Myth 1: You need 20% down
Not true. Insured mortgages allow as little as 5% down on the first $500,000.
Myth 2: Your own bank will give you the best rate
Loyalty doesn't always pay. Comparing lenders often does.
Myth 3: Using a broker costs more
In most cases, the lender pays the mortgage agent.
Myth 4: The lowest rate is always the best deal
Prepayment penalties, flexibility and portability matter too.
Myth 5: A pre-approval guarantees your mortgage
Final approval still depends on the property, your documents and any changes to your situation.
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