{"id":210572,"date":"2024-12-09T12:30:00","date_gmt":"2024-12-09T17:30:00","guid":{"rendered":"https:\/\/mp-2702.milesopedia.dev\/news\/how-do-mortgages-work-in-canada\/"},"modified":"2026-05-08T15:52:47","modified_gmt":"2026-05-08T15:52:47","slug":"how-do-you-work-hypothecary-canada","status":"publish","type":"post","link":"https:\/\/mp-2702.milesopedia.dev\/en\/personal-finance\/mortgages\/how-do-you-work-hypothecary-canada\/","title":{"rendered":"How do mortgages work in Canada?"},"content":{"rendered":"\n<p>When you want to <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/personal-finance\/real-estate\/tips-for-buying-first-home-canada\/\">buy a house<\/a>, it is essential to understand how mortgages work in Canada. Whether you are a native of Canada or coming from abroad, it can be quite complicated. Additionally, sometimes the <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/news\/finance\/mortgage-over-30-years\/\">government changes the rules<\/a> regarding down payments and amortization, among other things, to facilitate homeownership. In this guide, we explain the difference between the types of mortgages in Canada, as well as fixed and variable rates, terms, and amortization periods.<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s container_count--4'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"408004,210603,210586,210595\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article><article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article><article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article><article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-mortgage\">What is a mortgage?<\/h2>\n\n\n\n\n\n<p>Few people have the necessary cash to buy a house outright. Thus, the portion of the purchase price that you pay will be your down payment. Then, to cover the difference between the purchase price and your down payment, you will need a mortgage, which you will repay over a long period (up to 30 years).<\/p>\n\n\n\n<p>A mortgage is a legal contract between you and your lender: bank, credit union, finance company, or mortgage investment company. If you do not comply with the terms of your mortgage, such as making mortgage payments, the lender has the right to repossess your house.<\/p>\n\n\n\n<p>Your mortgage payments generally include the principal borrowed, interest, mortgage insurance (if applicable), and sometimes property taxes (required by some lenders).<\/p>\n\n\n\n<p>Over the duration of your mortgage repayment, you must renew your contract several times (e.g., every 5 years) until your mortgage is fully paid off. If you move or need to sell your house for another reason, you can terminate your contract. However, you will have to pay a penalty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-mortgages-in-canada\">Types of mortgages in Canada<\/h2>\n\n\n\n<p>There are different types of mortgages in Canada, such as open mortgages and closed mortgages. Each has its own advantages and disadvantages. Choose a mortgage based on your situation and needs.<\/p>\n\n\n\n<div class=\"component component__table\"><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Types<\/th><th>Characteristics<\/th><\/tr><\/thead><tbody><tr><td><strong>Open mortgage<\/strong><\/td><td>An open mortgage gives you the ability to pay off your mortgage balance as quickly as you want, without penalties or high fees. However, their interest rates are higher than closed mortgages. It is a good choice if you want to regularly make an additional payment on your mortgage or if you plan to repay your mortgage soon.<\/td><\/tr><tr><td><strong>Closed mortgage<\/strong><\/td><td>A closed mortgage generally has a lower interest rate than an open mortgage. However, it comes with a limit on the additional amount you can pay on your mortgage each year. This prepayment limit varies from lender to lender. It is a good choice if you plan to keep your house for the term of your mortgage and if the prepayment limit meets your needs.<\/td><\/tr><tr><td><strong>Transferable mortgage<\/strong><\/td><td>A transferable mortgage allows you to transfer your existing mortgage if you sell your home and buy another one. It is a good choice if the rate on your current mortgage is advantageous compared to current rates and if you want to avoid penalties for terminating your mortgage contract.<\/td><\/tr><tr><td><strong>Reverse mortgage<\/strong><\/td><td>A reverse mortgage allows you to receive cash value for the equity in your home while you still live there. It is an option for seniors who need extra money to fund their retirement.<\/td><\/tr><\/tbody><\/table><\/figure><\/div>\n\n\n\n<p>To compare rates and types of mortgages, try our <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/compare-mortgage-rates\/\">mortgage rate comparison tool<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-down-payment\">Down payment<\/h2>\n\n\n\n<p>The first element to consider when obtaining a mortgage loan in Canada is the <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/personal-finance\/mortgages\/down-payment-to-buy-a-home-in-canada\/\">down payment<\/a>. The down payment is the amount you need to save and pay for the purchase of your home. This amount will be deducted from the purchase price and your mortgage will cover the difference.<\/p>\n\n\n\n<p>In Canada, the minimum down payment you must make depends on the purchase price of your home. It ranges from 5% to 20% of the purchase price. However, in some cases, your lender may require a higher down payment.<\/p>\n\n\n\n<div class=\"component component__table\"><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Purchase price<\/th><th>Minimum down payment<\/th><\/tr><\/thead><tbody><tr><td>$0 to $499,999<\/td><td>5% of the purchase price<\/td><\/tr><tr><td>$500,000 to $999,999<\/td><td>5% of the first $500,000 of the purchase price and 10% on the amount exceeding $500,000<\/td><\/tr><tr><td>$1,000,000 and above<\/td><td>20% of the purchase price<\/td><\/tr><\/tbody><\/table><\/figure><\/div>\n\n\n\n<p>If you make a down payment of less than 20% of the purchase price of your home, you will need to pay mortgage loan insurance.<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"210579\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mortgage-pre-approval\">Mortgage pre-approval<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/personal-finance\/mortgages\/pre-approval-hypothecary-canada\/\">mortgage pre-approval<\/a> allows you to know the maximum purchase price of your future home. This way, you can search for properties that fit your budget and be confident that you will obtain a mortgage loan. To get a mortgage pre-approval, your lender will ask for the following information:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li>Proof of identity<\/li>\n\n\n\n<li>Proof of address<\/li>\n\n\n\n<li>Current employer contact information<\/li>\n\n\n\n<li>Employment history<\/li>\n\n\n\n<li>Proof of income<\/li>\n\n\n\n<li>List of debts<\/li>\n<\/ul><\/div>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"232198\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-debt-ratios\">Debt ratios<\/h3>\n\n\n\n<p>It is essential to keep control of your debts, as they have a significant impact on mortgage loans in Canada. Indeed, a bank may refuse to grant you a mortgage loan if it deems that you do not have the capacity to repay your loan. For this, lenders analyze your file and your <a>credit score<\/a> and calculate your debt ratios: Gross Debt Service (GDS) and Total Debt Service (TDS).<\/p>\n\n\n\n<p>The debt ratio is used to evaluate your debts in relation to your income. It also allows calculating the required annual income to be able to make mortgage payments, in addition to other debts (if any).<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"210575\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stress-test\">Stress test<\/h3>\n\n\n\n<p>The stress test is required to obtain a mortgage in Canada. This test allows lenders to confirm that you can repay mortgage payments at a higher interest rate than your mortgage contract rate, in case of rate increases. The rate used is the higher of 5.25% and your contract rate plus 2%. If you want to apply for a home equity line of credit or refinance your home, you will need to pass a stress test again.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-choosing-your-mortgage-loan\">Choosing your mortgage loan<\/h2>\n\n\n\n<p>You now know the types of mortgage loans in Canada and the requirements for down payment and debt ratio. However, there are several other criteria before choosing a mortgage loan based on your needs. These include the types of lenders, term, amortization, interest rate, payment frequency, mortgage loan insurance, and much more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-types-of-lenders\">Types of lenders<\/h3>\n\n\n\n<p>First of all, there are several types of lenders that offer mortgages in Canada. Namely, banks, credit unions, and mortgage companies. Then, mortgage brokers, like <a title=\"\">nesto<\/a>, offer loans by connecting borrowers like you with mortgage lenders. To choose the mortgage that best meets your needs, take the time to understand the options of each lender you deal with.<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s container_count--2'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"313442,348132\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article><article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mortgage-term\">Mortgage Term<\/h3>\n\n\n\n<p>In Canada, there is a significant difference between the term and the amortization of the mortgage. The term of a mortgage is the duration of your mortgage contract. Terms generally range from a few months to 5 years or more. At the end of each term, you must renew your mortgage. Generally, you will need several terms to fully repay your mortgage loan. The chosen term will impact, among other things, your interest rate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-amortization-period\">Amortization Period<\/h3>\n\n\n\n<p>The amortization period is the time required to fully repay your mortgage. For example, 15, 20, or 25 years. The longer the amortization period, the lower your payments, but the more interest you will pay. With the new <a>rules in effect<\/a>, if you obtain an insured mortgage loan (<a>down payment<\/a> less than 20%), the maximum amortization period is 25 years or 30 years (for a first home or a newly built home).<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"408004\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-types-of-interest\">Types of Interest<\/h3>\n\n\n\n<p>When you take out a mortgage, you can choose between a fixed interest rate or a variable interest rate. But, there are also hybrid mortgages.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-fixed-interest-rate\">Fixed Interest Rate<\/h4>\n\n\n\n<p>A fixed interest rate is generally higher than a variable interest rate. But, it remains the same throughout the term. Thus, your mortgage payments remain the same throughout the term, ensuring stability and predictability.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-variable-interest-rate\">Variable Interest Rate<\/h4>\n\n\n\n<p>Conversely, a variable interest rate can increase and decrease during your term. However, the variable interest rate is generally lower than a fixed interest rate, especially over a long period. You can choose between fixed payments (the amortization will change if the rate changes) or adjustable payments (the amount of your payments will change if the rate changes).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-hybrid-interest-rate\">Hybrid Interest Rate<\/h4>\n\n\n\n<p>As the name suggests, a hybrid mortgage includes a part with a fixed interest rate and another part with a variable interest rate. The fixed-rate part offers protection against rate increases, while the variable-rate part offers an advantage if rates decrease.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-interest-rate\">Interest rate<\/h3>\n\n\n\n<p>When you want to take out a mortgage, your lender offers you an interest rate. This interest rate is used to calculate the fees you must pay for your mortgage. The higher the interest rate, the more interest you pay over the duration of your loan.<\/p>\n\n\n\n<p>The interest rate you can obtain depends on several factors, including:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li>The term of the mortgage<\/li>\n\n\n\n<li>The type of interest (fixed, variable, or hybrid)<\/li>\n\n\n\n<li>Your credit history and <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/personal-finance\/credit-score\/101-credit-score\/\">credit score<\/a><\/li>\n\n\n\n<li>The type of lender<\/li>\n\n\n\n<li>Etc.<\/li>\n<\/ul><\/div>\n\n\n\n<p>Know that you can try to negotiate your interest rate down. But, you can also compare with other lenders. To facilitate your search, you can use our <a>mortgage rate comparison tool<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-frequency-of-payments\">Frequency of payments<\/h3>\n\n\n\n<p>The payment frequency corresponds to how often you make your mortgage payments. Or, the frequency at which mortgage payments are withdrawn from your bank account. You can make regular payments or accelerated payments (one extra monthly payment per year), which allows you to reduce the amortization of your mortgage loan and the interest paid. Generally, the more frequent your mortgage payments, the more you will save on interest over the duration of your loan.<\/p>\n\n\n\n<p>The different payment frequency options are:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li>Monthly: one payment per month<\/li>\n\n\n\n<li>Bi-monthly: two payments per month (e.g., the 1st and the 15th of each month)<\/li>\n\n\n\n<li>Every 2 weeks (regular or accelerated): one payment every 2 weeks<\/li>\n\n\n\n<li>Weekly (regular or accelerated): one payment per week<\/li>\n<\/ul><\/div>\n\n\n<aside class=\"component component__notice component__notice--info wp-block-milesgutenberg-notice\">\n\t\t\t\t<i class=\"fas fa-info-circle\"><\/i>\n\t\t<div class=\"component__notice__content\">\n\t\t\t\t\n\n<p>Tip: Choose a mortgage payment frequency that matches your pay cycles. This way, you ensure that the money is in your account when your mortgage payment is withdrawn.<\/p>\n\n\t<\/div>\n<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mortgage-calculator\">Mortgage calculator<\/h3>\n\n\n\n<p>To help you estimate the amount you can borrow and your mortgage payments, you can use a mortgage calculator. For example, the Financial Consumer Agency of Canada (<a>FCAC<\/a>) provides the following tools:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li><a target=\"_blank\" href=\"https:\/\/itools-ioutils.fcac-acfc.gc.ca\/MC-CH\/MC-CH-fra.aspx\">Mortgage calculator<\/a>: to estimate your mortgage payments<\/li>\n\n\n\n<li><a target=\"_blank\" href=\"https:\/\/itools-ioutils.fcac-acfc.gc.ca\/MQ-HQ\/MQ-EAPH-eng.aspx\">Mortgage loan eligibility<\/a>: to determine if you qualify for a mortgage loan<\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mortgage-loan-insurance\">Mortgage loan insurance<\/h3>\n\n\n\n<p>Mortgage loan insurance does not protect you. It protects the lender if you are unable to make your payments. As mentioned earlier, if your down payment is less than 20%, you must obtain mortgage loan insurance such as <a target=\"\" rel=\"\">CMHC<\/a>. However, even if you make a 20% down payment, your lender may still require mortgage loan insurance in certain cases. For example, if you have a poor credit history or if you are self-employed.<\/p>\n\n\n<aside class=\"component component__deferred_contents wp-block-milesgutenberg-deferred-contents\">\n\t\t\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"210577\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/aside>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-property-taxes\">Property taxes<\/h3>\n\n\n\n<p>Some lenders require that the payment of property taxes (municipal and school taxes) for your home be included in your regular payments. Thus, they add the property taxes to your regular payments and then ensure that your property taxes are paid for you. This is a financing condition often found among first-time buyers, but not limited to them.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-compare-mortgage-rates-in-canada\">Compare mortgage rates in Canada<\/h2>\n\n\n\n<p>In addition to the <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/news\/finance\/mortgage-over-30-years\/\">new rules to facilitate homeownership<\/a>, mortgage rates have been declining for several months. Indeed, the Bank of Canada has reduced the key interest rate on several occasions since the beginning of the year. If you need to renew your mortgage soon, several options are available to you:<\/p>\n\n\n\n<div class=\"component component__list\"><ul class=\"wp-block-list\">\n<li>Contact your bank to find out the best rate you can get<\/li>\n\n\n\n<li>Contact a mortgage broker like <a title=\"Nesto\" href=\"https:\/\/mp-2702.milesopedia.dev\/en\/go\/nesto\/\">nesto<\/a> to help you find the best mortgage rate.<\/li>\n\n\n\n<li>Compare mortgage rates from banks and mortgage finance companies with our <a href=\"https:\/\/mp-2702.milesopedia.dev\/en\/compare-mortgage-rates\/\">mortgage rate comparison tool<\/a>.<\/li>\n<\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bottom-line\">Bottom Line<\/h2>\n\n\n\n<p>In summary, buying a house is the most important purchase of your life. To finance this purchase, you will probably need to take out a mortgage, in addition to saving for a down payment. Before choosing a mortgage loan, you will need to make a series of decisions: term, amortization, fixed or variable rate, payment frequency, etc. This guide should have answered all these questions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-about-mortgage-loans-in-canada\">Frequently asked questions about mortgage loans in Canada<\/h2>\n\n\n<aside class=\"component component__faq wp-block-milesgutenberg-faq\">\n\t\n<div class=\"component component__faq__item component__faq__item--opened wp-block-milesgutenberg-faq-item\">\n\t<div class=\"component__faq__item__title\">\n\t\t<h4 id=\"which_bank_offers_the_best_rate_for_a_mortgage_loan_in_canada_\" class=\"toc_exclude component__faq__item__title__heading\">\n\t\t\tWhich bank offers the best rate for a mortgage loan in Canada?\t\t<\/h4>\n\t\t<i class=\"fas fa-chevron-down\"><\/i>\n\t<\/div>\n\t<div class=\"component__faq__item__content\">\n\t\t<div class=\"component__faq__item__content__inner\">\n\t\t\t\n\n<p>Several types of lenders offer mortgage loans in Canada: banks, credit unions and mortgage brokers. The interest rate depends on several factors such as the term of the mortgage and the type of interest (fixed, variable, or hybrid). But also, on your credit history.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"component component__faq__item component__faq__item--opened wp-block-milesgutenberg-faq-item\">\n\t<div class=\"component__faq__item__title\">\n\t\t<h4 id=\"what_is_the_best_mortgage_rate_today_\" class=\"toc_exclude component__faq__item__title__heading\">\n\t\t\tWhat is the best mortgage rate today?\t\t<\/h4>\n\t\t<i class=\"fas fa-chevron-down\"><\/i>\n\t<\/div>\n\t<div class=\"component__faq__item__content\">\n\t\t<div class=\"component__faq__item__content__inner\">\n\t\t\t\n\n<p>To find out the best mortgage rate today, visit the banks&#8217; websites or contact a mortgage broker like <a title=\"Nesto\" href=\"https:\/\/mp-2702.milesopedia.dev\/en\/go\/nesto\/\">nesto<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"component component__faq__item component__faq__item--opened wp-block-milesgutenberg-faq-item\">\n\t<div class=\"component__faq__item__title\">\n\t\t<h4 id=\"will_mortgage_rates_continue_to_drop_in_2024_and_2025_\" class=\"toc_exclude component__faq__item__title__heading\">\n\t\t\tWill mortgage rates continue to drop in 2024 and 2025?\t\t<\/h4>\n\t\t<i class=\"fas fa-chevron-down\"><\/i>\n\t<\/div>\n\t<div class=\"component__faq__item__content\">\n\t\t<div class=\"component__faq__item__content__inner\">\n\t\t\t\n\n<p>With inflation decreasing, mortgage rates are expected to drop in 2024 and 2025. However, nothing is guaranteed.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"component component__faq__item component__faq__item--opened wp-block-milesgutenberg-faq-item\">\n\t<div class=\"component__faq__item__title\">\n\t\t<h4 id=\"what_is_the_current_rate_for_a_mortgage_loan_in_canada_\" class=\"toc_exclude component__faq__item__title__heading\">\n\t\t\tWhat is the current rate for a mortgage loan in Canada?\t\t<\/h4>\n\t\t<i class=\"fas fa-chevron-down\"><\/i>\n\t<\/div>\n\t<div class=\"component__faq__item__content\">\n\t\t<div class=\"component__faq__item__content__inner\">\n\t\t\t\n\n<p>The mortgage loan rate in Canada varies from person to person, depending on several factors. Notably, your credit history and the features you choose for your mortgage (term, type of interest, etc.).<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<\/aside>","protected":false},"excerpt":{"rendered":"<p>Fixed or variable rate? Open or closed loan? Do you know how mortgages work in Canada? That&#8217;s what we explain to you in this guide.<\/p>","protected":false},"author":2488,"featured_media":215167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[46376],"tags":[],"mc_loyalty_program":[],"class_list":["post-210572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","mc_market-all-of-canada"],"acf":{"mc_approved_badge":false,"mc_card_used":"","mc_featured_card_specific":"","mc_hide_featured_card":false,"mc_post_checklist":{"mc_post_checklist_true":null,"mc_post_checklist_false":null}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How do mortgages work in Canada? | Milesopedia<\/title>\n<meta name=\"description\" content=\"Fixed or variable rate? 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