Links

Informational Links

Accounting Services - Professional Accounting services

Credit Counselling Services - Debt Help Canada

Legal Services - Business Lawyers

Ellyn Law - Business & Corporate Law

Fliescher & Kochberg

Rosenbaum & Frank

Internet

CMHC

Information:

A mortgage is a loan that uses a property as security to ensure that the debt is repaid. The borrower is referred to as the mortgagor, the lender as the mortgagee. The actual loan amount is referred to as the principal, and the mortgagor is expected to repay that principal, along with interest, over the repayment period (amortization) of the mortgage.

A mortgage can be used for financing many different things, including:

Purchasing or constructing a new home
Purchasing an existing home
Refinancing to consolidate debts
Financing a renovation
Financing the purchase of other investments
Financing the purchase of investment property

Since a mortgage is a fully secured form of financing, the interest you pay is usually less than with most other types of financing. Many people use the equity in their homes to finance the purchase of investments. Using a Secured Line of Credit, or a fixed-rate mortgage, the interest costs are lower.