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A mortgage is a loan that is designed to help you purchase a home or other property. Deciding to get a mortgage is probably the biggest financial decision you will ever make. Before you get a mortgage or change or renew one, it is important to do some research and be informed in order to get the mortgage that best suits your needs.

As you look for a mortgage, make sure the payments will fit comfortably within your budget. If you can't make the payments, you may lose your home.

Monthly housing expenses worksheet
10/17/2015 9:15:25 PM

Monthly housing expenses worksheet

Summary: Three steps to successful mortgage shopping
10/17/2015 9:13:36 PM

Summary: Three steps to successful mortgage shopping

Your rights and responsibilities
10/17/2015 9:12:23 PM

Federally regulated financial institutions (such as all banks, as well as some insurance companies and trust and loan companies) must provide you with certain important information about your mortgage, in clear language, in or with your mortgage agreement. Depending on what type of mortgage you get, the information required can vary. The most important information will be summarized in a box like the examples below.

Other costs to consider
10/17/2015 9:10:47 PM

Closing costs are upfront costs that you must pay when you purchase a home, usually before you move in. Your lawyer can help explain these costs. In addition to your down payment, you must have funds available to cover these extra costs.

Qualifying for a mortgage
10/17/2015 9:00:11 PM

Mortgage lenders or brokers will use your financial information, including your income and debts, to determine how much they can lend you. They will use two financial formulas to help them:

Understanding the pre-approval process
10/17/2015 8:58:26 PM

A pre-approval is a preliminary discussion with a potential mortgage lender to find out the maximum amount they will lend you and at what interest rate. With a pre-approval, you can do the following:

Check your credit report first
10/17/2015 8:57:01 PM

Before you start shopping around for a mortgage, you should order a copy of your credit report to make sure it does not contain any errors. A credit report is a summary of your financial history. It shows your previous and current debts, and whether or not you’ve had any problems in the past paying off those debts.

Mortgage options
10/17/2015 8:53:31 PM

Porting a mortgage refers to transferring some or all of the terms and conditions and outstanding balance of the mortgage on your existing home to a new property while remaining with the same lender.

Home equity lines of credit (HELOC)
10/17/2015 8:51:48 PM

A home equity line of credit (HELOC) is a revolving line of credit secured by your home. You can borrow money up to the credit limit, which is usually a percentage of your home’s value.

Mortgage security registration: standard charge or collateral charge
10/17/2015 8:50:23 PM

When you are shopping around for a mortgage, ask each lender you contact whether they will register the mortgage security as a standard charge or a collateral charge. Standard charges are also known as conventional charges, non-collateral charges, traditional charges, traditional residential mortgages, residential mortgages, deeds of hypothecary loan and retail mortgages.

Other insurance options
10/17/2015 8:47:36 PM

Mortgage life insurance pays the balance on your mortgage to the lender in the event of your death. This can be useful if you have dependants or a spouse who might like to stay in the home after your death, but who might not be able to continue making the same mortgage payments as before.

Mortgage default insurance
10/17/2015 8:46:03 PM

Mortgage default insurance (sometimes called mortgage loan insurance) protects the mortgage lender in case you are not able to make your mortgage payments. It does not protect you.

Payment frequency
10/17/2015 8:42:02 PM

Payment frequency refers to how often you make your mortgage payments. Options include:

Interest rates: fixed, variable or hybrid
10/17/2015 8:40:42 PM

When you apply for a mortgage, lenders may offer you options with either fixed or variable interest rates. Some lenders also offer a “hybrid” option that combines fixed and variable portions in the same mortgage.

Mortgage term
10/17/2015 8:37:41 PM

The mortgage term is the length of time your mortgage agreement, including the interest rate, will be in effect. Terms can range from just a few months to five years or longer.

Amortization period
10/17/2015 8:34:12 PM
The amortization period is the length of time it takes to pay off a mortgage in full.
Mortgage types: open or closed
10/17/2015 8:32:57 PM
Most lenders offer two types of mortgages: open and closed.
Mortgage payments: interest versus principal
10/17/2015 8:31:24 PM
  • Payments are split between interest and principal. For each mortgage payment you make, the money is first used to pay the interest on your mortgage loan. The rest of your payment is then used to reduce the principal, which is the amount that you borrowed from the lender.
Home Buyers’ Plan Financial Consumer Agency of Canada
10/17/2015 8:29:52 PM

The Home Buyers’ Plan (HBP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free to use for a down payment.

You must meet certain conditions to be eligible for the HBP. For more information, contact the Canada Revenue Agency (CRA).

Step 1: Know what you need and want in a mortgage
10/17/2015 8:28:02 PM
Financial Consumer Agency of Canada MORTGAGE INFORMATION
10/17/2015 8:26:13 PM

Buying your first home: Three steps to successful mortgage shopping

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