Mortgage payments are made up of 2 parts: principal and interest. Principal is the actual amount borrowed whereas interest is the amount charged for borrowing the principal.
When you get a mortgage, you have to decide on an amortization period (how long it will take to completely pay off the mortgage) and a term.
There are different types of mortgages: A conventional mortgage (when you put a down payment of at least 20% of the purchase price) and a high ratio mortgage which will require loan insurance from CMHC (Canada Mortgage and Housing Corporation http://www.cmhc-schl.gc.ca) and can cost an additional 0.5 to 2.75% of the mortgage amount.
Mortgages can be fixed or variable rate and may be open, closed or convertible.
A mortgage broker can help you navigate the process and find you a mortgage that fits your lifestyle.
Should you be looking for a mortgage broker for a new purchase or to take out a new loan on an existing property, please call me and I will refer you to one of our professional mortgage brokers.