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

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2019-09-18 - How divorces affect mortgages

2019-09-18 - New lender in town

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2019-09-18 - Global uncertainty will continue to weigh upon BoC decisions

2019-09-18 - Full speed ahead for Midland's latest master-planned development

2019-09-17 - Toronto, Vancouver areas add six digits to national housing price

2019-09-17 - Liberals' proposed foreigner-targeted tax will not cool down markets

2019-09-17 - Investment in Toronto residential property remains a winning prospect

2019-09-16 - 'If you don't vote for us, there's nothing to help you.'

2019-09-16 - Canadians' worries about household debt continue to persist

2019-09-16 - Construction begins on Montreal boutique condo development