Mortgages
Second mortgages routinely have higher rates and are subordinate for the primary mortgage claim in event of default. Self Employed Mortgages require borrowers to deliver additional income verification due to…
Non Resident Mortgages require higher first payment from out-of-country buyers unable or unwilling to go to Canada. Borrowers using a history of a good credit rating and reliable income can…
Lower ratio mortgages generally have better rates as the financial institution's risk is reduced with additional borrower equity. Mortgage fraud like false income statements to qualify can lead to criminal…
The maximum amortization period has gradually declined from 40 years prior to 2008 to 25 years or so currently. First Time Home Buyer Mortgages help new buyers reach the dream…
Switching lenders when a home loan term expires to acquire a lower interest rate is referred to as refinancing. The Canadian Mortgage and Housing Corporation (CMHC) offers free online payment…
Low Ratio Mortgage Financing requires insured mortgage loan insurance not until buying with less than 25 percent down preventing requirement of coverage. Defined mortgage terms outline set payment rate commitments,…
Shorter term and variable rate mortgages often allow greater prepayment flexibility when compared with fixed terms. Changes in financial situation like job loss, illness, or divorce require notifying the bank…
Mortgage pre-approvals outline the pace and loan amount offered well in advance of closing. Mortgage pre-approvals typically expire within 90 days if the purchase closing does not occur in that…
Maximum amortization periods apply to each renewal, and can't exceed original maturity. First Time Home Buyer Mortgages offered from the government help new buyers purchase their first home having a…
Complex mortgages like collateral charges combine a mortgage with access to your secured personal credit line. Conventional mortgages require loan-to-value ratios of below 80% to avoid insurance requirements. Mobile Home…