This is a guide from the FCAC on shopping around for a mortgage. A mortgage is a loan that is designed to help you purchase a home or other property. Home buyers make a down payment on the purchase price and then borrow the remainder from a lender. Five percent is the minimum down payment home buyers have to make. The longer you take to pay the mortgage back, the more interest you will pay. The higher the interest rate, the higher your regular payments. If you default on the loan – that is, if you cannot or do not make regular payments – the lender can take ownership of the property.