Buying a home
Learn how down payment, mortgage amount, term and amortization fit together before you begin.
Explore purchase basics ↗Clear mortgage information
Make sense of your mortgage options.
Learn the fundamentals, explore the numbers and understand the questions worth asking—before speaking with a licensed mortgage professional.
01 General education
02 No credit check
03 No mortgage application
Buying a homeRenewingRefinancingMortgage basicsPayment estimates
Start with the fundamentals
Clarity before commitment.
A useful mortgage conversation starts with understanding the language, the moving parts and the trade-offs. These guides are general education—not a recommendation for your situation.
Renewing
Understand why rate, term, prepayment features and potential penalties all deserve attention.
Review the key terms ↗Refinancing
Learn the basic difference between changing a mortgage and simply renewing an existing term.
Read common questions ↗Educational payment calculator
Turn the big number into a monthly one.
Adjust the inputs to see a principal-and-interest estimate using Canadian semi-annual compounding. It is a learning tool—not a quote, qualification result or recommendation.
- No personal data required
- Instant estimate
- Illustrative only
$
$
%
Estimated monthly payment
$3,420
Estimated principal: $600,000
Principal and interest only. Excludes mortgage-insurance premiums, property taxes, condo fees, utilities, closing costs and other expenses. Actual payments and eligibility depend on a lender’s terms and approval.
The four moving parts
What shapes a mortgage payment?
Each component changes the borrowing picture. A licensed professional can explain how the rules apply to an individual situation.
Principal
The amount borrowed after accounting for the down payment and any financed costs.
Interest rate
The price of borrowing, expressed as a percentage and applied according to the mortgage terms.
Amortization
The projected time needed to fully repay the mortgage if payments continue as scheduled.
Payment frequency
How often payments are made, such as monthly, semi-monthly, biweekly or weekly.
A careful handoff
Information first. Introduction second.
Your initial form stays with WiseMortgages. If you later want an introduction, we identify the proposed licensed recipient, explain our relationship and possible referral compensation, and request separate written permission before sharing your contact details.
- 01
Request a follow-up
Share only your name and contact details with WiseMortgages.
- 02
Choose whether to proceed
We disclose the proposed licensed recipient and the nature of our paid referral relationship.
- 03
Give separate written consent
Only then may your name, email address and phone number be shared with that identified recipient.
Mortgage basics
Plain answers to common questions.
General explanations can prepare you for a better conversation, but they cannot replace advice based on your own finances and goals.
What is the difference between a term and an amortization?+
The term is the period covered by a particular mortgage agreement and its conditions. The amortization is the longer projected period over which the mortgage would be fully repaid.
How do fixed and variable rates differ?+
A fixed rate is set for the agreed term. A variable rate may change when the lender’s reference rate changes. Product mechanics vary, so a licensed professional should explain the specific contract.
Is a pre-approval the same as final approval?+
No. A pre-approval is generally preliminary and conditional. Final approval may depend on verification, the property, documentation, lender requirements and other conditions.
Why do prepayment penalties matter?+
Ending or changing a closed mortgage before the term ends can involve a charge. The calculation method and amount depend on the contract and lender.
Is WiseMortgages a mortgage broker?+
No. WiseMortgages publishes general information and may facilitate a referral after separate disclosure and consent. It does not provide advice, assess suitability, take applications or arrange mortgages.
Does WiseMortgages receive referral compensation?+
WiseMortgages may receive a fee or other compensation from a licensed recipient for a referral. Before any sharing, the proposed recipient and the nature of that relationship will be disclosed to you and separate written consent will be requested.
A clearer next step