9 am to 6 pm

Monday to Friday

1 Lake St, PO Box 20

Picton, ON, K0K2T0

613 242 7295

info@forsalebygale.ca

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Mortgage Types

FIXED VS VARIABLE RATE

  • A fixed rate mortgage gives you 100% confidence that your payments will not change for the entire length of your mortgage term.
  • Your mortgage payments are an equal amount every month.
  • Fluctuations in prime will not affect you. You do not have to worry about increasing mortgage payments to account for how the changing rates affect your payment to interest and principal. However, if interests rates drop, you will be paying more interest than those on a variable rate.
  • Fixed rates offer you stability and consistency in payment amount.
  • A Variable mortgage typically has a lower rate than a fixed rate mortgage.
  • When the prime rate goes down, more of your mortgage payment will go to pay down the principal. Conversely, when the prime rate goes up, more of your mortgage payment will go to pay down the interest.
  • If variable interest rates rise higher than what your mortgage payment will cover in interest alone only payments, your bank may increase your mortgage Payment or you could extend your amortization.
  • Historically, variable rates are less expensive.

Mortgage Options Available to suite your needs

Mortgage Type

Entrepreneurs/  Business Owners

Description

  • For self employed clients who may find it difficult to prove their exact income amount
  • With good credit, entrepreneurs can qualify based on the Income they say they earn, without full documentation

Long Amortization Mortgages

  • For those who want to lower their payments by amortizing their mortgage for 30 years
  • 30-year amortizations are not available for high-ratio Mortgages ie: down payment or loan to value is less than 20%

Poor or Damaged Credit

  • For clients with past credit issues, including bankruptcy
  • A new mortgage can help improve your credit

Vacation Property/ Second Home

•For Recreational properties or secondary homes

Investment Property

•For Rental properties, not owner occupied

Home Equity Line  Of Credit

•Open line of credit secured against property

Private Mortgages

•An alternative source of financing to borrowers who may not meet the criteria of institutional lenders, typically higher interest rates and fees.

Purchase Plus Improvements

•For a home that requires immediate upgrades, you may qualify for 95% of the costs, which would be added to your mortgage amount.

Interest Rates, Insurance, Fees & Taxes

Principal

•A payment on the principal or the amount borrowed.

Interest

•A payment on the interest amount being charged.

Mortgage Loan Insurance (High ratio)

•Mortgage insurance provides default on high ratio insurance that protects the lender against the risk of lending to homebuyers who have less than a 20% down payment.  You, the borrower, pay this premium, which is added to your mortgage principal and protects the lender in the even the mortgage is not paid.

Taxes

•Your property taxes are collected with your mortgage payments and placed into a special account that your lender maintains in order to remit your property taxes and keep them current.  In some cases this is optional.

Creditor Insurance

• Some people prefer to take creditor life and disability insurance if it’s available from their lender.  Others feel they have enough life insurance already to cover their mortgage.

Mortgage Options Available to suite your needs

  1. Increase Mortgage Payment Frequency: Switch from monthly payments to accelerated weekly or bi-weekly payments.  Accelerated payments cost slightly more because you are paying equivalent to almost one extra monthly payment a year.  This will get you mortgage free faster.
  1. Shorten Mortgage Amortization: Switching your mortgage from a 25 year amortization to a 20 year amortization will not only pay off your mortgage 5 years sooner; it will also save substantial interest rate costs as well.
  1. Up to 15% pre-payment privileges: Take advantage of pre-payment privileges available in your mortgage.  Some mortgages offer prepayments up to 15% each calendar year.
  1. Top Up Payments: Some mortgages allow you to top up or increase your monthly payments to help decrease your interest payments over the mortgage term.
  1. Take Advantage of Mortgage Portability: Mortgage Portability will allow you to take your mortgage with you when you move, maintaining the payments, interest rate and term – saving you any payout penalties.  In some cases portability will allow the purchasers to assume your mortgage.
mortgage broker belleville

Ashley Bulley
11811
Mortgage Agent
258 Front Street
P 613.968.1138 C 613.885.9631
F 613.962.1208
E ashley.bulley@mtgarc.ca
W http://www.ashleybulley.ca