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If you want to buy a home in Canada, you’ll likely need to apply for a mortgage. Learn about your mortgage options in the MoneySense Glossary.
A mortgage is a loan for purchasing a home. Buyers must put some money towards a home’s purchase price up front (a down payment) and can borrow the rest in the form of a mortgage from a financial institution, to be paid back (plus interest) over a period of up to 25 years (called the amortization). The interest rate may be fixed or variable, and mortgages may be open or closed (referring to the flexibility of making extra payments and repaying the full loan).
Example: “Nisha found a low variable mortgage rate using an aggregator site.”
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