Mortgage Information
Understand your mortgage options
Getting the right mortgage can save you a significant amount of money. Learn the basics, estimate your payments and ask as many questions as you need before you buy.
Mortgage payment calculator
20.0% of the purchase price
Estimated payment
- Down payment
- $160,000
- Mortgage amount
- $640,000
- Total interest over amortization
- $422,668
- Monthly payment
- $3,542.23
Estimate only. Assumes a fixed rate compounded semi-annually. Insurance premiums, rates and qualification rules vary by lender.
What is a mortgage?
A mortgage is a loan secured against your home. The mortgage amount is typically the purchase price minus your down payment. In Canada, a down payment of less than 20% usually requires mortgage default insurance.
Get pre-approved
A mortgage pre-approval tells you how much you can borrow and holds an interest rate for a period of time. It helps you shop with confidence and makes your offer stronger.
Common mortgage types
- Fixed rate: the interest rate and payments stay the same for the term.
- Variable rate: the rate moves with the lender's prime rate.
- Open mortgage: can be paid off at any time without penalty, usually at a higher rate.
- Closed mortgage: lower rates, with limits on prepayments during the term.
- Home equity line of credit (HELOC): borrow against the equity in your home.
- Bridge financing: short term financing between buying and selling.
Have questions about financing?
Nadeem can introduce you to trusted mortgage professionals and help you plan your purchase.
Ask About Mortgages