Mortgages 101

The Financial Consumer Agency of Canada provides a lot of useful information for new home buyers and mortgages.  You can visit their site here.

Some of the topics they cover are:

Down payment
Find out how much money you need to put down to be able to get a mortgage.

Home Buyers’ Plan
See how you could use RRSPs for the down payment.

Mortgage payments: understanding interest versus principal
Learn how your mortgage payments are applied to the loan.

Choosing a mortgage type
Learn about the differences between open and closed mortgages

Choosing an amortization period
See how this affects how much interest you pay.

Choosing a mortgage term
Look at your options before making your choice.

Understanding fixed and variable interest rates
Read about the differences and how the decision will affect your payments.

Frequency of payments
See how accelerated payment options can save you thousands of dollars.

Mortgage default insurance
Get the details and examples of how this works.

Home equity lines of credit (HELOC)
Learn about an option for borrowing on your home’s equity.

Before you start shopping around for a mortgage
Make sure your credit report is in order to avoid problems.

Understanding the pre-approval process and qualifying for a mortgage
Find out how the process works and get prepared.

Other costs to consider
Get prepared for the other costs involved in owning a home.

Your rights and responsibilities
Learn about the information you must receive to help you understand key details of your mortgage.

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