Getting into the housing market these days can be daunting. So, this episode we’re answering all the questions you may have had about mortgages and real estate but were too afraid to ask. Our guest is Tracy Gomes, Senior Vice President of Real Estate Secured Lending at Scotiabank. Tracy will define some key terms, give us a primer on how to pick between a fixed and variable interest rate mortgage, how much you might expect to pay for a down payment and more.    Key moments this episode:  1:32 — What’s the big question or concern that Tracy hears the most from people looking to get into the market?  2:30 — What’s the first thing someone should be thinking about if they’re looking to buy a home for the first time?  4:12 — What do you need to qualify for a mortgage?  4:33 — The 4 Cs lenders are always looking at when processing a mortgage application  5:27 — What is the minimum down payment needed in Canada?  6:07 — Does the size of a down payment have an impact on the interest rate of a mortgage?  6:36 — Breaking down the different types of insurance when it comes to mortgages  8:34 — The role of ‘the bank of mom and dad’   9:18 — Is it possible to buy a home without a down payment?  9:25 — Options available for first-time buyers to save for a down payment  10:07 — What is a stress test?  11:35 — What other costs are associated with buying a house?  13:07 — How do real estate agents get paid?  13:46 — If you’re already in the market, should you sell before you buy or buy before you sell?   15:20 — Mortgages 101  17:10 — The most common mortgage question: what is the difference between fixed and variable rate mortgages?  19:45 — Some quick mortgage definitions: term and amortization  21:39 — How Scotiabank’s adjustable-rate mortgage works  22:37 — Recap of variable vs fixed rate  25:03 — Some tips on paying off a mortgage faster  27:40 — What’s the final thing Tracy thinks people should know about buying a home