Canadian Mortgage Basics - Mortgage 101

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In this video we discuss the basics of mortgages in Canada. We discuss what a mortgage is, how much you need for a downpayment, different types of mortgage rates, variable vs fixed mortgages, the difference between amortization and term, and whether you should go to a bank or a mortgage broker to get your mortgage.

The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
before implementing any of the strategies described in
this video. The presenter shall not be held liable
for any loss of profit or any other financial damages, including
but not limited to special, consequential, incidental, or other
damages.
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Watching this in 2023 and listening to "Interest rates jumping significantly in a short period of time is very very low" haha. Thanks for the informative video though

jasonrebello
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Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

Deborah-rx
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I know this was recorded two years ago, but it’s surreal we’re now living out the time of high variable rates when back then the chances of them hiking up was low. 😅

dominicjustina
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The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people—at least in California, where I currently reside—are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

Raymondjohn
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Thanks for this rundown! Great to have an understanding while watching what's happening with the market now.

Ajeetful
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Appreciate this informative video. It brings clarity and is easy to follow. Thank you!

brandysmyth
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Informative video ever.. you help from simple foundations to compose aside complexities. This video give useful tips and can’t wait to watch more educations from your channel!

MoricaPh
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Exactly the video I was looking for. Fantastic content. Keep it up and this channel will explode with subscribers!

Marketplacere
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Amazing video! I've been looking for informative Canadian content. You explained all this so clearly. Thank you so much and keep up the great work!

spohje
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God bless your soul for this video! Really wanna learn everything I can about the adult life here in Canada before it really hits me later on so this was super helpful. Subbed and can't wait to learn more from you :D

kbdc
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Thank you for the content, I’m taking the AMBA exam next week and your videos have been super helpful.

patrickcazabon
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Thank you for uploading this video, very useful.

JH-KU
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Hi, I appreciate your valuable videos

I have the following questions
1. To whom the filled up loan application submitted to?
2. How much is the deposit that accompany conditional offer?
3. Who will prepare Conditional Sold Document?
4. If the house price is high, will the buyer get a higher mortgage loan than he was pre- qualified for because house itself is collateral?
5. To whom the "Commitment on the Loan" written by underwriter be submitted to?
6. What are the legal documents prepared by the buyer attorney?
7. To whom the Conditional Sold Document is submitted to?
8. To whom the conditional offer made by the buyer realtor is submitted to ?
9. To whom the “Commitment on the Loan” done by the underwriter is submitted to?

Regards

AAwada
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Can explain what exactly is the accelerated payments and benefits/savings from doing it?

ramosatt
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great video. very concise and informative

michaelmamitesarmecin
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Would love an updated version of this, since so mych has changed with rates in 2023

Nuttzers
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Hey thanks for the videos. Whats your opinion on mortgage Co-signing?? Or do you have any info on this? I'm wondering if its a good option for me to get into the market a bit earlier with a cheaper 1st time home and will have a serious pay increase by the second year of the mortgage. Just wondering how much the co signer influences the approval since i have a fairly low income at the moment but my mortgage payments on a cheaper condo/house would be equal or less what I currently pay for rent.

fish
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Can we do part payment towards our Mortgage Loan to reduce the loan term and principal amount? Do we need to pay any penalty for that?

czawar
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Why doesn’t Canada have fixed rate mortgages longer than 5 years? Why not 10, 20, or 30 year fixed rate mortgages, like in other countries? Has this always been so in Canada? When did it change?

Martin-qmlg
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Hey Nolan,

Can you tell us the reality update on what variable rate holders have been going through since you've posted this video with all the rate hikes? Are many going homeless with default and having to rent? Are most able to still hold up their mortgage but how much is the reduced quality of life due to it? More of a reality day to day impact on people in this real-life scenerio if you can! :) thanks!

yashpatel