These mortgages can have fixed rates, or variable rates (which adjust with Bank of Canada Prime interest rates). To qualify for a conventional mortgage, you must have at least 20% of the purchase price of the home as your down payment. If you have less than 20% of the total purchase price as a down-payment, you need a high-ratio mortgage.
These mortgages must also be insured. A closed mortgage usually has a lower rate than an open mortgage. You can pre-pay up to 20% of the original mortgage amount. But there are costs to pay out early, renegotiate or refinance before the end of the mortgage term. Find out about more types of mortgages or give us a call to inquire about the best mortgage to suit your needs.
These mortgages must also be insured. A closed mortgage usually has a lower rate than an open mortgage. You can pre-pay up to 20% of the original mortgage amount. But there are costs to pay out early, renegotiate or refinance before the end of the mortgage term. Find out about more types of mortgages or give us a call to inquire about the best mortgage to suit your needs.
Services
The Mortgage Centre - Durhammortgage.com has been a trusted mortgage brokerage for 25 years, forging deep roots in both Durham and Northumberland Regions, and servicing borrowers across the GTA and surrounding areas. The company first opened its doors in Cobourg in 1993, and the first Durham Region location was established in Whitby in 1996.
The Mortgage Centre-Durham agents offer free mortgage financing advice. We work for you, not the lender. And there are no fees to pay for their services on approved credit. Each agent is licensed and experienced. Whether you need financing now, or just need to do some research, we're happy to help you make your financing decisions with confidence.
Yes, there may be a penalty to do this, however; the savings offered on a new mortgage may be significant, putting you further ahead than you are today. The Mortgage Centre-Durham has been helping Ontarians make great financing decisions since 1992. As the largest mortgage brokerage in Durham Region, we've helped thousands of homeowners find the right financing at the right rates.
It may seem backwards, but if you have a lot of debt, increasing your monthly mortgage payment can leave you with more money at the end of each month. A mortgage is typically at a lower interest rate than other kinds of debt, like credit cards, lines of credit and car loans. You can add to your mortgage to pay off those high-interest debts and decrease your monthly costs substantially.
Think it's impossible to get a mortgage after you've declared bankruptcy? While it's more difficult, getting a mortgage is still possible. In fact, here are some simple steps you can take right now to start showing lenders you a good investment. Open a savings account at the bank. If money is tight, even a small amount will make a difference.
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