Mortgage calculators are used to help a current or potential real estate owner determine how much they can afford to borrow to purchase a piece of real estate.

An interest-only loan is a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged.

An interest-only loan is a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged.

A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.

Refinancing may be undertaken to reduce interest rate/interest costs (by refinancing at a lower rate), to extend the repayment time.

The major activity of the CMHC, and the one for which it is best known, is mortgage loan insurance, which insures approved lenders (such as Canada's chartered banks) against borrower default.

In many countries variable rate mortgages are the standard method of lending and are simply be referred to as mortgages. In the US they are referred to as adjustable rate mortgages.

A reverse mortgage is analogous to an annuity where the principal and interest are paid with homeowner's equity.

Fixed rate mortgages are characterized by their interest rate (including compounding frequency, amount of loan, and term of the mortgage).

Its main duty is currently to ensure low cost mortgage loans are available to Canadians by providing insurance to lenders in case of defaults and home buyer assistance.