A mortgage is a big step to take and there are a lot of reasons why you may find yourself opting for one. This is financial boost that you may need to take on projects that would require huge funds and the funds are required right away. You might need it for a home or perhaps something for your business. Either way you are going to need some help and a more stable financial institution should be able to help you move forward.

If you are going to opt for the conventional type of mortgage, you will need to at least have one fourth of the purchase price of the home you are after in order for you to qualify for the mortgage. This can still be quite a lot and it may not be really applicable for everyone. There is also the high ratio type of mortgage which would still require your down payment but it is not going to be as much as the conventional type. If you have at least 5% of the down payment then you will be able to take advantage of the mortgage but at a higher interest rate of course. Lastly, you will be able to take advantage of the open type of mortgage. This is going to be tougher to apply for since you will no longer need any initial payment on your end and you would also need to brace yourself with the interest rates that they hold.

Canadian mortgage rates may differ but it would be up to you to find the ones that will fit your need and budget. You may lose your head with a number of options available for you and don’t just take the word of those who say they know what you need because you are the best person to know what you really need in a mortgage.