Mortgages & Loans

A mortgage is a loan that is paid in monthly instalments over a term of up to 25 years. A loan will help you secure your home or new business.

Your loan amount (principle) plus the charge for borrowing the money (interest) is repaid to the bank. Mortgages can have bi-weekly or weekly payments. Weekly payments will pay off the mortgage faster and therefore save on interest.

The Financial Consumer Agency of Canada's mortgage qualifier and the mortgage calculator will help you make your mortgage decisions.

A bank will approve your mortgage or loan based on your credit score. A credit score rates your financial creditability on factors such as payment history. To learn more visit Understanding Your Credit Report and Credit Score.

You can use a line of credit to access money. Lines of credit are available at any banking institution. Follow the link to learn how to build credit. Settlement.Org has a resource to learn how to get a credit card with no Canadian credit history.