Q: How are monthly mortgage payments calculated in Canada?

A: Canadian mortgage payments are calculated using your principal loan amount, your interest rate, and your amortization period. In Canada, fixed-rate mortgages are compounded semi-annually, which makes the calculation slightly different than in other countries.

Q: What is a good mortgage rate in Ontario right now?

A: Mortgage rates constantly fluctuate based on the Bank of Canada and bond yields. To get the best rate, it's highly recommended to use a mortgage broker who can negotiate with multiple lenders on your behalf rather than relying on a single bank.

Q: Should I choose a fixed or variable rate mortgage?

A: A fixed rate provides payment stability and peace of mind for your term. A variable rate fluctuates with the prime rate. It carries more risk but has historically saved borrowers money over the long term.