Mortgage Questions & Answers
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Here are answers to some commonly asked questions.
If you have additional questions that aren’t listed below, contact us at 289.275.7160. You can also email us at info@daisyraouph.com.
About Mortgages
A mortgage is a loan given by a lender to a buyer to help with the purchase of a home or property. The mortgage loan is usually repaid in regular payments that generally include both the principal and interest.
Once you’ve settled on a property to acquire and the mortgage has been approved by the lender, the mortgage details will be finalised by the lawyer.
If you fail to make your monthly mortgage payments, the lender can take possession of your property.
A mortgage amortization period is the period of time required to completely pay off a mortgage if all conditions are met and all payments are made on time.
A mortgage term is the length of time that the conditions of a mortgage, such as the interest rate and payment schedule, are in effect. Terms can range between 6 months to 10 years. At the end of the term, the mortgage loan must either be paid in full, renewed or renegotiated, usually with new conditions.
A fixed-rate mortgage has a locked-in interest rate, meaning it won’t change during the term of the mortgage.
A variable-rate mortgage is where the interest rate fluctuates based on the current market conditions. The payments will generally remain the same, but the amount of each payment that goes toward the principal or the interest on the loan changes as interest rates fluctuate.
An open mortgage is a flexible mortgage loan that lets a borrower pay off or renegotiate their loan at any time, without having to pay penalties. Because of this flexibility, open mortgages usually have a higher interest rate than closed mortgages.
A closed mortgage can’t normally be paid off or renegotiated before the end of the term without the lender’s permission and a financial penalty. Some closed mortgages allow for extra or accelerated payments, but only if specified in the mortgage agreement.
A short term mortgage lasts less than 3 years and is typically chosen by people who believe that they can pay off their loan within that time or are planning to sell the property after finishing payments. Interest rates for this type of loan are lower, but if you choose to renew your mortgage, chances are rates may be higher.
A long term mortgage is best for those who are planning to keep their property for a long period of time since they’re securing the interest rate that they’re starting off with; this is recommended for those who need the security of making payments for an extended time.
Insurance that protects the lender against default on a mortgage. Mortgage loan insurance is provided by CMHC or a private company and is usually required for any mortgage where the down payment is less than 20% of the purchase price or lending value of a home.
Mortgage loan insurance helps Canadians purchase homes earlier and at interest rates that are comparable to buyers with a larger down payment.
They’re different. HELOC is like a second mortgage, only you’ll be using your home’s current equity as the source of funding and you can use up to 65% of it. However, you still need to pay back what you owe plus interest otherwise you may default on your property.
With a mortgage loan, the funds will be provided by your lender and you’ll be paying for the mortgage every month until the agreed period of time.
You can still access your home equity even if you’ve done it before; you can use up to 65% of your home’s equity. All you need is an appraisal and the help of your mortgage broker to check if you have enough equity for the loan.
Yes. Just ask your mortgage broker for guidance and assistance for the best mortgage option for your requirement
Get my Mortgage
We provide you mortgage solutions that will fit your unique needs and specific budgets. Daisy has the most trustworthy network and a wide array of mortgage products and services.
Whether it’s purchasing a new home or property, refinancing your current mortgage or opting to use your home’s equity to cover your needs, Daisy can help you with these and more.For more information, you can visit:
Yes, we do. Just click on the link: https://www.daisyraouph.com/mortgage-payment-calculator/
You can accomplish our Mortgage Application below: https://www.daisyraouph.com/mortgage-application/
And check out the corresponding checklist for a Home Financing (https://www.daisyraouph.com/wp-content/uploads/2018/09/PDF-1-5a78a6954c7dd.pdf) or Home Refinancing (https://www.daisyraouph.com/wp-content/uploads/2018/09/PDF-1-5a78a6954c7dd.pdf).
This usually ranges from 5-20% of the property’s value.
Cash back mortgage offers range from 1% to 7% of the mortgage amount; although, the interest rate for this may be higher and it depends on your lender if they are able to provide this.
People usually use this offer to purchase furniture or appliances for their new home
You may contact us using the link below: https://www.daisyraouph.com/contact-us/
Or call 289-275-7160 and email us at info@daisyraouph.com
Sellers usually offer this to interested homebuyers to avoid pre-payment charges; As the buyer, you will be assuming the balance left on the current mortgage that the seller has, given that you have consulted with your mortgage broker about the implications and legalities of the transaction
Yes. For more information, you may call 289-275-7160 or email us at info@daisyraouph.com.
You can access this thru home equity take out; request assistance from your mortgage broker by calling:
289-275-7160 or email us at info@daisyraouph.com
Once all your documents are completed, forward them to your mortgage broker for review and assessment. Once you’ve finalized the type of mortgage that you need, the process can take several days.
Pay my Mortgage
Depending on the agreement with your lender.
Depending on the agreement with your lender
Most of the time; you’re able to do this depending on your lender and what’s in your agreement.
You can have your mortgage assessed by your lender but be aware that your current mortgage might have penalty charges.
Contact your mortgage broker for assistance from your mortgage broker or call 289-275-7160 and email us at info@daisyraouph.com.
Manage my Mortgage
https://www.daisyraouph.com/rates/
Yes. By law your lender has to send your renewal 21 days before your term is up. Most allow you to renew with them anytime in the final 120 days of your current mortgage term. You should consult with your mortgage broker.
