2024 brings opportunity to those looking to buy their first home, upgrade to their dream home, buy a cottage or rental property. But financial markets and mortgages have become ever more complex.

This guide aims to simplify your mortgage financing search, by boiling down and efficiently providing you with the most critical 20% of the information, needed to ask the right questions, compare options and confidently close your mortgage on your property.

Following the 80/20 principle, you’ll learn 80% of what you need to know from this guide. The rest requires a personalized discussion based on your unique situation. We encourage you to contact us at Altrua Financial for a free, no obligation pre approval. You’ll get maximum affordability, questions answered and personalized rate quotes for the best mortgage rates in Canada.

What Mortgage Approval Fundamentals Apply to Every Purchase?

The following 2 FAQ style dropdown pannels contain the mortgage approval information that will apply to pretty much any property purchase in Canada. They are designed to be read in about 1-2 minutes each and are a good foundation of knowledge. From here the guide is split into sections that focus on different application types and education resources.

The 4 Pillars of a Mortgage Approval

These 4 areas of down payment, credit score, income and property type encapsulate almost every aspect of a mortgage approval. There are endless differences and combinations between these categories that affect the mortgage approval. Generally, where all 4 are strong, the lowest mortgage rates apply. However, approvals are also possible in situations where there is strong down payment, but less provable income or credit.

Down Payment

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The Pre Approval Process

The process below is an overview of what most buyers will experience when purchasing a property. At Altrua Financial, we break down each step and follow quality control procedures that avoid hiccups/issues later in the process and allow for confidence in the transaction. This high standard of service can only be had with a conversation that focuses on your unique situation, often in as little as 10 – 20 minutes.

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Mortgage Broker - Brent Richardson

Brent Richardson

Principal Mortgage Broker/ Owner, Certified Financial Planner (CFP), BA (Hons.)

  • 16 + years of industry experience with over 1800 mortgage transactions including 350+ first-time buyer mortgage approvals.
  • Specialized knowledge for the most advanced and specific applications.
  • Certified Financial Planning  (CFP) designation to establish unique relationships focused on mortgage freedom, and financial growth.
  • Best Rate Guarantee

Mortgage Affordability Calculator

Calculator Tips (1) Enter one of Alturas Best Mortgage rates (2) Customize down payment (3)

Altrua’s Best Mortgage Rates

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Getting Pre Approved

We learn to walk before we run. Going from a mortgage pre approval, to a full approval is no different. Here we review how a pre approval works, how to set up the pre-approval for maximum reliability, stronger offers on homes, and the most savings on rate.

Open the Pre Approval Guide

First Time Buyer Incentives and Strategies

If you have income, credit and a down payment, buying your first home is within reach. It’s definitely possible but with higher rates making it harder to qualify for a mortgage, first time buyers need access to every incentive and strategy possible.

See the 10 best First Time Buyer Incentives and Strategies available in Canada

How to Get the Best Mortgage Rate: The Ultimate Guide

It’s why we got started as Mortgage Brokers: To offer you the absolute best rates in Canada. In this highly comprehensive guide, we show you how to get the lowest rate but also how to decide on the best term, and best small print features and flexibilities – all with the single purpose on helping you save the most on your financing.

Open the Rate Guide

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Down Payment

Looking for some additional information on the specifics of the down payment? Drill into down payment details with this short guide.

Learn More About Down Payment

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Gifted Down Payment and the Gift Letter

Considering a gifted down payment? This short article on gift letters includes everything you’ll need to know.

Learn More About Gifted Down Payments

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Lower Down Payment CMHC and Mortgage Default Insurance

Planning on less than 20% for a down payment? This short article on CMHC Default Insurance includes strategies to save on this cost.

Learn More About CMHC Premiums and How to Save

cmhc mortgage default insurance

Cash Back Mortgages: Pros and Cons

Noticing cashback offers in the market and wondering if there’s a catch? As you probably guessed there is no free money. See if a cash-back mortgage might be right for you. 

Learn More About Cash Back Mortgages

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Mortgage Stress Test

The mortgage stress test affects all applicants and reduces maximum approval levels by over 20%. Learn more about the stress test and how you can potentially reduce its impact. 

Open the Stress Test Article

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Purchase Plus Improvements Mortgage

Get the funds to update your new home, included in your mortgage. One of the most opportunistic and underutilized mortgage programs in Canada.

Discover the Purchase Plus Improvement Mortgage Opportunity

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New to Canada Mortgage Program

New to the country without 2 years of established credit, and looking to buy a home? There are various programs and opportunities to help you purchase sooner at the lowest market rates.

Learn About New to Canada First Time Buyer Prorams

Self Employed Mortgages for First Time Buyers

Own your own business and looking to qualify at the lowest market rates? Discover the most essential self-employment mortgage concepts here that will help you to optimize your approval.

Learn More About Mortgages for the Self Employed

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Approvals for those with Lower Credit

Has your credit taken a hit and you’re looking to buy your first home? The credit system is designed to rebound fairly quickly and its not a matter of if but when you will get approved. 

Learn More About Mortgage Approvals with Impaired Credit

Kitchener Mortgage Brokers