Resources

If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do.

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Many individuals in the city are considering all their investment options. But what would be the best for you if you had to decide? Questions you should consider when deciding what investment best suits your needs are the following:
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What is a conventional and high ratio mortgage?

A conventional mortgage is where the buyer provides a down payment of 20% of the purchase price. In other words the mortgage may not exceed 80% of loan to value. Mortgages that exceed this limit are called High ratio mortgages.
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Open Mortgage vs. Closed Mortgage

Open Mortgage allows the borrower to pay down their mortgage faster without facing any penalties. If you choose to go with this product you are able to pay down any amount at any time on your principal amount without having to pay extra charges.
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Meaning of Basic Mortgage Terminology:
When obtaining a mortgage sometimes it is difficult to understand exactly what you are reading because of some terminology that is used to outline your mortgage conditions; I have put together a list of some basic mortgage terms and their meaning; that are used by your lenders.
Mortgage Amount: Is the total Loan you will receive from your lender.
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Once you have taken the first step and sent in that application to your mortgage broker, the next step is to gather documents to make a strong file for your lender. Every file is unique and may require different documents, but here is an overview on the standard documents required for applicants to provide to their broker and lender.

Income
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DON’T SIGN THAT MORTGAGE RENEWAL BEFORE YOU SPEAK TO A BROKER!

Typical process for a renewal is you will receive a letter in the mail anywhere from 120 to 30 days prior to your maturity date. The bank will offer you a rate that may be lower than the posted rate but is typically much higher than the current market rate. Most of us will sign the renewal and send it back just to avoid the hassle of more paper work, but is that the best option for your bank account.
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There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers.
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Once you have taken the first step and sent in that application to your mortgage broker, the next step is to gather documents to make a strong file for your lender. Every file is unique and may require different documents, but here is an overview on the standard documents required for applicants to provide to their broker and lender.
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What is Private Mortgage Financing?
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