Mortgage Types

• Fixed-rate: Your rate stays the same for your term, so payments are predictable.

• Variable-rate: Your rate can move with the market, so payments may change.

Term vs. Amortization

• Term: How long your mortgage rate and conditions are locked in (usually 1–5 years).

• Amortization: Total time to fully pay off your mortgage (typically 25–30 years).

Mortgage Insurance

• If your down payment is under 20% mortgage default insurance is required

• It protects the lender and is added to your mortgage or paid as a premium.

Pre-Approval

• A pre-approval reviews your income, credit, and debts to set your budget and show sellers you’re serious.

Down Payment

• Your upfront contribution toward the home.

Minimums:

• 5% on the first $500,000

• 10% on the portion above $500,000

• Sources: Savings, gifts, RRSPs, FHSA, sale of a home, and some borrowed options.

New to Canada

You may still qualify for a mortgage even without long Canadian credit history.

Lenders may consider:

• Immigration documents and residency status

• International credit history (if available)

• Stable employment and income

• Newcomer mortgage programs with flexible options

Refinance

Replace your current mortgage to better fit your goals.

You might refinance to:

• Lower your interest rate

• Switch fixed or variable

• Change amortization

• Consolidate debt

• Access home equity

Keep in mind:

• Property value affects how much you can access

• Fees may include appraisal, legal, or penalties

• Compare savings vs. cost before moving forward.

Switch / Transfer

• Move your mortgage to a better fit.

• Switch lenders: Move to a different lender for better rates.

• Transfer within lender: Move your mortgage to a new property or product.

• Portable mortgage: Take your mortgage with you when you move.

• Always check for fees or penalties before making a change.