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Tools to Find Your Best Mortgage


Top 5 Reasons Why Canadians Love Borrowell

We want to help find your best mortgage starting with monitoring your credit for free.

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Our Mortgage Coach will use your credit profile and ask a few simple questions to find and compare your best rates from 40+ lenders.

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Over 1 Million Canadians Trust Borrowell

Courtney M.


Love this! I was a little skeptical at first but it tells you who you still owe and how much. Currently using this to view my credit and pay off what I owe.

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I have been using Borrowell for over a year now and I am a happy customer. I get the real deal on my credit and good advice also!

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Excellent service. Recommend to understand your finance and banking accounts, debt control, loan utilization to build a good credit score for lending purpose.

Learn More on The Well

A Guide To COVID-19 Government Support And Relief Programs In Canada

Governments and institutions are announcing new ways to help support Canadians through this challenging time. We recommend checking government and official sites for the most up-to-date information. However, we know it can be overwhelming, so we’ve made a list to help you understand some of the options both federally and provincially during COVID-19.

The Borrowell Team

Apr 01, 2020

Learn More

Still Have Questions? We Have Answers.

What is a mortgage? A mortgage is a loan secured by your home. It is financing that the customer is obliged to pay back with a predetermined set of payments. A mortgage helps you buy property without having to pay the entire cost up front.

What is a mortgage rate? A mortgage rate is the interest charged by the lender expressed as a percentage of the loan amount. It’s essential to shop around and compare the best mortgage rates in Canada. Having a higher credit score can also help you get a better mortgage, so be sure to check and monitor your credit score with Borrowell.

What is a down payment? A down payment is a deposit you make on a large purchase, like a new home. Lenders in Canada require at least 5% down. Anything less than 20% down is called a high-ratio mortgage and requires mortgage default insurance.

What is amortization period vs. mortgage term? Mortgage amortization and term are easily confused, but they are two different things! A mortgage amortization period is the amount of time it will take to pay your mortgage to zero with regular payments. A portion of each regular payment goes to interest costs, and a portion goes to reducing the loan balance (paying off the mortgage principal).

The mortgage term is the period of time the rate is negotiated for. Many Canadians will typically renew or switch providers at the end of their term. Most mortgage terms range from 6 months to 25 years, with 5 years being the most popular. If your mortgage is not paid off by the the end of the term, a new mortgage must be arranged.

What is a fixed rate vs. variable interest rate? A variable interest rate is a rate that may vary over the term of the mortgage. The rate changes are tied to a benchmark interest rate (often the lender's prime rate), which is primarily influenced by the interest rate set by the Bank of Canada.

When you're comparing mortgage rates, you'll see that variable rate mortgages typically offer lower interest rates than fixed rate mortgages.

What is an open mortgage and what is a closed mortgage? A closed mortgage is one that can’t be prepaid, negotiated, or refinanced throughout the term of the mortgage without a prepayment penalty.

In contrast, an open mortgage can be repaid anytime throughout the mortgage term. These mortgages come at a premium, which usually translates to much higher interest costs.

What is a down payment? A down payment is a deposit you make on a large purchase, like a new home. Lenders in Canada require at least 5% down. Anything less than 20% down is called a high-ratio mortgage and typically requires mortgage default insurance.

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