Shopping for a mortgage as a first time home buyer can be a long, stressful, and difficult process. Use our handy mortgage guide to quickly and easily get answers to the most frequently asked questions about mortgages in Canada. Simply click on a question to see the answer. We are positive the information below will assist you with any questions you may have. If you can’t find the question you are looking for, please don’t hesitate to contact us.What is a mortgage? What is a mortgage rate? What are the different types of mortgage rates? What is a fixed-rate mortgage? What is a variable-rate mortgage? What is a cash back mortgage? What is an all-in-one mortgage? What is a HELOC mortgage? What are the different types of mortgages? What is an open mortgage? What is a closed mortgage? What is a convertible mortgage? What are the different mortgage repayment options? What is a monthly payment? What is a biweekly payment? What is a biweekly rapid or accelerated payment? What is a weekly payment? What is a weekly rapid or accelerated payment? What is a high ratio mortgage? What is a mortgage term? What is the amortization period and how does it affect my mortgage? How much of a down payment do I need to make, and what can I use for it? What is CMHC mortgage insurance, and when is it required? Should I get pre-approved before I find the home I want to purchase? What mortgage documents are required to be pre-approved for a mortgage? How much can I qualify for? What are mortgage closing costs, and what should I expect to pay? What are mortgage prepayment options, and should I use them? What is the Land Transfer Tax, and how much will I have to pay? What is the RRSP Home Buyers’ Plan? What is the First-Time Home Buyers’ Tax Credit? Can I get a mortgage if I’m self-employed? What is a mortgage co-signer, and will I need one? Should I lock into a fixed-rate mortgage if my variable interest rate starts to rise? Is there ever a good time to break my closed mortgage and pay the prepayment penalties? Are there always penalties when I switch my mortgage to another lender? How do I renew my mortgage at the end of my term? What are my options for paying my property tax? Can I apply for a mortgage even if I have poor credit? What is the purpose of a mortgage broker? What factors affect mortgage rates in Canada? How often do mortgage rates change? How long does it generally take to complete a mortgage transaction? How can I apply for a mortgage?