Mortgage calculator for Greater Toronto Area

There are several types of mortgage lenders in the Greater Toronto Area (GTA) that cater to various borrower needs and preferences. The most popular mortgage lenders typically include major banks and credit unions.

Major banks: The "Big Five" Canadian banks are popular choices for mortgage financing in the GTA. These include:

• Royal Bank of Canada (RBC)
• Toronto-Dominion Bank (TD Canada Trust)
• Bank of Nova Scotia (Scotiabank)
• Bank of Montreal (BMO)
• Canadian Imperial Bank of Commerce (CIBC)

Credit unions: Credit unions are member-owned financial institutions that may offer competitive mortgage rates and personalized service.

Monoline lenders: These are mortgage lenders that focus solely on mortgage lending and don't offer other banking services. Monoline lenders may also provide competitive rates and flexible mortgage options.

It's essential to compare rates, terms, and customer service when choosing a mortgage lender in the Greater Toronto Area.

Please note: the simple mortgage calculator relies on the financial information provided by the user, such as property price, down payment, annual interest rate and the term of the loan. It does not include other costs such as property taxes, homeowner's insurance, or private mortgage insurance (PMI), which could be part of your monthly expenses.

Working with a HomeSmile licensed agent can help you navigate through various options and find a home that works best for you.