Although a mortgage is simply a special kind of loan, we think that the mortgage related topics deserve their own section, simply because the mortgage is the highest debt burden the average Canadian has. Our Canadian Mortgage Guide attempts to explain the ins and outs of getting a mortgage, while clarifying important mortgage terms.
Learn what is mortgage amortization, what is mortgage term, what is a downpayment and why lenders need one. Learn what mortgage payment options do you have, and how each one of them will affect the life of your mortgage and the total interest you pay.
Canada Revenue Agency have created a special program called Home Buyers Plan, designed to help first time home owners to withdraw from their RRSP accounts up to $25,000 tax free in order to purchase a home.
Canadians must pay for mortgage insurance if they get a high-ration mortgage (mortgage with low downpayment). Adjustable Rate Mortgages are the norm in Canada, because Canadian borrower can lock their mortgage interest rate short-term (most commonly for 3 to 5 years), however after that the interest rate and mortgage terms must be renegotiated.
When shopping for mortgage sometimes is a good idea to talk to a mortgage broker, who can give you several competitive offers from different Canadian mortgage lenders. Once you find a good mortgage offer, find out how much can you afford to borrow, and also learn how to pay off your mortgage faster.
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