Figuring it Out
My mortgage application was approved in just 4 hours. They did all the legwork and negotiated a rate With my own bank that saved me over $10,000 over the 5 year term of the mortgage!
B. Harvey, London, Ontario
Simple Mortgage Glossary
Assumption of Mortgage
- someone who takes over your mortgage upon the sale of your home.
Agreement of purchase and sale
- the legal document prepared when you apply for an offer to buy a home. Most offers are conditional on certain things you may need to confirm before firming up the final offer, i.e. the financing condition.Choice of Mortgage Products
Not every fixed term mortgage is the same we'll find the best one out there for you. Fixed-term mortgages offer a fixed interest rate for 1,2,3,4,5,7, 10 and from time to time 15 and 25 year terms. Choosing a longer term gives you the security of knowing that your interest rate and payments won't change during the term you select.How Much Can I Afford?
How much you can afford and how much a lender will lend you are two different things. You may find the amount the bank is willing to lend you is more than you are comfortable budgeting. We will work with you to find the right comfort level.Helpful Homebuying Information
Who is CMHC?
This stands for Canadian Housing and Mortgage Corporation. GE Capital is in the same business of insuring mortgages for lending institutions. This does not insure you in anyway but it provides the bank with default insurance because it is considered a higher risk loan when someone puts less than 25% cash down payment of the purchase price.
Buying and Selling Tips
Buy first or sell first?
Which comes first--the purchase or the sale--is the greatest dilemma facing homeowners planning to move-up. If you choose to buy first, make sure the offer to purchase is conditional on selling your current house. That way, if you sell your house, both deals proceed; if not, the deal is off, and you won't be stuck with two homes. Selling first though will give you considerable peace of mind.Today's Rates - 03/12/2010
| 2.55% | 1 Year Fixed Rate |
| 2.95% | THE 5 YR 50 / 50 MORTGAGE ! |
| 3.69% | 5 Year Fixed Rate - LIMITED TIME!! |
| 1.95% | 5 Year Variable Rate |
Verico Mortgage for Less Corp.
A Member of the VERICO MORTGAGE BROKERS NETWORK
120 Eglinton Avenue East, Suite 500
Toronto, ON M4P 1E2
CANADA
Phone: (416) 699-1010 Fax: (416) 699-8308
Toll Free: 1-888-448-2222
E-mail: info@mortgageforless.com. Ontario Mortgage Broker License number 11125
