Alberta Mortgage FAQ
Straight answers to 200+ mortgage questions — written by a broker with 25+ years in the business, not a marketing department. Updated March 2026.
Renewals & Penalties
20 questions
Payment shock, switching lenders, IRD penalties, early renewal, 30-year amortization at renewal
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Refinance & Debt Consolidation
20 questions
HELOC vs refinance, equity access, debt consolidation, renovation financing, spouse buyout
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First-Time Buyers & Programs
20 questions
FHSA, RRSP HBP, GST rebate, down payment, CMHC insurance, 30-year amortization rules
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Pre-Approval & Qualifying
20 questions
Stress test, GDS/TDS, income verification, documents needed, credit score requirements
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Mortgage Types & Payments
15 questions
Fixed vs variable, open vs closed, collateral charge, amortization, payment frequency
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Down Payment & Closing Costs
15 questions
Minimum down payment, gift rules, closing costs in Alberta, land title fees, no land transfer tax
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Self-Employed & Special Income
15 questions
Stated income, T1 Generals, write-off impact, commission, part-time, foreign income
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Bad Credit & Alternative Lending
12 questions
B-lenders, private mortgages, consumer proposals, bankruptcy, collections, rebuilding credit
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Rental & Investment Property
12 questions
Rental income qualification, 20% down rule, Airbnb, multiple properties, debt ratios
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Property Types, Rural & Construction
15 questions
Acreage, well/septic, condos, mobile homes, new builds, construction draws, bare land
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Reverse Mortgages (55+)
12 questions
How they work, qualification, inheritance impact, HELOC comparison, fees, selling with a reverse
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Choosing a Broker & Alberta Market
12 questions
Broker vs bank, how brokers get paid, RECA licensing, finding a broker near you
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🔥 Most Asked Right Now (2026)
Will my mortgage payment double when I renew in 2026? Should I switch lenders at renewal or just sign the offer? How does the new GST rebate work for first-time buyers (Bill C-4)? Can I extend to 30-year amortization at renewal to lower payments? Can I use FHSA and RRSP Home Buyers' Plan together? Should I break my mortgage to refinance at today's rates? How do I qualify for a mortgage if I'm self-employed? Can I refinance to pay off high-interest debt?Can't Find Your Answer?
Every situation is different. Text or call Shawn — 25 years of experience, zero judgment, no cost to you.
📞 403-703-6847Updated March 2026 · Shawn Selanders · RECA-Licensed Mortgage Broker · Your Local Mortgage Professionals