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

2019-03-21 - First-Time Home Buyer Incentive reduces qualifying power

2019-03-21 - New measures might pull down sales activity until fall 2019

2019-03-21 - Canadian recession fears misguided - Morneau

2019-03-21 - Alberta affordable housing gets massive boost from governments

2019-03-20 - Federal budget's housing measures miss the mark

2019-03-20 - New 16-storey low-cost housing building to arise in Toronto

2019-03-19 - B-20 revocation, greater builder competition needed - Mattamy CEO

2019-03-19 - Montreal not dismissing foreign home buyer tax as an option

2019-03-19 - Atlantic Canada to benefit from economic strength this year

2019-03-19 - 2019 housing starts to decline in Toronto, Vancouver

2019-03-18 - Federal budget to introduce sweeping changes regarding housing

2019-03-18 - Western Canada's rental market recovering steadily

2019-03-17 - BCREA blames sluggish sales on stress test, calls for repeal

2019-03-17 - Home sales this year to reach weakest levels since 2010 - CREA

2019-03-17 - Real estate contributing less to the moderating Canadian economy

2019-03-17 - Double taxation harming New Brunswick apartment investment