Building a Mortgage Strategy: Putting the Pieces Together

Start with realistic affordability, not maximum approval — run your numbers through our affordability calculator, but then work backward from what you'd actually want left over monthly, not just the ceiling a lender approves.

Decide your down payment approach deliberately: less than 20% (insured, requires a CMHC premium, but gets you into the market sooner) versus 20%+ (conventional, no insurance, but takes longer to save). Neither is universally right — it depends on your timeline and how markets in your area have been moving.

Choose fixed or variable based on how much payment uncertainty you can genuinely absorb over your term, not based on a rate prediction — see our guide on that trade-off specifically.

Plan your prepayment approach from day one if you can afford to — even modest, consistent extra payments compound meaningfully over 20-25 years, and it's easier to build this into your budget from the start than to add it later.

Revisit the plan at every renewal, not just at purchase — shop your renewal against other lenders, reassess fixed vs. variable given your situation at that point, and reconsider prepayment room if your finances have changed. A mortgage strategy isn't a one-time decision made at closing; it's a plan you actively manage across every term until it's paid off.