Gilkinson Financial


The Mortgage Centre

Lic. #11952

Mortgage

Your mortgage is likely the largest debt you’ll ever have in your life. When you agree to a mortgage, you’re signing a legal contract promising to repay the loan plus interest and other costs. Your home is collateral for that loan. The principal is simply the sum of money you borrowed to buy your home. To lower your principal amount upfront, you can put down a percentage of the home’s purchase price as a down payment.

In addition to your principal and interest, your mortgage payment will likely include taxes. The taxes are property taxes your community levies based on a percentage of the value of your home. Lenders won’t let you close the deal on your home purchase if you don’t have home insurance, which covers your home and your personal property against losses from fire, theft, bad weather and other causes.

IMPORTANT INFORMATION: New mortgage rules will ‘reduce the risk’ a housing crash poses to Canada’s economy


Check now how much the mortgage for your house would cost by using our Mortgage Calculator

Latest Mortgage News

2020-04-02 - Maintaining perspective: A Chernobyl survivor's take on COVID-19

2020-04-02 - Mortgage rates to climb further as institutional lenders react to increased risk

2020-04-02 - Buyers hunker down while investors flock to the Vancouver market

2020-04-02 - Purchasing power to further weaken as small businesses fold

2020-04-02 - PEI brokers now barred from open houses, in-person meetings

2020-04-01 - RBC economist projects housing sector to recover from impact of COVID-19 in 2021

2020-04-01 - COVID-19 a disaster for the Toronto housing market

2020-04-01 - Coronavirus grinds London, ON market to a halt

2020-04-01 - Most brokers anticipating lower incomes during COVID-19 pandemic

2020-04-01 - Multi-million tranche allocated for Indigenous housing in Nova Scotia

2020-03-31 - NDP renews call for federal government to suspend rent, mortgage payments

2020-03-31 - Nearly half of Canadians veering over the edge of insolvency

2020-03-31 - COVID-19 pandemic has altered Canadians' home searching habits

2020-03-31 - Further BoC moves on the way - economists

2020-03-31 - CMHC puts dividends on hold due to COVID-19 menace

2020-03-30 - Big Six banks cut prime lending rates yet again

2020-03-30 - CMHC commits additional $100bn to Insured Mortgage Purchase Program

2020-03-30 - Hundreds of thousands of homeowners seek mortgage payment deferral

2020-03-30 - A third of Canadians fear not meeting housing expenses due to COVID-19

2020-03-30 - Iqaluit condo owners see sharp rise in commercial insurance premiums

2020-03-27 - Bank of Canada enacts another overnight rate cut

2020-03-27 - Mortgage rates to go upward until the market reaches a 'new normal'

2020-03-27 - GTA's single-family home sales had an explosive annual increase

2020-03-27 - Calgary's luxury market remains listless amid economic struggles