Mortgage questions, answered clearly.

A mortgage broker compares mortgage options from many lenders — big banks, credit unions, monoline lenders and alternative lenders — to find the one that fits your situation. Instead of applying bank by bank, you apply once and I shop the market for you, then guide you from pre-approval to closing.

For most standard residential mortgages, there's no cost to you — I'm paid by the lender when your mortgage funds. If your situation needs a private or specialty lender, any fees are explained in writing upfront, before you commit to anything.

Your bank can only offer its own products. As a broker I can compare dozens of lenders at once, which often means a better rate, better terms (like lower prepayment penalties), or an approval when one bank has said no.

The minimum is 5% of the first $500,000 of the purchase price, plus 10% of the portion between $500,000 and $1.5 million. Homes over $1.5 million need at least 20% down. With less than 20% down, mortgage default insurance is required.

Book a call or apply online, then share your income documents and consent to a credit check. Most pre-approvals take 1–3 business days, and many lenders will hold your rate for up to 120 days while you shop.

It depends on your income, debts, credit and down payment. Lenders must also "stress test" you at a qualifying rate higher than your actual rate. The fastest way to know your real budget is a pre-approval — it takes the guesswork out before you start viewing homes.

Lenders must confirm you could still afford your payments if rates rose. You qualify at the higher of 5.25% or your contract rate plus 2%. Good news for renewals: if you switch lenders at renewal without increasing your mortgage, you generally don't need to be stress tested again.

Yes. Most lenders use your last two years of tax returns (T1 Generals and Notices of Assessment), and some programs can work with business bank statements or stated income. I work with business owners, contractors and commissioned earners regularly.

First-time buyers can use the First Home Savings Account (FHSA) and the RRSP Home Buyers' Plan toward a down payment, and may qualify for a 30-year amortization on an insured mortgage, which lowers monthly payments. I'll walk you through which ones apply to you.

With 20% or more down, 30-year amortizations are widely available. With less than 20% down, 30 years is available for first-time buyers and for buyers of newly built homes.

Yes. New builds come with longer timelines, deposit schedules and possession dates that need the right rate hold and lender. I work with Edmonton-area builder purchases regularly and can help you plan from contract to possession.

Start about 120 days before your term ends. Don't automatically sign your bank's renewal letter — it's rarely their best offer. I'll compare offers from multiple lenders, and switching is often free, with legal and appraisal costs covered by the new lender.

A fixed rate keeps your payment the same for the whole term. A variable rate moves with the Bank of Canada's rate and usually comes with lower prepayment penalties. The right choice depends on your budget, plans and comfort with risk — I'll show you the numbers side by side.

Yes. If you have equity, you can generally borrow up to 80% of your home's value to pay off higher-interest debt like credit cards or car loans. I'll compare the costs, including any prepayment penalty, so you can see exactly what you'd save.

Often, yes. Alternative lenders work with bruised credit, past consumer proposals or bankruptcies. I'll find the best option available today and give you a plan to move back to a regular lender later.

Plan for roughly 1.5% of the purchase price. That covers legal fees, title insurance, a home inspection, an appraisal if required, and moving costs. Alberta has no land transfer tax — only small land title registration fees.

I'm based in Edmonton and serve clients across Alberta, including Calgary, St. Albert, Sherwood Park, Spruce Grove, Stony Plain, Leduc, Beaumont, Fort Saskatchewan and Airdrie. Meetings are online, by phone, or in person around Edmonton.

Lisa Nguyen is a licensed Alberta mortgage broker (licence 00665597) with Tango Financial AB Compass, operating as Mortgage Made Simple. Lisa helps first-time buyers, new-build buyers, self-employed borrowers, families renewing or refinancing, and investors.