Mortgages and Loans

A mortgage is a large, long-term loan used to purchase a home or other property, they are offered by most banks and financial institutions. Each mortgage is negotiated by the borrower and the financial institution and includes many things, such as the amount being lent, the term (how long you have to repay), the interest rate, the down payment, and opportunities for renegotiation (changes or adjustments). It is important to compare financial institutions and shop around for the best mortgage terms. Most importantly, be sure that you understand all the terms of your mortgage before you sign an agreement.

For more information and support, visit the Financial Consumer Agency of Canada at
www.fcac-acfc.gc.ca.