MANJINDER MANIHANI
Mortgage Agent Level 1 - M22002052
manjinder.m@mortgagecentre.com
Tel: 905-757-1900 | Cell: 647-395-1000
Toll-Free289-780-0222
Yes. Your ideal mortgage formula has probably already been created, but if you want to consider a change let's review the possible benefits and implications.
There is no GST unless the house has been renovated substantially, and then the tax is applied as if it were a new house.*
If your transaction is due to close in the middle of the month, but your regular mortgage payments are set for the start of the month, your first mortgage payment could be delayed for several weeks. To cover this, a date is set as the IAD and an amount is collected on closing to cover this Interest Adjustment Date period.
The downpayment usually represents between 5-20% of the total price of the property.
What is the difference between High Ratio Mortgage Insurance and Mortgage Life Insurance? High Ratio Mortgage Insurance protects the lender against payment default by the home buyer. It is required by most lenders if the home buyer has less than 20% downpayment. An insurance premium will apply. Mortgage Life Insurance protects your dependents and loved ones in the event of your death.
When the mortgage lender pays the Property Taxes, how are payments calculated? The estimated amount of your Property Taxes can be added to the mortgage payment and paid on your behalf at the appropriate times. Depending on the balance in your tax account, it may be necessary to increase or decrease the amount of monthly payments to reflect the timing of Property Tax payments.*
* Tax information consists of general comments only, for full details see the applicable legislation or review with your advisor.
Whether you are first-time buyer or an experienced buyer with excellent credit, The Mortgage Centre has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Learn MoreThrough training and certification, we have a good understanding of available products, features, and rates. We are here to keep your mortgage moving forward with our Mortgage Market technology, we have electronic access to various major lenders in Canada, so you’re not tied to one lender or one type of mortgage.
Learn MoreWe understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.
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