I work for you NOT the bank. With competitive rates and numerous lenders available, I can find the right mortgage for you!
When getting a mortgage there are going to be certain terms you will hear , here's an explanation for just a couple.
Mortgage Insurance ( INSURERS) - In Canada every mortgage that has less than 20% down payment MUST be insured. There are 3 insurers for this: CMHC, Genworth & Canada Guaranty. ( not to be confused with home insurance, or life and disability mortgage insurance)
Qualifying Rate - As of Oct. 2017 the federal government put into place a " Stress Test" for home buyers. The qualifying rate isn't the rate you are getting, but a higher rate that your broker must use to show the affordability.
Conditional Commitment- This is what your broker will receive from the lender after the application has been submitted. ( There will be conditions that you and your broker will need to satisfy before the final approval is given)
Flex- Down Payment - This is where you can borrow from your own available credit for a portion of your Down Payment. ( as with everything, there are rules and stipulations to this, ask me about them!)
Amortization - the number of years that the total amount of the loan is set.
Term - How long the loan will have the terms and rates set out for before renewing without penalty
Contact me for a further explanation on these and more
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