Complete Mortgage Guide — Canada

How Mortgages Work in Canada

A mortgage is a loan secured against property. The Bank of Canada sets benchmark rates influencing lender pricing. Use our mortgage calculator to see how rates affect repayments.

Types of Mortgages Available

Fixed rate locks in your rate for a set period. Variable rate moves with the market. Read our mortgage types guide for a detailed comparison.

The Application Process

Get pre-approved first, then apply formally once you find a property. You will need proof of income, ID, bank statements, and details of existing debts.

Understanding Interest Rates

The Bank of Canada influences rates through monetary policy. Always compare total loan cost including fees, not just the headline rate.

Managing Your Mortgage

Extra repayments reduce total interest significantly. Consider refinancing if better rates become available — see our refinancing guide.

Next Steps

Use our mortgage calculator, read our property buying guide, or check FAQs.