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

2019-09-13 - Pressure mounts on federal parties to amend B-20 ahead of election

2019-09-13 - CMI is among Canada's fastest growing companies

2019-09-13 - Toronto is one of Gen Z's most preferred global cities

2019-09-13 - CAPREIT announces new assets in Western Ontario and PEI

2019-09-12 - How e-commerce is changing industrial real estate

2019-09-12 - Montreal high-end development officially begins construction

2019-09-12 - Vancouver apartment investment on a decelerating trend this year

2019-09-11 - BMO survey reveals where first-time buyers are most confident

2019-09-11 - Hall of Fame - open for entries

2019-09-11 - Foreign money is to blame for home prices, majority of Canadians say

2019-09-11 - Canadian housing starts sharply pointed upward last month

2019-09-11 - North America remains a favourite investment target among Chinese

2019-09-10 - Will split Fed lead to another 25 bps cut?

2019-09-10 - How insurers can prevent mortgage fraud

2019-09-10 - Various pressures forcing millennials to commit mortgage fraud

2019-09-10 - Temporary modular housing might help improve affordable supply

2019-09-09 - Government's homebuying incentive called a cynical election ploy

2019-09-09 - HELOC growth in Toronto, Vancouver outstripping all other loan types

2019-09-09 - Montreal mortgage delinquency rate is markedly higher than Toronto's

2019-09-09 - Better employment to fuel even greater housing sales activity