Home purchase Assist program from First Swiss Mortgage Corporation
First Swiss Mortgage will lend a second up to 95% LTV, that client can use to reduce the first mortgage amount below CMHC margin. Which means – no CMHC premiums, and less down-payment form client’s own sources
Not everyone can afford 20% down-payment, especially at the current property price level. That’s exactly why First Swiss Mortgage came up with Purchase Assist – a handy second mortgage product designed to make it easier for the would-be home buyers to get a dream home they always wanted.
Mortgageis 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?
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.