Mortgage is a security for a loan on the property that you own. In very simple terms, when you need money to buy a home, you can get a loan from a lender with your home as guarantee. You pay interest and principle to the lender on a regular basis to pay back the loan..

Affordability-how much mortgage you can afford to pay every month depends on your monthly income and your expenses. The lenders typically want your monthly housing cost (mortgage+property tax+utilities) to be around 32% of your gross income.

Also, lenders look for no more than 40% of your gross income going to pay for housing and other debts.

You can get financing for the home from different sources such as banks, mortgage brokers, private investors etc. We can help you connect with the financing professionals through our strategic alliances. Our office is staffed by a full-time mortgage broker as well as Royal Bank representative. Please ask us about your financing needs.

We encourage you to check out CMHC and other financial institutions web site for in-depth explanations on mortgage and financing options. Please go to our resources section.