Mortgage 101 Canada

About Mortgages in Canada

There is lots to learn to make the shift from renting to homeownership. And there's lots to learn about mortgages and how to reduce its lifetime cost. If you have questions, this page will help find what you need to know about financing and buying a home.

Canadian Mortgages 101

Mortgage Defined

First things first, a mortgage is simply a loan for a property. The mortgage contract is for a certain length of time called the term. Five years is the most popular term for mortgages and easiest to qualify for. At the end of your term, you will need to renew your mortgage contract for another term. This is easy assuming you have paid on time as agreed with the lender and your credit rating is still good.

You keep renewing your mortgage until your house is paid for in full. The time it takes to fully pay off your loan is called the amortization period.

The mortgage rate is the rate of interest you are expected to pay to the lender in compensation for the money that you borrow. Think of it as the rental rate for money. The mortgage rate is dependent on a number of factors such as the amortization period and external economic factors. 

If you sell your house or move, you can usually take your mortgage contract with you (port it) to the next house, or cancel it, subject to a penalty.


Buying a Residential Property in Canada

First Time Homebuying Process - steps for preapproval, then steps to buy

Free Guide - Homebuying Step by Step

Free Guide - Newcomers to Canada

Free Guide - Condominium Buyer's Guide

CMHC Housing Outlook - what are the experts saying about housing prices

Blog for Home Buyers - Richards Mortgage Group - subscribe, learn, stay in-touch

Using Your RRSP for Down Payment - learn the rules

Financing Your Home Purchase

Mortgage Broker vs Bank - who will help you more?

Free eBook - Can You Get a Mortgage? - learn what it takes to quailfy

Setup a Pre-Approval Meeting - ready to get started?

Mortgage Rates - rate isn't everything, but it is important.

Mortgage Approval Process 

Free Guide - 3 Steps to Successful Mortgage Shopping

Mortgage Calculators - ready for some math (or call us!)

Apply Now - start a mortgage application

Rent-to-Own for Buyers  - another way to finance, when banks say no

Rent-to-Own for Sellers - another way to sell your home

Vendor Financing - other way to finance, when banks say no

Buyer Assistance Programs

Gift Letter Template - your family can help with down payment

Qualifying for a Mortgage - what lenders look at

Mortgage Default Insurance - what is it?

Mortgage FAQs 

Re-Financing Your Home

Free Guide -Renewing & Renegotiating Your Mortgage

Free Guide -Borrowing On Home Equity

Free Guide -Pay Off Your Mortgage Faster

Renew vs Refinance - what's the difference?

Free 15 minute Renewal Consultation

Reverse Mortgages - seniors can tap into home equity without moving or making payments

Financing Home Improvements

Understanding Credit

Free Guide - Understanding Your Credit Score

Credit Score Improvement Program

Secured Credit Cards

Mortgages in General

Mortgage Rates



Mortgage FAQs

For Nerds!


Mortgage Default Insurance

Mortgage Life Insurance

Life Insurnace Check-up

Property / Fire Insurance

Disability Insurance

Work Disruption

Title Insurance


As licensed professional mortgage brokers, we know exactly what it takes to qualify you for a mortgage and we do more than just get you a great mortgage at a great rate, we will show you the way, too.

Can I get a mortgage? Find out now.
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