Mortgage Advice from the Financial Consumer Agency of Canada
Are you thinking about buying a home? Shopping around for a mortgage? Not sure how to evaluate your options?
Smart mortgage decisions start with the right information. The Financial Consumer Agency of Canada (FCAC) provides timely and objective information to help consumers gain a better understanding of the different financial products and services available in the market, and select the ones that best meet their needs.
Home buyers have easy access to a wealth of helpful publications, tip sheets, and other tools prepared by the Agency, available online at www.fcac-acfc.gc.ca.
The information covers many aspects of financing a home purchase, including:
- Planning your housing budget by working through the costs involved in buying and maintaining your home.
- Shopping around for a mortgage—what do you need to know, consider and ask questions about?
- Determining what size mortgage loan you may qualify for, and what the mortgage payment would be.
- Understanding variable interest rate mortgages—the benefits and the risks.
- Choosing an amortization period—what is the impact on your mortgage?
- Paying off your mortgage faster—what are your options?
Before approving a mortgage loan, lenders will review your credit history and score. If you have ever wondered exactly what a credit report is and what’s included in it, you can test your knowledge and get more information on the FCAC’s website.
The FCAC is an independent body working to protect and inform consumers about financial services, established by the federal government in 2001. In addition to its ongoing information services, it also issues consumer alerts about scams and fraud, as well news about changes to legislation that affect consumers.
Financial Consumer Agency of Canada
Website: www.fcac-acfc.gc.ca Email: info@fcac-acfc.gc.ca
Phone: 1-866-461-3222 (from Ottawa or outside Canada: 613-996-5454)
Open the door to homeownership—get the mortgage information you need to make the right decision.
