Mortgage questions, answered

No. The two-minute rate quote doesn’t touch the credit bureaus. If you move on to a full pre-approval, we ask your permission before running a soft credit check. A soft check doesn’t affect your score, and other lenders can’t see it. A hard check only happens after you’ve chosen a lender and told us to go ahead.

Nothing, on a standard residential mortgage. The lender you choose pays Indi Mortgage a finder’s fee when your mortgage funds. The fee doesn’t change your rate, and it’s the same whichever lender you pick, so we have no reason to steer you. Some private and alternative mortgages do carry a broker fee. If yours does, we’ll tell you the dollar amount in writing before you sign anything. How we’re paid →

Your bank can only offer you its own mortgages. Through Indi Mortgage, Daniel De Sousa can compare 30+ lenders with one application and one credit check. 38% of recent Canadian homebuyers used a broker, and 48% of first-time buyers did (Mortgage Professionals Canada, 2026). If your bank’s offer is the right one for you, we’ll say so.

The stress test is a federal rule (OSFI Guideline B-20). You have to prove you could still afford your payments at the greater of 5.25% or your contract rate plus 2 percentage points. At a 4.19% rate, you’d be qualified at 6.19%. It applies when you buy, when you refinance and when you switch an insured mortgage to a new lender. It doesn’t apply when you renew with your current lender, and since November 2024 it doesn’t apply to an uninsured straight switch either. Run the stress test →

You need 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. Homes over $1.5 million need 20% down, because that’s the ceiling for default insurance. On a $700,000 home, the minimum is $45,000. With less than 20% down, default insurance is required: 4.00% of the mortgage at 5–9.99% down, 3.10% at 10–14.99% and 2.80% at 15–19.99%, plus 0.20% if you choose a 30-year amortization. The premium is added to your mortgage, so you don’t pay it in cash. Calculate it →

The rate quote takes about two minutes. A full pre-approval is 10 to 12 minutes of questions. After that, Daniel De Sousa calls you within 5 minutes during office hours (Monday–Friday, 9:00 a.m.–5:00 p.m. MT), or first thing the next business morning. A pre-approval with a rate hold usually comes through within one business day. Closing follows your lawyer’s timeline, usually 30 to 60 days after your offer is accepted.

No. A rate quote is an estimate. A pre-approval holds a rate for up to 120 days, and you’re free not to use it. Nothing is binding until you sign a mortgage commitment with a lender, and we’ll go through it with you before you do.

Yes, often. Self-employed income, a short credit history after moving to Canada, a discharged consumer proposal, commission income and rental portfolios all need a lender that knows how to read them. If the answer is “not yet,” we’ll tell you, and we’ll give you a plan to get there. Talk to a specialist →

No. Alberta is one of the few provinces without one, and it’s the biggest cash difference between buying here and buying in Ontario or BC. Instead, you pay Land Titles Office registration fees: $50 plus $5 for every $5,000 of value, charged once on the property transfer and again on the mortgage registration. On a $500,000 home with a $400,000 mortgage that’s $550 + $450 = $1,000. The same purchase costs about $6,475 in provincial land transfer tax in Ontario, or about $12,950 in Toronto once the municipal tax is added.

The fees went up on 20 October 2024. They used to be $2 per $5,000 on a transfer and $1.50 on a mortgage, and many websites still quote the old numbers. With no tax, there’s also no first-time buyer rebate to apply for. Calculate your Alberta closing costs →

Daniel De Sousa, a mortgage associate licensed by RECA and registered with Indi Mortgage. He works from 4990 92 Ave NW #105, Edmonton, AB T6B 2V4 and handles clients across Edmonton, Calgary and the rest of Alberta. He can only arrange mortgages on Alberta properties. If you’re buying in another province, we’ll connect you with a licensed Indi Mortgage agent there. Find us →

Our published hours are Monday–Friday, 9:00 a.m.–5:00 p.m. Mountain Time. Closed Saturday and Sunday. If you send a form outside those hours, we receive it right away and read it at the start of the next business day. We don’t reply at 2 a.m., but nothing sent over a weekend goes unread.

Yes. Daniel De Sousa is licensed by the Real Estate Council of Alberta (RECA) as a Mortgage Associate, and he arranges mortgages through Indi Mortgage, a licensed brokerage. RateLens is the name he uses for this site. The licence details for Indi Mortgage and for Daniel are in the footer of every page. You can check both on RECA’s public ProCheck register, and our team page links to his entry.

Daniel is licensed in Alberta only, so he can arrange mortgages on Alberta property. If the property is in another province, we’ll connect you with a licensed Indi Mortgage agent there, and if we receive a referral fee we’ll tell you in writing. Where you live now doesn’t matter for an Alberta purchase. We work with people relocating from Ontario, BC and overseas.

Tell us first. We acknowledge every complaint within one business day and give a substantive response within 10 business days. If you’re not satisfied with how we handle it, you can take it to the Real Estate Council of Alberta. Our complaints page explains how.