Mortgage News

Featured

Mortgage News

Mortgage NewsMortgage News is intended to inform you and help you and add a space for comments and opinions on the news.

Being a Toronto Mortgage Agent, most of the mortgage news to be posted will be those that immediately affect the mortgage market in Toronto.

Bank of Canada conventional mortgage rate for 5 years stays at 5.24%

Housing starts Stats in Ontario registered a 10%+ increase in the total of new housing start during the month of September 2012 compared to the same month in 2011 according CHMC

Quarterly house price survey in Toronto on the third quarter of 2012 in a two-storey shows a 5.4% increase compared to the same period in 2011 to an average price of 660,115 and a 5.9% Increase on detached bungalows to a new price of 558,900

 

 

 

Mortgage

MortgageMortgage is a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge

Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order

What kind of mortgage can I help you with?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

First mortgage: is the first loan registered in the title against the property

Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt

A Mortgage can be conventional or high ratio
Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property
High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property

A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage

There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.

Call or text 416-262-7139
Contact meApply On Line