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Chabitat Construction - The top 12 questions to ask your mortgage officer

The top 12 questions to ask your mortgage officer

  1. Is it necessary to obtain a mortgage pre-approval before meeting with the different builders?
  2. What is my current borrowing capacity and how much room will that leave me with for my future projects?
  3. What is the minimum down payment I need to purchase a new home? And what are the benefits of increasing it?
  4. At what point in the buying process will my down payment need to be available or accrued ?
  5. What are the additional costs I need to consider when planning my purchase (start-up costs)?
  6. What is a variable rate, fixed rate, etc.?
  7. What is amortization?
  8. Why do some people pay weekly and others pay monthly? What are the advantages?
  9. What is the difference between a conventional loan and a CMHC insured mortgage?
  10. How can I protect my mortgage (life insurance...disability...serious illness)? And what is the cost of this protection?
  11. Are there programs to facilitate access to ownership or grants available for new home buyers (HBP, RRSP, Novoclimat...)?
  12. If my income increases, can I increase my monthly payments? How would doing this benefit me?


This list was developed in collaboration with Mr. Sylvain Trottier, Director, Mortgage Development, National Bank of Canada

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