Pre-payment
Repaying part of your mortgage ahead of schedule. Depending on your mortgage agreement, there may be a prepayment cost for pre-paying.
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Refinancing
The process of paying out the existing mortgage and increasing the mortgage amount on the same property under new terms and conditions. This is usually […]
Read moreRenewal/Renewing
Once the original term of your mortgage expires, you have the option of renewing it with the original lender, switching it to a new lender […]
Read moreI am looking at buying a new construction home. What type of products do you offer?
Two types of builder mortgage products are available to build a home. A draw mortgage (or progress draw) and completion mortgage.
Read moreWhat is the difference between a draw mortgage and a completion mortgage?
The key difference between a draw mortgage and a completion mortgage is when the funds are disbursed. A draw mortgage releases funds in stages throughout […]
Read moreHow can I stay in my current house while I am building my new one?
Some people can qualify to stay in their current home while building their new home. This will have to be approved by the lender. This […]
Read moreAfter the first draw, can I change the terms and conditions of the mortgage?
Once the first draw is finalized, the mortgage can not be changed. No unauthorized upgrades can be added.
Read moreIf my draw mortgage has been approved as an insured mortgage, but I can now afford an uninsured (conventional) mortgage, what happens to the insurance premium?
As the mortgage was approved as an insured mortgage, you will still have to pay the original mortgage premium to the insurer, as this is […]
Read moreCan I port my existing mortgage to a new construction mortgage to eliminate or reduce prepayment charges?
For completion mortgages, you must return to your existing lender with a new mortgage to maintain the portability features. The new mortgage must be fully […]
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