What is a mortgage

Mortgages are simply a type of loan that is secured by a fixed asset, such as a house. While mortgage lenders use all types of financial information to calculate a maximum loan amount, the three most important factors are your gross household income, down payment, and the type of asset and value of the asset that will secure the loan. 

Mortgages can be confusing because there appear to be dozens of different types. In reality though, there are two basic kinds of mortgages; fixed rate and variable rate, offered in two flavours as conventional or non-conventional mortgages

Homebuyers often secure financing from financial institutions such as banks, credit unions and trust companies.  Alternatively, mortgage brokers and agents are becoming instrumental in helping Canadians find appropriate mortgage products and competitive rates.

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Best Mortgage Rates

Variable Rate 1.94%
1 Year 2.34%
2 Year 2.14%
3 Year 2.44%
4 Year 2.49%
5 Year 2.49%
10 Year 3.84%

April 27, 2017

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