A mortgage is obtained to buy a home, and the property acts as a collateral for the approved loan.
The minimum amount you have to pay is five percent of the purchase price if the home costs less than half a million dollars. If it’s more than half a million dollars, your down payment will be between five percent and twenty percent of the home price.
The maximum amortization period for insured mortgages in Canada is twenty-five years, while it is generally thirty years for conventional mortgages.
The term of a fixed-rate mortgage has an interest rate that stays the very same over the entire term of the mortgage.
A variable-rate mortgage has an interest rate that changes depending on market conditions, usually in relation to the prime lending rate.
Mortgage default insurance protects lenders from borrower default and is required for loans with the down payment accounting for less than one-fifth of the price of the purchased home.
The payment amount required for a mortgage is the numerical sum of the principal, the interest rate, the amortization period, and the type of repayment (monthly, weekly, etc.).
A pre-payment penalty is the fee your lender charges you for paying off your mortgage before the end of the loan term.
We can help you zero in on the best mortgage for your specific situation through a varied landscape of loan products. Our professional association with hundreds of leading domestic lenders enables us to offer a diverse spectrum of financial offerings at highly competitive pricing.
MAURICIO CANTILLO – Mortgage Agent – Level I
FSRA License # M22004616
1332 Khalsa Drive, Unit 11, Mississauga, ON, L5S0A2
mcmortgageone@outlook.com
+1 647-624-5410
Copyright MORTGAGEGURUS 2024. All Rights Reserved.
Designed & Developed By www.nventt.com
