Mortgage Suitability Questionnaire

Welcome — let's find the right mortgage for you.

Explore your mortgage preferences and save your completed summary. Sending your results to Elena is optional. Completing this questionnaire does not confirm mortgage qualification. Allow about 4–5 minutes.

Your full name

Section 1 · Rate Type

Fixed or Variable Rate?

This is one of the most important decisions in your mortgage. There's no universal right answer — it depends on your financial comfort level.

When it comes to your mortgage payment, which best describes you?

I want certainty — I prefer knowing exactly what my payment will be for the full term.

Fixed rate: your rate and payment stay the same regardless of market changes.

I'm comfortable with some payment fluctuation if it means potentially saving on interest.

Variable rate: your rate moves with the Bank of Canada's prime rate — can go up or down.

I'm not sure — I'd like Elena's guidance based on my full profile.

Section 2 · Term Length

How Long Is Your Term?

Your mortgage term is the length of time your rate and conditions are locked in. At the end you renew, sell, or refinance.

How long are you planning to stay in this property before selling or making a major financial change?

Less than 3 years

3–5 years

5 years or more — I plan to stay long-term

Not sure

What mortgage term length are you considering?

3 years

Good if rates may drop or your plans could change mid-term.

5 years

Most common choice — locks in your rate for a longer period of certainty.

I'd like Elena's recommendation

Section 4 · Payment Frequency

How Often Do You Want to Pay?

Payment frequency affects your cash flow and how you budget your household expenses throughout the month.

How would you prefer to make your mortgage payments?

Monthly

12 payments per year — simplest to budget for.

Bi-weekly

26 payments per year — every two weeks, aligns well with bi-weekly pay cycles.

Weekly

52 payments per year — suits those paid weekly who prefer smaller, more frequent payments.

Section 5 · Portability

What If You Move?

A portable mortgage lets you transfer your existing rate and terms to a new property if you sell and buy again during your term — helping you avoid break penalties.

Is there a chance you might sell this property and purchase a new one before your mortgage term ends?

Yes — it's likely

Portability becomes an important feature to confirm with any lender.

Possibly — not planned but it could happen

Good to have portability as a safety net.

No — I plan to stay for the full term

Section 6 · Break Penalty

What If You Need to Break Your Mortgage?

Breaking a closed mortgage before the term ends triggers a penalty. How that penalty is calculated varies significantly — and it matters a great deal.

If you needed to break your mortgage early due to a life event — job change, relocation, or an unexpected financial shift — how concerned would you be about the penalty cost?

Both banks and monoline lenders calculate break penalties using an Interest Rate Differential (IRD). The critical difference: banks calculate IRD using their inflated posted rates, while monoline lenders use your actual contract rate. This can make a bank's penalty 4 to 4.5 times higher than a monoline lender's penalty on the same mortgage.

Very concerned — minimizing any potential penalty is a top priority for me.

Somewhat concerned — I'd prefer a smaller penalty but it's not my main focus.

Not very concerned — I don't anticipate breaking my mortgage.

Section 7 · Equity Access & Rate Comfort

Final Questions

Two last questions to complete your preference profile.

During your mortgage term, do you anticipate needing to access your home equity — for example, for renovations, investments, or debt consolidation?

Refinancing mid-term on a closed mortgage will trigger a break penalty. Elena will factor your answer into her product recommendation.

Yes — very likely

Possibly — not currently planned but could come up

No — I don't plan to touch my equity during the term

If your monthly mortgage payment increased by $300, how would that affect your household budget?

This question applies to variable-rate mortgages where payments can fluctuate. Even if you're leaning toward a fixed rate, your answer is a useful data point for Elena.

I'd be fine — I have plenty of financial cushion

Manageable, but I'd definitely notice it

That would cause real financial stress

Review & Sign

Review your answers and sign your summary. You can download it for your records or choose to send it to Elena.

Rate & Term

Rate Type—

Planned Stay—

Preferred Term—

Prepayment & Payments

Prepayment Priority—

Lump Sum Needed—

Payment Increase Option—

Payment Frequency—

Product & Risk

Portability—

Break Penalty Sensitivity—

Mid-Term Equity Access—

Payment Shock Tolerance—

By signing below, I confirm that my answers accurately reflect my current mortgage preferences to the best of my knowledge. My answers will be shared with Elena only if I choose to send this form.

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Keep it for your records. Sending it to Elena is optional.

Mortgage Product Suitability

Welcome — let's find the right mortgage for you.

Fixed or Variable Rate?

How Long Is Your Term?

Paying Down Faster

How Often Do You Want to Pay?

What If You Move?

What If You Need to Break Your Mortgage?

Final Questions

Review & Sign

Rate & Term

Prepayment & Payments

Product & Risk

Would you like to send your form to Elena?

Your signed summary has been downloaded.