In Canada, a mortgage contract contains all the conditions that you follow while you have your mortgage. You are bound to this contract for the TERM of your mortgage, which in Canada is typically five years.
If you are looking to take equity out of your home for a large project, lower your interest rate or consolidate debts to save on interest, refinancing could be the right option for you. As a mortgage broker I will assess your mortgage needs determine the best product for you. Just look at some of the various mortgages we have available.
Buying a home can be stressful, especially for those who are new to the process, but the positives of homebuying and having a mortgage are also clear.