How ready are you for a mortgage?
Eight quick questions about your plans, savings, credit, income and paperwork. You'll get a readiness score and the three things that would help you most right now.
Rough numbers only. This is a calculator for planning, not an approval or advice. Rates shown are examples you can change. Nothing you type is saved unless you choose to email it to yourself.
- Savings
- Credit
- Income
- Debt load
- Paperwork
Rough numbers for planning only. This isn't an approval, a quote, an offer or advice. Example rates are for the math and aren't rates we're offering. Your lender's policies, your credit and the property change the real answer.
Three steps.
Answer honestly
There are no wrong answers, and nothing is saved unless you choose to email yourself the results.
Read your score
It updates as you answer. The breakdown shows which areas are strong and which need work.
Do the top three
Your next steps are ordered by impact. Most people can move the score in a few weeks.
Worth knowing.
What lenders look at
Lenders look at your down payment, your credit history, how stable and provable your income is, and how much of your income already goes to debt. CMHC suggests housing costs stay under about 39% of gross income, and all debts under about 44%.
Why paperwork matters
Pay stubs, a job letter, Notices of Assessment and 90 days of down payment statements are what turn a pre-qualification into a real approval. Having them ready can save days.
A low score isn't a no
It's a list of things to fix. Many of them, like paying down a card or gathering documents, take weeks, not years.
The First-Time Buyer's Guide
Down payments, the stress test, FHSA, rebates and closing costs, explained for Ontario buyers.
Get the free guideGood questions.
How do I know if I'm ready to buy a house?
You're in good shape when you have your down payment and closing costs saved, your credit is in good standing, your income is stable and easy to prove, and your debts leave room for a mortgage payment. A pre-approval is the best way to confirm it.
What credit score do I need for a mortgage in Canada?
It depends on the lender and the program. Higher scores open more options and better terms. If your score is lower, alternative lenders may still work, and some fixes, like lowering card balances, can raise it within a few months.
Does this quiz check my credit?
No. It doesn't pull your credit or save your answers. It's a self-check based on what you tell it.
What's the next step after the quiz?
A pre-approval. It confirms what you can borrow and holds a rate for a period while you shop. I can walk you through it, and seeing your options won't touch your credit.
Want the real number?
These are rough numbers. I can run your actual file against real lender criteria, and checking your options won't touch your credit.
Keep running the numbers
First-time buyer savings
Stack your FHSA, Home Buyers' Plan, savings and refunds to see your real down payment.
Open the tool Rent vs buyRent vs buy
Compare owning with renting and investing the difference, year by year, with your own assumptions.
Open the tool Ontario closing cost estimatorClosing costs
Land transfer tax, rebates, legal, title insurance and the other costs you pay on closing day.
Open the tool