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

2019-08-20 - Millennials driving detached sales in GTA this summer

2019-08-20 - BoC might take Norway's lead, instead of the U.S. Fed's direction

2019-08-20 - Housing as a retirement plan has some inherent flaws

2019-08-20 - Commentary: Trade war's impact to reverberate far and wide

2019-08-20 - Search underway for the mortgage industry's newest trailblazers

2019-08-19 - Toronto mixed-use developments the world's envy

2019-08-19 - Amid strong rentals, Toronto real estate investment holding strong

2019-08-19 - Ontario home co-ownership more frequent in response to elevated costs

2019-08-19 - Montreal multi-family activity boosted market's July home sales

2019-08-16 - Cautious optimism abound in Lower Mainland

2019-08-16 - Amid easy credit, Generation Z is now exploring uncharted waters

2019-08-16 - The Waterloo region is seeing more and more properties being flipped

2019-08-16 - Calgary's periphery intensifies in terms of housing activity

2019-08-15 - July housing starts fall everywhere but Ontario

2019-08-15 - Alberta's mortgage arrears rate reaches highest point since 2013

2019-08-15 - Habitat for Humanity Canada to be granted 3-year federal investment

2019-08-15 - Apartments are still among Canada's most enticing investment assets

2019-08-14 - GTA's detached market recovers through first half of 2019

2019-08-14 - Biggest market risk is not a housing crash, contrary to popular belief

2019-08-14 - Correction fears weakening due to economic strength, cheaper borrowing

2019-08-14 - Brookfield Business Partners finalizes acquisition of Genworth Canada

2019-08-14 - CMP Women of Influence 2019: Entries now open