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A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, or a loan to value of less than 80%, and that does not normally require mortgage loan insurance.

Depending on the circumstances surrounding your Bankruptcy or Consumer Proposal, generally some lenders would consider providing mortgage loans. 

Yes, however, I must qualify you. If you have less than 20% from the purchase price as a downpayment, you still may qualify to buy a home with 5% por cent of downpayment as Canada Mortgage and Housing Corporation and other mortgage insurers are available to cover the purchase price of a home, but some rules apply. 

A pre-approved mortgage provides an interest rate guarantee from a lender for a specified period of time (usually up to 120 days) and for a set amount of money. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before the mortgage is finalized. Conditions would usually be things like ‘written employment and income confirmation’ and ‘down payment from your own resources’, for example. Most successful real estate professionals will want to ensure you have a pre-approved mortgage in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range. In summary, a pre-approved mortgage is one of the first steps a home buyer should take before beginning the buying process.

Fixed: The interest rare remains the same during the entire mortgage term. 

Variable or Adjustable: The interest rate can change during the mortgage term.