A loan secured against a property that allows you to buy a home without paying the full purchase price upfront. The property itself serves as collateral -- if you stop making payments, the lender can take possession. In Canada, mortgages come in various types, terms, and amortization periods, and are offered by banks, credit unions, and private lenders.
Why It Matters
For most people, a mortgage is the largest financial commitment of their lives. Understanding how they work -- the difference between term and amortization, fixed vs variable, and what affects your rate -- is foundational knowledge for any homebuyer.
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