When purchasing a home, it is important to know everything about a mortgage and what it's all about. The Walker Real Estate Group will help you get a better understanding of a mortgage and everything you need to know to get pre-approved for buying a home as well as help find you the perfect Mortgage Agent! 

Here are the different mortgage options in Canada:

Fixed interest rate

A fixed interest rate remains consistent throughout the entire duration, typically surpassing variable interest rates. Opting for a fixed interest rate ensures that your payments remain constant for the complete term.

Variable interest rate

A variable interest rate has the potential to rise or fall throughout the designated period. Generally, variable interest rates tend to be lower compared to fixed interest rates. Opting for a variable interest rate allows you to maintain consistent payments for the entirety of your term.

Hybrid or combination interest rate

A hybrid or combination mortgage incorporates both fixed and variable interest rates. One segment of your mortgage carries a stable interest rate, while the other bears a fluctuating interest rate. The fixed portion offers limited protection in the event of interest rate increases, while the variable portion offers partial advantages if rates decrease. Distinct terms might apply to each section, potentially making the transfer of hybrid mortgages to a different lender more challenging.


Mortgage Amortization
The amortization period is the length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term. If your down payment is less than 20% of the price of your home, the longest amortization you’re allowed is 25 years.