The Canadian Government’s Home Buyers' Plan (HBP) allows first-time home buyers to borrow up to $60,000 from their RRSP for a down payment, tax-free.
What is the difference between an open and closed mortgage?
With a closed mortgage, you will receive a lower interest rate (compared to an open mortgage), but there is a maximum annual amount you can pay towards your mortgage balance without penalty.
What is the mortgage stress test?
The mortgage stress test requires financial institutions to make sure a borrower can still make mortgage payments if interest rates increase.
What is the difference between a mortgage amortization period and mortgage term?
Your mortgage amortization is the length of time until your mortgage is fully repaid, typically ranging from 25-30 years. Your mortgage will have a set term. The term is the length of time you are committing to your mortgage agreement.
What is mortgage refinance?
A mortgage refinance refers to ending your current mortgage and replacing it with a new one. When you refinance, you can gain access to the equity in your home by adding to the size of your mortgage or lengthening the amortization period of
your mortgage.
What is creditor insurance?
Creditor insurance protects you and your family. It's used to pay out a mortgage balance or cover your mortgage payments on your behalf if something unexpected happens.
The information in this blog is for information purposes only and should not be used or construed as financial or investment advice. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed
or implied, is made by Questrade Group of Companies, its affiliates or any other person to its accuracy.
All mortgage applications are subject to meeting QuestMortgage standard credit criteria, residential mortgage standards and maximum permitted loan amounts. All rates are subject to change at any time without notice. Advertised interest rates
are for approved QuestMortgage applications that meet qualification conditions and interest rates available at pre-approval may be higher. Available in select markets only.
Pre-approval Pre-approval may only be available for certain mortgage terms. The purpose of the pre-approval is to hold an interest rate (for fixed rate mortgage pre-approvals) or to hold a modifier to the QuestMortgage Prime
Rate (for variable rate mortgage pre-approvals) for you for the period the Pre-approval Rate Hold Guarantee is in effect and can only be relied upon if you are approved for a QuestMortgage. The Pre-approval Rate Hold Guarantee is in effect
from the time you are pre-approved for a period of up to 120 days, after which this guarantee expires; other conditions may apply. Pre-approval does not provide any form of guarantee that you will be approved for a mortgage. The values
and figures shown to you cannot be used as an offer to obtain a mortgage or for the approval of any particular mortgage terms. Your approval for a mortgage or a loan requires additional information and verification, and depends on your
circumstances at that time. Therefore, you will still be required to go through the full QuestMortgage application process before you may be approved for a mortgage of any kind.