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What is Trigger Rate for Variable Mortgages
You may have a mortgage or a loan with a variable interest rate and fixed payments. When interest rates rise, you may reach your trigger rate.
Read moreYou may have a mortgage or a loan with a variable interest rate and fixed payments. When interest rates rise, you may reach your trigger rate.
Read moreYou may have a mortgage or a loan with a variable interest rate and fixed payments. When interest rates rise, you may reach your trigger rate.
Read MoreA guarantor is someone who backs up someone taking out a loan and agrees to take responsibility for the loan payments in the event the borrower defaults on the loan.
Read MoreMost of the documents needed for mortgage in Canada are required by the lender to prove that you are capable of repaying the loan. There are about 5 main categories.
Read MoreWhen you secure a mortgage with a lender, the contract is for a specific period known as the mortgage term, which can range from a few months to five years or more.
Read MoreA mortgage specialist assists borrowers in finding and applying for the best home loan. They work for a specific bank or credit union and can recommend products offered by them.
Read MoreA mortgage stress test is essential to ensure borrowers can still make payments if they experience negative financial shocks.These might include: • A reduction in income
Read MoreWhen shopping for a mortgage, comparing options from different lenders can help you determine the maximum mortgage amount you qualify for. Estimate your mortgage payments.
Read MoreIf you want to buy a home with a down payment of less than 20%, you’ll need mortgage loan insurance. This protects your lender in case you can’t make your payments.
Read MoreA monoline lender specializes in one type of lending, unlike banks that offer a variety of services such as checking accounts, investment accounts, and credit cards.
Read MoreCanadas credit scores are from 300-900. It will vary by lender and the mortgage type but in general the minimum score to be approved for a traditional mortgage is around 680.
Read MoreLocking in mortgage rates is something lenders offer if you’re borrowing or refinancing. As long as you close within the lock period the interest rate you qualify for wont change.
Read MoreOptional mortgage insurance products are life, illness and disability insurance products that can help make mortgage payments, or can help pay off the remainder owing on your mortgage
Read MoreLenders ask for an employment letter to ensure that you are financially prepared to pay off your loan. It is used for proof of income and your job status.
Read MoreYour total monthly housing costs should not be more than 39% of your gross household income. This percentage is also known as the gross debt service (GDS) ratio.
Read MoreThe first step in the mortgage application process is to make sure your credit report is error-free, and your credit score is high enough to meet lender requirements.
Read MoreA mortgage rate is the percentage of interest that is charged for a home loan. Mortgage rates change with the economic conditions that prevail.
Read MoreMortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.
Read MoreThe difference is that banks are for profit which means they are privately owned or publicly traded where credit unions are not for profit which means they are owned by its members.
Read MoreA joint borrower is someone who signs a mortgage, loan, credit card or line of credit agreement with one or more other persons. This is also referred to as co-signing.
Read More• he home is located in Canada. • The purchase is not subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
Read MoreWhen you buy a home, you may be able to pay for part of the purchase price. The amount you pay is a down payment. To cover the remaining costs, you may need help from a lender.
Read MoreWhen you get a mortgage, your contract is in effect for a specific period of time. This is called the mortgage term, and it can range from a few months to five years or longer.
Read MoreThere are a few differences between open and closed mortgages. The main difference is the flexibility you have in making extra payments or paying off.
Read MoreThe interest is the fee you pay to the lender for borrowing money. The higher your interest rate, the higher your mortgage payments will be.
Read MoreInsurable mortgage is not mandatory like insured mortgages are. You can choose not to insure the mortgage and you wouldn’t receive and penalties.
Read MoreAccelerated payments allow you to make the equivalent of one extra monthly payment each year. This can save you thousands of dollars in interest over the life of your mortgage.
Read MoreThe mortgage term is the length of time your mortgage contract is in effect. This consists of everything your mortgage contract outlines, including the interest rate.
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