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Someone who takes over your mortgage upon the sale of your home.
The legal document prepared when you apply for an offer to buy a home. Most offers are conditional on the confirmation of certain things, such as the financing arrangement.
The time period over which the borrower will make regular payments to pay off their mortgage loan. This is normally 25 years for a new mortgage. CMHC insured mortgages are maximum 25 yrs. For Non CMHC insured mortgage could go as far as 30 years (Lender Dependent).
An estimate of the market value of the property completed by a qualified appraiser. Lenders base their lending decision on this value.
The date on which the sale of a property becomes final and the new owner takes possession.
Canada Mortgage and Housing Corporation. CMHC is the government body in Canada that supplies the default insurance on a mortgage when the downpayment is less than 20%. The cost of the insurance is added to the borrower’s mortgage as a one-time fee.
A conventional mortgage is one that does not exceed 80% of the purchase price or value of the home. Mortgages that exceed this limit are called high-ratio mortgages.
Total mortgage payment (including principal, interest and taxes and heating) divided by gross monthly income. This figure should not exceed 32% but in some cases we can provide a lending exception at 35%.
The current value of your home minus the total balance outstanding on the mortgage.
Short-term financing to help a buyer bridge the gap between the closing date on the purchase of a new home and the closing date on the sale of their current home.
The lender is the mortgagee and the borrower is the mortgagor.
Any payment over and above your regular scheduled monthly payment. Mortgage pre-payments go towards paying off the principal and can be made to pay off the mortgage sooner.
The amount of time for which your mortgage rate is locked in. Terms usually range from 6 months to 10 years.
Principal, interest, and taxes. These are the components of a regular mortgage payment.
The amount of money of your total payment that goes toward reducing the original amount borrowed.
A mortgage that includes the option to transfer your mortgage, including rate and terms, from your existing property to a new property.
A penalty charge for paying back your mortgage before the term expires. This can be in the thousands of dollars. We can help you choose the lenders that don’t charge excessive penalties based on posted rates—this you should avoid.
The number of days the lender will guarantee the mortgage rate on a mortgage approval. The length of the commitment period can vary from 30 to 120 days.
The calculation of one’s total mortgage payments, including property taxes, plus any other outstanding debts (at the time of application for mortgage approval) divided by the applicant’s gross monthly income. This figure should not exceed 44%.
You can usually choose to make your mortgage payments once a week or once every two weeks. This pays your principal down faster because you are making the equivalent of one extra monthly payment per year.