{"id":7777,"date":"2022-06-30T11:51:48","date_gmt":"2022-06-30T18:51:48","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=7777"},"modified":"2025-01-02T10:36:00","modified_gmt":"2025-01-02T18:36:00","slug":"types-of-mortgages","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/types-of-mortgages","title":{"rendered":"Different Types of Mortgages in Canada: Which Is Right for You?"},"content":{"rendered":"\n<p class=\"\">Like homeowners themselves, <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-meaning\">mortgages<\/a> come in all sorts of shapes and sizes in Canada.<\/p>\n\n\n\n<p class=\"\">You won\u2019t know which type of mortgage is right for you until you\u2019ve learned a little about how each one works and the type of property or borrower they\u2019re designed for.<\/p>\n\n\n\n<p class=\"\">Knowing about different types of mortgages in Canada can help ensure that you apply for the right one, depending on your home ownership goals.<\/p>\n\n\n\t<div class=\"c-block-table-of-contents nw-table-of-contents wp-block-table-of-contents \">\n\t\t<div class=\"c-block-table-of-contents__table-wrapper c-block-table-of-contents--scrollable\">\n\t\t\t<h2 id=\"jump-to\"  class=\"c-block-table-of-contents__title\">Jump to<\/h2>\n\t\t\t<ul class=\"c-block-table-of-contents__links\">\n\t\t\t\t<li class=\"c-block-table-of-contents__link\"><a href=\"#1-high-ratio-mortgages\">1. High-ratio mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#2-conventional-mortgages\">2. Conventional mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#3-fixed-rate-mortgages\">3. Fixed-rate mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#4-variable-rate-mortgages\">4. Variable rate mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#5-open-closed-and-convertible-mortgages\">5. Open, closed and convertible mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#6-collateral-mortgages\">6. Collateral mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#7-private-mortgages\">7. Private mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#8-cash-back-mortgages\">8. Cash-back mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#9-tenants-in-common-mortgages\">9. Tenants-in-common mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#10-joint-tenancy-mortgages\">10. Joint tenancy mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#11-blended-mortgages\">11. Blended mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#12-second-mortgages\">12. Second mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#13-reverse-mortgages\">13. Reverse mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#14-condo-mortgages\">14. Condo mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#15-halal-mortgages\">15. Halal mortgages<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#16-vendor-take-back-vtb-mortgage\">16. Vendor take-back (VTB) mortgage<\/a><\/li>\t\t\t<\/ul>\n\t\t\t<div class=\"c-block-table-of-contents__show-more--wrapper\">\n\t\t\t\t<span class=\"c-block-table-of-contents__show-more\">\n\t\t\t\t\t<label class=\"show-more-label\" for=\"c-block-table-of-contents__show-more\">Show more<\/label>\n\t\t\t\t\t<label class=\"hide-more-label\" for=\"c-block-table-of-contents__show-more\">Show less<\/label>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\n\n<h2 id=\"common-types-of-mortgages-to-know\"  class=\"wp-block-heading\">Common types of mortgages to know<\/h2>\n\n\n\n<h3 id=\"1-high-ratio-mortgages\"  class=\"wp-block-heading\">1. High-ratio mortgages<\/h3>\n\n\n\n<p class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-high-ratio-mortgage\">high-ratio mortgage<\/a> is a home loan in which the buyer\u2019s down payment is less than 20%, meaning they have to borrow more than 80% of their home\u2019s value.<\/p>\n\n\n\n<p class=\"\">On a $600,000 home, for example, you\u2019d be in a high-ratio mortgage if you put down less than $120,000.<\/p>\n\n\n\n<p class=\"\">When you take out a high-ratio mortgage, you\u2019ll be required to purchase loan insurance as a means of protecting your lender, which is why high-ratio mortgages are also called \u201cinsured mortgages.\u201d<\/p>\n\n\n\n<h3 id=\"2-conventional-mortgages\"  class=\"wp-block-heading\">2. Conventional mortgages<\/h3>\n\n\n\n<p class=\"\">Conventional mortgages are the flip side of the high-ratio mortgage coin. If you make a down payment of 20% or more on a home, you\u2019ll find yourself in a conventional mortgage.<\/p>\n\n\n\n<p class=\"\">Putting 20% down is a tall order for many buyers. But a 20% down payment is required if you\u2019re purchasing any property priced at $1.5 million or more.<\/p>\n\n\n\n<p class=\"\">There\u2019s no mortgage insurance required when you make a down payment of this size, so conventional mortgages are also referred to as \u201cuninsured mortgages.\u201d<\/p>\n\n\n<div class=\"c-block-house-ad wp-block-nerdwallet-blocks-house-ad\">\n\n\t\n\t<div class=\"c-block-house-ad__wrapper\">\n\t\t<div class=\"c-block-house-ad__inner\">\n\t\t\t<div class=\"c-house-ad__content-wrapper c-house-ad__content-wrapper__no-image\">\n\t\t\t\t\n\t\t\t\t<h5 id=\"best-mortgage-rates-in-canada\"  class=\"c-block-house-ad__title\">Best Mortgage Rates in Canada<\/h5>\n\t\t\t\t\t\t\t\t\t<p class=\"c-block-house-ad__content\">\n\t\t\t\t\t\tCompare Canada\u2019s top mortgage lenders and brokers side-by-side and find out the best mortgage rates that will meet your need\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t<div class=\"c-block-house-ad__cta wp-block-button\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" target=\"_self\" class=\"c-block-house-ad__cta-button nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">Explore Now<\/a><\/div>\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"c-block-house-ad__image-wrapper\">\n\t\t\t\t\t<div class=\"c-block-house-ad__image\">\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-block-house-ad__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Mortgage-32-1.svg\" alt=\"Ad Icon\" style=\"max-width: 200px; max-height: 200px;\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<h3 id=\"3-fixed-rate-mortgages\"  class=\"wp-block-heading\">3. Fixed-rate mortgages<\/h3>\n\n\n\n<p class=\"\">With a fixed-rate mortgage, the interest rate you agree to with your lender at the outset of your loan will remain the same for the entirety of your loan term.<\/p>\n\n\n\n<p class=\"\">If you sign a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/best-5-year-fixed-mortgage-rates-in-canada\">five-year fixed-rate mortgage<\/a> at 4%, for example, your interest rate will be 4% until the end of that five-year term.<\/p>\n\n\n\n<p class=\"\">Fixed-rate mortgages are the preferred option of borrowers who don\u2019t want \u2014 or can\u2019t afford \u2014 to have their mortgage payments fluctuate. But that stability comes at a price \u2014 higher interest rates and prepayment penalties that can take your breath away.<\/p>\n\n\n\n<h3 id=\"4-variable-rate-mortgages\"  class=\"wp-block-heading\">4. Variable rate mortgages<\/h3>\n\n\n\n<p class=\"\">The rate of interest charged on variable-rate mortgages may rise or fall depending on which way the Bank of Canada moves its overnight rate. The higher the overnight rate goes, the more your monthly mortgage payments will increase.<\/p>\n\n\n\n<p class=\"\">Variable rate mortgages are inherently more risky for borrowers, and the risk increases whenever inflation rises and the Bank of Canada has to tamp it down with higher rates. But <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/5-year-variable-mortgage-rates\">variable rates<\/a> are generally lower than fixed rates, which is why they can be attractive to some borrowers.<\/p>\n\n\n\n<p class=\"\"><strong>\u00bb MORE:<\/strong> <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/fixed-vs-variable-mortgage\">How to choose between fixed and variable-rate mortgages<\/a><\/p>\n\n\n\n<h3 id=\"5-open-closed-and-convertible-mortgages\"  class=\"wp-block-heading\">5. Open, closed and convertible mortgages<\/h3>\n\n\n\n<p class=\"\">Before you begin or renew a mortgage, you\u2019ll have to think about <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/open-vs-closed-mortgage\">open vs. closed mortgages<\/a>.<\/p>\n\n\n\n<p class=\"\">An open mortgage allows you to increase your regular payments or make extra lump-sum payments without being penalized. The flexibility can be great for borrowers looking to pay off their mortgages early, but open mortgages tend to come with interest rates that are higher than those attached to closed mortgages.<\/p>\n\n\n\n<p class=\"\">Closed mortgage terms, including how much you\u2019re allowed to pay back each year are determined at the outset. There are generally allowances to make some prepayments or pay on a bi-weekly rather than a monthly schedule, but making any significant changes often requires you to <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/penalty-for-breaking-mortgage\">break your mortgage contract<\/a> and pay steep penalties.<\/p>\n\n\n\n<p class=\"\">There\u2019s also the option to go for a convertible mortgage, which allows you to switch from open to closed, or closed to open, at some point during your mortgage term. Interest rates are generally lower for convertible mortgages than they are for open mortgages.<\/p>\n\n\n\n<h3 id=\"6-collateral-mortgages\"  class=\"wp-block-heading\">6. Collateral mortgages<\/h3>\n\n\n\n<p class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-collateral-mortgage\">collateral mortgage<\/a> is used when a borrower applies for a mortgage that\u2019s more than the amount required to purchase a home. The extra funds are provided to the homeowner to use in the future.<\/p>\n\n\n\n<p class=\"\">Collateral mortgages can be thought of as <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/home-equity-line-of-credit-explained\">home equity lines of credit<\/a> that get approved at the same time as the original mortgage rather than a few years down the line. Because there\u2019s no additional approval process with a collateral mortgage, they can be a convenient way to generate cash for later use.<\/p>\n\n\n\n<p class=\"\">But that convenience isn\u2019t risk-free. You\u2019ll have to commit to paying back the money you borrow at a potentially higher interest rate. And if your home decreases in value, or your financial situation worsens, you might not have access to these funds at all.<\/p>\n\n\n\n<h3 id=\"7-private-mortgages\"  class=\"wp-block-heading\">7. Private mortgages<\/h3>\n\n\n\n<p class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-private-mortgage\">Private mortgages<\/a> are home loans used by buyers who can\u2019t get approved by a bank or other mainstream lender.<\/p>\n\n\n\n<p class=\"\">Private mortgages are offered by both individuals and specialized institutions. They can be handy when funding is hard to come by, but the interest rates are higher and the loan terms shorter.<\/p>\n\n\n\n<p class=\"\">The private mortgage industry isn\u2019t regulated as heavily as the traditional mortgage market, either, so borrowers need to be extremely cautious when evaluating a private lender.<\/p>\n\n\n\n<h3 id=\"8-cash-back-mortgages\"  class=\"wp-block-heading\">8. Cash-back mortgages<\/h3>\n\n\n\n<p class=\"\">If you\u2019re approved for a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-cash-back-mortgage\">cash-back mortgage<\/a>, you\u2019ll receive more from your lender than the amount required to purchase your home. The extra money is delivered as a lump sum and is often used by home buyers to cover immediate financial needs, like closing costs or repairs that can\u2019t be put off.<\/p>\n\n\n\n<p class=\"\">Cash-back mortgages can be useful, but they come with higher interest rates than some other loan types and are only available if you take out a fixed-rate mortgage.<\/p>\n\n\n\n<h3 id=\"9-tenants-in-common-mortgages\"  class=\"wp-block-heading\">9. Tenants-in-common mortgages<\/h3>\n\n\n\n<p class=\"\">If two or more buyers decide to purchase a property together, they may opt for a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/tenants-in-common-mortgage\">tenants-in-common mortgage<\/a>.<\/p>\n\n\n\n<p class=\"\">In a tenants-in-common mortgage, multiple people or corporations take out a home loan together. The mortgage outlines how much of the property each party owns and what portion of the mortgage each one is responsible for paying.<\/p>\n\n\n\n<h3 id=\"10-joint-tenancy-mortgages\"  class=\"wp-block-heading\">10. Joint tenancy mortgages<\/h3>\n\n\n\n<p class=\"\">Like a tenants-in-common mortgage, a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/joint-tenancy-mortgage\">joint tenancy mortgage<\/a> is used when multiple buyers are purchasing a property together.<\/p>\n\n\n\n<p class=\"\">Joint tenancy mortgages differ from tenants-in-common mortgages in two ways. First, joint tenancy buyers have equal ownership of the home and are responsible for paying an equal share of the mortgage. Second, if one of the co-owners involved in a joint tenancy mortgage dies, their share of the home goes to the remaining co-owners. It can\u2019t be left to an heir or third party.<\/p>\n\n\n\n<h3 id=\"11-blended-mortgages\"  class=\"wp-block-heading\">11. Blended mortgages<\/h3>\n\n\n\n<p class=\"\">A blended or <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/blend-and-extend-mortgage-explained\">\u201cblend-and-extend\u201d mortgage<\/a> involves working with your lender to find a new interest rate, extending your loan term and applying the new rate to the next phase of your mortgage. The new interest rate will be somewhere between the rate you originally agreed to and where rates are today, so a \u201cblend\u201d of the two.<\/p>\n\n\n\n<p class=\"\">Blended mortgages aren\u2019t something lenders actively promote, but if you\u2019ve proven to be a responsible borrower and wish to keep your mortgage with your current lender, it could be an option.<\/p>\n\n\n\n<p class=\"\">Blended mortgages really only make sense when interest rates have fallen, though. You don\u2019t stand to gain much by blending your current mortgage rate with a higher one.<\/p>\n\n\n\n<h3 id=\"12-second-mortgages\"  class=\"wp-block-heading\">12. Second mortgages<\/h3>\n\n\n\n<p class=\"\">When a homeowner takes out a loan on a property that already has a mortgage, it\u2019s known as a<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-does-a-second-mortgage-work\"> second mortgage<\/a>.<\/p>\n\n\n\n<p class=\"\">A second mortgage can be a way of turning home equity into cash, but agreeing to one means making payments on two home loans at the same time, which isn\u2019t for everybody.<\/p>\n\n\n\n<p class=\"\">With a second mortgage, borrowers can access up to 80% of their home\u2019s appraised value \u2014 minus what they still owe on their first mortgage. If a home is worth $750,000, for example, but the owner still owes $500,000 on the first mortgage, the largest second mortgage they could apply for would be $100,000.<\/p>\n\n\n\n<h3 id=\"13-reverse-mortgages\"  class=\"wp-block-heading\">13. Reverse mortgages<\/h3>\n\n\n\n<p class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-reverse-mortgage\">reverse mortgage<\/a> is a loan product for homeowners who are 55 or older. With a reverse mortgage, owners receive a cash loan based on the equity they\u2019ve built in a property. The maximum reverse mortgage allowed is 55% of a home\u2019s appraised value.<\/p>\n\n\n\n<p class=\"\">Reverse mortgages are a way for aging homeowners short to generate cash without having to sell their home and miss out on any future appreciation. But the interest rate on a reverse mortgage is typically higher than what regular mortgages cost, and the prepayment penalties can be considerable. Borrowers can choose to pay off the interest regularly, but neither the interest nor the principal has to be paid back until they move, sell the property, default on the loan or the last borrower dies.<\/p>\n\n\n\n<h3 id=\"14-condo-mortgages\"  class=\"wp-block-heading\">14. Condo mortgages<\/h3>\n\n\n\n<p class=\"\">When you take out a mortgage to <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/buying-a-condo-a-preparation-guide\">buy a condo<\/a>, you\u2019re not actually dealing with a financial product solely for attached properties. But your lender will take an additional factor into consideration when determining how much to loan you: condo maintenance fees.<\/p>\n\n\n\n<p class=\"\">Any mortgage lender will look at your <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-are-debt-service-ratios\">debt service ratios<\/a>, credit rating and potential housing costs, including your mortgage payments, utilities and property taxes.<\/p>\n\n\n\n<p class=\"\">With a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-condo-mortgage\">condo mortgage<\/a>, your lender will also factor in 50% of your monthly maintenance costs, which can make qualifying for a condo mortgage difficult for some borrowers.<\/p>\n\n\n\n<h3 id=\"15-halal-mortgages\"  class=\"wp-block-heading\">15. Halal mortgages<\/h3>\n\n\n\n<p class=\"\">Because Sharia law prohibits&nbsp;<em>riba<\/em>, or loans that charge interest, conventional&nbsp;mortgages&nbsp;are forbidden for practicing Muslims. To meet the spiritual and financial needs of Muslim homebuyers, a number of Canadian lenders are now offering <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-halal-mortgage\">halal mortgages<\/a>. The three shariah-compliant mortgages are Murabaha, Ijara, and Musharaka. Each has a different structure and method for transfer of ownership.<\/p>\n\n\n\n<h3 id=\"16-vendor-take-back-vtb-mortgage\"  class=\"wp-block-heading\">16. Vendor take-back (VTB) mortgage<\/h3>\n\n\n\n<p class=\"\">With a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/vendor-take-back-vtb-mortgage\">VTB mortgage<\/a>, the buyer makes payments to the seller instead of to a traditional third-party lender, such as a bank.&nbsp;VTB mortgages can provide flexibility to close the deal and in some cases, be a source of cash-flow for the seller. But VTB mortgages can be risky if buyers aren&#8217;t financially stable.<\/p>\n\n\n<section class=\"container js-hw-widget-root hw-banner wp-block-nerdwallet-blocks-homewise-banner\">\n\t<div class=\"hw_banner_widget homewise_banner_0 js-hw-widget-observer\"><\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 id=\"\"  class=\"c-block-faq__title\"><\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h3 id=\"frequently-asked-questions-about-mortgage-types\"  class=\"c-block-accordion__title\">Frequently asked questions about mortgage types<\/h3><\/div><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">How do I choose the right mortgage?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">When choosing a mortgage, you need to do your work and put in the research. It can be helpful to evaluate the services and mortgage offerings of both direct <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-choose-a-mortgage-lender\">mortgage lenders<\/a> and mortgage brokers. Explain your situation and goals, and ask lots of questions to identify the type of mortgage that\u2019s best for your needs.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">What is a refinance mortgage?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-refinance-mortgage\">Refinancing a mortgage<\/a> is a financial strategy where you&nbsp;break your existing mortgage contract and pay the current balance in full by securing another mortgage loan, typically with different terms or a lower rate.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 id=\"about-the-author\"  class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 id=\"dive-even-deeper\"  class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1424\" class=\"c-block-card post-1424 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-basics cluster-applying-for-mortgage\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-mortgage-pre-approval\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/About-mortgage-pre-approval-e1627682301949-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Mortgage Pre-Approval: What It Is, How to Get It\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"mortgage-pre-approval-what-it-is-how-to-get-it\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-mortgage-pre-approval\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tMortgage Pre-Approval: What It Is, How to Get It\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A mortgage pre-approval is when a lender evaluates your finances to give you an estimate of how large a mortgage you might qualify for. Pre-approval can be considered a pledge, but not a guarantee<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Kurt Woock<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1424 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-4597\" class=\"c-block-card post-4597 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-rates cluster-compare-mortgage-rates\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/GettyImages-1270110980-e1647903056478-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"The Best Mortgage Rates in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"the-best-mortgage-rates-in-canada\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tThe Best Mortgage Rates in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Quickly explore Canadian mortgage rates from bank and non-bank lenders. Find the best fixed or variable mortgage rate for your home buying needs.  <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-4597 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1436\" class=\"c-block-card post-1436 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-buying-or-selling-real-estate cluster-buying-real-estate\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-guide\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/First-Time-Home-Buyer-Guide-e1627939673963-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"First-Time Home Buyer In Canada? Here&#8217;s What You Need To Know\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"first-time-home-buyer-in-canada-heres-what-you-need-to-know\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-guide\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tFirst-Time Home Buyer In Canada? Here&#8217;s What You Need To Know\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A little knowledge about the housing market, mortgages and incentive programs can help you afford your first home.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Kurt Woock<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1436 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-31304\" class=\"c-block-card post-31304 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-basics cluster-types-of-mortgages\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/30-year-mortgage-canada\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/04\/GettyImages-1226385954-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Yes, You Can Get a 30-Year Mortgage in Canada. But Should You?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"yes-you-can-get-a-30-year-mortgage-in-canada-but-should-you\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/30-year-mortgage-canada\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tYes, You Can Get a 30-Year Mortgage in Canada. But Should You?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A 30-year mortgage offers lower monthly payments than a shorter mortgage. But it might cost you significantly more.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-31304 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>There are many types of mortgages in Canada. Common home loan options, like, closed and conventional are just the beginning.<\/p>\n","protected":false},"author":25,"featured_media":7779,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[16],"topic":[114],"cluster":[223],"pp_author":[87],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Different Types of Mortgages in Canada: Which Is Right for You?- NerdWallet<\/title>\n<meta name=\"description\" content=\"There are many types of mortgages in Canada. Common home loan options, like, closed and conventional are just the beginning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/types-of-mortgages\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Different Types of Mortgages in Canada: Which Is Right for You?- NerdWallet\" \/>\n<meta property=\"og:description\" content=\"There are many types of mortgages in Canada. Common home loan options, like, closed and conventional are just the beginning.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/types-of-mortgages\" \/>\n<meta property=\"og:site_name\" content=\"NerdWallet Canada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NerdWallet\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-02T18:36:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/06\/GettyImages-1289183421-e1656614265926.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2120\" \/>\n\t<meta property=\"og:image:height\" content=\"911\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NerdWallet\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Clay Jarvis\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/types-of-mortgages\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/types-of-mortgages\",\"name\":\"Different Types of Mortgages in Canada: Which Is Right for You?- NerdWallet\",\"isPartOf\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\"},\"datePublished\":\"2022-06-30T18:51:48+00:00\",\"dateModified\":\"2025-01-02T18:36:00+00:00\",\"description\":\"There are many types of mortgages in Canada. 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