Purchase mortgages · BC & Alberta
Find the home.
Know you can afford the life.
A purchase mortgage should fit your income, your cash and the home you actually want. We compare lenders and help you get from a realistic budget to a funded mortgage.
Independent mortgage advice. A real broker through closing.
Before the open houses
Three numbers.
One comfortable budget.
The monthly payment you can live with
Start with take-home income and everyday spending. Then allow for property taxes, heat, insurance, strata fees where applicable, and savings. A lender’s maximum approval is a ceiling—not a spending target.
Check your buying range →The cash you need before the keys
Your deposit is normally part of your down payment, but you may need it earlier. Keep a separate allowance for legal costs, taxes, inspection, appraisal and closing adjustments. Confirm when FHSA, RRSP or gifted funds will be available.
See the closing checklist →The mortgage you can qualify for
The lender reviews income, debts, credit, down payment and the property. A pre-approval helps you plan; the final decision still depends on the specific home and lender conditions.
Understand pre-approval →Start with one number
Your down payment, decoded.
5% on the first $500,000, plus 10% on the amount above $500,000.
Owner-occupied purchase illustration. Lenders may require more. Closing costs and mortgage insurance are additional.
Add taxes and closing costs →From first conversation to closing
Know what happens next.
- 01 / Plan
Set the budget
We review your income, down payment and timeline. You leave with the documents to gather and the questions to resolve before making an offer.
- 02 / Compare
Choose the right fit
Compare available lender options, payment, penalties and flexibility. We explain what an approval or rate hold does—and does not—cover.
- 03 / Confirm
Review the property
After an accepted offer, the lender assesses the property and completes underwriting. Work with your broker and legal adviser before removing financing conditions.
- 04 / Close
Bring it home
Your lawyer or notary handles legal documents and closing funds. We coordinate mortgage requirements and confirm the steps still outstanding.
Look beyond the headline rate
A lower rate is one part of a good mortgage.
| Compare | Why it matters | Ask your broker |
|---|---|---|
| Rate and payment | The payment must fit your budget, including costs outside the mortgage. | Is this quote available for my property and down payment? |
| Prepayment terms | Extra payments may help reduce interest, but annual limits differ. | How much can I pay early without a penalty? |
| Early exit cost | Moving, separating or refinancing before the term ends can trigger a charge. | How is this lender’s penalty calculated? |
| Portability | Taking a mortgage to another property is subject to conditions and approval. | What happens if my next purchase closes after I sell? |
| Insurance and fees | Default insurance and closing costs change the total amount you need. | What is financed, and what must I pay in cash? |
Buying for the first time? Start with first-home support. Selling another home? Understand the timing and bridge financing.
Your next step
Make your purchase plan concrete.
Tell us where you are in the process. We’ll use your purchase price, down payment and timing to focus the conversation.
Have an accepted offer? Include the financing-condition deadline and closing date. If you are still exploring, estimates are a useful starting point.
- Employment and income details
- Down payment amount and source
- Monthly debts and existing property obligations
- Target location, property type and timeline
Clear answers
Before you decide
How much down payment do I need to buy a home?
Minimum down payment depends on purchase price and mortgage structure. We help buyers map the exact requirement and show what it changes for payment, insurance premium, and cash to close.
What does a purchase mortgage pre-approval actually tell me?
A strong pre-approval gives you a realistic budget, likely lender fit, and a clearer idea of what still needs to stay stable before you make an offer.
How much should I budget for closing costs?
Beyond the down payment, buyers should also plan for legal fees, appraisal or inspection costs, tax adjustments, insurance, and any applicable transfer taxes or property transfer tax.
Do I need 20% down to buy a home?
No. Many buyers can purchase with less than 20% down, depending on price, program rules, and lender fit. We help you understand the trade-offs early.
Can I buy if I already own a home?
Yes. The plan just needs to account for the current property, sale timing, deposits, and the monthly payment you still want to carry comfortably.
What if I need to buy before my current home sells?
That often turns into a bridge-financing or overlap-closing conversation. The right answer depends on sale timing, equity, and how much temporary liquidity is needed.
Can self-employed buyers still qualify?
Yes, but the income story usually needs more preparation than a simple salaried file. We review lender fit and documentation earlier so the purchase plan stays realistic.
Can I use gift funds, FHSA, or RRSP funds toward my purchase?
Often yes, if the source and timing are documented properly. We include those funds in the down payment and cash-to-close planning so the paper trail works when the lender asks for it.
How long does final mortgage approval usually take after my offer is accepted?
Timing varies based on the lender, the property, the appraisal path, and how clean the file is. The smoother the prep is before the offer, the cleaner this stage usually goes.
Do I have to use the lender that gave me my pre-approval?
No. The best final lender can change once the real property and live file are in play. A broker-led purchase plan keeps that comparison open when it matters.
Sources checked September 6, 2026. Lender approval and product eligibility depend on your complete application.
Pragmatic Mortgage Lending · BC & Alberta
A home you love. A mortgage you understand.
Bring your questions, a listing or just an idea of what comes next. We’ll help you work out the numbers.