimum is 5% of the first $500,000 plus 10% of the amount above $500,000. At $1.5 million or more, the minimum is 20%. Lenders may require more, and mortgage default insurance usually applies below 20%.
Does a consultation commit me to a mortgage?+
No. An initial conversation helps us understand your plans and explain the next steps. A consultation request is not a mortgage application and does not authorize a credit check.
What is the difference between fixed and variable?+
A fixed rate stays the same during your mortgage term. A variable rate can change with the lender’s prime rate; depending on the product, your payment or the amount going toward principal may change. Compare the terms, penalties and flexibility as well as the rate.
What if I’m self-employed?+
Your income can be assessed in different ways depending on the lender. Tax returns, Notices of Assessment, business financial statements and bank statements may be relevant. We help identify the documentation and lender approach that fit your circumstances.
Where does Elevate Mortgages work?+
Akal Elevate Mortgages serves Ontario and Alberta. Our office is at 2020 Winston Park Dr., Suite 200, Oakville, Ontario. Consultations can begin by phone.
When should I start thinking about renewal?+
Start reviewing your options several months before your term ends. Bring your renewal date, mortgage balance and existing terms so you can compare staying with your lender against switching. Approval and any qualifying requirements depend on the transaction and lender.
Down payment guidance: Financial Consumer Agency of Canada. General information; lender and insurer conditions apply.
A real conversation. Clear options. A plan built around you.