Did you know that there are different types of mortgages? The type of mortgage you choose depends on your credit situation, your goals and needs at the time you borrow and the lender you work with. Three of types of mortgages we'll discuss in this post are closed mortgages, open mortgages and convertible mortgages.
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3 types of mortgages in Canada
4 easy tips to pay off your mortgage faster
A mortgage is a big financial commitment with a monthly payment that is usually a large percent of a family's income. What could you do with that extra income if you didn't have to pay the mortgage every month? Answers generally range from savings to vacations. If you're looking to get ahead on your mortgage, here are four tips that are easy to integrate into financial plans.
Buyers beware: Warnings of mortgage fraud in Canada
The Financial Services Commissioner of Ontario recently released warnings to home buyers and owners that the Canadian mortgage market could be rife with attempts at fraud. One of the areas where mortgage fraud is most likely is in refinance options.
What is a fixed-rate mortgage?
A fixed-rate mortgage is a mortgage that involves the same interest over the entire term of the loan — from 15 to 30 years. Since the interest doesn't change, the amount of the payment doesn't change, making it easier for homeowners to budget over the long run.
Considerations when you are looking for a mortgage
In our last blog post, we discussed some points to consider about mortgage renewal. We briefly touched on the fact that the mortgage terms might change for your mortgage even if you remain with the same company. For that reason, you should make sure that you think about various aspects of the new terms to ensure that they fit in with your finances.
What should I do if my mortgage is coming up for renewal?
When you purchase real estate in Ontario, your mortgage will have to be renewed at the end of a specified period. If your renewal date is coming up for your mortgage, now is the time to start shopping around to determine if you should consider other mortgage options. There are several things to consider when your mortgage is up for renewal.
What's the difference between an open and a closed mortgage loan?
Lenders offer a handful of different types of loans in Ontario, but two of the most common are known as open mortgages and closed mortgages. What is the difference between the two?
Enforcing rights of private mortgage lenders in Ontario
When you are in the business of lending borrowers money secured by their real estate purchase, it might seem as if borrowers who fail to pay are able to drag their cases out for a long time, making you lose money. Property owners might find that they are waiting months for the case to proceed through court, preventing them from selling the property during a peak in the market. In other cases, rental properties may not be leased out while a resolution is pending, which increases the owner's losses.
