Mortgage Glossary

Mortgages and home finance are topics that sometimes involve unfamiliar expressions or vocabulary. Turn to our mortgage terms glossary for fast answers on the meaning of mortgage-related words and phrases. If you are looking for further information, for more in-depth discussion of mortgages and what financing strategy is best for you, turn to a mortgage professional.

The Interest-Only Flex Mortgage is suitable for homeowners and investors looking to Purchase or Refinance up to 80% of the value of the home and take advantage of lower monthly payments during the term.

When you have reached the young age of 55 years, there are many options that become available with respect to the financing of your home. That being, accessing the equity your home has built up to fund your retirement plan. Such as; paying off debt, taking that long wished for world cruise, helping the grand children and more. 

A DND mortgage is a residential home mortgage that is provided by a Canadian institutional lender that has been approved for funding placement by the Canadian military.

 

The actual DND mortgage program is developed and administered by the Canadian Armed Forces and works hand in hand with its funding partners.

This product is designed for borrowers with very good credit history of a min of two years. Eligible borrowers also typically own a small size business for a minimum of two years, which can be confirmed via a third-party arm’s length document. You must be up to date on your latest tax year and must declare their annual income that is reasonable based on the industry.

If you are a new immigrant to Canada – Welcome, eh!

 

It may come as a surprise to many new immigrants that, in fact, it is possible to get mortgages and borrow money all with very competitive interest rates.

 

In this article we will cover the generalities of financing people who fall within 3 categories/situations

First Time Home Buyers, the Wilson Team gives you our 100% guarantee that you will receive the lowest rate from the time of application to funding as we closely monitor rate changes and advise you of any movement in lending rates.

Municipalities apply a variety of imaginative approaches to attracting new residents to maintain or increase their property tax revenues.

 

Provincial and federal governments also offer home ownership programs; however, they approach it from a perspective that is primarily focused on boosting the economy, particularly through residential construction.

Let’s take a look at what’s out there.

Refinancing a mortgage refers to paying off an existing mortgage and replacing it with a new one.

A private mortgage is a loan made by an individual or a business that is not a traditional mortgage lender. Whether you’re thinking of borrowing for a home or of lending money, private loans can be beneficial for everybody if they’re done correctly. 

A second mortgage can be used to reduce your monthly debt payments, make home improvements or free up cash for whatever you want. You can also use a second mortgage to help you purchase a new home for up to 100% of its appraised value.

You may have heard about “open” or “closed” mortgages, and are wondering what the difference is.

The variable vs. fixed debate goes on…

 

Choosing between the comfort of a fixed-rate mortgage and the savings and interest rate risk that a variable mortgage can bring.

Prepay now to get mortgage-free sooner.

 

For most of us, a mortgage is by far the biggest debt we’ll ever take on. The excitement of home ownership often gives way to the realization that mortgage payments will last for two or more decades. What’s more, a fair portion of these payments go toward interest costs.

 

What people may not realize is just how big a dent they can put in their mortgage by making prepayments. Having extra payments or larger payments early on can add up to significant interest savings over the life of the mortgage.

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