Taking out a mortgage is a big financial commitment — probably one of the biggest you’ll ever make. From deciding whether to go with a fixed or variable rate, to determining how long you’ll need to pay off your mortgage, to figuring out how much you can afford to borrow and how much money you’ll need to buy and maintain your home, there are many factors to consider.
The Financial Consumer Agency of Canada (FCAC), offers online tools and material to make your research easier. You’ll find tips and calculators to help you avoid stretching your budget to the limit when you buy your home.
There’s also information on areas you may not have considered: How to pay off your mortgage faster, how to borrow on your home equity and what to consider when renewing and renegotiating your mortgage.
Sleep well knowing you’ve made the right choices
A mortgage is only one of your financial commitments. You may want to travel, start a family or spend money on entertainment. You may also want to save money for retirement, major purchases or post-secondary education.
You can start with our Mortgage Qualifier Tool to help you determine whether you can qualify for a home mortgage based on your income and expenses. The Mortgage Calculator Tool works out your mortgage payment and provides you with a mortgage payment schedule. The calculator also shows how much money and how many years you can save by making prepayments.