freedomcapital

  If you are new to Canada and need a mortgage to fund a home purchase, there are some steps you need to take and supporting documents you will need to provide. The type of mortgage you will apply for and the paperwork you will need to have depended on whether or not you are a permanent resident, what your credit rating is, and how much you have saved for a down payment. What is a mortgage? A mortgage is the money you're going to borrow from a lender – such as a bank – to help fund the expense of the home you're purchasing. Over time, you make daily mortgage payments to the lender with the intention of owning the home entirely at the end of the mortgage term. New to Canada Mortgage Your mortgage payment consists of principal and interest. The principal is the difference between the purchase price of the house and the down payment, and the interest is the lender's fee for you to borrow the money from them. Your down payment is part of the purchasing price of your home that