Mortgage 101

Becoming a homeowner is something many Canadians aspire to. Home ownership affords you the freedom to choose your way of life, and invest your hard-earned income into something that belongs to you. 

Many prospective homeowners are not familiar with common mortgage terminology, and have many mortgage questions when they begin the process of looking for a new home. Our goal is to provide answers to those questions, giving home buyers the confidence to seek out the best deals, and not fall victim to dubious lending practices. Mortgage 101 will explain the basics about what it takes to obtain a mortgage in Canada, and what the homeowner's responsibilities are in terms of keeping that mortgage in good standing.

The housing market in Canada remains strong, and interest rates are at an all-time low. Buyers can take their pick of houses, townhouses and condos in the major Canadian cities, and prices are extremely competitive. Often, the dilemma is not where to live, it's which home do I want to live in? Choosing the ideal "dream home" is easy, but for many Canadians, complications arise when they apply for a mortgage.

The first thing any home buyer needs to do is educate him or herself on mortgage definitions. Our mortgage dictionary (categories are listed on the left) provides information on all the common lending scenarios. including bad credit mortgages and lines of credit. These days, mortgage brokers can prove helpful in securing financing for just about anyone who has the means to purchase a home. It pays to explore your options even if you have an excellent credit rating.

Take a look at our mortgage glossary, and educate yourself before you begin the mortgage application process. If your situation doesn't fit into one of the mortgage loan glossary terms listed here, our mortgage brokers are available to provide the information you need to help make the dream of home ownership a reality. Call 1-866-668-6570 or click