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Steps to Renew your Mortgage

Renew your Mortgage
Steps to Renew your Mortgage.
Renewal Statement:
The renewal statement is issued by your financial institution at least 21 days before the end of existing term. Information on the statement includes,Balance outstanding, Interest Rate, Payment Frequency, Term and any charges or fees that may apply. It specifies that until the date of renewal the interest rate offered will not increase. If the lender doesn’t wish to renew, you will be notified at least 21 days before the renewal date.

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What is an Insured Mortgage?

INSURED MORTGAGE SIMPLIFIED. An Insured Mortgage covered by Mortgage Default Insurance is called an Insured Mortgage. Lenders apply for Default insurance, this default insurance covers the lender (not the borrower) against any losses related to borrower default and foreclosure. Currently, there are three insurers in Canada; CMHC, Canada Guaranty and Genworth. Each of these insurers offers two […]

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Why use a Mississauga Mortgage Broker?

– We Represent you!  Our Mortgage Agent is inclined with your interests. -Range of Mortgage Products! We have mortgage products that suit your specific needs, and probably not available at your traditional lender. -Options and Features! You should have options and features that benefit you in the long run. Be able to pay faster or […]

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Bank of Canada Interest Rate Announcement

Bank of Canada cuts rate by half point. First cut in four years lower key interest rate to 1.25%. The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent. While Canada’s economy […]

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