Is it true a lender charges more mortgage interest in the beginning?

Yes, but not because of the lender, but because your balance owing is largest in the beginning. Each and every mortgage payment is based on the current balance, rate and amortization. So every payment you make, a little more goes to your principal next payment.

So which is better for the mortgage consumer, accelerated WEEKLY or BIWEEKLY payments?

Accelerated Weekly, but by very little.

How do Mortgage Rates come to be? Fixed vs Variable.

Variable Rates Follow the lenders Prime Rate. The lender prime rate comes from the Bank of Canada's overnight lending rate. Currently, June 15/22, the overnight lending rate is 1.50% and the Prime lending rate is 3.70% (at 99% of lenders in Canada). One major bank charges more than any other Canadian Mortgage Co/bank as of today. Fixed Rates Follow the Canadian Bond Market. The bond market is impacted by growth and inflation.

4. Mortgage Products and Rates

Rates matter—especially with large loan amounts—but the right mortgage product is even more important. Yes, the fixed vs. variable debate is coming, but before that, here are a few key things to consider when reviewing potential payments:

✅ Life & Disability Insurance – Costs vary by age and health, but as a starting point, add $100/month to your budget until you get an official quote.

✅ Your Budget – Be realistic! Homeownership is amazing, but balance is key. Factor in:

Utilities (electricity, heat, water, internet, cell phone)
Property taxes & condo fees (if applicable)
Savings & emergency funds
And don’t forget FUN! Life shouldn’t just be about mortgage payments.

✅ Future Plans – If you're planning to have kids, consider maternity/parental leave pay and childcare costs after. Planning ahead can help prevent financial stress.

Let’s make sure you have a mortgage that fits your whole life. I’d love to help! 😊

Why mortgage advisors don't like posting mortgage rates...

Until your mortgage application is reviewed, it’s difficult to provide accurate rates. Rates depend on several factors, including:

Mortgage type & program
Live deal vs. rate hold
Credit score
Down payment amount
Time to possession

Rates also change frequently, sometimes daily. Posting rates without context can be misleading, which is why mortgage advisors prefer to provide personalized quotes based on your unique situation.

I look forward to providing you with personalized rates and guiding you through the best mortgage options available. Let’s find the right fit for you!

Yes—but not because the lender is taking more from you. It happens because of how mortgage payments work.

💡 Why Does More of My Payment Go to Interest at First?

Your mortgage payment is based on your current balance, interest rate, and amortization period.
At the start of your mortgage, your balance is at its highest—so interest makes up a bigger portion of the payment.
With every payment you make, your balance shrinks—so the next payment has slightly less interest and more principal going toward your home.

The good news? 📉 Over time, more of your payment goes toward principal, building your equity faster!

🚀 Tip: If you can make extra payments (even small ones), you can reduce your balance faster and pay less interest overall.

I get this question A LOT—hope this makes sense! 😊

🔹 Short answer: Accelerated Weekly is better—but only slightly.

🔹 Example: On a $300,000 mortgage (25-year amortization, 1.7% rate), the difference in interest savings over 5 years between accelerated weekly vs. biweekly payments is just $14.

Why?

Both options help you pay off your mortgage faster by making the equivalent of one extra monthly payment per year.
Weekly payments result in slightly lower interest costs because you’re making payments more frequently, which reduces the outstanding balance slightly faster.

faq's

Go to 5. About your Broker

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BrokerYEG | Alberta Mortgage Services

780.916.2492

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1. FAQ'S 2. Mortgage Rates 3. Mortgage Process 4. Costs to buy a home 5. About BrokerYEG 6. Apply

4. Mortgage Products and Rates

Is the mortgage rate higher with a 20% down payment?

Does the Lender Charge More Interest at the Beginning of My Mortgage?

Which is Better: Accelerated Weekly or Biweekly Payments?

faq's

STEP 1: Pre-Approval