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

2019-07-18 - Regina's low-key profile belies its enviable housing affordability

2019-07-17 - Brokers get boost from The Funding Department

2019-07-17 - Canada had one of the world's largest debt-to-GDP ratio increases

2019-07-17 - Canadian housing's performance feeding into economic stability - DLC

2019-07-17 - The Ontario government needs stronger tools against money laundering

2019-07-17 - CMP Top Brokerages 2019 - entries now open

2019-07-15 - B-20 cost province $500 million in lost economic activity: BCREA

2019-07-12 - BoC interest rate cut likely on its way

2019-07-12 - Condo prices continue growing the fastest in red-hot Toronto

2019-07-12 - Calgary housing prices to shrink up to the end of this year - report

2019-07-12 - Vancouver axes rental developments despite near-zero vacancy rates