Choosing the right mortgage

The various aspects of a mortgage that will determine your total cost of borrowing

12 articles in this collection
Written by Andrew Sikomas

Terms and conditions

The features and fine print that affect your total cost of borrowing.

Written by Andrew Sikomas
Updated over a week ago

Prepayment privileges

How to get ahead on your mortgage without paying fees or penalties.

Written by Andrew Sikomas
Updated over a week ago

Porting your mortgage

Transfer the remainder of your existing mortgage term, outstanding principal balance, and interest rate to a new property

Written by Andrew Sikomas
Updated over a week ago

Penalty clause

All about the payout penalty and how it is calculated

Written by Andrew Sikomas
Updated over a week ago

Amortization

The length of time it will take you to pay off the mortgage in full

Written by Andrew Sikomas
Updated over a week ago

Accelerated payments

What are they and how do I figure out what mind would be?

Written by Andrew Sikomas
Updated over a week ago

Fixed rate vs variable rate

Budget certainty vs historical gains if you accept volatility

Written by Andrew Sikomas
Updated over a week ago

Prime rate

A key interest rate that other loan rates are based on.

Written by Andrew Sikomas
Updated over a week ago

Payment frequency

How often/when can my mortgage payments be made?

Written by Andrew Sikomas
Updated over a week ago

Skip a payment

Some mortgages allow you to skip payments from time to time

Written by Andrew Sikomas
Updated over a week ago

Term

The length of time the terms and conditions of your mortgage are in effect (rate, payment amount, prepayment options)

Written by Andrew Sikomas
Updated over a week ago

Why are rates better for lower down payments?

The rates may sometimes be lower but total borrowing costs are still much higher.

Written by Andrew Sikomas
Updated over a week ago