What is a mortgage? Nov 14th

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What is a mortgage?

– moneysense.ca

Mortgage negotiations can be overwhelming, especially for first-timers. If you’re wondering about mortgages—how they work, what types of mortgages exist, who can apply and how to get approved—you’ve come to the right place.

Mortgage: the simple definition

In its simplest form, a mortgage is a loan used to buy a home or property. Like other loans, each comes with its own interest rate, amortization (repayment) schedule and other terms. With a mortgage, the home itself is used to secure the loan. This means if the mortgage holder fails to make payments, the home could be repossessed by the lender.

Get the mortgage rate that works for you.Find the best rate for you in under 2 minutes at ratehub.ca. Let’s get started.I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

Not all mortgages are built the same, so it’s important to find a mortgage that works for you and your situation. At the beginning of the application process, you should educate yourself about the following variables:

Repayment term: The amount of time you have to repay your mortgage…

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