Alberta Mortgage FAQ

Straight answers to 300+ mortgage questions — written by a broker with 25+ years in the business, not a marketing department. Updated March 2026.

📈
Rates & Market Timing
15 questions
Bank of Canada, fixed vs variable, should you wait, why fixed went UP when BoC cut, prime rate, posted vs actual rates
🔄
Renewals & Penalties
20 questions
Payment shock, switching lenders, IRD penalties, early renewal, 30-year amortization at renewal
💰
Refinance & Debt Consolidation
20 questions
HELOC vs refinance, equity access, debt consolidation, renovation financing, spouse buyout
⭐
First-Time Buyers & Programs
20 questions
FHSA, RRSP HBP, GST rebate, down payment, CMHC insurance, 30-year amortization rules
✅
Pre-Approval & Qualifying
20 questions
Stress test, GDS/TDS, income verification, documents needed, credit score requirements
📊
Mortgage Types & Payments
15 questions
Fixed vs variable, open vs closed, collateral charge, amortization, payment frequency
🏠
Down Payment & Closing Costs
15 questions
Minimum down payment, gift rules, closing costs in Alberta, land title fees, no land transfer tax
🛡️
Insurance & Protection
12 questions
Mortgage life insurance, title insurance, home insurance, disability, job loss, hail coverage
🧑‍💻
Self-Employed & Special Income
15 questions
Stated income, T1 Generals, write-off impact, commission, part-time, foreign income
🏦
Bad Credit & Alternative Lending
12 questions
B-lenders, private mortgages, consumer proposals, bankruptcy, collections, rebuilding credit
🔑
Rental & Investment Property
12 questions
Rental income qualification, 20% down rule, Airbnb, multiple properties, debt ratios
🌾
Property Types, Rural & Construction
15 questions
Acreage, well/septic, condos, mobile homes, new builds, construction draws, bare land
🏡
Reverse Mortgages (55+)
12 questions
How they work, qualification, inheritance impact, HELOC comparison, fees, selling with a reverse
👴
Seniors & Aging in Place (55+)
15 questions
Qualifying at 65+, pension income, helping kids buy, downsizing vs renovating, RRIF income, snowbird mortgages
⚖️
Divorce & Separation
20 questions
Property division, spousal buyouts, equity protection, Dower Act rights, HELOC freezes, common-law vs married
🎓
Young Adults (18–25)
20 questions
No credit? Building from scratch? Parents co-signing? FHSA at 18? House hacking? The young buyer playbook.
🔥
Real-Life Situations & Edge Cases
20 questions
Shotgun clauses, family deals, inherited homes, crypto, cannabis income, grow-ops, unpermitted renos, biggest mistakes
🤝
Choosing a Broker & Alberta Market
12 questions
Broker vs bank, how brokers get paid, RECA licensing, finding a broker near you
🕊️
Death, Incapacity & Family Emergencies
13 questions
What happens when someone on the mortgage dies, Power of Attorney vs Personal Directive, executor powers, HELOC freezing, renewing during probate, long-term care
🏠
Co-Ownership, Family & Business Partners
8 questions
Joint tenants vs tenants in common, shotgun clauses, co-owner death or bankruptcy, adding a child to title, co-signing risks, two-family purchases
💼
Income Changes & Life Events
8 questions
Maternity leave qualification, job probation, support payments, CPP disability, survivor benefits, income changes after pre-approval, mixed income sources

Can't Find Your Answer?

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📞 403-703-6847
Updated March 2026 · Shawn Selanders · RECA-Licensed Mortgage Broker · Your Local Mortgage Professionals
Last reviewed: March 2026 · Shawn Selanders, RECA-Licensed Mortgage Broker