5.2.16 Summary of key messages
- 5.2.1 What is a mortgage?
- 5.2.2 Down payment
- 5.2.3 Pre-approval
- 5.2.4 Home Buyers Plan
- 5.2.5 Amortization and term
- 5.2.6 Types of mortgages
- 5.2.7 Interest rates
- 5.2.8 Payment types
- 5.2.9 Fixed or variable interest rates
- 5.2.10 Video: Mortgage Basics
- 5.2.11 Quiz: Mortgage terminology
- 5.2.12 Case study: Mortgage costs
- 5.2.13 Your mortgage payment
- 5.2.14 Payment options
- 5.2.15 Case study: Financing a mortgage
- 5.2.16 Summary of key messages
- When you look for a mortgage, you have to choose:
- the amount of the down payment you can pay
- the amortization period that will best fit your monthly budget
- an open or closed term mortgage
- a fixed or variable interest rate
- fixed or variable payments
- a monthly, weekly, biweekly or accelerated payment schedule.
- The key factor in choosing a mortgage is what you can afford in your monthly budget.
- A mortgage calculator will help you compare the costs of different mortgage options.
At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage your mortgage successfully in the future. Use the action plan as a roadmap for financial action!
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