Mortgage financing in Canada

What is mortgage financing?

Mortgage financing is a type of credit that is often used to purchase a home or other property. Unless you are paying cash for a property, most buyers will need to obtain mortgage financing from a financial institution. ( – Financial Consumer Agency – Mortgages)

What is the difference between mortgage financing and a mortgage loan?

In fact, the mortgage loan can be a component of mortgage financing. Nowadays, it is possible to obtain either a mortgage loan, a home equity line of credit, a combination of a loan and a line of credit or other types of credit. Therefore, mortgage financing can include a loan or a margin or any other financing granted by the financial institution according to their conditions. (AMF – Personal finance – Mortgages – Types of mortgages)

How to get mortgage financing in Canada?

In Canada, obtaining mortgage financing is usually done in two ways:

  • Through a financial institution, either directly at the financial institution or through its mortgage experts.
  • Through a mortgage financing broker (Mortgage Broker), who can represent you in several financial institutions.

Financial Institution or a Mortgage Broker?

While a financial institution only offers its own products, professional mortgage brokers channel millions of dollars in mortgages each year to Canada’s largest banks, credit unions, trust companies and financial institutions. They provide their customers with greater choice and better access to hundreds of mortgage products! Thus, they can be sure of benefiting, in complete security, from the best mortgage financing that meets their needs and their situations!

You want to buy a property, you want to borrow against the equity in your property (i.e. refinance your mortgage financing) for investment, leisure, debt consolidation purposes in order to reduce your monthly payments or other , or your current mortgage is just coming due? So you need to make an informed decision with an impartial mortgage financing expert, a mortgage broker.