5.2.16 Summary of key messages

From: Financial Consumer Agency of Canada

  • 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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