What exactly is a mortgage?

The term "mortgage" is another word for "loan" but applies specifically to buying a property. The amount of a mortgage is calculated by taking the agreed selling price of a property and subtracting the downpayment made by the buyer.

For example, a property valued at $240,000 purchased with a down payment of $24,000 would leave a mortgage (loan) of $216,000.

Mortgage payments

Mortgages are most often repaid over a 25-year period. If you like, you can choose to pay your mortgage back in a shorter period of time. You are free to choose how frequently you would like to make your payments:

  • Monthly payments (12 per year)
  • Bi-monthly payments (24 per year)
  • Payment every 2 weeks (26 per year)
  • Weekly payments (52 per year). 

If possible, make more frequent payments. This will save you thousands of dollars and pay your mortgage offer more quickly.

The table below illustrates different mortages and payment frequencies.

Payments Payment amount Amortization Savings
Monthly  $1,015.58 25 yrs
Bi-monthly  $507.79  25 yrs $274.02.
Twice monthly     $468.73 25 yrs $786.46.
Weekly  $243.37 24.9 yrs $914.37.
Twice monthly accelerated  $507.79 22.2 yrs $11,212.94.
Weekly accelerated  $253.90 22.2 yrs $11,330.66.


Mortgage conditions

These are the contractual terms related to your mortgage. When choosing a mortgage, it is important to negotiate the most favorable terms that suit your needs. These terms include the interest rate, the possibility of reimbursing quicker,, closing costs, transfers, penalties and other conditions.

Your mortgage is probably the most important financial decision you will make in your life. Give it the importance it deserves and choose a mortage that meets your needs and gives you the greatest flexibility.

Multi-Prêts advantages

Your Multi-Prêts broker works in your interest. The proof is in the pudding: we are not limited to one financial institution, but can offer mortgages from dozens of possible institutions. Your bank is limited to products offered at their bank. Do you really think they work in your interest? Think again.

Meeting with a Multi-Prêts broker is free; at least check it out. You won't regret it! We shop around for mortgages with your needs top-of-mind, looking at multiple products at numerous financial institutions. We find options your bank alone can't offer: guaranteed. We'll seek out products competitive offerings so you can see the difference.

When it comes to mortgages, Multi-Prêts has the greatest bargaining power in all of Québec. There is no financial institution better positioned to negotiate. Not one. Call our brokers and we'll show you the benefits.


Speak with a broker. Call us at 1 800 798-7738

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