Dedicated Insurance Advisors
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How is the mortgage payment calculated in Canada?
In Canada, mortgage interest is typically quoted as a nominal annual rate compounded semi-annually. Your payment is calculated from that rate, converted to the payment frequency (monthly, bi-weekly, or accelerated), so the amount may differ from a simple monthly rate.
What is an amortization schedule?
An amortization schedule shows each payment split into principal and interest, and the remaining balance after each payment. Over time, more of each payment goes to principal and less to interest.
What is DSCR and why does it matter?
Debt Service Coverage Ratio (DSCR) is net operating income divided by debt service. Lenders use it for rental and commercial properties to ensure income can cover the mortgage. A ratio above 1.0 means income exceeds the payment.
Can I pay off my mortgage early?
Most Canadian mortgages allow prepayment (lump sums and/or increased payments) subject to prepayment privileges and possible penalties. Check your contract for limits and any breakage costs if you pay off before term end.
How does this relate to property insurance?
Lenders require property insurance to protect the collateral. For rental or commercial properties, you may need building, loss of income, and liability coverage. Boardwalk can quote home and commercial property insurance across canada (except the Province of Quebec).
