Choosing a mortgage that is right for you
When you buy a home, you may only be able to pay for part of the purchase price. The amount you pay is a down payment. To cover the remaining costs of the home purchase, you may need help from a lender. The loan you get from a lender to help pay for your home is a mortgage.
A mortgage is a legal contract between you and your lender. It specifies the details of your loan and it’s secured on a property, like a house or a condo.
Original Article Source Credits: Canada.ca ,https://www.canada.ca/
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Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html