When you’re getting a mortgage, two numbers can be easy to confuse: your mortgage term and your amortization period. They both affect your mortgage, but they describe two very different things. Understanding the difference can help you make more informed decisions when choosing a mortgage and planning for future renewals. Lisa’s Tip: Your mortgage term…

Buying a home is a major milestone, and understanding your mortgage is key to financial success. One crucial element is your amortization period. But what exactly is amortization, and how does it affect your monthly payments and overall interest costs? Let’s break it down and explore how adjusting your amortization period, with the help of…

What Canadian Homebuyers Need to Know When embarking on the journey to homeownership in Canada, understanding key financial concepts is crucial to making informed decisions. One such concept is amortization—a term frequently mentioned in mortgage discussions but often misunderstood. In this blog post, we will demystify amortization and explain its significance in the Canadian mortgage…

Exciting Changes for First Time Home Buyers in 2024 Starting August 1st, 2024, a significant shift is coming for homeowners purchasing newly built properties. The Department of Finance will provide First Time Home Buyers (FTHB) with the valuable option of a 30-year amortization for insured mortgages. This change is set to make home ownership more…