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

2020-09-23 - CMHC: National housing market showing "moderate" vulnerability

2020-09-23 - Capitalizing on the rise of alternative lending

2020-09-23 - Canadians' mortgage confidence strong despite COVID-19 - economist

2020-09-23 - Neighbourhood Holdings announces new three-year offering

2020-09-22 - The state of multi-family real estate in Canada

2020-09-22 - New CMHC initiative to focus on rapid creation of new housing supply

2020-09-22 - Ontario implements moratorium on residential rent prices

2020-09-22 - Number of Canadians without support "disturbingly high" once CERB ends

2020-09-21 - Short-term real estate prices in Canada to be "flat to ten percent lower" - LowestRates CEO

2020-09-21 - CMHC to rename itself amid "changing mandate"

2020-09-21 - CMP unveils this year's top lenders

2020-09-21 - Security officials: CRA breaches much worse than initially reported

2020-09-18 - A look at Mayor Kennedy Stewart's plan for creating affordable homes in Vancouver

2020-09-18 - Scotiabank: Millennials hopeful about buying homes despite COVID-19

2020-09-18 - Major banks anticipating resumption of most mortgage payments

2020-09-18 - East Vancouver tenants threatened with eviction by indebted developer

2020-09-17 - As COVID-19 drags on, what should Canada's snowbirds do with their U.S. properties?

2020-09-17 - Royal LePage CEO: Supply shortage pushed home prices up 18.5%

2020-09-17 - Last chance to nominate a Woman of Influence

2020-09-17 - Annual inflation rate unchanged in August

2020-09-16 - Consumer confidence in housing sector showing signs of improvement

2020-09-16 - Feds to help cities buy vacant properties for affordable housing initiatives - report

2020-09-16 - HGTV star believes tax credit on home renovations may be coming soon