Residential Mortgages in Canada
Find the perfect financing solution for your primary residence. We shop 40+ lenders and match you with a top mortgage professional—on your side, not the bank's
Understanding Residential Mortgages
A residential mortgage is a loan specifically designed for purchasing or refinancing a property that you intend to occupy as your primary residence. As the most common type of mortgage in Canada, residential mortgages typically offer the most competitive interest rates and favorable terms because lenders view owner-occupied properties as lower risk investments.
Whether you're a first-time homebuyer, looking to upgrade to a larger home, or refinancing your existing property, a residential mortgage provides the financing foundation for your homeownership journey. With various options available -- from fixed to variable rates, and different term lengths -- you can customize your mortgage to align with your financial goals and lifestyle needs.
Types of Residential Mortgages
Lock in your rate for stability and predictable payments throughout your term.
Rates fluctuate with the market, potentially offering savings when rates decrease.
Choose flexibility to pay off early (open) or lower rates with restrictions (closed).
20%+ down payment (conventional) or less than 20% with insurance (high-ratio).
Key Features & Benefits
Access to the best rates from multiple lenders
Choose from 1 to 10-year term options
Up to 25-30 years to suit your budget
Pay off your mortgage faster without penalties
Transfer your mortgage when you move
Secure today's rate for up to 120 days
Qualification Requirements
The Application Process
Get pre-approved to understand your budget and lock in a rate for 90-120 days
Shop for your home with confidence knowing your financing is ready
Submit your complete application with all required documentation
Receive final approval and mortgage commitment letter from the lender
Sign final documents and receive the keys to your new home
Fixed vs Variable Rate Comparison
Advantages
- -Predictable monthly payments
- -Protection from interest rate increases
- -Easier to budget and plan finances
- -Peace of mind during market volatility
Considerations
- -Higher penalties if you break the mortgage early
- -May miss out on savings if rates decrease
- -Initial rate may be slightly higher than variable
Advantages
- -Often lower initial interest rate
- -Can benefit from rate decreases
- -Lower penalties if you break the mortgage
- -Potential for significant long-term savings
Considerations
- -Payments can increase if rates rise
- -Less predictable monthly budgeting
- -Requires tolerance for some uncertainty
Frequently Asked Questions
Ready to Buy Your Home?
Get started with your residential mortgage today. We'll match you with a top mortgage professional who shops 40+ lenders to guide you through every step and find the best rates and terms for your situation.