No two home buyers are alike, so the best mortgage option for one buyer is likely unsuitable for another. It’s up to the buyer and his or her lending adviser to make the right call based on these and other questions.
What is most popular #mortgage options in Canadian Market?
Well! in general small to mid size mortgages are most popular, as demand for these are certainly the most. Small size mortgages are secure for both lender and borrower, these require less paper work and are quick to process.
Important things you should know, if going for #first_mortgage
+ The #Canada_Mortgage_and_Housing_Corporation (CMHC) is a government department that acts as Canada’s national housing agency. Its mandate is to help Canadians access affordable housing options. Providing mortgage insurance to homebuyers.
+ #CMHC or Canadian Mortgage Housing Corporation is a government financial institution that guarantees a loan with the bank at a premium. It enables you to buy a home with as low as a 5% down payment.
+ Lender should always go for #NHA (#National_Housing_Act_Canada) approved lenders.
+ In Canada mortgages issued by federally regulated lenders to borrowers who have less than a 20 percent down payment must be insured.
+ Carefully know your #mortgage principal amount, #amortisation, payment frequency, and #mortgage term before you sign the contract.
+ Carefully choose the payment frequency, #Payment_frequency refers to how often you make your mortgage payments. You can also choose an accelerated payment schedule. Accelerated payments allow you to make the equivalent of one extra monthly payment each year. This can save you thousands of dollars in interest over the life of your mortgage.
Choose Your #interest_rate
The interest is the fee you pay to the lender for borrowing money. The higher your interest rate, the higher your mortgage payments will be. Every time you renew your mortgage term, you renegotiate your mortgage interest rate. This means your mortgage payments can be higher or lower in the future.
When you apply for a mortgage, your lender offers you an interest rate. You can negotiate this rate to see if they can offer you a lower rate. Your lender may offer different interest options.
#Fixed_interest_rate
#Variable_interest_rate
#Combination or #Hybrid_interest_rate
Comments
Post a Comment