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

2020-11-25 - The proper support makes all the difference

2020-11-25 - CMHC announces National Housing Council members

2020-11-25 - Despite relative stability, Bank of Canada still sees multiple downside risks in nation's economy

2020-11-24 - Canadian mortgage giant appoints new president

2020-11-24 - How will the expiration of a landmark real estate agreement impact Canada's mortgage brokers?

2020-11-24 - Last chance to nominate one of the industry's high achievers

2020-11-24 - CMHC to sell "socially responsible" mortgage bonds

2020-11-24 - New analysis says GTA home prices could drop by as much as 26%

2020-11-24 - RBC: Despite reopened economy, women's employment levels not recovering

2020-11-23 - Gearing up for the 2021 Canadian Mortgage Awards

2020-11-23 - Western Canada enjoys resurgent housing market in October

2020-11-23 - CRA: More than 100,000 big earners snapped up federal financial aid

2020-11-23 - Survey: Canadians struggling to pay mortgages due to COVID-19

2020-11-20 - "Canadians are just taking money, throwing it in the garbage, and burning it"

2020-11-20 - The growing importance of private lending

2020-11-20 - Canadians make up almost a third of this year's Mortgage Global 100

2020-11-20 - RateHub enters the Canadian lending space

2020-11-20 - Mortgage interest costs continued to fall in October

2020-11-20 - BoC initiative aims to ensure banks' resilience in face of climate change

2020-11-19 - How mortgage pros can help borrowers with their estate planning concerns

2020-11-19 - Choosing the right private lender

2020-11-19 - Hot List 2021 nominations: Time is running out

2020-11-19 - A scorching October for the B.C. real estate market

2020-11-19 - Canadians are hoarding cash - to the tune of $170 billion

2020-11-19 - Need relief? 5 programs homeowners should know about

2020-11-18 - Statistics Canada releases October inflation report; levels held a "mild high-side surprise"

2020-11-18 - Revealed - Mortgage industry's Global 100

2020-11-18 - Nominations open: 2021 Canadian Mortgage Awards

2020-11-18 - CREA: Ontario sets new record for home sales, inventory growth

2020-11-18 - CBA on how many mortgages remain deferred at Canada's largest banks

2020-11-18 - CMHC: Housing starts on the rise after a sluggish September