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Mortgages

First Time Home Buyers Guide: 2020 Edition

Published by My Rate Compass Team | Updated Dec 05, 2020
First Time Home Buyers Guide: 2020 Edition   In 2018, 457,600 Canadians purchased a home, that’s a lot of people for one year! Purchasing a property is one way of investing your money, which explains why buying a home is a popular endeavour for many Canadians. Not only does investing in a home help you save money for the future, it provides you with a long-term living situation. No wo
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Mortgage Terms

Published by My Rate Compass Team | Updated Jul 24, 2020
Mortgage Terms Explained   A mortgage term is defined as the length of time you’re committed to a specified mortgage rate, lender and parameters defined by that lender. At the end of a mortgage term, the borrower can pay off the remaining balance, renew the mortgage term, refinance the mortgage, or change lenders. Canadian homeowners often renew their mortgage multiple times through
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Mortgage Amortization

Published by My Rate Compass Team | Updated Sep 27, 2020
Mortgage Amortization Explained   Amortization for your mortgage is the length of time it takes for the loan to be paid off. In Canada, the maximum mortgage amortization period depends on the down payment amount. The limits are a maximum of 25 years when the down payment is lower than 20% of the property’s purchase price and a maximum of 35 years if the down payment is 20% or higher
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Mortgage Payment Frequency

Published by My Rate Compass Team | Updated Sep 27, 2020
Mortgage Payment Frequency   When taking out a mortgage, you have the option of choosing the payment frequency that suits you the most. Canadians have five different mortgage payment frequencies to choose from: monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly. While monthly payments are the most common, you can opt for more frequent payments to save on interest exp
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