Mortgage

Whether you are buying your first home, renewing your current mortgage, or looking to use your home’s equity to consolidate debt, we’re here to make the process simple. At LendingMoney.ca, we don’t just look at numbers—we look at your story.

The world of real estate can feel like it’s written in another language. We believe that when you understand your mortgage, you feel more in control of your financial future. 

Below is a simple guide to the terms you’ll encounter. We’ve stripped away the “bank-speak” to give you the clear answers you deserve. 

• The Principal: This is the actual amount of money you borrow to buy your home. 

• Down Payment: The upfront investment you make. In Canada, this is usually at least 5%. If you can reach 20%, you often avoid the extra cost of mortgage insurance! 

• Amortization: This is the total “life” of your loan—the number of years it will take to pay it off completely (usually 25 or 30 years). 

• The Term: This is the length of your current contract (often 3 to 5 years). At the end of a term, you get to “renew” and pick a new rate that fits your life at that time. 

• Fixed-Rate: Your interest rate stays exactly the same for the whole term. It’s perfect for those who want peace of mind and a predictable budget. 

• Variable-Rate: This rate can move up or down based on the market (the “Prime Rate”). It’s often lower to start and can save you money over time if you’re comfortable with a little movement. 

• Open vs. Closed: An “Open” mortgage gives you the freedom to pay it off early without penalties, while a “Closed” mortgage usually offers a lower interest rate in exchange for staying the full term. 

• Appraisal: This is just a professional check to confirm what the home is worth, ensuring you aren’t over-paying and that the lender is protected. 

• Closing Costs: These are the final “moving in” expenses, like legal fees and land transfer taxes. We recommend setting aside 1.5% to 3% of the purchase price to cover these so there are no surprises on moving day. 

• Home Equity: This is the “wealth” you’ve built in your home. It’s the difference between what your house is worth and what you still owe. Many of our clients use this equity to pay off high-interest credit cards or renovate their space. 

Most banks have strict “boxes” you have to fit into. We’re different. We specialize in helping Canadians who may have been turned away elsewhere. 

• Human-First Lending: We look at your potential, not just your past. 

• Fast Approvals: We know that when you find your dream home, time is of the essence. 

• No Hidden Jargon: We walk you through every document so you feel 100% confident when you sign.