A fixed-rate mortgage has a set interest rate for the entire loan term, while an adjustable-rate mortgage has a variable interest rate that can change over time. With a fixed-rate mortgage, your monthly payment stays the same, while an adjustable-rate mortgage payment can fluctuate.

In Canada, the minimum down payment for a home purchase is 5% of the purchase price. However, if the purchase price is over $500,000, a larger down payment may be required. You may also need to pay for mortgage insurance if your down payment is less than 20% of the purchase price.

Lenders look at a variety of factors when determining mortgage eligibility, including your credit score, income, debt-to-income ratio, and employment history. It’s a good idea to speak with a mortgage broker or lender to get pre-approved and see what mortgage options are available to you.

A pre-qualification is an estimate of how much you may be able to borrow based on basic financial information, while a pre-approval is a more in-depth process that involves a credit check and verification of your financial information. A pre-approval can give you a better idea of your mortgage options and may help you in the home-buying process.

The timeline for getting a mortgage can vary depending on the lender and the complexity of the loan. Generally, it can take anywhere from a few days to a few weeks to get approved for a mortgage. Working with a mortgage broker or lender who has experience in the Vancouver housing market can help streamline the process.