Mortgages and Homebuying
A mortgage is a security for a loan on a property. Many Canadian consumers use this loan to help them buy a home. Mortgage payments usually include the principal (amount borrowed) plus the interest (the charge for borrowing money), and may also include a portion of the property taxes.
Learning More About Mortgages and Home Buying
The Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency. They are Canada’s premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. The CMHC also provides detailed information on buying a home, including their mortgage calculators.
- Canada Mortgage and Housing Corporation – Buying a Home
- Canada Mortgage and Housing Corporation – Homebuying Tools: Calculators
The Financial Consumer Agency of Canada (FCAC) is working to protect and inform consumers of financial services. Their website has a Mortgage Qualifier tool which estimates whether a consumer qualifies for a home mortgage. The FCAC also provides a Mortgage Calculator tool that estimates mortgage payments and a mortgage payment schedule. It shows how much money and how many years of payments can be saved by making prepayments.
The FCAC website also provides publications and tip sheets that offer useful information when dealing with mortgages.
- FCAC - Mortgage Qualifier Tool
- FCAC - Mortgage Calculator Tool
- FCAC - Mortgages and Loans Publications
The Office of Consumer Affairs (OCA) promotes the interests and protection of Canadian consumers and provides information to help them make informed decisions. The Rent or Buy a Home calculator available on the OCA website provides consumers with a tool that can help them compare the cost of buying a home with the cost of renting a home.
The Canadian Consumer Handbook provides tips, contacts, and other information for consumers, including information on mortgages and homebuying. The Handbook is produced as a partnership by the Consumer Measures Committee, a group of senior federal, provincial, and territorial government consumer affairs officials.