Failing to make a mortgage payment on time can lead to late fees and negatively impact your credit score. If the payment is more than 15 days late, you’ll incur a late fee. After 30 days, the missed payment is reported to credit bureaus, which can lower your credit score and potentially lead to further financial consequences.

*The information provided is for educational purposes only and should not be considered legal advice. For specific legal concerns or questions related to your mortgage, it is always best to consult with a qualified legal professional.*

Mortgage Education

  • Total Debt Service Ratio (TDS)

    The percentage of gross income allocated for payments of principal, interest, taxes, and heat (P.I.T.H.), along with other debt obligations, [...]

  • Title Insurance

    Title insurance protects property owners and lenders from financial loss due to defects in the title of real property. These [...]

  • How Much You Need for a Down Payment in Canada

    Buying a home is a significant milestone, and one of the first steps in this journey is understanding how much [...]

  • Breaking Your Mortgage Contract in Canada

    Breaking a mortgage contract in Canada is a significant decision that can have various financial implications. Whether you're considering this [...]

  • Understanding Mortgage Terms and Amortization

    When it comes to securing a mortgage in Canada, two critical concepts you need to understand are mortgage terms and [...]