How Mortgage-Ready Are You Really?

Discover your true readiness for the Canadian mortgage process. In just 4 quick questions, we'll assess your knowledge of pre-approval, rates, insurance, and common pitfalls. Get personalized insights on exactly what you need to do next to secure the best mortgage terms and avoid costly mistakes that could impact your homeownership journey for decades.

Where do you stand with your credit score and financial preparation for a mortgage?

I haven't checked my credit score yet and I'm not sure about my financial situation I know my credit score is around 650-700, but I haven't organized my financial documents My credit score is solid (700+) and I have most of my documents ready My credit is excellent (750+), all documents are organized, and I've reviewed my credit report

How much do you understand about mortgage types and rate factors in Canada?

I'm not sure what the difference is between fixed and variable mortgages I know the basic difference, but I'm unclear about how rates are determined I understand fixed vs. variable and know that credit score and down payment affect rates I fully understand mortgage types, rate factors, and I'm planning to shop around with multiple lenders

What's your current situation with a down payment and mortgage insurance?

I have less than 10% saved and I'm unsure about mortgage insurance costs I have 10-15% saved but I'm not sure how insurance premiums will affect my total costs I have 15-20% saved and I understand insurance requirements, though I'm still learning I have 20%+ saved or I've calculated insurance costs and factored them into my budget

How aware are you of the common mortgage mistakes and closing costs?

I haven't thought much about potential mistakes or what closing costs might be I've heard about some pitfalls but I'm not sure exactly what to avoid or what closing costs include I know about common mistakes like maxing out my approved amount and I've budgeted for closing costs I'm aware of major pitfalls, I've budgeted for 1.5-4% closing costs, and I have a pre-approval strategy