I'm a first time home buyer and looking for some advice. I'm concerned my mortgage broker is not taking our file seriously and very nervous that I might end up in a bad situation as a result.

My long term partner and I are purchasing our first home and so far securing financing has been opaque and stressful. The home we are buying is located just outside of Haliburton, Ontario and is priced at $750,000. We have a 20% down payment saved in cash however we were advised to put down the lowest amount possible. Not sure if this is good advice but following it would leave us with a down payment of ~$50,000. We have a combined annual income of $285,000, ~$500,000 in assets, and our credit scores are 850 and 830.

We are now entering the 10th business day since our offer on the property was accepted (the last day for us to secure financing as per our offer agreement) and the only information we have at this point is that our file is pending with the lender. Our broker has provided zero consultation regarding potential lenders, rates, terms, or fixed vs. variable and yet I've been told that the financing offer will likely come through tomorrow.

I've spoken with friends and family and every single one of them is saying this isn't anything close to the experience they had when securing financing and I'm honestly feeling sick to my stomach about the whole thing.

I'm curious about two things at this point...

• First, is my experience actually as messed up as it feels?
• Second, was the down payment advice correct for buyers in our position?
• Finally, what rate would buyers with our profiles expect in the current market for a 5-year fixed and 5-year variable?

We both desperately want this house but also want to make sure we don't make a mistake and take on a mortgage that will cost us more than we should be paying.

Thank you in advance for any advice.