Mortgage Basics

What an amortization period means in Canada and how it affects mortgage payments, renewal strategy, and total borrowing cost.

The maturity date is the end of the current Canadian mortgage term, when the borrower usually renews, switches, refinances, or repays the balance.

A plain-language definition of a mortgage in Canada and how it fits borrowing, closing, renewal, and repayment.

Canada-first mortgage basics covering what a mortgage is, how amortization and term work, and how payments are structured.

What a mortgage payment includes in Canada and how rate type, amortization, and payment frequency affect it.

What mortgage principal means in Canada and how it differs from interest, balance, and payment amount.

What a mortgage term means in Canada and how it differs from amortization, maturity, and renewal.

How Canadian mortgage payment frequency works, including monthly, bi-weekly, and accelerated payment schedules.